Accounting vs Economics vs Finance Majors

[abdulqadir786]

I reside in Texas, i am a Computer Information Systems Major but for the past few days i have been thinking about changing my major to one of the 3 business majors mentioned in the title of the thread. The reason i am thinking about changing my major is that i wanted to work with computers but on the business level and not on the programming level so i decided why not just go for a full business degree like BBA or MPA (Master of public accountancy), or MBA.

I am aware of the fact that accountants make the most money out of the three if you get an MPA or a BBA in Accounting and i have also learned that Economists make more money over time. But the catch is that is the job market for economics as great as other job markets. And is the job market for finance similar to economics?

I was wondering if there are any PPers here in the field of Accounting, Economics or Finance then they could help me decide which major i should choose.

ps. I have talked to the counselor and department heads of both Accounting and economics & Finance.

Thanks!:umarakmal

 

[tahaqureshi]

What year are you in? If you're still a freshman then its alright to change a major but if you're past that stage, I would suggest you put in the extra dog work and get a double major - one in CIS and one in either of the three fields you mentioned above. A combination of two of these will go very far in helping you land your first job in this very competitive job market. And you never want to close yourself out, keeping your options open can never be a bad thing.

If however, you feel like keeping two majors is not feasible for you then you need to ask yourself a few questions before choosing your new major.

1) Accounting for me has always been a pretty dry subject. Those who like it, really like it and those who hate it, really hate it. Do a little investigating about the kind of subjects you're going to be taking in accounting if you decide to pursue it. Look at the textbooks and course descriptions if you can. It'll give you a better idea of what an accountant does.

2) Finance is heavily based around math - and that too of a higher level. I know people who are doing MSc in Finance at the moment and although their job prospects and pay scales are off the charts, the program itself is very tough. They take math to the next level, to the point where it can boggle your mind. So unless you're very good at math/have exposure to it, I wouldn't do it. But again you need to look into the courses and textbooks to get a better idea.

3) Economics is something I would advise to most people. Job prospects are just as good as the other two fields however the math requirement is not as tough. I personally find economics very interesting and it gives you a very good perspective on what is becoming an increasingly important factor in people's lives. In terms of jobs, your options after majoring in economics are pretty diverse. Most people go onto to masters degrees in economics or an MBA or something professional like law school. Btw, law and economics is a spectacular combination which will get you very far. With a masters/phd in economics you can work in academia, corporate sector, banks, IMF, WB etc. Its all on you.

Thats pretty much my take. Kind of biased but hey, we all have opinions!

 

[abdulqadir786]

What year are you in? If you're still a freshman then its alright to change a major but if you're past that stage, I would suggest you put in the extra dog work and get a double major - one in CIS and one in either of the three fields you mentioned above. A combination of two of these will go very far in helping you land your first job in this very competitive job market. And you never want to close yourself out, keeping your options open can never be a bad thing.

If however, you feel like keeping two majors is not feasible for you
then you need to ask yourself a few questions before choosing your
new major.

1) Accounting for me has always been a pretty dry subject. Those who like it, really like it and those who hate it, really hate it. Do a little investigating about the kind of subjects you're going to be taking in accounting if you decide to pursue it. Look at the textbooks and course descriptions if you can. It'll give you a better idea of what an accountant does.

2) Finance is heavily based around math - and that too of a higher level. I know people who are doing MSc in Finance at the moment and although their job prospects and pay scales are off the charts, the program itself is very tough. They take math to the next level, to the point where it can boggle your mind. So unless you're very good at math/have exposure to it, I wouldn't do it. But again you need to look into the courses and textbooks to get a better idea.

3) Economics is something I would advise to most people. Job prospects are just as good as the other two fields however the math requirement is not as tough. I personally find economics very interesting and it gives you a very good perspective on what is becoming an increasingly important factor in people's lives. In terms of jobs, your options after majoring in economics are pretty diverse. Most people go onto to masters degrees in economics or an MBA or something professional like law school. Btw, law and economics is a spectacular combination which will get you very far. With a masters/phd in economics you can work in academia, corporate sector, banks, IMF, WB etc. Its all on you.

Thats pretty much my take. Kind of biased but hey, we all have opinions!

Thank you for the info. I am a second semester freshman. I don't think I am going to keep two majors because I haven't gone very far in CIS. I was thinking maybe how would doing an MPA in accounting (a 5 year program) which includes bba in accounting and minor in economics or maybe vice versatile with MBA in economics do, which one would be better off or opens more doors to better paying jobs?

Is it true finance is only about banking?

 

[tahaqureshi]

Well yes finance is a lot about banking. It mainly involves financial consulting, investment banking and brokerage firms. Its pretty intense but also brings in a lot of money. You're right in that it is very focused.

Economics is a lot more broad based. You can choose what you want to so with your economics degree. You can work in banks, insurance companies, govt agencies, international institutions like IMF, WB, UN etc. You can also pretty much work for any major corporation as they always need the analytical tools that economists provide.

 

[FusedBulb]

Accounting is the worst of them all. You will NEVER be a boss and all your life you will be giving 'hisaab' to others. I hate it when those poor guys have turn a stack of million documents upside down to find the missing penny and save their rear end.

CIS and finance (broker) are good. Big money !!!

 

[GOAT]

I'm in accounting. Like TQ said, you either love it or hate it. Theres more than one area in accounting though. There's audit, cost and managerial, etc. so there is something for anyone, really.

Finance is great too. Math based but if you're in a computer major you shouldn't have much of a problem.

My post is the opposite of TQ's. I recommend the first two a lot more than economics. I don't know how it is over there, but doing Economics gets you a Bachelor of Arts. No point in that, really.

As for the guy who said accountants are never bosses, well, explain to me the number of CA's who go onto become CEO's. Same applies to finance majors.

 

[abdulqadir7867]

Bump. Btw, I am now in investment banking. Best decision ever, but super long hours. Initially did audit for Deloitte for a year after completing my BBA and Masters in accounting. If anyone else is going through a similar dilemma, hit it up in this thread.

 

[Leo23]

finance is the best paid major and far more interesting than accounting. but yes economics is the easiest between the three majors.

in terms of money - finance > accounting > economics

in terms of difficulty - accounting = finance >>>> economics

 

[Kianig89]

Accounting helps to get a first job i.e. Junior Accountant if your going for Finance or Economics then you need have a grasp on it its more about concepts than Accounting

 

[sshakir411]

Bump. Btw, I am now in investment banking. Best decision ever, but super long hours. Initially did audit for Deloitte for a year after completing my BBA and Masters in accounting. If anyone else is going through a similar dilemma, hit it up in this thread.

How big is your bank and is it based out of Texas? What school did you go to?