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 and degree.

Introduction to Business

Studying Business opens the door to a world of opportunity, providing a comprehensive understanding of how businesses and organisations operate in today’s dynamic world. A Business degree is designed to help students develop essential business skills that are highly valued across every professional field, from management and marketing to entrepreneurship and beyond. Through a variety of business courses, students gain practical skills in leadership, communication and problem solving, all of which are crucial for navigating the complexities of the business world.

What is a Business Management degree?

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 essential skills in areas such as planning, organisation and decision-making.

It is an integrated field that encompasses several subjects, such as accounting, human resource management, economics, marketing, operations management, and strategic financial planning. Students can also choose minors or electives from various interest areas to tailor their degree to their career goals.

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. The curriculum also emphasises the development of leadership skills, preparing students to effectively manage change and collaborate within diverse 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, offering excellent career outcomes and flexible options across 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

A Business management degree prepares students for a business career that is not only flexible but also provides the skills and knowledge needed to succeed in diverse industries.

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.

There are various qualifications available in Accounting, including our Certificate IV in Accounting and Bookkeeping FNS40222, Diploma of Accounting FNS50222, Bachelor of Accounting and Master of Professional and Practicing Accounting. These credentials are designed to meet different career goals and industry requirements, providing pathways for upskilling, specialisation, or entry into the profession.

These programs cover topics such as financial accounting, managerial accounting, tax preparation, auditing and financial statement analysis. Successful completion of these qualifications is essential for professional recognition and industry practice.

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, including preparing and processing tax returns as part of the curriculum.

Accounting professionals are also equipped with skills such as attention to detail, analytical thinking, problem-solving, and communication, which are essential for financial management. Additionally, students develop expertise in accounts administration and apply financial skills in real-world scenarios, enabling them to support clients in various finance and mortgage broking roles.

What are some career opportunities for Accounting graduates?

There are plenty of potential career paths for Accounting graduates, including roles as an accountant in public accounting - such as audit or tax services - as well as corporate accounting, financial analysis and managerial accounting. The Bookkeeping industry and broader business career opportunities are also available for those with an Accounting background.

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

• Accountants (including public, corporate and government accountants)
• 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. Both fields offer a wide variety of study options and courses, including diplomas and degrees. By taking the time to explore the different pathways and specialisations available, 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.

Both programs offer flexible delivery options, allowing you to study online or attend face to face classes at one of our campuses. International students are welcome and can benefit from these flexible study modes. Additionally, our strong connections with industry partners provide valuable networking and practical experience opportunities throughout your studies.

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. Both pathways are designed to ensure students graduate ready for immediate employment and success in their chosen fields.