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| Which would you go for? |
| Accounting |
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46% |
[ 6 ] |
| Finance |
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7% |
[ 1 ] |
| Don't know/care |
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46% |
[ 6 ] |
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| Total Votes : 13 |
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Big_Bird
Joined: 31 Jan 2003
Location: Sometimes here sometimes there...
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 Posted: Tue Feb 05, 2008 1:56 am Post subject: Should I go for Accounting or Finance? |
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Seriously toying with doing another Masters. Thinking about a Masters of Business in Professional Accounting (this is for people whose undergrad degree in NOT in accounting) or a Masters of Business in Finance.
There's a world shortage of accountants, so I'm pretty much guaranteed a fairly well paying job if I complete the Masters in Professional Accounting. But Finance rather takes my fancy too.
Most important is that I end up in well paying work, and am in a position to pack up and move to various countries (kind of like an ESL teacher) when I fancy a change.
Any thoughts?
PS: Especially interested to hear how either of those qualifications would go down in London. |
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thepeel
Joined: 08 Aug 2004
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| Posted: Tue Feb 05, 2008 8:08 am Post subject: |
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Bigbird,
What kind of finance would you focus on? As I'm sure you know, it is a field with a very sharp and wide division of labour. I myself am starting a second masters in a finance related field in August and for a time also considered accounting. I've been working more or less in the financial industry for the past year in a variety of positions. |
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moff12
Joined: 30 Oct 2006
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| Posted: Tue Feb 05, 2008 11:36 pm Post subject: |
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To be honest, I voted 'don't know' as I don't want to be responsible for your decision.
I think it depends on a couple of things:
1. What work do you want to do,
2. What was your undergrad in,
An MBA with any major will always be trumped with a specific degree (i.e. a Finance MBA loses out to a Finance Masters.) As the value of the MBA is that you know a bit about everything.
I dont think an MBA in Professional Accounting (for non-accountants) is as good as an undergrad accounting degree. If you want true mobility I think CPA is the way to go, so do an MBA that does CPA prep.
I guess you can always go accounting to finance but not the other way around (why anybody would want to is beyond me though). |
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Big_Bird
Joined: 31 Jan 2003
Location: Sometimes here sometimes there...
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| Posted: Wed Feb 06, 2008 1:12 am Post subject: |
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| thepeel wrote: |
Bigbird,
What kind of finance would you focus on? |
That's a bloody good question, actually. I suppose I was thinking mostly about corporate finance, but I haven't looked into it enough and that's something I need to to do more of.
I like the idea that a job in finance may involve problem-solving and analytic skills, and I also like that it could (depending on which direction I take) incorporate advanced maths (my background is in maths). But I worry that it might require more years of experience before I got the 'good jobs' relative to acounting. I'm also daunted by the responsibility a job in finance may entail. I wouldn't want to make decisions that might result in any losses! I think there'd be less chance of that in most accounting work. And perhaps I'd be able to travel more easily in Accounting? But perhaps it will (eventually) pay more than Accounting? But I don't really have much idea really - I don't know anyone in these fields to discuss it with. My family tend to be doctors, dentists and engineers and my friends are all bums who travel the world teaching ESL.  |
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inukshuk
Joined: 27 Jan 2008
Location: korea
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| Posted: Wed Feb 06, 2008 1:51 am Post subject: neither |
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| don't do either because you asking people on dave's. If you really liked either program, you would be asking. |
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Big_Bird
Joined: 31 Jan 2003
Location: Sometimes here sometimes there...
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| Posted: Wed Feb 06, 2008 2:08 am Post subject: Re: neither |
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| inukshuk wrote: |
| don't do either because you asking people on dave's. If you really liked either program, you would be asking. |
That's just dumb. I'm just beginning to explore two areas that I think I will find very interesting and which I may be suited to, given my personality and particular skills and talents. There's nothing wrong with thinking aloud and seeing what feedback I get. I may get some interesting suggestions or useful information. I may not. Your post is certainly not very useful. As for asking on Dave's, how do you know who may be out there? I've already had one response from someone working in Finance. |
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Big_Bird
Joined: 31 Jan 2003
Location: Sometimes here sometimes there...
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| Posted: Wed Feb 06, 2008 2:10 am Post subject: |
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| moff12 wrote: |
To be honest, I voted 'don't know' as I don't want to be responsible for your decision.
I think it depends on a couple of things:
1. What work do you want to do, |
Still pondering...
| Quote: |
| 2. What was your undergrad in, |
maths
| Quote: |
An MBA with any major will always be trumped with a specific degree (i.e. a Finance MBA loses out to a Finance Masters.) As the value of the MBA is that you know a bit about everything.
I dont think an MBA in Professional Accounting (for non-accountants) is as good as an undergrad accounting degree. If you want true mobility I think CPA is the way to go, so do an MBA that does CPA prep. |
Perhaps I wasn't clear; I wont be studying for an MBA. I may be doing an Mbus in Professional Acounting or in Finance. The Mbus in Professional Accounting I'm considering will lead me into the CPA. I would not chose a course that did not prepare me for it.
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| I guess you can always go accounting to finance but not the other way around (why anybody would want to is beyond me though). |
Yes, that's a thought. Accounting would be relevant past work experience I suppose. |
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moff12
Joined: 30 Oct 2006
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| Posted: Wed Feb 06, 2008 2:29 am Post subject: |
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Sorry about that, when I saw Master of Business I wrongly assumed it was an MBA.
If you can stomach it, accounting would give you the most options but the maths is pretty basic.
It is a bit more specialised but I think you should look into financial mathematics or financial engineering programs. From what Ive heard you can pretty much write your own paychecks with those two. |
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Big_Bird
Joined: 31 Jan 2003
Location: Sometimes here sometimes there...
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| Posted: Wed Feb 06, 2008 2:35 am Post subject: |
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| moff12 wrote: |
| If you can stomach it, accounting would give you the most options but the maths is pretty basic. |
You're saying that it would probably be boring, then. Not too challenging...
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| It is a bit more specialised but I think you should look into financial mathematics or financial engineering programs. From what Ive heard you can pretty much write your own paychecks with those two. |
Hmm. That's food for thought. I'll look into that now, and see what prerequisites I need. |
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thepeel
Joined: 08 Aug 2004
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| Posted: Wed Feb 06, 2008 11:43 am Post subject: |
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Bigbird:
When you say "corporate finance" what exactly do you mean? I don't ask to be arrogant (this time) but quite a lot of c/f is actually accounting. Could you tell me exactly what you see yourself/want yourself to be doing? I have a big message brewing in my head but need more direction first. |
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Fresh Prince
Joined: 05 Dec 2006
Location: The glorious nation of Korea
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| Posted: Wed Feb 06, 2008 1:32 pm Post subject: Re: neither |
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| Big_Bird wrote: |
I'm just beginning to explore two areas that I think I will find very interesting and which I may be suited to, given my personality and particular skills and talents. |
Accounting can be broken up into specialties. Most people start out in one of three types of positions:
Industry accounting: This entails working for a private company doing whatever they need. You would be preparing journal entries, preparing financial statements, working as an internal auditor, using cost accounting to make decisions, etc.
Public accounting: Preparing taxes for corporations/individuals, auditing companies financial statements, etc.
Government accounting: Auditing government projects, auditing taxes from individuals and corporations, recording transactions.
The most sought after jobs are the 'Big 4' public accounting companies or smaller regional/national public accounting companies however there is global competition for these jobs so you'll need to have a good gpa or graduate from the right university, and be working on getting your credentials.
All the English speaking western countries have reciprocity agreements: A Canadian chartered accountant equals a U.S. certified public accountant, etc., but you'll need to take extra courses to in the new countries methodology/regulations before they will grant you a license usually. Realistically though, most people don't change countries after getting their credentials because they would effectively be starting over from scratch; making less money and losing contacts.
Traveling ESL style overseas
Industry accounting: Unless you work for a global company as a manager or have specialty that isn't very common, it isn't likely you will be dong much traveling. Regulations and methodologies vary widely between countries. Short stints overseas are more likely but probably not that likely.
Public accounting: As far as traveling internationally, similar to an ESL job: Large public accounting firms often send partners to do stints 1/2/3 year stints overseas in developing countries, however it can take 10-15 years to make partner; that is if you make partner--there is no guarantee.
Government accounting: Probably your best bet for living an expat lifestyle. Work in an embassy, tax office, etc. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Wed Feb 06, 2008 3:51 pm Post subject: |
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| Public accounting means lots and lots of work. You got to work like a Korean. The goal is to make partner in a firm. There are few of those jobs. So that means you have to work harder than the next guy. |
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Big_Bird
Joined: 31 Jan 2003
Location: Sometimes here sometimes there...
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| Posted: Thu Feb 07, 2008 2:41 am Post subject: |
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| Thanks for your posts guys, I read them this morning, but haven't found an opportunity to respond yet. Came to reply, but Mr Three is having a tantrum, so I've got no time now either, but I'll try to reply to thepeel tomorrow. |
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trophft
Joined: 18 Oct 2007
Location: Texas
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| Posted: Mon Mar 10, 2008 7:26 am Post subject: my advice |
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hello. i have a bs in accounting and masters in finance. I worked in public accounting for a year for one of the big four firms, you work A LOT (my friends who are still working there are putting in 7 days a week during busy season till midnight every night.....i'm completly serious). I then worked for a fortune 500 company in their internal audit group, less hours but also slightly boring. Now I teach English in Korea because I just didn't like accounting and I'm beginning to start looking at what options I will have in the Finance area.
Sorry for the long rant about me. Basically what I'm getting at is I don't like accounting, it's a lot more specific than Finance. If you love keeping up with the latest FASB's and you are truly intrigued by accounting practices then maybe you will enjoy accounting or being a cpa. I feel like if you aren't sure about accounting you should definitely go Finance, there are a lot more options and variety.
ok i guess that's all i have, hope it helps a little. just felt like I should let you know accounting is a nice paying field but unless you are really into it it sucks. |
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cbclark4
Joined: 20 Aug 2006
Location: Masan
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| Posted: Mon Mar 10, 2008 7:41 am Post subject: |
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It depends on the school.
Finance requires sales skills more than accounting does.
I think it's easier to crossover into finance from an accounting career rather than visa versa. |
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