Choosing Between Accounting and Business Administration: Navigating Career Paths Outside Banking
Saying one major is inherently superior to another can be a misleading viewpoint. The pertinent question to ask is, "What major aligns best with my personal and professional aspirations?"
My Own Experience
When I was deciding on my undergraduate program, I was presented with a range of options, including finance, international business, accounting, marketing, agriculture management, decision sciences, and information systems—all under the umbrella of a Bachelor of Science in Business Administration. Nevertheless, I ultimately went with finance, a decision made without a clear understanding of the practical advantages it would bring to my future career. This serves as a critical reminder to students to have a well-defined plan and to thoroughly consider how their chosen degree will guide their career progression.
Finance Career Pathways
Finance is an excellent degree for entry-level positions in brokerage and insurance sales, roles that often come with a commission-based structure. You can also become an underwriter or appraiser, although this path may require working for a bank. Additionally, a finance degree equips you for a wide range of roles that do not specifically require a finance background. However, pursuing an MBA or PhD in finance can significantly enhance your career prospects but requires substantial time and dedication, particularly if you lack a deep passion for finance. These advanced degrees are particularly valuable for those who are keen on specialized roles in the finance sector.
The Case for Accounting
Accounting, on the other hand, is a robust major that, after obtaining your bachelor's degree, typically requires an additional year of work to earn a CPA (Certified Public Accountant) license. A CPA license is highly esteemed and comparable to other professional licenses such as a medical doctor (MD), attorney, or engineer. Moreover, this degree opens up a myriad of career opportunities, allowing you to explore different avenues while retaining the flexibility to pursue additional education or advanced certifications.
For instance, you can pursue an MBA or a PhD in finance with a solid accounting foundation. Alternatively, if you are more inclined towards becoming a CPA, you can focus on building your expertise in accounting and leverage this license to secure a variety of positions in various industries. The flexibility and versatility offered by an accounting degree make it a compelling choice for students who are not necessarily destined for a career in banking but are interested in the financial aspects of business.
Recommendation for Non-Banking Careers
In conclusion, if asked to advise my own children or anyone else seeking guidance on major selection, I would strongly recommend the accounting degree. It provides a solid foundation for a diverse range of career paths, and obtaining a CPA license can unlock numerous lucrative opportunities. Whether you pursue further education in finance or explore other career avenues, an accounting degree remains a practical and versatile choice.
Ultimately, the best major is the one that aligns with your goals and aspirations. Whether you choose to focus on finance, business administration, or accounting, ensure that you have a clear plan and a deep understanding of how your selected degree will shape your career journey. By making informed decisions, you can set yourself up for success and achieve your professional ambitions.