Accountant vs. Banker: What Are the Differences?

There are many different types of financial careers out there. Two of the most common are accounting and banking. Though both professions deal with money, there are several key differences between them. In this article, we discuss the differences between an accountant and a banker, and we provide additional financial professions you may be interested in pursuing.

What is an Accountant?

Accountants are responsible for maintaining and preparing financial records. They may work in a variety of settings, such as public accounting firms, private businesses, or government agencies. Accountants typically use specialized software to track and analyze financial data. They may also be responsible for auditing financial records to ensure accuracy and compliance with laws and regulations. Accountants typically have a bachelor’s degree in accounting or a related field. Some accountants may also be certified public accountants (CPAs).

What is a Banker?

Bankers typically work for commercial banks, investment banks or credit unions where they manage accounts, offer loans and advise clients on financial matters. They may specialize in areas such as personal banking, business banking, mortgage banking or private wealth management. Bankers typically work with clients to open new accounts, process transactions, provide loans and offer advice on financial planning and investing. They also work with clients to resolve account issues and handle complaints. Bankers must be able to explain complex financial concepts in a way that is easy for clients to understand.

Accountant vs. Banker

Here are the main differences between an accountant and a banker.

Job Duties

Accountants and bankers perform different duties to fulfill their jobs. Accountants analyze financial data, such as sales figures and expenditures, to determine a company’s profit. They then use this information to prepare reports for clients about their finances. Bankers evaluate loan applications from individuals and businesses and decide which ones to approve. They also advise clients on financial matters, such as advising them against taking out certain loans or reminding them of upcoming payments.

Job Requirements

Both bankers and accountants need at least a bachelor’s degree to enter their respective fields. However, because the banking industry is highly regulated, many employers prefer candidates who have a master’s degree in business administration or another related field. Additionally, both bankers and accountants must pass exams to obtain professional licenses. For accountants, this includes the Certified Public Accountant (CPA) exam, while bankers must pass the Series 7 exam to become a licensed stockbroker.

Work Environment

Accountants work in a variety of environments, including offices and client locations. They may travel to meet with clients or attend conferences related to their field. Bankers typically work in an office environment, but they also travel frequently for business purposes. Some bankers may spend time working on the road as part of their job responsibilities.

Bankers often work long hours during busy seasons, such as tax season, when there is more demand for their services. Accountants may also work long hours depending on the needs of their clients.

Skills

Both accountants and bankers use mathematical skills to perform their jobs. They often need to calculate interest rates, budget projections and financial statements. However, accountants also use these skills to prepare taxes, while bankers may use them to assess loan risks.

Both accountants and bankers need to have strong analytical skills to be successful in their roles. Accountants need to be able to analyze data to find trends that can help them make recommendations to their clients about how to improve their financial situation. Bankers need to be able to analyze a potential borrower’s financial history to determine whether they are a good risk for a loan.

Communication skills are important for both accountants and bankers. Accountants need to be able to explain complex financial concepts to their clients in a way that is easy to understand. Bankers need to be able to clearly explain loan terms and conditions to potential borrowers.

Organizational skills are also important for both accountants and bankers. Accountants need to be able to keep track of multiple clients’ financial information and ensure that all deadlines are met. Bankers need to be able to keep track of multiple loan applications and ensure that all documentation is complete.

Salary

The average salary for an accountant is $68,239 per year, while the average salary for a banker is $50,135 per year. Both of these salaries can vary depending on the type of work you do, your location and your experience level.