They both have similarities and they also appeal to people who are looking for a way to earn a living in an exciting field. Read on if you are having trouble deciding between the two. By the end of this guide, you will know which one to choose.
What is the difference between accounting and law?
In the United States, accountants and lawyers have different professions. Accountants deal with numbers, while lawyers work with people.
What is the role of an attorney?
After passing the bar exam in their chosen state, lawyers are licensed to practice law. This qualification allows them to advise their clients on the impact of the law, and represent them in court.
What do lawyers do?
- Lawyers advise clients on legal matters
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Lawyers interpret and read the law
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Lawyers must do a lot of intellectual work
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Lawyers find solutions to legal problems
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Attorneys try to avoid legal trouble
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Attorneys battle an opposing side
There are many different specialties that lawyers can choose from, including criminal, bankruptcy, real estate, family, bankruptcy, tax, corporate law, environmental law, criminal law, labor and employment, and immigration.
What are Accountants?
Most of the day is spent by accountants analyzing numbers, data and financial situations. A tax accountant can legally file taxes, perform routine bookkeeping tasks and pay payroll.
What do accountants do?
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Accountants prepare financial documentation
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Accountants analyze and read financial reports
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Accounting records financial transactions
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Accountants need to use data to solve problems
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Accountants can advise clients about financial matters
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Accountants can give accounting suggestions
Accountants have many options for specialization, such as auditing, forensics and government accounting. They can also specialize in investment, project management, management accounting, or even government. CPAs are also possible.
Accounting and Law: Comparison of the Pros and Cons
You can choose to study accounting or law, but it’s important that you know what you are getting into. Use this guide to learn about the pros and cons of each profession.
Accounting and Law: Costs and Degree of Difficulty
Even if the accountant attends one of the best accounting schools in the United States, his or her education will not compare to that of a lawyer. Like accountants, lawyers must also have a bachelor’s, but then they are required to attend law school for three additional years. This can be expensive.
CPA is the most difficult certification for accountants to obtain. Accountants can earn a CPA by completing a Bachelor’s Degree, 150 credit-hours, 30 months of experience in accounting, and passing an exam. CPAs can take up to three extra years.
To conclude, accountants do not need to be CPAs, but lawyers must pass the bar exam to practice. It is therefore more difficult and expensive to become a lawyer than it is to be an accountant.
Accounting vs. Law: Average Salary
In general, lawyers make more money than accountants. However, both professions are generally well-paid. Lawyers earn an average of $120,000 per annum, while accountants only make $71,500. Accountants don’t have the chance to earn millions of dollars, while lawyers do.
There’s also a downside to all this money. Lawyers face a competitive job market, which gets worse once they start their own law firm. Accounting is easier to find a job because everyone earns money. You can live your entire life without ever needing an attorney.
Accounting professionals can earn six-figure salaries if they obtain a CPA certification or another type of certification. Lawyers can earn more if they work in top law offices or open their own law firm.
Accounting vs. Law: Job Satisfaction
Accept that you will have boring moments in your career. Accounting is often viewed as one of most boring professions. Law is dynamic and exciting. It doesn’t necessarily mean that all accountants are unhappy.
You may prefer a more relaxed career. Lawyers are often required to work long hours, run around and put out fires. Stress can be a major factor in the decision to leave a profession. About 50% of lawyers would like to quit their job or leave the profession. You must be able to accept the negative aspects of the law.
Accounting can be dull, but the profession is more satisfying. Even with AI and automation, accountants will still be needed. Accountants also have a greater mobility than lawyers.
In Conclusion…
Accounting is less exciting, but it’s cheaper and easier to enter than law. Accounting is also more accessible to accountants, who have a larger job market. Lawyers, on the other hand have a career that is dynamic and allows them to interact with new people each day.
The right career depends on your personality and needs. Our article should have given you some insights into the two career options.