In today’s online world, business is emerging faster than we have anticipated. It will become impossible to maintain the work we do. We need an Economist and an Accountant for our company.
They will help in making our organization grow big and will also keep track of our company-related accounts. They are also the pillars of the company.
Key Takeaways
- Economists analyze and study economic systems, trends, and policies, while accountants manage and report financial information for individuals and organizations.
- Economists work with macroeconomic data and develop economic models, while accountants focus on financial transactions, tax planning, and auditing.
- Economists have a background in economics or a related field, while accountants require specific accounting qualifications and certifications.
Economist vs Accountant
An accountant helps businesses and individuals make sound financial decisions by tracking the flow of their money. They collect, track, and correct the finances. An economist is an expert who provides financial advice by preparing reports, tables, and charts to track the larger trends that drive money.
Economists’ work is to make the organization successful by conducting more research and increasing growth. Their main work lies in how they face that organisation’s challenges and how they tackle the problems with talents and skills.
It is not a place to memorize; instead, you have to understand the concepts and implement the things on your own.
An Accountant’s main role is to keep track of the financial-related tasks of the company. They are responsible for maintaining the accuracy of the company stats.
They should also work on maintaining proper tax of the organization they are working for so that they could make any further discrepancies in the future. Among these, Chartered Accountants are more famous and require a lot of hard work to study.
Comparison Table
| Parameters of Comparison | Economist | Accountant |
|---|---|---|
| Definition | They used to research the organization they are working to make it successful. | They used to keep track of the company’s records |
| Employment Fields | Financial, Government, and educational institutions | Financial, Government, and Private sector |
| Responsibilities and Roles | Taking surveys, reading the current affairs, and practising the previous strategies | Keeping track of financial records, pitching some ideas for increasing growth |
| Educational Qualification | PhD or Master’s Degree | Bachelors’ Degree in Commerce Stream |
| Educational Stream | Economics | Commerce |
What is Economist?
Economists used to do lots of research and study the relationship between society’s resources. They used to concentrate more on the product output they were researching for.
It can start from being a small local community and reach the nationwide community. They used to share research opinions on taxes, laws, and new government policies. These things will help people to know more about current affairs.
To become a good economist, you should have completed either a PhD. or Master’s Degree in that particular field of specialization. Your research papers matter a lot as an economist.
Their research will help the government and many big organizations understand the country’s economic situation a long way. It will help them to identify the economic status of people from underprivileged areas.
Their job could be challenging, and they are required to meet some specific targets. It requires them to do a lot more research about the field they are working in. One single mistake will put their reputation at stake.
It can be explained with a simple example. Suppose an economist works under the growth of a particular industry and they are facing some issues. In that case, the economist should conduct research, find the reason behind it, and work on its evolution.
What is Accountant?
The work of an accountant is to keep track of the records of the company they are working in. It is more famous, and people sometimes give more preference to a chartered accountant.
Being a chartered accountant is not an easy task. Studying it involves a lot of hard work and consistent learning. They should put more effort into clearing their entrance exams. After their successful completion, they will join any organization as an accountant.
An accountant is one of the in-demand jobs. Whether it is a StartUp or a big organization, they should need an accountant to keep track of their business records to avoid future losses.
Their work may involve issuing invoices to a customer regarding the sales and the account they received. They are also responsible for issuing salaries to the employees.
This is not an easy task as it involves lots of complex tasks. Sometimes things may have to be done manually. In that case, human errors could be possible.
There are four different types of accounting Corporate Accounting, Public Accounting, Government Accounting, and Forensic Accounting. Each has its own specialization.
Depending upon the type of company you work with, your job might be either simple or complex. Their main role in most companies lies in maintaining financial-related tasks for the company.
Main Differences Between Economist and Accountant
- Economists used to work in the field of economics. On the other hand, accountants used to work in the field of business maths.
- To become an economist, you should opt for an economic stream in class 11. While for accountants, you have to opt for the commerce stream in your class 11.
- They use research and other techniques, but an accountant uses different techniques and strategies to find the company’s records.
- The role of an economist is to make tables and charts to explain ideas. In contrast, accountants used to work with Excel sheets and sometimes make analyses.
- After completing class 12, people with an economics stream can do a bachelor’s degree in economics and then move on to that particular specialization. While Commerce students can opt for a bachelor’s degree in commerce.
- https://www.jstor.org/stable/246843
- https://www.sciencedirect.com/science/article/pii/S036136829700010X
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