Finance vs. Accounting: Which Degree Path Is Right for You?

A degree may open the door to a variety of opportunities and diverse career paths. The degree programs offered at CTU will not necessarily lead to the featured careers. This collection of articles is intended to help inform and guide you through the process of determining which level of degree and types of certifications align with your desired career path

The fields of finance and accounting both relate to an organization’s financial assets, but they are distinct fields for a reason. Broadly speaking, the main difference between finance and accounting is that finance is future-looking and focused on managing assets to make money, whereas accounting looks to historical data to create financial records for reporting purposes.

If you are interested in pursuing a business degree and want to work with financial information, you may be unsure whether an accounting degree or finance degree program is the better fit for you. If that’s the case, this article is for you.

In this article, we take a closer look at finance vs. accounting: We provide an overview of each field before moving on to the academic subjects that may be covered in accounting degree and finance degree programs. Next, we turn to potential accounting and finance career paths that may be pursued, and then we close by offering some guidance on how to choose a degree program.

What Is Accounting?

Accounting is defined as "the system of recording and summarizing business and financial transactions and analyzing, verifying and reporting the results."¹ In other words, "accounting" describes a process whose purpose is to generate reports, based on historical and current financial information, for stakeholders and shareholders that detail an organization's financial transactions and performance.

Accounting may be further broken down into financial accounting and managerial accounting. Financial accounting deals with the preparation of financial statements that others use to measure the business's performance. Managerial accounting is concerned with analyzing the information provided by financial accountants in order to prepare reports that reflect the state of business operations, thus allowing management to make informed business decisions.²

Examining financial statements for accuracy and legal and regulatory compliance; ensuring the accurate and timely preparation of tax returns and payment of taxes; and maintaining and organizing financial records are just a few of the typical responsibilities accountants may be responsible for.³

What Is Finance?

Finance may refer to "the system that includes the circulation of money, the granting of credit, the making of investments, and the provision of banking facilities" or to "the science or study of the management of funds." ⁴

Finance can be broken down into three main subgroups: personal, corporate and public. In the personal finance context, individuals may work with a personal banker or other financial professional to help them manage their household investments or income. In the business or corporate context, the finance team ensures that an organization has adequate capital to carry out its functions and meet its obligations, makes appropriate investment decisions, and properly manages its revenues and expenses. With public finance, the focus is on collecting tax revenue and managing the country's budget, government agencies and so on.⁵

Accounting vs. Finance Degree Programs

What Subjects Do Accounting Degree Programs Typically Cover?

Accounting degree programs cover both theoretical principles and practical applications of accounting that can be applied in diverse industries and contexts. For example, students in Colorado Technical University's online accounting degree programs may work to develop their knowledge of Generally Accepted Accounting Principles (GAAP) and financial statement literacy how to create and use financial statements in decision-making as well as a deeper understanding of how inventory, long-term assets, long-term liabilities, payroll, investments and more can affect an organization's balance sheet.

The Colorado Technical University (CTU) Bachelor of Science in Accounting online degree program may cover principles and theories of financial accounting, taxation, management accounting and auditing. The program also provides coverage of other core business disciplines, such as marketing, data analytics, management and law. Upon successful program completion, students should be able to not only interpret and apply tax rules and procedures but also use financial data to make informed business decisions and to do so ethically.

CTU also offers a Master of Business Administration Accounting (MBA-ACCT) online degree program that gives students the opportunity to develop skills and knowledge with regard to financial reporting, management control and auditing, and taxation. Graduates of the MBA-ACCT degree program should be able to use their accounting knowledge to construct financial statements, participate in the budgeting process, and assist in strategic and ethical decision-making.

What Subjects Do Finance Degree Programs Typically Cover?

Students in finance degree programs typically study financial theories and principles and how they can be used to help organizations or individuals make and manage their money and investments. Finance degree programs may be relatively math-heavy, often involving coursework in statistics and calculus, for example, and in economics (which is technically a social science, but one steeped in mathematics). But because finance is a business discipline, the ultimate goal of such programs is to help students prepare to use financial data for strategic decision-making purposes in the real world.

The CTU Bachelor of Science in Business Administration Finance (BSBA-FIN) online degree program allows students to work to develop proficiency in financial accounting, capital and money markets, investments and risk assessment knowledge. Graduates of this program should have the knowledge and skills to apply financial principles in business decision-making.

The Master of Business Administration Finance (MBA-FIN) online degree program gives students the opportunity to develop their understanding of money management and funds acquisition, and it is designed for those who wish to pursue leadership roles in the world of finance. Graduates of the MBA-FIN degree program should be equipped to evaluate financial information and utilize that knowledge to influence managerial decision-making.

Comparison Chart: Accounting vs. Finance Degree Programs

^* Certification requirements for taking and passing these exams are controlled by outside entities and are subject to change. Degree programs may not lead to additional licensure or certification.

Potential Career Paths for Accounting and Finance Majors

Accounting Career Paths

• Public Accountant: Public accounting encompasses a diverse range of accounting tasks and clients. For example, public accountants may help to prepare financial documents, such as tax forms or corporate financial statements, that organizations are required by law to disclose. Some may specialize in advising corporations on tax matters, and some may focus on preparing individual income tax returns. Meanwhile, others may work as personal financial advisors or planners, helping individuals develop financial plans and strategies to meet their unique financial goals.³

  May Also Be Known As: Certified Public Accountant (CPA), financial advisor, financial planner³

• Management Accountant: Management accountants prepare financial reports and analyses for internal use by management in decision-making. They often prepare budgets and performance evaluations and may help organizations plan the cost of doing business. Some management accountants may work with financial managers on asset management (managing a portfolio of investments, such as stocks, bonds and real estate).³

  May Also Be Known As: Cost accountant, corporate accountant, industrial accountant, managerial accountant, private accountant³

• Forensic Accountant: Forensic accountants are a type of public accountant specializing in the investigation of financial crimes. Forensic accountants not only have knowledge of finance and accounting but also of the law and investigative techniques. This knowledge enables them to uncover fraudulent or otherwise illegal financial activity that bad actors have attempted to keep hidden.³

  Forensic accountants may work with law enforcement or attorneys or as expert witnesses at trial. They may also work in the forensic accounting division of public accounting firms; for consulting firms specializing in financial risk consulting or forensic accounting; or for insurance agencies, government agencies or financial institutions.⁸

  May Also Be Known As: N/A

• Auditor: Auditors review an organization's funds, sources of revenue and internal controls to ensure proper management and compliance. There are two main types of auditors: external and internal. External auditors are typically not employed by the company whose financial records they are evaluating but instead work for an outside organization. After reviewing an organization's financial statements, external auditors submit them to the relevant authorities, investigators, and regulators. Internal auditors perform similar duties but are employed by the company they work for. They focus on how to eliminate waste, fraud and other risks.³

  May Also Be Known As: Audit partner, financial auditor⁹

Finance Career Paths

• Financial Analyst: Financial analysts help individuals and businesses make investment decisions. They do this by evaluating different types of investments and then making buy and sell recommendations to clients based on their evaluations. Buy-side financial analysts assist wealthy institutional investors with investment decisions, and sell-side financial analysts advise financial securities sales agents. Some financial analysts are neither buy-side nor sell-side instead, they work for business media or research houses.⁶

  May Also Be Known As: Investment analyst, planning analyst, real estate analyst, securities analyst, trust officer¹¹

• Portfolio Manager: Portfolio managers are a type of financial analyst that selects the products, industries and regions that will comprise a company's investment portfolio, and they are responsible for the performance of the portfolios they put together. On top of being responsible for the composition and performance of investment portfolios, they must be able to explain the rationale behind their investment decisions and strategies to investors at investor meetings.¹⁰ Portfolio managers must be skilled in investment strategy and process as well as performance and risk measurement.¹²

  May Also Be Known As: Money manager, investment manager, asset manager¹³

• Investment Banker: Investment bankers help to connect companies that need to raise capital with investors who could potentially provide them with that capital in the form of equity or debt securities. This is accomplished through a process called underwriting, where investment banks provide advisory services for a fee to companies that wish to issue stocks or bonds (equity or debt), and then the banks sell those stocks or bonds to investors. Investment bankers may also guide their corporate clients in mergers and acquisitions.⁷

  May Also Be Known As: Investment representative, investments advisor, investments specialist¹⁴

Accounting and Finance Statistics: Projected Job Growth^*

• Accountants and Auditors (includes Public Accountants, Management Accountants, Forensic Accountants and Auditors): The BLS indicates that employment is projected to grow 5% from 2024 to 2034.³
• Financial Analysts (includes Portfolio Managers): The BLS indicates that employment is projected to grow 6% from 2024 to 2034.⁶
• Securities, Commodities and Financial Services Sales Agents (includes Investment Bankers): The BLS indicates that employment is projected to grow 3% from 2024 to 2034.⁷

^* This data represents national figures and is not based on school-specific information. Conditions in your area may vary.

Licensure and Certification

Obtaining professional licensure and/or certification may be required or optional, depending on the accounting or finance career path chosen. Either way, obtaining licensure and certification can help to demonstrate credibility, enhance your résumé or potentially unlock new opportunities. Below we provide just a few examples.

Certified Public Accountant (CPA)

Certified Public Accountant (CPA) licenses are issued by state boards of accounting, and so the process to obtain CPA licensure can vary by state. Nevertheless, all states require CPA candidates to complete 150 semester hours of college coursework which is 30 hours beyond what it takes to earn a typical bachelor's degree. CPA candidates may also have to satisfy additional requirements, such as paying a fee and meeting minimum age requirements.³

Only a CPA may file a report with the Securities and Exchange Commission (SEC), so depending on the accounting career path chosen, obtaining CPA licensure may be mandatory. However, many accountants become Certified Public Accountants simply to enhance their professional prospects or attract more clients.³ The National Association of State Boards of Accounting (NASBA) provides information about the Uniform CPA Examination and eligibility requirements.

Certified Management Accountant (CMA^®)

Certified Management Accountant (CMA^®) is a certification offered by the IMA^® (Institute of Management Accountants). The CMA exam tests a candidate's knowledge of various competencies related to financial planning, financial performance, analytics and strategic financial management.¹⁵ To earn CMA certification, one must be an active IMA member, hold a bachelor's degree or related certification, have two continuous years of professional management accounting or financial management experience, and pass Parts 1 and 2 of the CMA exam.¹⁶

Chartered Financial Analyst (CFA^®)

Chartered Financial Analyst (CFA^®) is an investment banking certification offered by the CFA Institute. According to the Institute, CFAs are "qualified to work in senior and executive positions in investment management, risk management, asset management and more." ¹⁷ Obtaining CFA certification involves passing three exams, completing a certain amount of work experience related to investment decision-making and becoming a regular member of the CFA Institute.¹⁷ Holding a bachelor's degree is generally required, although candidates enrolled in an undergraduate degree program may also be eligible to take the exam.¹⁸

Certified Financial Planner (CFP^®)

Certified Financial Planner (CFP^®) is a certification offered by the CFP Board. This certification is for finance professionals who advise clients on their portfolios and help them plan for the future.

CFP candidates must hold at least a bachelor's degree and have 6,000 hours of professional experience related to the financial planning process or 4,000 hours of apprenticeship experience that meets additional requirements. Further requirements may include holding certain licensure or certification (CPA, CFA, ChFC (Chartered Financial Consultant), CLU (Chartered Life Underwriter) or an advanced degree (a PhD in financial planning, Doctor of Business Administration, etc.).¹⁹ Additional requirements may be found on the CFP Board website.

Which Degree Path Should You Choose?

Despite the differences between finance and accounting, there is overlap between the fields. As a result, it may not always be easy to decide whether to pursue an accounting vs. finance degree program or, alternatively, a business administration degree program with a concentration in accounting or finance.

Taking the time to self-assess could help you to make a more informed choice about your academic future. Ask yourself:

• Do I prefer structure over ambiguity?
• Do I prefer certainty over risk?
• Do I prefer to focus on understanding what has already occurred and why, or do I prefer to predict how things might go in the future?

Your answers to questions such as these could hold the key to deciding whether a finance vs. accounting degree program is the right fit for you. A preference for structure, certainty and understanding known values could indicate a preference for accounting. A preference for ambiguity, risk and forecasting could indicate a preference for finance. If you aren't sure of your preferences, more self-reflection and research may be required. Reaching out to a CTU Admissions Advisor to discuss your academic goals and interests could be beneficial.

Take the Next Step—Pursue a Business Degree Program at CTU

Colorado Technical University's 100% online business degree programs in accounting and finance are designed to give working adults the flexibility needed to balance their professional and family obligations while pursuing their academic goals. For students who are interested in pursuing an accounting or finance degree at the undergraduate level, CTU offers Associate of Science in Accounting, Bachelor of Science in Accounting and Bachelor of Science in Business Administration Finance online degree programs. At the graduate level, we offer Master of Business Administration Accounting and Master of Business Administration Finance online degree programs.

Visit our Business and Management Degree Programs page to see a current listing of our business-related offerings, or request more information today.

[1] Merriam-Webster, "Accounting," https://www.merriam-webster.com/dictionary/accounting (last visited Feb. 26, 2026).

2 Corporate Finance Institute (CFI), "Accounting: Overview, Importance, Types, Careers" (Aug. 11, 2020) https://corporatefinanceinstitute.com/resources/accounting/accounting/.

3 Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, "Accountants and Auditors," https://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm (last visited Feb. 26, 2026).

4 Merriam-Webster, "Finance," https://www.merriam-webster.com/dictionary/finance (last visited Feb. 26, 2026).

5 Corporate Finance Institute (CFI), "What Is Finance? Definitions, Types and Performance" (updated Nov. 5, 2025) https://corporatefinanceinstitute.com/resources/wealth-management/what-is-finance-definition/.

⁶ Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, "Financial Analysts," https://www.bls.gov/ooh/business-and-financial/financial-analysts.htm (last visited Feb. 26, 2026).

⁷ Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, "Securities, Commodities and Financial Services Sales Agents," https://www.bls.gov/ooh/sales/securities-commodities-and-financial-services-sales-agents.htm (last visited Feb. 26, 2026).

⁸ Association of Certified Fraud Examiners (ACFE), "Career Path Detail: Forensic Accountant," https://www.acfe.com/career/career-paths/career-path-accounting/career-path-detail-forensic-accountant (last visited Feb. 26, 2026).

⁹ National Center for O*NET Development, O*Net Online, "13-2011.00–Accountants and Auditors," https://www.onetonline.org/link/summary/13-2011.00 (last visited Feb. 26, 2026).

¹⁰ Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, "Financial Analysts," https://www.bls.gov/ooh/business-and-financial/financial-analysts.htm (last visited Feb. 26, 2026).

¹¹ National Center for O*NET Development, O*Net Online, "13-2051.00–Financial and Investment Analysts," https://www.onetonline.org/link/summary/13-2051.00 (last visited Feb. 26, 2026).

¹² CFA Institute^®, "What Is a Portfolio Manager?," https://www.cfainstitute.org/programs/cfa-program/careers/portfolio-manager (last visited Feb. 26, 2026).

¹³ James Chen, "Money Manager: Definition, Duties, Examples, Compensation" (Apr. 29, 2022) https://www.investopedia.com/terms/m/moneymanager.asp.

¹⁴ National Center for O*NET Development, O*Net Online, "41-3031.00–Securities, Commodities and Financial Services Sales Agents," https://www.onetonline.org/link/summary/41-3031.00 (last visited Feb. 26, 2026).

¹⁵ Institute of Management Accountants (IMA), "About CMA Certification: Accounting Certification," https://www.imanet.org/ima-certifications/cma-certification (last visited Feb. 26, 2026).

¹⁶ Institute of Management Accountants (IMA), "CMA FAQs," https://www.imanet.org/en/IMA-Certifications/CMA-Certification/FAQ (last visited Feb. 26, 2026).

¹⁷ CFA Institute^®, "CFA Program: Become a Chartered Financial Analyst^®," https://www.cfainstitute.org/programs/cfa-program (last visited Feb. 26, 2026).

¹⁸ CFA Institute^®, "CFA Program Policies," https://www.cfainstitute.org/programs/cfa-program/policies#meet-education-or-work-experience-requirements (last visited Feb. 26, 2026).

¹⁹ FINRA, "Certified Financial Planner," https://www.finra.org/investors/professional-designations/cfp (last visited Feb. 26, 2026).

Colorado Technical University cannot guarantee employment, salary, or career advancement. Not all programs are available to residents of all states. REQ2201663— 3/2026