Business Management vs. Accounting: Which Degree Is Best for You?

Deciding on a degree program can be a daunting task, especially when it comes to choosing between two closely related fields such as business management and accounting. Both of these are popular degree programs for students interested in pursuing a career in business and financial occupations.

While these two fields are often studied together, they are distinct in terms of focus and application.

In this blog, we will explore the key differences between Business Management and Accounting degrees to help you decide which degree program is best for you.

Business Management vs. Accounting Degree

Business Management and Accounting are both essential aspects of any successful business. However, they focus on different areas of business operation.

A business degree is concerned with strategic planning, organising, and overseeing the operations of a business, while an accounting degree is concerned with managing financial transactions, bookkeeping, and preparing financial statements.

Let's take a closer look at each field.

What is a Business Management Degree?

Business management is a broad field that covers various aspects of managing a business, including planning, organisation, and decision-making.

Business management is a popular degree program for individuals who want to learn how to manage and lead businesses. It provides students with a broad range of knowledge and skills required to manage an organisation.

Business management is an interdisciplinary field that encompasses several subjects, such as accounting, human resources, economics, marketing, operations management, and strategic financial planning.

What will I learn in a Business Management Degree?

In business management courses, students learn how to develop business analysis and implement business strategies, manage resources, and lead teams. They also learn about marketing strategies, business law, human resources management, and organisational behaviour.

Business management graduates are also equipped with skills such as critical thinking, problem-solving, decision-making, and communication, which are essential for business success.

What are some Career Opportunities for Business Management Graduates?

The job opportunities for business administration graduates are vast and varied, and include roles in finance, marketing, human resources, and operations management, among others. They can pursue a variety of career paths as:

• Business analysts
• Business managers
• Marketing managers
• Operations managers
• Financial analysts
• Human resources managers
• Project managers
• Entrepreneurs

What is an Accounting Degree?

Accounting is a field that is concerned with managing financial transactions and ensuring that financial records are accurate and up-to-date. It is an essential aspect of any business, as it allows businesses to manage their financial resources effectively.

An accounting program provides students with a specialised set of skills and knowledge required to manage an organisation’s financial information. This program covers topics such as financial accounting, managerial accounting, tax preparation, auditing, and financial statement analysis.

What skills will I gain from an Accounting Degree?

Students pursuing this degree will have a deep understanding of financial matters. They will learn how to record and analyse financial data and reports, prepare financial statements, and ensure compliance with accounting principles and regulations.

Accounting professionals are also equipped with skills such as attention to detail, analytical thinking, problem-solving, and communication, which are essential for financial management.

What are some Career Opportunities for Accounting Graduates?

There are plenty of potential career paths for accounting graduates, including roles in public accounting — such as audit or tax services — as well as corporate accounting, financial analysis, and managerial accounting.

Accounting graduates can pursue a variety of career paths, including:

• Public accountants
• Corporate accountants
• Government accountants
• Financial analysts
• Auditors
• Tax specialists
• Budget analysts
• Forensic accountants

Which degree program is best for you?

While there are some similarities between business management and accounting degrees, there are also some key differences. By understanding these differences, you can choose the program that best suits your career goals and interests.

What is the difference between an Accounting and Business Management Degree?

There are several points of difference between degrees in Accounting and Business Management, which can be broken down into three main factors.

Focus: A business management degree focuses on the overall management of an organisation, while an accounting degree focuses on managing an organisation's financial information.

Skillset: Business management graduates gain a broad range of skills and knowledge, while accounting graduates gain a specialised set of skills and knowledge.

Career Opportunities: Business management graduates can pursue careers in a variety of fields, while accounting graduates typically pursue careers in accounting or finance.

Deciding which degree program is best for you depends on your personal interests, skills, and career goals.

How can I decide between Accounting and Business Management?

To help you decide, consider the following factors:

• What are your interests? Are you more interested in the overall management of a business, or the financial aspects of a business?
• What are your strengths? Are you good with numbers and analysis, or are you a strong communicator and leader?
• What are your career goals? Do you want to work in management, or do you want to work in a specialised field such as accounting?

Melbourne Polytechnic offers a diverse range of Business Management and Accounting courses, from Certificate qualifications to Bachelor degrees, that teach essential skills to succeed in the competitive world of business.