Financial Accounting & Financial Management - A Combination For An Rewarding Career In Finance

The finance industry, from the vibrant banking to new innovative fintech services, is an evergreen sector for anyone to build a career.


31 Mar 2023


3 min

Whether you are already a finance major or looking to shift towards the field, a Master in Financial Accounting and Financial Management is a great step towards building a successful career in financial services.

However, why should you pursue both? What is the difference?

Accounting has a relatively narrower focus, however, it is one skill set that every company and institution values, even outside of finance.

While financial management is far wider and covers a spectrum of disciplines including economics, financial analysis and banking, it is more specialised. As such, you have the potential to explore and advance your career in a variety of roles, from being a financial trader to becoming a commercial banker to big corporate giants.

Here’s what you must know about each distinct discipline.

What Is Financial Accounting?

Financial accounting is a field where financial information is gathered, and processed to present the financial health of a company to all stakeholders.

This is especially important for public companies that are accountable to their shareholders as it directly reflects how a company is financially doing and shows if the corporation is going to be a good investment going forward.

Financial accounting has to be done in an ongoing manner together with setting up reporting standards.
In addition, the insights gathered from the financial accounts can help management to better run the business, this is financial management accounting. The insights can help better decision making such as optimizing cash flow and cutting business units that might be underperforming or causing a financial loss to the company.

Career Opportunities in Financial Accounting

As a graduate in financial accounting, you’ll be equipped with the necessary numerate and accounting skills to find employment beyond just financial services. You will be employable in an accounting role across various industries that include tech, construction, retail and manufacturing.

Graduates will be able to build a career in accounting and also gain opportunities to cross into other financial disciplines closely related to numbers and analysis.

These positions include:
* Accountant
* Financial analyst
* External auditor
* Management accountant
* Economist
* Credit Controller

What Is Financial Management?

In financial management, you are in charge of managing the economic resources of your company or organization. You are in an active role where your allocation of financial resources often drives the business forward and has a direct impact on the performance and growth going forward.

Financial management is about ensuring the company is allocating resources efficiently to push growth, generate cash and seize opportunities without taking on excessive risk.

The core tenets of financial management include analyzing the company’s resources and understanding the short, medium and long-term goals of not just the company but what your fund has to accomplish.

As such, a financial management professional will be adept in forecasting, and analysing data as well as presenting findings to key decision-makers. The results of financial management could range from deciding to acquire a competitor company, grow the business in a new region or how much a dividend payout should be to investors.

Career Opportunities In Financial Management

As a graduate in financial management, you’ll be equipped with a balanced skillset that allows you to work in a variety of roles in the finance industry and beyond.

From insurance firms to banks and hedge funds, a degree in financial management sets you up for the challenges of decision-making throughout the industry and career. You can expect to work in a variety of positions including:
* Investment banker
* Financial analyst
* Management consultant
* Mortgage advisor
* Venture capitalist
* Actuary

Financial Accounting & Management – A Powerful Combination

Financial accounting and financial management are both essential in running an organization, and together they provide an effective combination for any finance professional.

Accounting revolves more around the analysis of past financial transactions. You will be expected to provide the financial position of the business and this includes pouring over mountains of data, stream of revenue and outgoings. Your findings will be mission-critical in helping assess a company’s financial position.

Your financial account skills will allow you to report the financial information and give key insights from the data to bring to the attention of the stakeholders. However, the decision- making driven by these insights will be undertaken by professionals in financial management.

In financial management, you will be tasked with managing the assets and liabilities of the company. This will include strategic planning for the growth of the company as well. Using the data gathered, which includes accounting and financial reports, you will liaise with company management to ensure sound financial decisions are made to benefit the stakeholders as a whole.

Using your skillsets in financial management, you’ll be able to understand how to allocate wealth, generate cash flow and maximise the use of financial assets. This will include working with investment managers, discussing financing options with banks and discussing with management whether to reward shareholders or to allocate earnings and profits back into the business.

In essence, you can consider accounting to be the gathering of financial data and insights for the financial managers who will be making decisions based on your reports on how best to secure and grow the company’s competitive position in the market.

With both skillsets in financial accounting and financial management, you will be able to fulfil dual responsibilities in an organisation. You will have the ability to gather and analyse financial data and have the expertise to propose strategies, contributing directly to the decision-making process.

Why Should You Pursue A Degree In Accounting And Financial Management?

Entering financial services and securing an evergreen career across various sectors entails competing against the best and the brightest. With a degree in accounting and financial management, you’ll be able to stand out from the crowd.

To enter financial services, you are expected to be highly numerate and have a keen grasp of the financial aspects of the business. With financial accounting and financial management, you will learn the essentials to help you forge a career in a highly competitive landscape.

In accounting, you will learn advanced financial analysis, audit and assurance and financial accounting frameworks. Allowing you to effectively craft accurate financial reports and derive powerful insights for better decision-making.

In financial management, you will learn about capital markets and global perspectives as well as how to effectively manage investments. You will also be equipped with risk management skills which allow you to fully analyze an opportunity and determine if an opportunity is worth the capital allocation or not.
Whether you choose to stay in financial services or move to another sector, your transferable skills help you to become an asset and an in-demand professional.

However, if you are looking to pursue excellence in finance, this qualification will help you become an expert in both analyzing a company’s financial health and how to effectively manage its funds to help it grow further!

Embark On Your Accounting And Financial Career With SIM

Keen on taking the next step and start pursuing an exciting career in accounting and financial management?
At SIM, our Master of Science in Accounting and Financial Management, awarded by the University of London, is designed in consultation with employers and industry groups to provide you with the most relevant education in the field.

As the leading private education institution in Singapore, our lecturers demonstrate both professional and academic competence in the industry, ensuring you receive the very best learning experience possible.
It’s time to join an evergreen industry brimming with potential for you to develop a fulfilling career across various exciting roles.

The Master of Science in Accounting and Financial Management is offered by the University of London. The university is a leading school in the UK and has a reputation for academic excellence with students in 190 countries. Founded in 1836, the University of London is one of the oldest and most prestigious universities in the UK.

Learn more about the University of London’s Master of Science in Accounting and Financial Management.