Accountancy as a Career for Class 11 and 12 students
Accountancy as a Career for Class 11 and 12 students: Accountancy is one of the crucial subjects added in the modern academic curriculum to instill the knowledge of the financial mechanisms within the students. Accountancy is basically the practice of validating a set of records, analyzing them, and in a meaningful format. This helps in justifying the business transactions of a business. The reports present a crystal-clear replication of the management of the firm regarding the financial results. All these sums up, to make accountancy as the vital sections for the effective management of a company. An efficiently trained accountant can easily pave his way to a bright future.
Accountancy professionals are always in demand. Every entrepreneur needs an accountant to stand out for their business. An accounting degree is a gateway to tons of jobs in finance, banking, and accounting. With efficient knowledge and skills, the students can easily grab the positions like auditor, accountant, financial advisor, bookkeeper, and many more. According to experts, the employment of accountancy professionals is estimated to grow around 4 percent in the upcoming years, which makes a golden opportunity for the students to tailor a successful future.
Accountancy presents a diverse work-field, varying from entry-level to executive level. It is the backbone of every firm, managing tons of tasks like managing payroll, financial statements, and auditing. Due to the increasing number of firms, the demand for accountants is experiencing a heavy increment. A skilled and knowledgeable candidate can easily grab a job in the non-profit, private, and public sectors. There are many specialism fields that accountancy students can explore after completion of their degree. With the perfect blend of talent and qualification, the students can dive into the following career fields –
- Tax Accounting
- Internal Audit
- International Accounting
- Financial Accounting
- Commercial or Corporate Finance
- Forensic Accounting
- Management Accounting
- Real Estate Finance
What are the responsibilities of an accountant?
An accountant is solely responsible for framing the overall financial structure of a company. Its duty is to tailor a firm’s accounts, budgets, and management of its financial data. An accountant’s job is to present the clients with premium strategies on personal or company financial issues. A professional accountant collects, analyses, and examines the financial records to present an accurate picture of a business’s financial transactions.
Job Responsibilities of Accountants
- Tracking budget and expenditures.
- Formulating strategies to cut-off unnecessary expenditures to generate maximum profits.
- Analysing and polishing the financial performance.
- Preparing tax returns and accounts.
- Monitoring and formulating measures to cope up with financial risks.
- Framing the financial statements and records under the laws and regulations.
- Keeping the systems up-to-date and securing the financial data with efficient backups.
Qualifications of Accountants
Accountants require tons of skills and other qualifications to get the highest working positive and grab a lucrative salary. Every aspirant must have the following qualities –
- The applicants must have a firm grip on accountancy and its implementation.
- They must have keen knowledge about corporate finance.
- They must develop a problem-solving approach.
- The students must have efficient knowledge about general maths.
- They must have good knowledge about the SFAS rules.
- The applicants must own reporting and research skills.
- The students need to have data entry and time management skills.
Top Recruiters in India
India is a hub of top recruiters of accountancy fields. Here are some of the biggest recruiters in India –
Tata Motors – It is the biggest automobile manufacturing brand in India.
ITC Limited – It is one of the largest private sector companies in India.
Wipro Limited – It is one of the leading technology,
business services and consulting firms.
Bharat Electronics Ltd. – It is a state-owned defense and aerospace firm in India.
Vedanta Ltd. – It is one of the leading natural resources companies.
Deloitte – It is one of the renowned audit, consultation, tax, and advisory services companies.
HPCL – It is one of the reputable government-owned companies, Hindustan Petroleum Corporation Limited.
Ujjivan Financial Services Ltd. – It is one of the popular firms providing companies with a stack of financial services.
In today’s employment scenario, a master’s level or bachelor’s degree in accounting is in huge demand. There are tons of reasons why incredible growth is visioned for the account professionals in the job market. The stabilization of the economic conditions and the eradication of unemployment is serving as a ladder to the account professionals. At the same time, the establishment of new industries is leading to a mind-boggling growth in the demands for expert accounting services. Students owning a degree in accounting and efficient skills can easily strive towards jobs in today’s market.
Accountancy is loaded with different shells and layers, including various economic and financial structures. Therefore the salary package solely depends on the working sectors. It is ideally proportional to skills, experience, and specialism. Stepping into an accountancy field, the graduates can expect an approximate salary of around Rs 25,000 pm during the training period. After the aspirants pass through effective training sessions, undergoing an all-round development, they can simply climb up the ladder to get a lucrative salary of about Rs 10,00,000 per year. Accountants jobs in India are the most sought-after jobs for the sake of career security, growth, assurance, and wealth. The professionals earn handsome salaries. The average salary package of an accountant in India begins from 3 to 5 lakhs per year. The pay scale may differ according to the job titles. For instance, the average salary of a well-established chartered accountant in India begins from 7.3 lakhs per annum, and with experience, it enjoys a hike.
Excellent Study Materials & Books for Accountancy
Here are some of the incredible books to present the students an upper hand in having a fruitful career in the Accountancy fields –
APC Accountancy by DK Goel, Shelly Goel, Rajesh Goel.
Analysis of Financial Statements by DK Goel, Shelly Goel, Rajesh Goel.
Financial Accounting by A.Murthy, and T.S Reddy.
Basics of Accounting & Information Processing by Larry M.Walther, Christopher J.Skousen.
In today’s date, there are hundreds of career options available for accountancy students. Accountancy professions come in the list of top career choices for the students. Presently every organization has tremendous demands for performing different financial services. The students can also opt for teaching professions in the accountancy field. However, the job status, earnings, job security all these aspects solely depend on the skills of the students.