Difference Between Economist and Accountant (With Table)

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.

Economist vs Accountant

The difference between Economist and Accountant is that economists used to research making the company successful, whereas the work of the accountant is entirely different as they have to take care of the company’s records. Both are good and have a good scope in the future. 

Economists’ work is to make the organization successful by conducting more research and increasing growth. Their main work lies in how they face the challenges in that organization and the way 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 is more famous and requires a lot of hard work to study.

Comparison Table Between Economist and Accountant

Parameters of ComparisonEconomistAccountant
DefinitionThey used to research the organization they are working to make it successful.They used to keep track of the company’s records
Employment FieldsFinancial, Government, and educational institutionsFinancial, Government, and Private sector
Responsibilities and RolesTaking surveys, reading the current affairs, and practising the previous strategiesKeeping track of financial records, pitching some ideas for increasing growth
Educational QualificationPhD or Master’s DegreeBachelors’ Degree in Commerce Stream
Educational StreamEconomicsCommerce

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 are researching for. It can start from being a small community in a local and can reach up to 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 PhD. or Master’s Degree in that particular field of specialization. Your research papers matter a lot as an economist. Their researchers will help the government and many big organizations understand the country’s economic situation in 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. If an economist works under the growth of a particular industry and they are facing some issues, the economist should conduct research and find the reason behind it and should 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 preferences to a chartered accountant. 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. No matter whether it is a StartUp or a big organization, they should need an accountant to keep track of their business records to avoid loss in the future. 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 as 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

  1. Economists used to work in the field of economics. On the other hand, accountants used to work in the field of business maths.
  2. 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.
  3. They use research and other techniques, but an accountant uses different techniques and strategies to find the company’s records.
  4. The role of an economist is to make tables and charts to explain the ideas. While accountants used to work with excel sheets and sometimes make analyses.
  5. After completing class 12, people with an economics stream can do a bachelors’ degree in economics and then move onto that particular specialization. While Commerce students can opt for a bachelors’ degree in commerce. 

Conclusion

A company needs both Economist and an Accountant to run successfully. The first thing we need is to make our organization successful that. We need a proper plan to take the lead. The second thing lies in making tracks of our company records. It can be in the form of taxes, invoices, accounts, and every other thing related to the company’s tracks. It would become difficult to do these things on our own. We are not a specialist in these fields.

They are specialists as they have graduated from that particular field of the organization. Therefore, they are considered the pillars of the company as they support the company in all the forms they could. 

References

  1. https://www.jstor.org/stable/246843
  2. https://www.sciencedirect.com/science/article/pii/S036136829700010X
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