💼 Understanding the Difference: Financial Planning, Finance & Accounting
For students interested in business, numbers, or helping others manage money, it's important to understand the key differences between financial planning, finance, and accounting. While these areas may seem similar, they lead to very different careers — each with its own study path, skills, and professional opportunities.
💬 What is Financial Planning?
Financial Planning is all about helping individuals and families plan for their future. Financial planners support clients in achieving personal financial goals, such as saving for a home, investing, superannuation, retirement, and managing risk through insurance.
Financial planners often act as a mix of advisor, educator, and coach. They need strong interpersonal skills, as the job involves building relationships and communicating financial strategies clearly. While numeracy is important, the real skill lies in understanding a client’s life situation and tailoring personalised financial plans.
In Australia, financial planners typically:
📊 What is Finance?
Finance focuses on how organisations, governments, and individuals manage money and capital. Careers in finance often revolve around corporate finance, investments, banking, or financial markets.
Finance professionals may work in:
Finance graduates are employed in a wide variety of sectors, including banking, fintech, insurance, and global markets. In Australia, a Bachelor of Commerce or Finance often leads into these roles, with many professionals pursuing CFA (Chartered Financial Analyst) certification.
📚 What is Accounting?
Accounting is the process of recording, summarising, and reporting financial transactions. Accountants ensure businesses are compliant, efficient, and financially sound. They may work on taxation, auditing, budgeting, payroll, and financial reporting.
Key pathways include:
In Australia, a Bachelor of Accounting or Bachelor of Business (Accounting) is the usual route, and graduates are highly sought after across all industries.
🧭 Which Path is Right for You?
🎓 Study Options
All three areas are available as majors in the Bachelor of Commerce or Business degrees at many Australian universities, including Deakin, Monash, La Trobe, and RMIT. Some institutions also offer specialised degrees, such as:
📍 Need help deciding? Book a time with our Careers Team to talk through which pathway matches your strengths and interests. We can also help you explore Open Days and pathway programs relevant to these areas.