Life is all about the choices we make, right? Well, one of the most critical decisions one has to make is picking the type of degree they want to pursue and, essentially, choosing the path of their professional journey.
Suppose you are at that point in your life and are contemplating between business administration and accounting. First of all, great job considering these two as options. Second, have no worries as we are here to help provide valuable information about both alternatives that will help you make a decision. Starting from an overview of both degrees and fields, then moving on to a more detailed comparison, let's see which degree is the best choice for you.
What Is a Business Administration Degree?
Business administration is a term that encompasses a broad scope of occupations and positions that relate to the operation of a business, including supervision of a company's duties, resources, and team members. Anyone interested in pursuing a career in such a field needs to obtain a business administration degree.
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A business administration degree is a versatile academic credential with compulsory courses that will help equip you with solid theoretical knowledge of business functions and the skills required to put that theory into practice in order to complete tasks and successfully direct a business.
What Is an Accounting Degree?
If you are good with numbers and interested in helping companies manage their finances, you must acquire an accounting degree. Accounting relates to the resources and financial transactions belonging to a business. Regardless of the company's size, a department dedicated to accounting is more than necessary as it helps with financial decision-making, planning, and measurement of economic performance.
An accounting degree is a qualification granted to students who complete a college or university course related to accounting and other interconnected subjects. Such a degree prepares their graduates for various careers related to accounting by training them to analyze and report on monetary transactions.
Differences Between Business Administration and Accounting
The brief description we provided for each degree and their field of study might not be much help when looking for the difference between business administration and accounting so you can decide between the two. So, to help you further understand what each one can offer you, let's put the two head-to-head and compare accounting vs. business administration in numerous aspects that would be crucial to your future studies and professional career.
Curriculum
To grasp business administration, schools generally include introductory classes on business administration and then several other subjects that are related to the field, such as:
Office Management
Principles and Practice of Management
Business Economics
Computer Application in Business
Business Law
Business Mathematics
Human Resources Management
Marketing Management
Company Organization
Business Policy and Strategic Management
On the other hand, when studying for an accounting degree, you can expect to participate in classes dedicated to subjects such as:
Accounting Information Systems
Cost Accounting
Auditing and Assurance Services
Income Tax Accounting
Statistical Methods in Business
Financial Management
Calculus with Business Applications
Principles of Microeconomics
Principles of Macroeconomics
Business Analytics
There are similar courses offered for both degrees in some cases, and understandably so, since business administration and accounting are closely related and of high significance for companies. However, the depth to which such courses are explored varies depending on their importance for the field of study.
Skills
Through the curriculums offered by each degree, you will obtain skills that will aid you in the study field, and you can even transfer some of them to other areas and occupations.
A business administration degree will help you gain skills in general administration, project management, business planning, and research. Through courses related to business, finance, HR, and marketing, you will gain skills in budget management, communication, time management, social media management, customer service, organization, supervision, and team-working, among many others.
Upon completing an accounting degree, you can expect to develop your knowledge in generally accepted accounting principles and your skills related to accounting research, financial reporting and analysis, mathematics and computer use, organization, critical thinking, communication, etc.
Career paths
By earning your degree in business administration, you will open the door to multiple job opportunities in numerous industries and roles, including but not limited to the following positions:
Business Consultant
Administrative Services Managers
Medical & Health Services Managers
Market Research Analyst
Office Administrator
Human Resources Specialist
Similarly, an accounting degree also prepares you for multiple careers and positions. Some of the most popular choices among accounting graduates are:
Accounting Manager
Financial Analyst
Auditor
Budget Analyst
Personal Financial Advisor
Job outlook and salaries
According to reports from the Bureau of Labor Statistics (BLS), the employment rate in business and financial operations occupations is expected to experience an 8% growth from 2020 to 2030, contributing to the addition of around 750,800 jobs throughout the decade. At the same time, the employment of accountants and auditors is projected to grow 7%, with about 135,000 job openings each year.
When it comes to salaries, business and accounting degrees compensate for the resources you spend to achieve them. In business administration, you can earn a median salary of $45,839 per year. Whereas, as an accountant, the lower percentage of job growth is balanced through a median salary of $69,114 per year. As you gain experience in either field, you can quickly be promoted to higher positions and earn even better paychecks than those mentioned above.
Which One Is Better?
Now that we understand how different each degree is, the question still stands: Which one is a better degree: business administration or business management? Before concluding, considering all the information provided so far, let's go through some of the benefits that accompany the two degrees.
Benefits of studying business administration
If you decide to study business administration, you will be pursuing a field that helps you achieve high positions through leadership roles, equips you with many skills, and offers you flexibility throughout your career.
Leadership roles
If you believe yourself to be a born leader or are someone who would like to help direct others, business administration might be the degree for you. Such a degree comes with the promise of various leadership roles. from entrepreneur to corporate executive, providing you with the opportunity to guide and manage businesses and teams.
Wide range of skills
A significant benefit of studying business administration is learning about various business areas and developing a wide range of skills applicable to different departments and industries. From technical to real-time practical skills, business administration degrees with the classes they offer will ensure you are well prepared for the duties awaiting you and make you an invaluable asset to any company.
Career flexibility
Thanks to advancements in technology, numerous jobs in the business administration field can now easily be performed from the comfort of one's home or through a part-time working schedule. The responsibilities accompanying positions such as that of a business process analyst, business development manager, and sales manager, among many others, can easily be fulfilled while working part-time at the office, remotely, or some other schedule that suits you.
Benefits of studying accounting
By completing an accounting degree, you will acquire specialized skills valuable in the job market for pursuing lucrative careers with plenty of space for professional growth.
Specialized skills
The skills you earn through an accounting degree are aimed at helping you obtain a detailed and thorough understanding of all things related to accounting, including financial accounting, business assurance services, accounting information systems, and taxation. From the ability to prepare financial statements to proficiency in using accounting software, you will master special skills required for any job in the accounting world.
Career advancement opportunities
Although you should always celebrate your accomplishments, it is also important to constantly raise the bar and strive for even better opportunities. Through an accounting degree, you can pursue careers that offer you space to continue learning, and that, with enough work and success, will be a stepping stone to helping you move higher up within the company in new roles.
Competitive salary
Although the average salary of accountants in the United States is estimated to be $69,114, the capacity of earnings is far greater than that. Reports show that, according to the 25th and 75th percentile values, a possible salary range for accountants can be placed between $15,000 and $316,000 per year.
Conclusion
Indeed business administration and accounting are excellent degree choices; however, they display some differences that can be the key to choosing the best fit for you. There is no one definite answer to the question of which is a better degree since the response varies from one's needs, goals, and aspirations.
So, think about what you like and what your plans for the future look like. If, by any chance, you are still confused about which degree would be the best fit, find peace in knowing that you cannot go wrong with any of the two.
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