Financial accounting – Course, Scope and Career Opportunities

The field of accounting is always stays in demand as it is the backbone of every business entity. Accountant is needed in every industry. It is one of the highly respected profession in the world. “Accounting is the process of keeping financial accounts. It estimates the economic activities of an organization and forwards this information to a investors, creditors, management and regulators”. The practitioners and professionals of accounting are known as Accountants. The certified professionals in these fields are known as Chartered Accountants.

A job in public accounting will provide one with an experience in many different facets of the accounting field, from the preparation and review of financial statements to analyzing budgets to tax work to consulting and advice on a range of financial issues.

Financial accounting – Course

• Minimum education of bachelor’s degree in accounting is required to begin career as accountant
• Starting a career in accounting, first step is to accomplish an undergraduate degree in accounting
• One can pursue diploma courses, bachelor’s level, master’s level and doctorate level education in accounting.
• Diploma Course in Accounting & Finance – 1 year duration
• The are Bachelor’s Courses are;
  • B.Com in Accounting & Finance – 3 years
  • B.Com Accounting & Taxation – 3 years
  • Bachelor of Commerce in Accountancy – 3 years
  • BBA in Accounting & Finance – 3 year
• Skills Required for Accountant
  • Communication Skill
  • Analytic & Interpersonal skills
  • Knowledge of accountancy software
  • Strong in mathematics
  • Understanding of accounting procedure
  • Ability to work for longer duration in environment of computing area

Financial accounting – Scope 

• Accounting job can differ from entry level to executive level.
• Accountant plays the very vital role in any business
• It is a very crucial part of an organization, for managing payroll, auditing and financial management
• Due to the individual demand of different companies, the demand of accountants is expanding.
• Eligible applicants can find jobs in public, private or non-profit industries and companies.
• One can opt for various career profiles such as clerk, payroll clerks and accounts clerk.

Financial accounting – Career Opportunities

• Profession in accounting is one of the top career choices marked by the students of India.
• Many number of options open for the candidates seeking career in accounting
• The job of accountants lies in public as well as in private sector
• If one is choosing their career to be an accountant then, the career options in this field are available in numbers.
• One can go for different jobs under this course. One can do job in outside of India also.
• Every organization needs an accountant that manage and maintains the financial records of the companies.
• It enables the organization to judge their success/failure and plan for the future. There are different positions available in this field
• Lucrative jobs available for chartered accountants in India as well as in foreign countries.
• One can choose teaching profession in this field. Job opportunities are available in accountancy firms, insurance companies and banks.
• One can also employed in private organizations or companies.
• Job profiles can look like,
  • Finance Managers
  • Financial Controllers
  • Financial Advisors
  • Directors (Finance)
  • Certified Public Accountant
  • Chief Financial Officer
  • Chartered Management Accountant
  • Company Secretary
  • Public Accounting
  • Audit
  • Tax
  • Budget Analysis
  • Financial
  • Management Accounting
  • Real Estate Finance
• Recruiters are as follows
  • Wipro limited
  • Bharat Electronics Ltd
  • Vedanta Ltd
  • Ujjivan Financial Services Ltd
  • ITC Limited
  • Tata Motors
  • HPCL

Financial accounting – Salary

• The salary in accounting field is based upon the position you are holding in the accounting department.
• The accountants and auditors earns an average salary of $61,690 per year.
• The average pay of an accounting manager is Rs 606,014 per year.
• Pay increases steadily for the employees having experience. Chartered Accountants (CA) in private sector gets the handsome salary.
• Those working in government sector earns remuneration of 3.5 lacs per year with other allowances.

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