BEST SCHOOLS FOR FINANCE AND ACCOUNTING IN 2023

Are you having a hard time finding out the business schools with the best finance and accounting major programs for you to pursue your undergraduate degree?

Look no further, all the information you need can be found in this article.

In this article, you will understand what finance and accounting mean and how they differ from each other.

You will also find out whether a career in finance is the right choice for you.

Additionally, you will discover what a bachelor’s degree in finance or accounting entails as well as the admission requirements for the top business schools for finance and accounting.

Does this sound great to you? Let’s get started!

Table of Contents

What is finance?

Finance refers to the activities involved in the management of money and investments. It can also be referred to as financial economics. Finance is a term that envelopes credit, money, capital market, banking as well as the creation and management of financial systems.

In simple terms, finance entails all the processes involved in the transfer of money or assets from one person to another.

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What is accounting?

Accounting is an umbrella term for the processes involved in recording, analyzing, and summarizing business and financial transactions.

In other words, accounting entails the processes involved in monitoring or tracking the inflow and outflow of money for a business or an institution.

Are finance degrees different from accounting degrees?

Yes, finance degrees are different from accounting degrees.

Accounting is a specialization in the field of finance. While the main focus of an accounting degree is to help you develop the skills needed in tracking the movement of money in an institution, a finance degree will provide you with a much broader knowledge of the art and science of managing money.

Considering the fact that accounting is a subset of finance, colleges offer accounting degree programs alongside finance degree programs. So, if you are looking for schools with the best accounting programs, you are in the right place.

How do I know if a finance or accounting program is the right choice for me?

Are you good at mathematics and statistics? Passionate about problem-solving? Are you able to draw insights from financial reports? Are you diligent and willing to learn new things?

If you answered “Yes” to the questions above, a career in finance would be a great choice for you.

The qualities required in a good career in finance and accounting include among others:

Problem-solving and analytical thinking
Mathematics
Business acumen
Financial reporting

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What does an undergraduate degree (Bachelor’s degree) in finance entail?

A bachelor’s degree in finance will provide you with a fundamental understanding of concepts such as economics, marketing, business management, or financial risk management. You will also gain knowledge in the fields of mathematics and statistics.

An undergraduate degree in finance will familiarize you with the techniques of money management in areas such as commercial banking, real estate, asset management, stock exchange, and corporate financing.

Undergraduate degrees in financing are of two main types; Bachelor of Business in finance and Bachelor of Science in finance.

An undergraduate degree in finance typically takes four (4) years to complete.

What does a Bachelor’s degree in accounting entail?

A bachelor’s degree in accounting will help you gain knowledge and skill in recording, summarizing, interpreting and communicating of financial records. You will also learn the use of various specialized accounting software. A good example of such specialized accounting software is Sage 50 Accounting.

The main accounting undergraduate degree recognized in the United States is the Bachelor of Accountancy (BAcy) degree

A bachelor’s degree in accounting also takes four (4) years to complete.

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What is the next step after getting a bachelor’s degree in finance or accounting?

After your bachelor’s degree, you can decide to get a job or go for a postgraduate degree such as an MBA (Master of Business Administration) or a Master’s degree in finance or accounting.

What are the career paths/job opportunities for finance or accounting graduates?

Having a Bachelor’s degree in finance or accounting allows you to pursue any of the following career paths:

Financial analyst
Fintech Business Analyst
Risk Analysis and Management
Financial Adviser
Commercial banker
Accountant / Auditor
Budget Analyst

What are the requirements for getting admitted into the best finance and accounting schools?

In order to get admitted into the best finance and accounting schools in the United States of America, you need to have an SAT score of at least 1200 or an ACT score of at least 25. Your High School GPA should not be less than 3.5.

What are the best finance and accounting schools in the United States?

To assist you in your decision in studying a finance program, listed below are 12 colleges with the best finance and accounting programs in the United States.

1. Harvard University

Harvard University is a famous university with one of the best finance programs in the United States. Located in Cambridge in the state of Massachusetts, Harvard University is a private not-for-profit university.

Harvard University is one of the eight (8) members of the Ivy League. The Ivy League is a group of universities with high academic and social prestige. Harvard University is undeniably one of the best universities around.

The tuition rate at Harvard University is $54,768. With a very low acceptance rate of 4%, Harvard University is known to be the most selective college in the United States.

2. Massachusetts Institute of Technology (MIT)

Massachusetts Institute of Technology (MIT) is a private not-for-profit university in Cambridge, Massachusetts.

Although more renowned for its programs in the field of technology, Massachusetts Institute of Technology (MIT) is one of the best colleges for finance.

Being a STEM-oriented college, MIT’s finance program also incorporates science and technology courses. If this sounds interesting to you, MIT’s finance program is an option you should consider.

MIT has a highly competitive acceptance rate of 7%. The tuition rate is $28,795.

3. University of Pennsylvania

The University of Pennsylvania is a private not-for-profit university located in Philadelphia, Pennsylvania. This university is also a member of the Ivy League.

Home to Wharton Business School, which is the world’s first business school, the University of Pennsylvania is a university you should consider for your bachelor’s degree in finance.

The net tuition fee at the University of Pennsylvania is $24,167. With an acceptance rate of 9%, the University of Pennsylvania is one of the most competitive finance schools. However, if you are up to the task, the University of Pennsylvania is a very great option for you.

4. Tulane University

Tulane University is located in New Orleans, Louisiana. It is a private university that is a force to reckon with in the field of research.

Tulane University is one of the members of the Association of American Universities. The Association of American Universities is a group of just 62 members, made up of the best research institutions in the United States of America. If research work appeals to you, Tulane university is one of the best options for you.

With an acceptance rate of 11%, getting admitted into Tulane University is a competitive process. The net tuition rate is $47,413.

5. University of Notre Dame

The University of Notre Dame is a private not-for-profit university in Notre Dame, Indiana. It is a research college owned by the Catholic Church.

At the University of Notre Dame’s school of business, Mendoza Business School, you will get insights from professionals in the field of finance. Mendoza Business School incorporates a series of seminars into its finance program, where you get to hear and learn from professionals in the world of finance. These seminar series include Tom Mendoza Presents, Dean Speaker Series, and Ten Years Hence, just to mention a few.

The tuition fee at the University of Notre Dame is $29,981. This school’s acceptance rate is 19%.

6. Boston University

Chestnut Hill, Massachusetts is home to Boston University, which is a private not-for-profit college.

Boston University’s Bachelor of Science in Business Administration (BSBA) is a unique program that teaches business right from the freshman year, giving you a head start over your peers in other schools. It offers a functional concentration in areas such as accounting, finance, business analytics, information systems, and innovation & entrepreneurship.

The acceptance rate at this university is 26% and the tuition fee is $30,192.

7. University of Florida

The University of Florida is situated in Gainesville, Florida. It is a public university with one of the best finance programs in the world.

If pursuing a Master’s degree in finance is a part of your plan, you can save time by taking the University of Florida’s combined degree program. The combined degree program allows you to finish both your Bachelor’s and Master’s degree in 4 years instead of 5 years if you were to take the degrees separately.

The acceptance rate of the University of Florida is 31% and the tuition fee is $6,380.

8. Villanova University

Villanova University is located in Villanova, Pennsylvania. It is a private not-for-profit institution.

Whether you want to pursue a career in financial advising, corporate financial management, or banking, the BBA in finance from Villanova University will help you achieve that dream.

Villanova University has an acceptance rate of 31%, with a tuition fee of $38,303.

9. University of Texas at Austin

The University of Texas at Austin is one of the best universities for finance. It is a public college situated in Austin, Texas.

The University of Texas at Austin is a great option for anyone considering a career in finance. Its Bachelor of Business Administration in Finance program is ranked 4th in the United States by U.S. News and World Report.

The acceptance rate at the University of Texas at Austin is 32%. The tuition rate is $16,892

10. Lehigh University

Lehigh University is situated in Bethlehem, Pennsylvania. It is a private not-for-profit university whose campus is one of the most beautiful in the world.

Lehigh University has a high acceptance rate of 50%, making it a choice you should absolutely consider applying for.

This is because you have a good chance of being admitted if you apply to Lehigh University. The tuition rate is $58,970 per academic year.

11. George Washington University

George Washington University, which is a private research university, is located in Washington, DC.

Named after the first President of the United States, George Washington University is the largest university in the District of Columbia (DC). The finance program at this university focuses on financial engineering, banking, corporate finance, and risk management.

George Washington University’s tuition rate is $62,110. This college is less competitive with an acceptance rate of 50%.

12. University of Maryland – College Park

University of Maryland – College Park, a public research university, is situated in College Park, Maryland.

Ranked the best university in Maryland, the University of Maryland – College Park will provide a solid foundation for a career in finance involving corporate financial analysis, investment analysis, international finance as well as risk management.

University of Maryland’s tuition fee is $37,931. The acceptance rate is 52%.

Conclusion

And as promised, you have seen the best schools for finance, their requirements, and other valuable insights about them.

With this, you can make an informed choice about the various schools, and pick the best of the lot. Since finance is related to everyone in a way or two, you can do well to share the article to your friends and loved ones too.

Frequently asked questions about the best schools for finance

What is the best Ivy League for finance?

The best Ivy league school for finance is the Wharton school of business. And it is located in Pennsylvania.

Is finance a hard major?

Yes, finance is a harder major than some liberal arts majors. Nonetheless, it is not as hard as STEM related courses.

Is a finance degree worth it?

Yes, a finance degree is worth it. And this is because the demand for those with finance degrees is projected to get to over 5% in the next ten years.

What major is closest to finance?

The major that is closest to finance is Banking and financial support service. Other closest one’s are managerial/business economics, corporate/business communication, etc.

Which country is best for studying finance?

The country that is best for studying finance is USA. And other good countries are UK, Canada, New Zealand, France, Germany, Switzerland, Australia, etc.