Deakin: The Difference between Financial Planning, Finance, and Accounting

Financial planning, finance and accounting are all offered as majors in the Bachelor of Commerce at Deakin.  When choosing between these options, it is important to fully understand where each course leads.

What is financial planning?

Financial Planning is a pathway to becoming an accredited financial planner.  Financial planners help people devise a plan to achieve financial security and meet financial goals.

As well as developing strategies and recommendations, financial planners act as life coaches, educators, and mentors.

It’s a profession that combines an interest in finance and investing together, with a love of working with people and while a level of numeracy skill is required, interpersonal skills are the primary focus.  Graduates work in small and large financial planning organisations or set up their own practice.

What is finance?

Finance specialists have an in-depth understanding of the structure and operations of financial markets in Australia.  They typically work within large organisations at the corporate level in roles such as treasury, project funding, investment banking, financial analysis utilising their strong numeracy and analytical skills.  Careers in finance allow graduates to work across industries and provide specialised advice to aid complex business decision-making.

What is accounting?

Accounting is a pathway to becoming an accredited accountant.  Businesses and individuals rely on accountants to assess their financial situation and advise on financial dealings. Graduates work with organisations compiling, analysing, verifying and preparing financial records.  Strong numeracy and analytical skills are required for this role and, depending on the size and type of organisation, accountants may work with clients or solely with internal stakeholders within a business.