Finance vs. Accounting Degrees: Content and Professional Pathways

Finance and accounting share a vocabulary (balance sheets, cash flows, valuation), so degree titles in the two fields are easy to confuse. They lead in different directions, though, and the professional bodies in each field relate to university degrees in different ways. This guide explains the difference in content, what a professional-body link on a program page actually means, and how a dedicated degree differs from a concentration.

What each field studies

Accounting is about recording, reporting and assuring financial information: financial reporting, management accounting, auditing and tax. Western Governors University's online M.S. Accounting, for example, offers specializations in Financial Reporting, Taxation, Management Accounting and Auditing.

Finance is about using financial information to make decisions about money and risk: corporate finance, markets, investments and portfolios. The University of Liverpool's online MSc Finance and Investment Management lists modules such as Corporate Finance, Equity and Fixed Income, and Portfolio Management, plus Research Methods and a 60-credit dissertation.

Some degrees combine the two, such as Arden University's BSc (Hons) Accounting and Finance or the University of London's MSc Accounting and Financial Management. In our directory these appear under both finance and accounting.

Accounting degrees and professional bodies

In accounting, each professional body sets its own route to qualification. A degree can count toward that route, but it is rarely the whole route. How the link works depends on the body.

Exemptions (ACCA)

ACCA says exemptions "can fast track your journey to ACCA membership if you've completed prior learning equivalent to the ACCA exams." They can be awarded across the Foundation level qualifications and the nine Applied Knowledge and Applied Skills exams, but not for the Strategic Professional exams and not on the basis of work experience. ACCA also states that "There is a fee payable for each exemption you claim." Arden University says ACCA accreditation of its BSc (Hons) Accounting and Finance "awards the maximum of nine exemptions towards the ACCA qualification." ACCA's exemptions calculator is the place to confirm what a specific program earns.

Some programs work the other way round and require a professional qualification for entry. The University of London's MSc Professional Accountancy asks applicants to have "passed a professional accountancy body qualification from the list of accepted qualifications."

Accredited degrees (CPA Australia, CA ANZ)

In Australia and New Zealand, professional bodies accredit degrees. CQUniversity states that its Master of Professional Accounting "is accredited by CPA Australia, Chartered Accountants Australia and New Zealand (CAANZ)." Accreditation is a starting point, not a guarantee of a particular entry level. CPA Australia says that depending on your study and work history you may start its program straight away, need foundation exams first, or qualify for some exemptions, and that "All these possibilities will be determined for you in the application process."

US CPA licensing

In the United States, program pages refer to state CPA requirements and are specific about what they do and do not cover:

• Syracuse says its online M.S. in Professional Accounting "is registered as a New York State CPA Licensure Qualifying Program."
• WGU says its M.S. Accounting "meets the 150 semester hours required to sit for the CPA exam in most states." "Most states" is not every state.
• University of Maryland Global Campus states that its B.S. in Accounting "is not specifically designed to prepare you for the CPA license."

If licensing is your goal, check the rules of the jurisdiction where you plan to be licensed, then confirm that the program meets them.

Finance degrees and CFA Institute

For investment finance, the professional qualification that online program pages refer to most often is the CFA Program. CFA Institute describes it as three exams, "Level I, Level II, and Level III."

Universities can join CFA Institute's University Affiliation Program, which "recognizes academic institutions that broadly align one or more degree programs to the CFA® Program curriculum." Program pages using this language include Liverpool ("awarded affiliated status") and Robert Gordon University's MSc Financial Management ("recognised by the CFA Institute in their University Affiliation Program"). At the bachelor's level, WGU says its B.S. Finance curriculum is "aligned with the Chartered Financial Analyst Program Level I (CFA® LI) exam."

Affiliation means curriculum alignment. It does not mean the degree replaces the CFA exams; they remain separate.

Dedicated degree or concentration?

A dedicated degree is in the subject itself: an MSc Finance, a Master of Accountancy, a BS in Accounting. A concentration is a named track inside a broader degree, usually an MBA or a general business bachelor's. Our program pages label each subject accordingly.

Concentrations can be useful if you want general management training with some depth. They do not automatically carry the professional links of a dedicated degree. Capella University's BS in Business with an accounting specialization states: "This specialization is not designed to prepare students for a CPA exam." Some concentrations also have their own prerequisites: Penn State notes that its MBA's Advanced Accounting concentration requires "a bachelor's degree in accounting." For more on the trade-off at master's level, see MBA vs. specialized master's.

How to read a professional claim on a program page

1. Name the body and the relationship. Is it accreditation, exemptions, a registered program, endorsement or curriculum alignment? These are different things.
2. Check scope. Does the claim cover this exact program and this delivery mode, or the school in general?
3. Check the body's own tools. ACCA's exemptions calculator and professional bodies' accredited-course lists are the authority, not the program page.
4. Check the destination. Professional recognition in one country does not transfer automatically to another.

A degree with a stated professional link can shorten your route to a qualification. It does not award the qualification itself.