Just like the universe, the global market keeps on expanding.
Due to the rapid growth of financial markets over the last few years, their complexity and sophistication have created the demand for finance and accounting professionals. Finding skilled personnel to manage the matters of financing as well as the potential financial risks that are bound to occur is a burning issue to this day.
Thanks to the fact that more and more businesses continue to spring up, the demand for BSc finance and accounting graduates is constantly on the rise. According to the Bureau of Labor Statistics, employment for financial occupations is projected to grow 5 percent by 2029, creating 476,200 new job openings.
Due to increased digitization in the economy sector, both those in the field, as well as individuals looking to test the waters, should familiarize themselves with various accounting software and technologies. The best way to stay relevant within the ongoing technology advancements is to enroll in an accredited online bachelor degree in accounting and finance program.
In this article, we’ll introduce you to five main things you should know about bachelor’s degree in finance and accounting.
What is The Difference Between BS and BSc in Finance And Accounting?
Both BS and BSc are specialized degrees in science. BS programmes are usually more inclined towards research. Therefore, they usually last for 4 years while a BSc degree can be obtained over the course of three years.
Which is Better: BBA or BSc Accounting And Finance?
To answer this question, we need to clarify the difference between these two degrees.
The main difference between a bachelor of business administration and a bachelor of science in accounting and finance is in the fundamental purpose of both programs. The bachelor’s degree is designed for students who want to become accountants, a licensed CPA, or equivalent.
On the other hand, the BBA degree is for those who are more interested in the general business and management courses but also want to study finance and accounting in greater detail.
BSc in Accounting And Finance
A bachelor of science in accounting program teaches the fundamental knowledge and skills needed to excel in both fields. Apart from critical financial competencies and key accounting course work, students learn the importance of ethics, leadership, professional values and strategic thinking skills.
An online bachelor degree in accounting and finance will cover a variety of business topics, such as auditing, financial accounting, taxes, law, statistics, economics, and corporate finance.
BBA in Accounting And Finance
Bachelor of business administration’s curriculum is business-oriented, with courses related to business administration such as marketing, leadership, organizational strategy, accounting, etc. The degree helps prepare students for a career in business administration, and many of them use it as a foundation for a career as a CFO or something similar.
So, Which is Better?
Both study programs have their advantages, but in the end, it all depends on your goals. If you are ready to fully submerge into accounting and finance waters, then the bachelor’s degree is the best choice for you.
The BBA allows for greater flexibility in terms of how you function in a business setting. You learn essential management skills that can give you a leg up in your career.
What Can You do With a Financial Accounting Degree?
A bachelor’s degree in finance and accounting is a great investment as it can open doors for a multitude of diverse career options. As a bsc finance and accounting graduate, you can also look forward to higher than average field growth rates and salaries.
With the possibility of earning your bachelor’s degree online, the following twelve career options are more achievable than ever:
- Credit Analyst
- Senior Tax Accountant
- Budget Analyst
- Accounting Manager
- Treasury Analyst
- Financial Analyst
- Personal Financial Advisor
- Management Consultant
- Financial Manager
Jobs are listed according to their average annual salaries, starting from the lowest, leaving the best for the end. Salary info is taken from the Bureau of Labour’s Statistics.
Credit analysts review and analyze financial information from sources such as credit bureaus, bank branches and reporting services to evaluate the profitability of loan requests and approve or deny loan applications.
The median salary for this position is $67,844.
These professionals are responsible for identifying financial and business risks and assessing compliance with government regulations. Their regular duties include evaluating existing internal controls, identifying areas for improvement, and coordinating the implementation of internal improvement efforts.
Auditors make around $71,550 annually.
This role revolves around preparing, maintaining, and examining the accuracy of financial statements for a company. Accountants are responsible for maintaining compliance with all federal laws and regulations within their financial records, including balance sheets, income and loss statements, cash flow statements, and tax returns. They also identify and resolve any inconsistency in statements, records, or documented transactions.
The average annual salary of an accountant is $71,550.
Senior Tax Accountant
Senior tax accountants are in charge of preparing federal, state, and local tax returns on behalf of their clients. They make around $74,258 per year.
This role revolves around managing finances, preparing budget reports, and monitoring institutional spending within an organization. They constantly review their client’s financial plans to ensure their completeness, accuracy, and conformance with regulations and organizational objectives.
The budget analyst’s average annual salary is $76,540.
These professionals are responsible for overseeing the operations of an organization’s accounting department. Accounting managers are in charge of analyzing and reporting financial information, assisting with tax processing, and creating financial statements to present to the company’s board of directors.
They make around $77,395 per year on average.
This role revolves around monitoring an organization’s financial activity, including cash flow, liabilities, and assets. Treasury analysts analyze expenses, budgets, and future investments to decide whether incoming and outgoing payments are properly processed.
The median annual income for this role is $78,169.
Financial analysts are responsible for examining an organization’s financial data. By analyzing past financial and investment data, as well as estimating future revenues and expenditures, they provide their clients with guidance regarding making investment decisions and forecasting for the future.
Financial analysts make around $81,590 per year.
Personal Financial Advisor
These professionals provide guidance for their clients regarding the health of their finances and making personal investment decisions. Their duties include monitoring the state of clients’ investments and finances and providing advice on insurance, college savings, mortgages, estate planning, taxes, and retirement.
The average annual salary for this role is $87,850.
Management consultants, also known as management analysts, help organizations maintain their profitability by proposing improvements for operational efficiencies. They provide objective advice and expertise to their clients, helping them develop any specialist skills they may be lacking.
The median salary for this position is $101,988 per year.
These professionals are responsible for the financial health of an organization. Their role revolves around generating financial reports and developing strategies to help meet the long-term financial goals of their client.
Financial managers make a whopping $129,890 per year on average.
Controllers manage all finance and accounting operations. They coordinate and direct the preparation of the budget and financial forecasts and report variances for their clients.
Their other duties may include developing internal policies and procedures for budget administration, cash and credit management, and accounting functions.
They earn up to $201,894 per year, and that’s the average rate!
As we skimmed through the top twelve careers for bsc finance and accounting graduates, now is the time to talk about the benefits of bachelor’s degree in finance and accounting.
What Are The Benefits of a BSc Accounting And Finance Degree?
Now, let’s dig into four key benefits of an online bachelor degree in accounting and finance.
- Employment Prospects
As both government and non-governmental organizations engage in financial dealings, demand for finance and accounting professionals remains high even during crises.
Obtaining an bsc finance and accounting degree allows you to specialize in managerial accounting, financial accounting, taxation, auditing, etc.
- Independent Consultant
With an online bachelor degree in accounting and finance, you can provide services as an independent consultant. As many small businesses require the services of auditors, tax consultants, bookkeepers, among others, you can provide these services as a freelancer. Depending on your level of experience, some bigger organizations, including government agencies and multinationals may hire you.
- Competitive Salaries
Due to the immense importance of the accounting and finance professionals for the survival of the business, their income is highly competitive in the scheme of salary structure.
Is BSc Accounting and Finance Worth it?
The short answer is a resounding yes. If you want to work in accounting, finance, or business, obtaining an online bachelor degree in accounting and finance is the right career move for you.
This industry-specialized degree will, without doubt, significantly increase your employment opportunities and help you qualify for various positions in the financial sector such as accountant, analyst, statistician, researcher, or administrator.
Graduating from an online bachelor degree in accounting and finance program will give you a leg up during the hiring process as employers consider bsc graduates to be more apt to hold leadership and managerial positions than candidates without a degree.
By earning UNZA’s online BSc in Finance and Accounting degree, you’ll have a pulse on market trends by learning best practices from seasoned industry professionals. Going for our online programs will give you a chance to grow a robust network and gain the most relevant and up-to-date skills you need to succeed in the field.