Minors for Accounting Majors: Finance
Even if your only goal in life is to be an accountant, it’s a great idea to supplement all of the standard coursework with additional, useful skills A solid foundation in relevant and significant subjects can go a long way to help you to achieve your career objectives, including choosing a particular organization, or a particular industry, in which to work,.
In the next few blog posts I’ll discuss valuable minors for students interested in being accountants. You might find some minors kind of obvious; others might surprise you!
Finance: The Springboard for Diverse Career Options
I know—you probably think that finance is a self-evident (even redundant) minor for someone pursuing a degree in accounting. However, finance differs from accounting in that it measures the dynamics of assets and liabilities over time under conditions of different degrees of uncertainty and risk. . While accounting measures the results of an organization’s economic activities and conveys this information, typically, in the form of structured and standardized reporting. In other words, a finance professional is the architect, and the accountant is the builder. Very often the two go hand-in-hand, but their core functions differ.
In a broad sense, finance is a study of interest rates, regulations, costs, risk, and the value of money in a vast array of different global settings. This knowledge can augment your value to a firm and improve your chances for promotion. Remember, accounting doesn’t necessarily deal with money management—it simply reports on its movement.
Having a finance minor (or even co-major) can help prepare you for a broad range of disciplines above and beyond bookkeeping. Financial planners, CFOs, and Vice Presidents of Finance must all have solid accounting and financial backgrounds.
In the next post, I’ll tackle the glitz and glamour of entertainment accounting!
Lewis Daidone is a Certified Public Accountant, and a consultant to financial services firms and technology companies.