Accounting Vs Engineering

The key difference between Accounting and Engineering is that accounting is the process of recording, maintaining, and reporting the company's financial affairs, which shows the company's clear financial position. In contrast, engineering applies science to design machines, buildings, and other items.

However, it's always better to step back from all the opinions and make an informed decision about our career. What we choose now will significantly affect who we will become in the years to come. In this article, we discuss accounting vs engineering. Students get overwhelmed by the opportunities and the impact these careers have on society and the world at large.

To be good at accounting and engineering, you need to be a detail-oriented person who loves numbers and can be creative enough to think beyond the general conception of theories. But they are entirely different careers. In this section, we will discuss the perspective of these two careers engineering vs accounting so that you can get a glimpse of what to expect from each of them.

Ask any businessman who they depend upon most? Yes, you are right – accountants! Why? Because they know the things about tax, auditing, clauses, and company laws and are experts in how business works. So, the business experts always recommend that you should at least know the basics of accounting if you want to go into business. But if you're going to take a career in accounting, it doesn't need to be as dull as projected. You can do a relevant course, earn a professional qualification, and then the companies will run after you. If you are confident enough, you can also do your accounting practice. In that case, your business will thrive during tax seasons, and at other times, you need to do some marketing to keep your business all-time high.

In the case of engineering, you need to be at the top of the game all the time. New inventions are coming every year, and you need to update yourself with all the information floating around. Now, engineering is a very broad term. There are many specializations in the engineering domain. Computer engineers, chemical engineers, mechanical engineers, civil engineers, software engineers, etc. But the thing is, what should you choose? If you are curious about my specialization, I graduated in Mechanical Engineering from IIT Delhi.

source: https://mech.iitd.ac.in/

Each of these specializations is very different, and you need to know what you want to pursue. If you want to pursue computer engineering, you should have inclinations toward computers and hardware and a little extent of software. If you want to be a civil engineer, you need to be interested in making bridges and erecting buildings. Think through all the options. And then decide whether engineering is your cup of tea or not.

Accounting and engineering require different sorts of degrees and additional qualifications. In order to decide which path of education to opt for , it is necessary to have a good idea about the basic things that each of them will teach in their respective courses in order to build the skill and knowledge that is expected from the professionals in those fields. In the details given below, we explain the course content of both the qualifications. Let us try to understand engineering vs accounting in details.

So let's start with accounting.

Accounting can be called a more general degree, but if you pay attention to top-notch accountants, they are not available accountants. Instead, they specify that the best qualification you can go for is Chartered Accountancy (CA). This is the world's second-best course. So, you can imagine how good it really can be. But know that CA is not for the faint-hearted.

The pass percentage is 2-3, so you can guess how tough it is. Only the best get through. But once you are through, a whole series of possibilities will open up for you.

Having a CA degree allows you to start your accounting practice as well. If you are more interested in public accounting, you can think of enrolling yourself in a Certified Public Accountant (CPA) course, which is as good as Chartered Accountancy. But the focus of this is more on public enterprises. If you become a CPA and join a public enterprise, your salary would be at least 15% more than any non-certified accountant.

You can also go for an MBA in Accounting. MBA in finance is also an option, but if you do it in finance, the portions of accounting would be much less. Think about these options, and then take a call. I completed my MBA from IIM Lucknow with most of my electives in finance.

source: http://www.iiml.ac.in/

Engineering is a technical degree. You need to choose which engineering courses you are interested in and then enroll yourself. If you are interested in academics, you can do M.Tech and, ultimately, Ph.D. as well. But if you are more interested in going for a job, the opportunities are endless. It's said that Computer Engineers earn the maximum in the United States after graduating from their courses. So, if you are inclined toward computers, you can go for it. Otherwise, Chemical engineering, Electronics engineering pay well too.

These courses require strong math skills, and you need to be good at calculation. Accuracy is the key here.

According to the survey conducted by Career Bliss in 2012, accounting and engineering both come in the top 20 happiest jobs in the USA. So, before you choose anything between accounting and engineering, know that work satisfaction is guaranteed.

Let's look at which is better accounting or engineering and key roles you need to play as an accountant or an engineer.

The primary task or roles are the points that actually differentiate the two fields in the corporate world. Both of them offer completely different types of duties to the candidates ho want to implement their knowledge and skill in the job environment. It is extremely important to understand and interpret the job description clearly before we select the courses, because otherwise it is not possible to make a wise selection regarding our career path.

TThe accountant is always at the edge of his seat. He has to classify, record, and maintain the accuracy of the accounting statements. A company has so many transactions on an everyday basis. The primary job is to note the transactions and do corresponding journal, trial, and ledger balance so that finally, at the end of the year, these transactions can take place in the company balance sheet, and the balance sheet can be tallied. Thus, accounting needs accuracy.

Think about this. If one transaction gets missed by the accountant, and let's say that the transaction is of a few thousand dollars, how would it affect the balance sheet of the company! Even if accounting jobs are boring and routine, it is far from it. Yes, some parts are monotonous, but that doesn't mean there is no exciting thing about accounting. If you do Chartered Accountancy, your job would be more exciting as you would have a lot of knowledge and experience in taxations, management audit, management accounting, social auditing, and advanced accounting.

Do have a look at the Top big four Accounting Firms.

In the case of engineering, there are mainly six functions that are of prime importance. Let's look at them one by one –

• Research: This is one of the primary things you need to do for you to invent something new. Using different experimentation techniques, applying inductive reasoning, and employing mathematical concepts in your research would benefit you.
• Development: Once the engineer researches and gathers the information that can be useful, it's time to apply those ideas in developing a product or a new idea that can help the company.
• Design: In designing a product or any structure like a building or bridge, the engineer designs every part of the structure or the product. It is first done on paper, and then a prototype is built.
• Construction: An engineer constructs the building or the structure by following the design crafted by him or his colleague.
• Operation: Engineers who handle machines and equipment take care of these machines' overall operation. He takes care of the procedures and supervises the personnel to see whether every part of the machine or equipment is working properly.
• Management functions: Along with taking care of the above functions, an engineer needs to take care of planning, organizing, controlling, and leading. But they are not given to perform any management functions before they get some experience.

If you become an accountant, you will maintain a great work-life balance. You will generally have a 40-hour workweek and get enough time for your family and enjoy any hobby you like. If you become CA, your work pressure will increase, but still, you will not have 16 hours a day every day. Rarely do you need to work 16 hours a day?

If you choose to engineer, the work-life balance would depend on what specialization you choose. But the job hours are not as much as you would see in the case of an investment banker. Thus, as an engineer, you can maintain a good work-life balance.

Many times engineers want to make a career in Investment Banking. I have written an in-depth article on this topic – Can an engineer get an investment banking job?

Here's the most important part for many, yes, the compensation for each profession.

Let's start with the accountant. The median salary for an accountant in the USA is around US $65,940 per annum. The best ten percent get around US $115,000 per annum, and lowest-paid make around US $41,000. This salary is for those who have done their degree course and don't have any specialty. Let's call them general accountants. What if you go for Chartered Accountancy after completing your bachelor's degree course or with it? Have a look at the salary of the Chartered Accountant. A chartered accountant makes anywhere between US $150,000-200,000 per annum. Now you can see the difference. If you can do your chartered accountancy, you would be able to earn much more than the general accountant.

In the case of engineering, let's say the compensation one by one.

• A computer engineer earns around US $110,650 per annum. The top 10 percent earn around US $160,610 per annum.
• A software engineer earns around US $106,050 per annum. The top 10 percent earn around US $154,800 per annum.
• A chemical engineer earns around US $103,590 per annum. The top 10 percent earn around US $156,980 per annum.
• An electrical engineer earns around US $95,780 per annum. The top 10 percent earn around US $143,200 per annum.
• A mechanical engineer earns around US $87,140 per annum. The top 10 percent earn around US $126,430 per annum.

So, you can understand while judging which is better accounting or engineering, that if you do your engineering in any field, the money is not an issue at all.

Accounting

Pros:

• As an accountant, you would be paid well with just 40 hours of work. Yes, during tax seasons, you need to work more than that, but still, it's a good profession to be in if you think about the money it provides.
• Progression is fast in accounting. As you are the center of the business, your growth would be much higher than in other professions.
• As an accountant, you can move to many different careers. You can work as an
• or a tax consultant or choose to go for management accounting. Of course, you need to do a specialized course to get more value, but accounting opens the doors for you.

Cons:

• To be a top-notch accountant, you need to do the certification. We have put in the cons because not everyone is ready to do the certification. And without certification, you can become a general accountant. But that way, you will stall new opportunities and great compensations.
• As some parts of accounting are monotonous, sometimes it may seem boring to you.

Engineering

Pros:

• The work is always interesting. You will always find new things to learn and to think about.
• Usually, it's easy to find a job in engineering if you pass out from a good college and have at least a fundamental understanding of how things work.
• From the above, you understand that one of the best things about being an engineer is you will get paid well.
• A degree in engineering would be helpful for you if you want to change direction to finance or any other difficult career path.

Cons:

• One of the worst things about engineering is having ideas about all things. But most engineers lack the depth of understanding in a specific area that other science and commerce graduates have.
• It would help if you often worked long hours, affecting your work-life balance.

It is extremely crucial to understand the pros and cons of both the qualifications so that the candidates can make a wise choice regarding their own career prospects at a very early stage and have enough time to pursue the path for skill and knowledge development in areas where they are actually interested.

This has been a guide to what is Accounting Vs Engineering. We explain the salary, education, primary task & roles, work-life balance & pros & cons. You may also have a look at the following articles –

• Cost Accounting vs Financial Accounting
• Bookkeeping vs Accounting - Compare
• Equity Research and Investment Banking Differences
• Financial Accounting Objectives