Business Administration Vs Accounting: What Is The Best Choice?

If you are ready to start your professional career, we recommend you start considering the careers with the highest demand. In that sense, two of the most required are probably business administration and accounting. The first thing to do is to know in detail the aspects related to each of these areas.

So, if what you want is to contrast these two disciplines, you have come to the right place. In this article, we show you each aspect related to Business Administration vs. accounting careers.

Business Administration Career

Through this career, the person becomes responsible for practically all business operations. One of the reasons to study business administration from ASSK academy of business management is that it offers you an overview, taking into account the different elements that interact in the operation of the organization in order to facilitate cooperation between areas.

For example, if a company’s manufacturing area is unable to fill orders because it does not have enough inventory on hand, an efficient administrative manager quickly identifies the weak link in the chain and develops strategies to ensure that adequate inventory is available at the future.

Accounting career

The accounting department is responsible for developing a detailed and accurate picture of the company’s financial operations. Accountants should keep track of sales and expenses, dividing these broad categories into more specific fields such as income, labor, and payroll expenses.

Additionally, if you decide to study accounting, you will be able to manage specific information about the company’s cash flows and you must ensure that it has sufficient funds to take on new ventures.

Know your differences

The accounting department tracks the financial aspects of the company, focusing on information from a specifically quantitative point of view. In contrast, management has a more general view of a company’s situation.

Accounting may show that there is insufficient income to meet daily expenses. However, from this discipline it will not always be possible to identify the origin of the insufficiency, for example, if a production line does not meet the needs of the clients. That is only possible through the career of administration.

On the other hand, from accounting you can identify if the payroll expenses are too high and interfere with the company’s income; however, it is the role of management to determine whether the additional expense is caused by one or more collaborators.

Common areas

Both races share many common areas. Both administration and accounting will show you the factors that intervene in the internal workings of a company. An example of this is that the two are in charge of creating long-term budgets and strategies to improve the performance of the company, only from different perspectives.

What are your goals?

If you enjoy establishing relationships and working with people from different areas, the administration career will be the one for you. On the other hand, if you enjoy working with numbers and calculations more, studying accounting will be the best for you.

Consider that studying administration could offer you a greater variety of access points to a company, since you could start with areas such as customer service, marketing or human resources.

However, an accounting career gives you a more specialized set of skills, which means less competition for your positions. You can also opt for banking & finance courses, after studying accounting, as they are highly correlated with each other.

With the help of accounting, you can also make your career in banking field by pursuing courses related to banking.

The Steps Needed To Become A Financial Advisor

Working in the banking sector is the dream of many: a prestigious profession that promises above-average earnings. But the doors of banks don’t open to everyone.

The increase in the complexity of financial and banking operations requires qualified preparation even for those who can already boast work experience, and which can be acquired with a master’s degree in banking and finance.

Become a professional in bank credit and finance

It is true that to work in the bank, a diploma is enough, but to become professionals of the credit system and high-level finance, nowadays you must be able to count on a wide range of specialized skills. After a university career in line with the professional needs of the banks (Economics, Statistics, Management Engineering, Law, etc.) and a short practical experience in the financial or control areas, to access a banking role or for career advancement there he wants the right push.

And when we talk about “push”, we are talking about a high professional training course: the most suitable way to consolidate and specialize your skills and to burn the stages of what could be, at best, a long professional apprenticeship.FINANCIAL MARKET PROFESSIONAL PROGRAM

The right training path: Here are the masters to work in the bank

For the choice of the right FINANCIAL MARKET PROFESSIONAL PROGRAM, it is essential to verify that the advanced training course is recognized at the national level and ensures the effective adherence of the preparation to banks’ professional skills needs.

What does the financial advisor do?

The financial advisor (formerly financial promoter) is a professional who deals with providing financial advice and planning to anyone who needs it. Its role is to analyse the performance of the financial markets and identify opportunities and risks for client investments, in accordance with the expected needs.

Two types of financial advisors need to be distinguished:

Independent financial advisors- are those consultants who exercise their profession independently from banking or financial institutions, insurance companies and are remunerated through a fee directly from the customer.

Non-independent financial advisors – they are those who deal with consultancy but who work on behalf of other entities, such as banks.

So what is the most suitable path to becoming a financial advisor?

Diploma- The first step to becoming a financial advisor is to have a Diploma from an upper secondary education institution.

Degree- The most appropriate path to become a financial consultant and acquire in-depth training is through the university course of economic subjects. It is not mandatory to have a university degree.

Evaluation test- It is necessary to have passed a test that aims to verify knowledge in the economic and legal field to enrol in the register of financial advisors. The exam takes place every year.

Registration in the Register- If you meet the requirements listed above it will be possible to register in the register of financial advisors.

Financial advisors training

To acquire the technical and professional knowledge necessary to pass the qualifying exam and undertake the profession, specialized training courses can be taken.

But the profession of a financial advisor has a lot to do with current affairs. It is an activity in constant evolution and for which constant updating is required in the field. For this reason, in order to offer customers advice that is always in step with the times, it is essential not to neglect continuous training by following professional updating courses provided by ASSK academy of business management.

Banks: Continuing Education Allows Progress

In the banking sector, career after b.com plays a key role. Continuing education allows these career progressions. In the era of digitalization and faced with the emergence of artificial intelligence, bank employees must also develop new skills to adapt their business, which is bound to evolve.

Evolution of professions and digitalization force, what new skills should bank employees develop in priority?

These evolutions are impacting all the banking professions; one cannot bring a single answer. If you look at the customer relationship business, which is about half the workforce, the significant change is that the advisor now has to work in an Omni channel environment. It must be able to intervene in a mostly digitized customer journey and bring timely responses and solutions tailored to the project and the profile of the client.

This, of course, requires having a solid foundation of digital skills (the banks agree in this regard significant investments), technical and regulatory, but also develop strong interpersonal skills to make a difference in terms of quality of reception, listening, support and advice in relation to digital solutions and artificial intelligence (AI).

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Finally, the business related to the customer relationship does not change in their fundamentals, it is the manner of exercising them and therefore the base of necessary skills that evolve.

Which are the professions of the bank most impacted by these evolutions?

Over the next few years, it can be estimated that three segments of the banking business will be primarily concerned by the need to develop new skills, with the aim of a specific effort regarding training. These are (in decreasing order of volume of the populations concerned):

  • Sales forces and customer relations professions which, with the development of artificial intelligence and the arrival of new players, will probably have to refocus the heart of their business on value-added expertise and advice;
  • Risk and compliance professions, artificial intelligence opening up new unsuspected possibilities in this area;
  • Activities related to data management, especially the customer journey, which will undoubtedly give birth to a myriad of new jobs.

But, of course, the other components of the banking activity (HR, support functions, etc.) will also be impacted to varying degrees.

What are the risks for those who would not want to train or who would be too late?

Through adapted methodology and à la carte training, the student gradually builds his project by acquiring skills in public finance, local government finance, finance and strategy, corporate finance and market practice, banking, and the stock market, finances, and probabilities, which can constitute as many specializations according to the proposed course.

Career opportunities

Holders of diploma courses in finance and banking are directly operational managers who work in accounting firms, auditing, and consulting firms; banks and insurance companies; Corporate Finance departments of major industrial and commercial groups. Depending on the context, there are positions as a financial analyst, account manager, an auditor in office, treasury manager, portfolio manager, sales trader.

Depending on the context, there are positions as a financial analyst, account manager, an auditor in office, treasury manager, portfolio manager, sales trader, etc.