By DeVry University
October 1, 2021
6 min read
October 1, 2021
6 min read
To those who have never studied finance or accounting, the two terms can seem similar. But when it comes to finance vs accounting, these topics are actually quite distinct.
There are areas where finance and accounting overlap and the two fields can tend to work very closely with one another. In a nutshell, accounting focuses on the details of financial transactions while finance focuses on the bigger picture that can include investments, analyses, economics and money and banking.
If you've ever wondered what the difference is between accounting and finance, read on to learn the basics of each field and gain an understanding of their similarities and differences. To help you distinguish these closely related fields, we'll explore the following sections:
Finance specialists who work in banking may work in one of two areas: at the planning or management level of the banking business where they set goals and pursue outcomes for the bank branch or company or they can work directly with customers, such as in the role loan officer.
Finance plays a critical role in insurance. In order to run an insurance company, these professionals are trained to balance risk against potential reward to effectively guide their clients’ investments.
Brokers research the market in order to provide clients with investment plans and strategies. In certain cases, they also sell specialized financial products and services to high-net-worth clients.
Financial planners may advise companies or individuals, working with clients to help them meet their long-term financial goals. They create long-term plans that people use to stay on track for milestones such as home ownership, retirement, or a child going to college.
Financial analysts work for financial institutions such as banks assessing the performance of various investment options. They use this research to point companies toward profitable investments.
Public accountants (typically referred to as CPAs or certified public accountants) help people and businesses reach financial goals through an analysis of their finances.
Cost accountants specialize in reviewing, analyzing and reporting on the costs associated with producing and selling goods and services. Companies may rely on cost accountants to provide insights into where money is being spent or lost, as well as to identify ways to maximize financial efficiencies.
Internal auditors review the financial reports put together by company accountants in order to identify areas where the company could improve its financial standing.
Payroll managers oversee employee payroll procedures and staff responsible for processing time sheets to accurately compensate employees.
Forensic accountants audit companies and individuals who are suspected of fraud. They either ensure that no fraud is taking place or identify the fraud within a company's books.
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In New York, DeVry University operates as DeVry College of New York. DeVry University is accredited by The Higher Learning Commission (HLC), www.hlcommission.org. The University’s Keller Graduate School of Management is included in this accreditation. DeVry is certified to operate by the State Council of Higher Education for Virginia. Arlington Campus: 1400 Crystal Dr., Ste. 120, Arlington, VA 22202. DeVry University is authorized for operation as a postsecondary educational institution by the Tennessee Higher Education Commission, www.tn.gov/thec. Naperville Campus: 1200 E. Diehl Rd., Naperville, IL 60563. Unresolved complaints may be reported to the Illinois Board of Higher Education through the online compliant system http://complaints.ibhe.org/. View DeVry University’s complaint process https://www.devry.edu/compliance/student-complaint-procedure.html Program availability varies by location. In site-based programs, students will be required to take a substantial amount of coursework online to complete their program.
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