There is no doubt that any individual should and must pursue an education or career according to personal interest. However, another aspect that must be considered before choosing a subject or field to pursue education in is competitiveness and scope.
If you’re choosing a subject that is very close to your personality and choice but doesn’t have a market value, you would have to find another way to make an earning. On the other hand, aligning your personal interest with a competitive degree can save you from the hustle of finding other ways to make a living.
But how is it possible?
You can land the best decision if you do complete research on every possible subject that aligns with your personal interests and capabilities.
Accounting and marketing are two subjects that come under the umbrella of business studies or management sciences. However, there is not a single thing similar about the subjects. One subject is all about numbers whereas the second one is great about personal communication and marketing skills.
Many students get confused about which major to go for during their bachelor’s or master’s degrees. Therefore, we have compared accounting and marketing and which subject you should study. So let’s get into it.
What Is Accounting?
Accounting is the science of measuring, processing, and communicating the financial information of any entity. Accounting or accountancy is also defined as the maintenance, audit, and reporting of financial transactions undertaken by any entity.
We can explain accounting as the financial recording and reporting of transactions made by a business, corporation, or individual. Accounting is often categorized into different types that can be pursued by the students in the advanced degrees. However, when you go for accounting at the B.S. level, every type of accounting is covered to the extent of basics.
There are nine types of accounting: Financial accounting, cost accounting, managerial accounting, auditing, accounting information systems, tax accounting, public accounting, forensic accounting, and governmental accounting.
Basic accounting can be handled by a bookkeeper of a company. However, for the advanced interpretation of the financial data and transactions, a Certified Public Accountant or Certified Management Accountant is hired in the USA.
What Is Marketing?
On the other hand, marketing includes all the practices taken to promote and sell products or services through market research and advertising.
Philip Kotler, the father of marketing, defines it as,
“the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit.”
Marketing is all about helping the users recognize their problems and presenting the solution as a product/service for business entities. Marketing can also be described as unfulfilled needs and desires, measuring the market size and profit potential.
Another definition of marketing says,
“the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
Marketing can be categorized into different types, but online and offline marketing has two main subdivisions. Offline marketing entails traditional marketing strategies from print media to billboards, brochures, social media ads, etc.
The students pursuing a marketing major can further advance their studies in one of the many specialization categories. The most common categories of marketing are direct marketing, database marketing, marketing research, digital marketing, event marketing, product marketing, content marketing, etc.
Accounting Vs. Marketing
The decision on which subject you should study can only be made when one compares the study field, career orientation, competition, and benefits.
Therefore, we will compare the two subjects of accounting and marketing on different parameters to help you make the final decision. So let’s get into it.
Since the article’s main purpose is to guide which degree to pursue, we will start with the study field or degree. Accounting and marketing both are degrees related to management sciences or business studies, and the difficulty of each degree can’t be directly compared, but the utility of both subjects can be differentiated.
Accounting is the subject that focuses on the management, measurement, maintenance, and reporting of financial data and transactions undertaken by an individual or an entity.
Interest and expertise in arithmetic, mathematics, and economics are necessary if you want to pursue the accounting or finance majors in your bachelor’s degree or master’s degree.
The most common subjects studied in the accounting field are financial accounting, international accounting, forensic accounting, auditing, management accounting, cost accounting, financial management, financial reporting, etc.
On the other hand, marketing focuses on developing the communication and marketing skills of the students to help them make a career in marketing and sales.
Marketing subjects focus on market research, audience definition, value proposition, promotion, selling, etc., by learning about human behavior as a customer or consumer.
The subjects covered in marketing include digital marketing, advertising, sales, promotion, branding, marketing strategy, market research, consumer behavior, social media, and data analysis.
Career orientation and market competitiveness is the second factor that is most important when choosing a field of study. In the case of accounting and marketing, students pursuing either of the subjects can be assured of many growth opportunities and a decent career.
However, the dynamics of job requirement and field attitude is different for both subjects. We will compare the differences between people in each field.
An accountant is supposed to manage the company’s accounts, transactions, financial data, etc. It’s a common belief that most introverted people tend to pursue an accounting degree and career as there is less human interaction. Most of the work to be done in an accounting job is table work, not fieldwork.
The accountants enjoy the perks of staying in the office, but it doesn’t mean that the nature of the job is not challenging or hard enough.
Whether in branding or sales, market research, or marketing strategy, the marketing professionals have to go into the field, collect data, execute strategies, measure performance, and plan the actions.
Digital marketers and strategy makers are usually observing the market from behind the tables, but most marketing professionals have to go into physical markets to collect data. Therefore, people with brighter & extrovert personalities and strong interpersonal skills are often preferred for marketing positions.
Which Profession Makes More?
Accountants are often considered to be on the higher side when it comes to compensation and benefits. However, the reality is something different. The fact is that accountants are paid less than marketing professionals.
According to the U.S Bureau of Statistics, the median annual wage for marketing managers was $160,140 in 2021. The annual median wage of Market research analysts and marketing specialists was $84,110 as per data for 2021.
When we talk about accountants and auditors, the median annual wage is lower than that of marketing managers as well as marketing specialists. According to the U.S Bureau of Statistics, the median annual wage of accountants and auditors was $82,430 for 2021.
Accounting Vs. Marketing: Which One Is Harder?
Another thing to consider before deciding which field of study to choose is difficulty level. Since accounting is a subject related to financial data, calculations, mathematics, and numbers, it requires attention to detail, good command of mathematics and arithmetic, and the logic and principles behind every formula or phenomenon in accounting.
There are different theories in marketing that applies to different scenarios. The right way of doing things in marketing is considered to bring sales, conversions, and results.
On the other hand, marketing is a flexible field where there is no concrete answer to what is right or wrong. Therefore, marketing requires you to have a creative and imaginative mind that can explore opportunities and think of possibilities.
Accounting is comparatively a harder subject than marketing as rigorous accounting principles, accounting standards, financial reporting standards, etc., have to be understood and memorized as an accounting student.
Whereas marketing encourages students to think creatively and think of the unthinkable for devising new strategies focused on improved conversions.
Which Subject Should You Study: Final Verdict
We have compared different parameters about the field of study, career, and wages in both cases. Now it’s time to discuss which subject you should study based on the comparison.
The decision to choose marketing and accounting depends on what entices you and which parts of each subject are more appealing to you. After going through the information we have shared, you can decide which field to go for.
In general, we suggest that extrovert personalities having an interest in public dealing, communication, market research, and creative strategy making should go for marketing.
He will be able to find many opportunities to grow in the marketing field. On the other hand, someone having a good command of numbers, maths, and analysis should go for accounting.