Careers in Accounting? Finance? What’s a College Kid To Do?
Careers in Accounting? Finance? What’s a College Kid To Do?

Careers in Accounting? Finance? What’s a College Kid To Do?

As a rising third year at the University of Virginia enrolled in the McIntire School of Commerce, I am facing a common dilemma for most college students: What should be my major? For business students, the two most common majors or concentrations are accounting and finance. I interviewed Dr. Roger Martin, Associate Professor at the University of Virginia in the McIntire School of Commerce, in the hope that his answers might help me, and maybe other fellow business students, in deciding between careers in accounting or finance.

Describe your career path prior to becoming a professor. Do you have a background in accounting or finance?

In college I majored in accounting and finance. All the way to my senior year, I expected to be a CPA at one of the major firms — with the goal of becoming a partner and having a long career in public accounting. Kind of unexpectedly, though, I ended up accepting a different kind of job that let me rotate through several finance and accounting roles within a Fortune 500 company. I was able to do accounting (financial reporting and cost accounting), budgeting, internal auditing, treasury functions and strategic financial planning. I always thought it was hard to tell whether I was really doing accounting or finance at any given time — lots of crossover.

Do you believe there is a certain type of person or personality that fits each of these career options?

I think there is a stereotype that accountants are more “buttoned down,” prefer black and white problems and don’t like to take risks. But I don’t think that is true at all. So I believe the direct answer to your question is “no.” I think what you DO in each field can vary so widely that there is a place for all types of people and personalities.

I think curiosity, understanding of the “big picture,” an appreciation for how information can be used for decision-making and a willingness to learn technical material are all important in both areas. Accounting is critical whether you go directly into an accounting career or a finance career. An accounting background, even if that only consists of four or five accounting courses in college, helps significantly because it helps you communicate and understand how many important topics are discussed. Understanding how economic events impact companies — in terms of their business, their decision-making and their financial reporting — is important no matter what you are doing.

I think both finance and accounting career paths will demand that you be comfortable with technical material, but they also demand that you can quickly get in front of clients and colleagues to communicate and persuade. In fact, your ability to thrive and excel in communication and persuasive settings will probably be a bigger determinant of your long-term success than mastery of the technical material in your field.

Which degree do you think currently has better job prospects upon graduation? In other words, do you feel as if the job market is leaning one way versus the other in terms of hiring recent finance or accounting graduates?

I would not say job prospects are necessarily better in one or the other. For most, “going into accounting” means starting your career in public accounting, and I know the CPA firms recruit and hire very aggressively every year. Entry-level jobs in finance are probably less “standard” — there are many possible career paths right out of school in finance. That’s good and bad, because there are lots of different ways to start out, but it’s bad because it makes it more difficult for students to understand their options.

From an employee standpoint, do you find that one has better long-term job security than the other?

No. I’d say career paths between the two largely coincide several years out of school, unless someone stays specifically in a CPA firm, or investment banking, or some of those types of options.

Which field do you think has more flexible work hours?

I wouldn’t say there is a lot of difference attributable to the specific field — some finance jobs demand extreme hours, but so do some accounting jobs. But not ALL finance jobs demand extreme hours, nor do ALL accounting jobs. So if this is an important factor in choosing a career, a student needs to understand which jobs in each field are probably going to be the most flexible within that particular field.

What are the post-graduate requirements for career advancement in each of these areas?

I’m not sure the requirements for advancement vary between these areas too much. I think there is a core set of skills or traits that are probably going to be highly valued in any field:

  • Flexibility — geographic, job duties, etc. — will be important, no matter what.
  • Almost everyone will end up managing people at some point in their careers, and you need to be preparing for that and working to improve throughout your career.
  • And everyone will be working in teams, so that ability is hugely important regardless of your field.

Do either of these disciplines demand that you get an MBA for career advancement?

If someone wanted to stay in the large professional service firms in accounting, I don’t know that an MBA is necessarily required down the road. For many in finance, the path seems to be to work a while after school, then return for an MBA as part of a career management strategy. I think for most students, they should think of an MBA in the future as a way to manage career transitions as well as re-tool on certain skills and abilities. Switching career paths is sometimes easier coming out of an MBA program than while working.

Do you think the CPA exam scares some people away from majoring in accounting?

I really hope this would never be a factor in a career decision. The CPA exam is VERY passable, and isn’t really as daunting as many students think. It makes for some good horror stories, but I think those are exaggerated.

What exams should finance majors pursue after graduation in order to set them apart in the workforce?

I’m not entirely familiar with these options, but I know the CFA exam and certification is valuable. In accounting, there are other certifications besides the CPA, as well: CMA, CFE, CIA, etc.

Regarding the process of discovering which concentration one prefers, especially when almost no college students have taken accounting or finance courses in high school, is there anything that you think should be done differently at the college level to help students become more familiar with these topics?

I’d advise staying open-minded but take enough of both to really figure out what you do or don’t like. That surely means Intro Financial, Intro Managerial and at least Intermediate Financial Accounting I. During that time, students will probably take a first finance course and maybe even a second one in investments or corporate finance, which would be great. And I think most finance people would agree that taking more accounting is always good. Employers consistently tell me they love to see a student who takes lots of accounting, even if they know they don’t want to be a CPA — it demonstrates a willingness to take hard classes, to learn accounting to help in other fields and to be as prepared as possible. And more finance courses are always helpful to understand, for example, how markets work, how to manage investment portfolios, and how companies raise capital.

Do you have any other specific advice for those pursuing accounting and/or finance?

Students should take advantage of as many opportunities as possible to learn about possible careers. Business schools have excellent resources in their Career Services offices, and students should be aggressive in learning about workshops, panels or whatever resources are available. It takes time to do this, but it is a great way to learn about options you might not even have heard about otherwise.

Also take time to meet alums and employer representatives who can describe their careers and the paths they have followed. This allows you to practice networking but also lets you learn about the wide range of paths that are available.

Finally, be confident that you are doing something you think you will enjoy, and don’t get too hung up on whether or not you got it “exactly right” in terms of your choices. Do as much as you can to learn about options, think about what seems like a good fit for you and then enjoy the process of pursuing goals along the way. But few things are “locked in” at the age of most college students, so know that you have a lot of years to make adjustments.


I would like to thank Professor Martin for his insight and advice. He has certainly helped me differentiate between careers in accounting and finance, and I’m sure many other students will benefit from his input and guidance. I look forward to learning more about each field and, in the not so distant future, deciding whether accounting or finance is right for me. Please feel free to comment below (in the comments section) with any experiences you may have in helping business students deciding between accounting and finance.

About me

I’m Jake Gore, currently a rising third year at the University of Virginia’s McIntire School of Commerce. I am planning on concentrating in management and accounting or finance. Outside of class, I am involved in Greek life, club tennis, and I am a member of the ‘Hoo Crew’ (student fan section) Committee, where I will help organize promotional sporting events between the student fans and the athletics department next year. I am a huge UVa sports fan, and I dedicate most of my free time to attending sporting events. This summer, I am interning here at GAAP Dynamics, where I am learning a lot about the business’s operations and development. Go Hoos!

About Dr. Martin

Professor Martin has a B.S. in Business Administration and Accounting from the University of Kansas, as well as a Ph.D. in Accounting from the University of Texas. At Virginia, he is an associate professor in the McIntire School of Commerce and is the Director of the M.S. in Accounting Program. He has two high school sons (neither of whom seem to have much interest in studying business at this point … but one never knows!) and his wife also got her Ph.D in Accounting from Texas but now enjoys (and is good at) writing middle-grade fiction. He enjoys running and has taken up rowing in the last year to try to replace some miles of running in the Charlottesville summer heat!

Are You A Different Kind of CPA

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