Intro: Aldrich

Many ABM students think that finance and accounting are a system from the same
domain of expertise, but you know, if you ask an accountant or a finance guy who
has been working in corporate for a long time, they would tell you how different
they are in terms of the nature of the scope of work.

Yes, both accounting and finance are related but they are not the same and to be
good in finance, you need to know basic accounting but that does not mean that both
are the same thing.

We will start with the difference, the first thing that should be known and to
understand is what this is exactly all about.

Definition part: Andales (1)

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See, finance is basically a science of planning the distribution of the assets
within the company.

Accounting, on the other hand, is what we can call as the art of summarizing
things. Summarizing the reports, recording of the financial transactions and so on
and so forth

Career: Andales (2)

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For finance, there are career options like investment banking, corporate finance,
equity research, private equity, risk management, project finance, technical
analysis, quantitative analysis (Yung sa ma-assign dito pa research yung
description netong careers for explanation)

For accounting, some of the career options are forensic accounting, management
accounting, public accounting, financial accounting, auditing, government
accounting. (same as sa finance, hanapan explanation each para mapatay al yung vid)

Education: Andales (3)

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In finance, we have bachelor's in finance will be suitable, accountancy will also
be fine here and also bachelor's degree in economics.

MBA is masters option, CFA is their FRM or PRM.

CFP (certied financial planner) [Yung ma-assign dito, pahanapan nalang ng meaning
yung acronyms. Also, yung sa first paragraph ng part na toh, panoorin nyo vid tas
search search na din kaya para maayos explanation medj magulo sa vid eh]

For accountancy, the bachelor's degrees in finance, accountancy but without

economics

You have, CA which is chartered accountancy, CPA, ACCA, CIMA, CMA (search nyo na
rin mga meaning netoh)

Top firms for each jobs: Lacanlale (1)

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Finance (explain nyo lang ginagawa netong firms na toh)
- Goldman sachs
- Morgan Stanley
- Bank Of America
- Credit Suisse
- Citi Bank
- HSBC
- JP Morgan
Accountancy: (explain nyo din yung ginagawa netoh)
In accountancy, we have the 4 big firms
- PWC
- KPMG
- Delloitte
- E & Y (Ernst & Young)

Work-life: Lacanlale (2)

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Finance:
- for finance it mostly depends on the sub-domain you are working for. For example,
in equity research, the analysts have a balance of work-life on the area, a person
can work for around 10-18hours a day

Accounting:
- in accounting, there is a more balanced life. It's much better compared to the
financial analysts'
- work is not urgent all the time of the year

Travel: Navasquez (1)

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Finance:
- mostly, they are not required to travel much, it can be safely assumed that
around 90% of the time spent is in an office

Accounting:
- not much travel is involved

Key words in their particular field: Navasquez(2)

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Finance:
- financial modelling
- valuations
- M & A (Mergers and Acquisitions)
[Need explain]

Accounting:
- Journal
- Ledger
- Balance Sheet (BS)
- Cash Flow statement (CFS)
- Income Statement (IS)
[Need Explain]

Pros and cons:

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Pros: Lacanlale (3)
Finance:
- options in the field are much more than any other profession and it is important
to know your career goals any financial career accordingly
- the success in the finance domain you know mainly depends on what is called the
technical skills and much lesser personality traits

Accounting:
- you can move to any different careers. You can work as an auditor, a tax
consultant or choose to go for management accounting
- the work-life balance
Cons: Navasquez (3)
Finance:
- the compensation, in most of the finance profession, it does not reach six-
figures i.e six digits, few do
- the work-life balance is dependent on the domain of the work but the work
pressure always prevents

Accounting:
- you rarely have any opportunity to specialize in something