Well, at my university, the main difference between accountants and finance people is nill for the most part. Most accountants took investing and most finance majors didn't take financial engineering. Instead, they took bank management. Those who had taken banking weren't much better than the accountants in knowing the arena of investment planning or investment banking. Actually, most had known less as they took fewer courses than accountants; finance people weren't guided on which courses would be most valuable in the marketplace. Both had taken investments classes and both had to take finance 101. Most importantly, there was a course in financial analysis that wasn't even offered by our department; it was offered in a different department. It involved evaluating companies by financial ratios, creating business plans, etc., while the other financial analysis class required us to do a business simulation in which we made pricing and product creation decisions, as well as financial decisions (debt or equity). I think that sometimes accountants are more attuned to financial services work than accounting work, since accounting has a lot of rules, while going into financial services only requires that you pass the Series 6, 66 or 63 & 65, and 7.
I think that financial engineering is a cool course as it helps the person understand the markets better. They make a lot of money for a reason; the formulas while tough for some people to swallow, provide an excellent explanation of how the markets really work. I believe the market is part financial engineering, part psychology, but that financial engineering can really explain market patterns, including randomness. I believe that I would do best as an insurance adjuster, financial analyst, customer service rep, data-entry, financial planner, credit counselor, tax accountant, or bookkeeper. I had more training in finance than people who majored in it; our school only requires that finance students take four courses. As a result, some accountants are better than the finance majors at capital budgeting decisions and allocating resources for maximum efficiency. Just because some accountants don't share your strategy, doesn't mean they were improperly trained. It's important to notice this as some accountants really know what they're talking about in the finance arena.
Although I was an accountant, I took 8 management courses, three financial analysis courses, an investing course, six legal courses, and 13 writing courses besides my 13 accounting courses (150 credits). Needless to say, my focus wasn't solely on accounting. My favorite accounting courses were taxation (took 3 courses in individual and corporate taxation, including one at the graduate level) and that's why I really like financial planning to assist people in meeting their goals and aspirations when it comes to their money.
I think the reason why accountants like finance is they wish to branch off from what they do. Picking accounting was their way of branching off into other areas as well. It was just a name on their diploma; they took courses in other areas as well. As long as the school didn't have enough finance courses, I really don't see a difference between the two majors. However, if financial engineering is a required course(s) as well as actuarial science, than finance majors certainly have more expertise than accounting majors.
My argument is that you need to know the underlying courses the person took before passing judgment on their skills and knowledge. Also, their character will determine how they later perform in the financial services profession.
Aqua
P.S. I'm glad that I'm not the only one who feels that my abilities stretch beyond accounting; it is intriguing to note that others feel the same way as well. Are your remarks based on actual experience or only your day-to-day interaction in school or on message boards?
Most importantly, you cannot be afraid to do math as financial engineering is becoming the wave of the future. An accountant who takes financial engineering is better off than a finance major (per se) who took a lot of marketing, accounting, or management courses and only four finance courses. Our school didn't really have a finance major; it was in name only.
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