Accounting and economics are the two most respected and trustworthy professions that often give us hard time choosing one. For rewarding us with millions of opportunities, it gets hard to decide whether you should be an accountant or an economist?
Human nature is greedy, while deciding whether you should be an accountant or an economist you sometimes find yourself thinking if we can be both at the same time? In this brief post, we would be discussing whether an Accountant is an Economist as well? So, let’s find out;
Can an Accountant Become an Economist?
Most likely not. It’s because accounting and economics are two different things. Indeed, both economics and accounting deal with financial matters but they are still not closely related. So for this legitimate reason, it is said that a person can be an accountant or an economist.
To be able to judge why is it so hard to belong to the accounting and economic field at the same let’s find out what accounting and economic is;
Accounting or accountancy is a process of summarizing, analyzing, recording, and reporting the financial transactions of a business. Accounting is a vast field that is further divided into several fields; external auditing, tax accounting, cost accounting, management, and financial accounting.
Financial accounting deals in summarizing, analyzing, recording, and reporting financial information, management accounting focuses on measuring, analyzing, and reporting information that helps in decision making, auditing is the verification of assertions, tax accounting is a preparation, analysis, and presentation of returns and tax payments, and cost accounting is a form of accounting that aims to show the company’s actual cost of production.
Economics, a social science, focuses on how individuals interact with value; production, distribution, and consumption of goods and services. It focuses on the behavior of economic agents and economies work.
Economics is divided into Macro and Microeconomics. Macroeconomics is a branch of economics that deals with large-scale economic factors; interest rate and national productivity. Microeconomics studies the firms’ and individuals’ behaviors in making decisions.
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Coming to the point;
To be an accountant you have to have an accounting background and to be an economist you need to have a solid economic degree
For the record, a person can not be an accountant and an economist by having a solid accounting or economics degree. Even though, the accountants and the economists both have to deal with financial matters, to be an accountant you need to have an accounting background, and to be an economist you are required to have an economics degree. You can not become an economist by having an accounting degree and vice versa.
You can only be an accountant and an economist at the same time if you have both an economic and accounting degree
To fulfill your dream of becoming an accountant and an economist at the same time, you must have to get both accounting and economics degrees. If one agrees to have the required degree, it would not be hard for an accountant to become an economist or an economist to be an accountant.
People usually try not to be both accountants and economists at the same time
Accounting and economics are the two most challenging fields, both require a serious attitude and long-term commitment. It’s super hard to build and maintain a career in accounting and economics at the same time. For all these legitimate reasons, people usually try being a jack of all trades and a master of none. Professional accountants and economists try to excel in their fields rather than bothering about something else.
Despite accounting and economic being number-crunching, you can not be an accountant and economist by having one accounting or economics degree for one reason
Most of us often mix accounting and economics because both these not-so-closely related fields require you to do some number-crunching. You can not act as an accountant and economist with one degree because accounting deals in recording, analyzing, and reporting income and expenses whereas, economics, a branch of social sciences, deals in production, consumption, and transfer of resources.
There is only one way to become an economist with an accounting degree
If you have heard that economists make more than accountants, you have heard right. As per the survey conducted recently, accountants on average earn around $54,673, and economists make $109,742 annually. To be able to earn more accountants do sometimes try to become an economist. It’s possible to become an accountant with an economic degree. All you need to have is a PHD in accounting to be an economist with an accounting degree.
In brief, an accountant can be an economist if the individual has both degrees or the aspiring economist is willing to have a doctoral degree in accounting. The professional usually try not to mix these two fields as they are not closely related even though both accounting and economics both deal in financial matters.