Career Options If You Study Accounts
Career Options If You Study Accounts: Accounting is one of the most emerging career fields in today’s time. Career prospects of accountancy are growing stiffer according to the demands of the market. Therefore, it’s always the right choice for commerce students to pave their way in various accounting fields. There are tons of positions an efficiently trained student can grab in this field.
Accounting is the method to amalgamate financial data, process it, and present records to a company. This helps the firm analyze the financial transactions and frame decisions dedicated to the firm’s growth. Accounting is not about a single topic or concept. It presents the perfect blend of tons of fields such as Finance, Commerce, Business, Administration, Banking, and many more. An accountant is an integral part of a company’s financial management team. There are a bunch of opportunities available for an Accountancy Degree holder. They can work in various fields such as Public Accounting, Tax, Finance, Budget Analysis, Management, and many more. The position of Chartered Accountant and Accountants are two of the highest-paid job positions in today’s date. With the increasing number of companies and industries, the demands for accounting experts have touched new heights. At the same time, an Accountancy expert can apply for various teaching jobs in private or government-owned schools and colleges.
Reasons to Choose Career in Accountancy
Some of the reasons to tailor a career in Accountancy are as follows –
Excellent Job Opportunities: There are tons of myths among the students that accounting is turning obsolete with technological advancement. However, in reality, technology is driving in more exciting career scopes in Accountancy. Every business requires a well-skilled accountant to manage its financial matters. The rapid evolution of technology creating thousands of new industries. The job opportunities in the accounting field are increasing at an incredible rate.
Handsome Salary for Accountants: An experienced and skilled Accountant can grab lucrative salary packages. Companies pay handsome amounts to advanced degree holders and accountant experts. In today’s market of competition, every student needs additional training and plenty of knowledge to qualify for top posts.
Explore many Fields and Roles: Being an accountant, the students can enjoy a flexible career. There are tons of companies that need efficient accountants. So, they can choose the firm, which is more passionate about working with them. Students can gain a lot of experience to climb the ladder of growth. They can grab different roles in Accountancy fields such as Internal Auditing, Tax Accounting, Financial Reporting, Forensic Accounting, Cost Accounting, etc.
Types of Businesses that Hire Accountants Professionals?
Almost every business needs accountants for financial management to audit the finances. An Accountant is essential for a firm if it deals with high-volume financial transactions, complex financial mechanisms, or other financial systems. Some prominent businesses that employ Accountants are as follows –
Government Agencies: Every government agency demands efficient accounting professionals record and process their revenue and expenditures. These government agencies open an incredible portal of accounting jobs at the federal, state, or city level.
Hospitality Firms: Accounting jobs in hospitality fields like restaurants, hotels, etc., are in high demand. Every hospitality business requires a team of accountants to manage its financial transactions.
Colleges and Universities: Almost every college and university includes a highly diplomatic financial mechanism that
requires expert accountants’ supervision. Therefore, these educational institutions serve to provide skilled accountants the golden opportunities to grab handsome salary packages. The colleges, schools, and Universities also appoint professional accountancy faculties. Therefore, a knowledgeable Accountant can also weave an incredible career as a teaching professional.
Apart from these prominent business fields, many more firms such as the Health Service Providers, different stores, and many others appoint Accountants to manage their financial systems.
Some of the Top Companies that Hire Accountants are as follows –
- Sachin Gujar & Associates (SGA)
- Ernst & Young
- Reliance Industries
- Wipro Ltd.
Job Positions for Accountants Professionals
The Top job positions for accountants’ professionals –
Chartered Accountant (CA) – A Chartered Accountant is an active member of the Institute of Chartered Accountants of India (ICAI). A student can grab the post with skills and knowledge after completing the Chartered Accountancy Program offered by ICAI. CA course is one of the most challenging programs in India. A Chartered Accountant can be hired as a company director, executor, or dispute arbitrator. Although paving a successful career in Chartered accountancy is difficult, it is equally rewarding.
Company Secretary – An experienced accountant professional can be appointed as Company Secretary with some predefined responsibilities, including collaboration with companies, incorporating the company, forming new firms, and companies’ financial management.
Cost Accountant – Cost Accountants, also titled Management Accountants, are solely responsible for collecting and processing financial information of a company to ensure the proper functioning of its financial system.
Financial Analyst – A financial analyst is involved in multiple jobs within a firm. A financial Analyst prepares a firm’s budget and monitors different departments within the company’s financial system.
Forensic Analyst – Forensic Accounting is one of the trending career opportunities in law enforcement. It is a practice to figure out frauds and present opinions on legal matters employing accounting skills.
Salary of Accountants
The salary of Accountants may vary in accordance with their job position, experience, and skills. The average salary of an Accountant is around 2.5 lakhs per annum. At the same time, the average salary package of a CA starts from 4 lakhs and, with experience, even turns to 10 to 12 lakhs per annum.
Skills Required to Frame a Fruitful Career in Accounting
Some of the crucial skills required to tailor an excellent career in the Accountancy fields are as follows –
- Patience, Discipline, and Hardwork.
- Excellent Computing Abilities.
- Abilities to adopt innovation.
- Problem Solving Approach.
- Numerical Aptitude.
- Honesty and Reliability.
- Read DK Goel Solutions Class 12
Experience, qualifications, skills, and good command in accountancy can help any student climb the job ladder to grab good pay. There are tons of career opportunities in the field of Accountancy in today’s time. Accountancy degree holders can also apply for internships in top-notch firms to sharpen their skills and get lucrative salary packages.