Accounting and the law are both professions that attract many college students. Each field offers strong income potential, upward mobility, and a variety of career paths within the profession.

Accountants and attorneys can find positions in the public sector (a federal government agency, state, or municipality) and the private sector (businesses and nonprofits). Within private practice, there are two basic types of employment environments: “external”—at a firm, composed of other accounting or legal professionals, that services a variety of outside clients, and “internal”—at a particular company or organization. Accountants and lawyers can work independently as well.

While both types of professionals can deal with business matters for companies and individuals, they specialize in different things: attorneys with points of law and legal procedures; accountants with numbers, tax regulations and codes. Both fields require additional, specialized study beyond a general college degree, and the passing of an exam to receive a state license to practice (not mandated for all accountants, though strongly recommended).

An accounting career generally has less extensive educational requirements. On the other hand, the law tends to pay better.

KEY TAKEAWAYS

• Accounting and the law are both fields in which professionals can work either at a firm of fellow professionals, serving various clients, or “in-house” at a single company or organization.
• Both professions require specialized study and offer specialized degrees, but a career in accounting has fewer rigid educational requirements than a career in law.
• Becoming a lawyer requires you to pass a state-sanctioned bar exam, which gives you the license to practice legally.
• Most, but not all, accounting jobs require you to be a certified public accountant (CPA), earned by passing a state-sanctioned exam.
• On average, lawyers make more money than accountants, particularly right out of school.12