Managerial accounting is used primarily by those within a company or
organization. Reports can be generated for any period of time such as
daily, weekly or monthly. Reports are considered to be "future
looking" and have forecasting value to those within the company.**
Financial accounting is used primarily by those outside of a company
or organization. Financial reports are usually created for a set
period of time, such as a fiscal year or period. Financial reports are
historically factual and have predictive value to those who wish to
make financial decisions or investments in a company.
At my university, managerial accounting focused more on the details of how costs were managed in the company, the future of the business, etc. while the courses that were considered financial accounting were more from the point of view of a financial analyst or investor, like you said. The financial accountancy material covered analysis of financial statements and the associated investment decisions, among other things.
These areas overlapped in areas like the production of financial statements, since the company also needs to consider how analysts will interpret these statements, and dividend policy, corporate tax accounting, etc. The Wikipedia articles on managerial accounting and financial accounting may provide helpful information as well.
Disclaimer: I took an introductory accounting course in university and nothing more, so my knowledge of the course structures, even at my alma mater, is secondhand recollection at best. I'm sure there are more similarities and differences of which I'm unaware, and I would assume that forensic accountants, auditors, etc. dabble in both these areas and others.