No. If both email accounts are POP or IMAP, you would set up two separate accounts. The catch is (from what I've been able to observe) that you have to choose the default inbox to display on the email icon that you place on your screen--you would probably use that for your work e-mail. All the other accounts will show up in the "messaging" app icon. If you add the messaging icon to your screen and click on it, you will see multiple mailboxes there.
This one shows Gmail below the e-mail icon, but imagine there were a couple of those e-mail icons with different names on them--representing your work and personal accounts. You'll see message counts there and can easily jump from one inbox to another. The messages stay separate.
Naturally, if your personal account is Gmail or Yahoo, you can set that up and it will show up in its own space.