We studied the influence of geometric parameters on the optical absorption of gallium arsenide (GaAs) nanocone and nanowire arrays via finite difference time domain simulations. We optimized the structural parameters of the nanocone and nanowire arrays to maximize the ultimate efficiency across a range of lengths from 100 to 1000 nm. Nanocone arrays were found to have improved solar absorption, short-circuit current density, and ultimate efficiencies over nanowire arrays for a wide range of lengths. Detailed simulations reveal that nanocones have superior absorption due to reduced reflection from their smaller tip and reduced transmission from their larger base. Breaking the vertical mirror symmetry of nanowires results in a broader absorption spectrum such that overall efficiencies are enhanced for nanocones. We also evaluated the electric field intensity, carrier generation and angle-dependent optical properties of nanocones and nanowires. The carrier generation in nanocone arrays occurs away from the surface and is more uniform over the entire structure, which should result in less recombination losses than in nanowire arrays.