Are you trying to figure out which degree to study, accounting or economics?
Trying to figure out what to study can be a daunting task.
It’s a big decision, I hear you!
So should you study Accounting or Economics, which degree is better?
Studying Accounting is better if you enjoy numbers, crunching numbers, following rules and legislation. Economics is better if you enjoy complex numerical, analytical and problem solving.
Having that being said neither Accounting nor Economics is better than the other.
Both Accounting or Economics degrees offer varied, interesting, and well-paying careers. An Accounting degree offers a more straightforward career path where graduates go on to become Accountants.
Economics degrees provide employment opportunities in areas such as law, risk management, banking, finance.
Economics is a way of looking at the world, explaining the behavior of various agents, from households, companies, governments.
On the other hand, by studying accounting you will learn how to record the transactions a business takes, keep ledgers of accounts, and prepare tax returns.
If you choose to study both economics and accounting you will have a good understanding of markets from an economic perspective, and also have some tangible skills that you can apply in business from your accounting background.
So now we answered the main question lets explore further should you study accounting or economics, which one is better.
Is Accounting Or Economics Degree Harder?
Accounting is seen as harder than Economics. However, it does depends on your interest and skills. Economics uses more advanced math (algebra, calculus, differential equations) to explain more complicated scenarios and processes. Accounting explains cut-and-dried rule sets for doing arithmetic.
If you choose to study an economics degree you will take courses such as Intermediate Price Theory, International Economics, Money and Banking, and Behavioral Economics.
Choosing to study an accounting degree you will be tasked with studying subjects such as financial accounting, advanced managerial accounting, statistics, federal income taxation, tax code, and auditing.
So in short both accounting and economics involve plenty of number-crunching.
But accounting is a profession devoted to recording, analyzing, and reporting income and expenses, while economics is a branch of the social sciences that is concerned with the production, consumption, and transfer of resources
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What Is The Career Path Of Accounting Versus An Economics degree?
Having an Accounting undergraduate degree offers a clear-cut career path, gaining entry into an accountant, finance, or audit role.
Compared to an Economics degree, provides career and employment opportunities in law, risk management, banking, finance, consultancy, and public administration.
Keeping in mind most if not all jobs that economics majors do get, do not have “economics” or “economist” in their job title.
If you would like to know more about the type of economics roles out there for undergraduates check out this post, Is a degree in Economics (major) useless?
Popular career paths from students with economics degrees are actuaries and market, research analysts.
The good news with these roles is according to the Bureau of Labor Statistics demand will increase by 22 per cent and 23 per cent, respectively, from 2016 to 2026.
When it comes to growth in accounting-type roles, according to the Bureau of Labor and Statistics, the Employment of accountants and auditors is projected to grow 4 per cent from 2019 to 2029, about as fast as the average for all occupations.
In general, the employment growth of accountants and auditors is expected to be closely tied to the health of the overall economy. As the economy grows, more workers should be needed to prepare and examine financial records.
Both undergraduate degrees offer career opportunities. It is difficult to compare one against the other.
A lot depends on where your interests and strengths lie.
Deciding which degree is more in line with what you want to do in your career.
Do you want to spend your days analyzing behaviors regarding resources, or would you prefer to record, report, and analyze a person’s or business’s income and expenses?
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Accounting Or Economics Degree, Which One Is cheaper?
Accounting and Economics full-time students can expect to pay between $30k and $70k for a four-year degree. The cost of tuition varies depending on if it public or private institution and where its located.
If you are budget conscious, a cheaper alternative is to study online through the likes of Coursera at a much-reduced cost.
Various respected universities offer online bachelor’s and master’s degrees.
The University of Phoenix offers certificates and degrees in more than 100 programs including accounting.
Western Governors University, an online university, offers degree programs in various fields including business.
The business program consists of a bachelor’s and a master’s degree in accounting or economics.
Can I Be An Accountant With An Economics Degree?
Yes, you can perform Accounting work with an Economics degree. However, to be a qualified accountant you will require an Accounting degree and obtain certification and work as a certified public accountant (CPA).
Having an economics degree is a great foundation, as it teaches you analytical and financial skills. To work as an accountant you will also need to understand accounting basics.
Some organizations may hire you with an economics degree in an entry-level or graduate role in accounting or finance with the view to train up you up in accounting skills.
From here, if you will wish to pursue a career in accounting you can go on to obtain and become a certified public accountant (CPA)
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Final Thoughts
Accounting and Economics are not better to one another. Accounting and Economics degrees provide job opportunities that are diverse, intriguing, and well-paying.
Majoring in either economics or accounting will lead to careers in high demand and relatively high salaries.
As with any career that you want to pursue, analyze yourself and your strengths and weaknesses before deciding which major you want to pick.
Hope you found this article useful, if you would like to know more about Finance or Accounting, see links to other articles below
