Managerial Accounting vs. Financial Accounting

Which is better?

Many people know that managerial accounting differs from financial accounting but they do not know how they differ from one another.  Managerial accounting is the process of identifying, measuring, analyzing, interpreting, and communicating information for the pursuit of an organization's goals.  Financial accounting a specialized branch of accounting that keeps track of a company's financial transactions by recording, summarizing, and presenting them in a financial report or financial statement.

Management accountants analyze a company's financial data so that it can be used to make strategic decisions mainly focusing on business planning and budgeting responsibilities for the client.  To become a Management accountant you need to at least have a bachelor’s degree in managerial accounting or be a Certified Management Accountant (CMA).  Management accountants must be logical and detail-oriented with good math skills and be an expert in current accounting principles.  They make an average salary of about $63,000 annually.

A financial accountant is responsible for providing financial advice and support to clients and colleagues to enable them to make sound business decisions. Financial accountants may work extensively with technology to compute, maintain and classify financial records.  They need a bachelor's degree in accounting for entry-level employment or a master's degree may be preferred by some employers.  According to the U.S. Bureau of Labor Statistics (BLS), accountants and auditors are predicted to see a 13% job growth from 2012-2022.  They make an average salary of about $50,000 annually. 

Here is a blog called Martin's Accounting Blog. It's about a man named Martin who writes things about management and financial accounting.  But it isn't as boring as it sounds, so give it a try!

So it’s up to you - which is better, Managerial or Financial?