Many professionals confuse finance with accounting, but the career paths, skill sets and salaries can be very different. In this article, we’ll clarify the difference between finance and accounting and compare the two to help you decide which field best fits your goals. This is especially relevant if you’re considering an MBA specialization in accounting vs. finance.
What Is Finance?
Finance is the management of money, assets and liabilities, with a strong focus on planning for the future. While accounting records what has already happened, finance is concerned with what will happen. Financial professionals spend much of their time analyzing markets, evaluating investment opportunities, forecasting growth and helping individuals or organizations make decisions that optimize resources. Their work often involves risk assessment, strategic planning and using models to determine the best course of action.
Finance roles can be found across commercial banks, credit unions, mortgage institutions, regulatory agencies and other corporations. As example roles, a financial analyst in a bank might study market trends to guide investment strategies, and a corporate finance manager in a large company might determine how to allocate resources for expansion projects or debt management.
What Is Accounting?
Accounting, on the other hand, is the systematic tracking, recording and reporting of monetary transactions. Instead of forecasting the future, accountants analyze and document the financial past. They ensure accuracy, regulatory compliance and transparency in an organization’s financial statements. This often includes tax preparation, auditing, financial reporting and cost analysis, plus ensuring adherence to reporting frameworks like Generally Accepted Accounting Principles (GAAP) or International Finance Reporting Standards (IFRS).
Accountants are employed by public accounting firms, corporate accounting departments, tax agencies, government offices and other companies that focus on finance. Their work revolves around organizing financial data, preparing reports for stakeholders, ensuring tax obligations are met and identifying discrepancies or risks through audits. Specific responsibilities vary by position. For example, a corporate accountant may prepare quarterly financial statements, while a government auditor may review public spending to ensure compliance with federal guidelines.
Although accounting and finance both deal with money, they emphasize different time horizons and skill sets.
| Job Area | Accounting | Finance |
| Focus | Recording and reporting past financial events | Strategic planning and forecasting |
| Core responsibilities | Financial statements, audits, tax filings | Capital budgeting, investment decisions, risk management |
| Time-orientation | Past and present | Future |
| Typical employer | CPA firms, corporate accounting departments | Banks, treasury departments, investment firms |
Finance vs. Accounting Degree Differences
Most careers in both fields require at least a bachelor’s degree. The Bureau of Labor Statistics (BLS) reported that a bachelor’s degree was the typical entry-level educational requirement for accountants, auditors and financial analysts.1,2 Employers across both fields typically prefer candidates with higher education for professional advancement.
At the graduate level, the difference between accounting and finance degrees becomes even clearer. A degree that focuses on finance, such as an MBA in Finance, usually includes coursework in advanced corporate finance, investment analysis, financial modeling, derivative markets and portfolio management. These courses prepare students to evaluate investment opportunities, understand complex financial instruments and make high-level strategy decisions.
In contrast, a degree with an accounting concentration, such as an MBA in Accounting, focuses on advanced financial reporting, taxation, auditing, forensic accounting and regulatory compliance. This curriculum is ideal for students pursuing careers that require precise understanding of financial regulations, such as public accounting, internal auditing or corporate reporting. It focuses on advanced financial reporting, taxation, auditing, forensic accounting and regulatory compliance. This curriculum is ideal for students pursuing careers that require precise understanding of financial regulations, such as public accounting, internal auditing or corporate reporting.
Here is a comparison of typical courses:
| Graduate Finance Courses | Graduate Accounting Courses |
| Corporate Finance Strategy | Advanced Financial Reporting |
| Investment Portfolio Management | Audit and Assurance |
| Derivatives and Risk Management | Tax Planning and Compliance |
| Mergers and Acquisitions | Forensic Accounting |
| Financial Markets and Institutions | Ethics and Regulatory Frameworks |
Certifications also distinguish the career paths for a finance degree vs. accounting degree. In finance, the Chartered Financial Analyst (CFA) credential is highly respected, especially for investment analysts, portfolio managers and research professionals. In accounting, the Certified Public Accountant (CPA) credential is considered essential for positions involving audits or tax filings. Being a CPA is often required for advancement in public accounting firms and senior corporate accounting roles. Both certifications require rigorous exams but offer substantial career mobility and earning potential.
Highest Paying Careers in Finance vs. Accounting
Although both fields offer strong career opportunities, the highest-paying roles tend to differ significantly in nature and salary structure. Some of the highest-paying roles in finance include financial analyst, investment banker, financial planner, portfolio manager and c-suite positions such as chief financial officer (CFO).
Careers in Finance
| Role | Average Yearly Salary |
| Financial analyst | $101,9102 |
| Investment banker | $117,8103 |
| Financial planner | $137,5744 |
| Financial manager | $161,7005 |
| Chief financial officer (CFO) | $166,5786 |
In accounting, the highest-paying roles typically revolve around audit oversight, tax expertise, fraud investigation and financial reporting. Senior accountants, controllers, forensic accountants and CPAs overseeing large accounts all command strong salaries.
Careers in Accounting
| Role | Average Yearly Salary |
| Forensic accountant | $81,3447 |
| Accountant or auditor | $81,6801 |
| Certified Public Accountant (CPA) | $83,0418 |
| Account controller | $95,0009 |
While both career paths can lead to six-figure salaries, careers in finance often offer higher earning ceilings due to performance-based bonuses and the financial impact associated with investment decisions.
Growth rates also differ slightly. Positions such as financial analysts are projected to grow by 6% from 2024 to 2034, while accounting roles like accountants and auditors show 5% growth over the decade.1,2 Finance roles associated with advising, such as financial managers, show even faster growth at 15%, making the field appealing for those interested in long-term opportunities.5
Which Path Is Right for You?
Choosing between accounting vs. finance often comes down to personality and long-term goals. If you enjoy structure, accuracy, regulatory compliance and working with detailed financial data, accounting may be the better fit. Accounting careers tend to value consistency, precision and a methodical approach to problem-solving. Professionals who prefer stability and well-defined career paths—such as progressing from staff accountant to senior accountant, manager, controller and eventually CFO—may find accounting particularly satisfying.
Finance, however, tends to attract individuals who enjoy strategy, forecasting and analyzing complex data to inform high-stakes decisions. If you find market trends fascinating, enjoy building models to predict outcomes and thrive in fast-paced environments, finance may be the right direction. Finance careers are often more outward-looking and involve greater interaction with external market forces, investment opportunities and risk-reward evaluations.
To help decide, consider your interest in certifications like the CPA or CFA, the kind of work environment that motivates you and the type of problems you want to solve daily. Think about whether you prefer analyzing past financial activity (accounting) or shaping future financial strategy (finance).
Is an MBA in Finance or Accounting Worth it?
Understanding the differences between finance and accounting is essential for anyone planning a career involving financial analysis, reporting, investment or strategic planning. An MBA is often the critical factor in securing and advancing in the best jobs.
The value of an MBA is widely recognized, with the Graduate Management Admission Council (GMAC™) reporting that, in 2025, a greater number of employers in finance and accounting were planning to expand hiring of MBA graduates compared to graduates of other programs.10 Plus, the return on investment (ROI) of an MBA is higher than in previous years. The same GMAC™ report says that the median salary for MBA graduates in the U.S. is projected to be the highest compared to other degrees, representing a $5,000 increase from the prior year’s starting salary.10
For those considering graduate education, the online MBA program from the University of Northern Colorado offers opportunities to gain advanced expertise that aligns with high-earning careers. The program allows you to choose a concentration in finance or accounting to work toward the position you want most. You’ll be able to expand your skill set, deepen your understanding of strategy, and prepare for leadership roles in an increasingly complex financial world. Choose an MBA from UNC to open the door to higher-level opportunities and stand out in a competitive job market.
Advance your career when you earn an MBA in Finance or MBA in Accounting Analytics online from the University of Northern Colorado
Sources
- Bureau of Labor Statistics. U.S. Department of Labor. “Accountants and Auditors.” August 28, 2025. Retrieved November 24, 2025, from https://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm
- Bureau of Labor Statistics. U.S. Department of Labor. “Financial Analysts.” August 28, 2025. Retrieved November 24, 2025, from https://www.bls.gov/ooh/business-and-financial/financial-analysts.htm
- “Average Investment Banker Salary.” October 12, 2025. Retrieved November 24, 2025, from https://www.payscale.com/research/US/Job=Investment_Banker/Salary
- com. “Financial Planner Salary in the United States.” November 1, 2025. Retrieved November 24, 2025, from https://www.salary.com/research/salary/recruiting/financial-planner-salary
- Bureau of Labor Statistics. U.S. Department of Labor. “Financial Managers.” August 28, 2025. Retrieved November 24, 2025, from https://www.bls.gov/ooh/management/financial-managers.htm
- “Chief financial officer salary in United States.” November 17, 2025. Retrieved November 24, 2025, from https://www.indeed.com/career/chief-financial-officer/salaries
- “Average Forensic Accountant Salary.” August 27, 2025. Retrieved November 24, 2025, from https://www.payscale.com/research/US/Job=Forensic_Accountant/Salary
- “Average Certified Public Accountant (CPA) Salary.” October 28, 2025. Retrieved November 24, 2025, from https://www.payscale.com/research/US/Job=Certified_Public_Accountant_(CPA)/Salary
- “How much does an Account Controller make?” April 10, 2025. Retrieved November 24, 2025, from https://www.glassdoor.com/Salaries/account-controller-salary-SRCH_KO0,18.htm
- Graduate Management Admission Council (GMAC™). “U.S. MBA Hiring: Predictions vs. Reality.” October 2025. Retrieved December 3, 2025, from https://www.gmac.com/market-intelligence-and-research/research-library/employment-outlook/2025-hiring-pulse-survey?fromsearch=1
