Career In Accounting

What does Accounting means?

In simple words, we can say that

“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 field of accounting is always remain in demand as it is the backbone of every business entity. Accountant is needed in every industry. It is one of the respected profession in the world.

The practitioners and professionals of accounting are known as Accountants. The certified professionals in these fields are known as Chartered Accountants.

There are different types of accounting that includes financial accounting, management accounting, auditing and tax accounting.

Qualified accountants in numerous countries are titled as certified public accountant (CPA).

What does an Accountant do?

• They prepares the financial statement of an organization.
• Maintain financial records of an organization.
• They advice the ways that reduce costs, increase revenues and profits.
• They have the duty to ensure that all the taxes are paid on time.
• Secure financial data by creating backups.

Scope

Accounting job can vary from entry level to executive level. Accountant plays the very important 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 increasing. Eligible candidates can find jobs in public, private or non-profit industries and companies. You can opt for various career profiles such as clerk, payroll clerks and accounts clerk.

A job in public accounting will give you 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.

Also Check:

Commerce Courses after 12th

Courses & Programmes

How to Become an accountant?…What are the courses required in becoming an accountant?

Minimum education of bachelor’s degree in accounting is required to start career as accountant. Starting a career in accounting, first step exist is to pursue 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

Bachelor’s Courses:

• 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 years

Eligibility Criteria – For admission to undergraduate courses in accounting, minimum educational qualification is 10+2 passed with commerce subjects like Accounts, Economics and Mathematics is required.

Master’s Courses:

• M.Com in Accounting and Finance – 2 years
• MBA in Finance & Accounting – 2 years
• Master of Commerce in Accounting and Auditing – 2 years
• Post Graduate Diploma in Computer Accounting & Auditing – 1 year.

Eligibility Criteria – Minimum educational qualification of bachelor’s degree in the relevant discipline is required for admission to master’s courses in accounting.

For advancement in studies, you can also pursue PhD and Master of Philosophy in accounting.

You may also check: Top Management Courses

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

Admission Process

There are numbers of reputed colleges offering undergraduate and post graduate degree courses in commerce. Also, there are private institutions which offer specialization in accounting courses and also correspondence courses. Admission to the undergraduate and postgraduate courses in accounting will be carried out on the basis of entrance exam. Admission process of every University/institution is different. Many Universities/colleges conduct their own entrance exam for providing admission. You can fill the application form of the college/university in which you are interested.

Here, we have listed some best colleges that offers courses in accounting:

• Amity College of Commerce & Finance, Noida, Uttar Pradesh
• Annamalai University, Chidambaram, Tamil Nadu
• Sri Ram College of Commerce (SRCC), New Delhi
• Andhra University, Colleges of Arts & Commerce, Andhra Pradesh, Visakhapatnam
• Ramjas College, New Delhi
• Acharya Institute of Graduate Studies, Bangalore
• Amrita Schools of Art & Science, Kochi, Kerala

Jobs & Career Scope

Profession in accounting is one of the top career choices marked by the students of India.

Numerous options open for the candidates seeking career in accounting. The job of accountants exist in public as well as in private sector. If you are choosing your career to be an accountant then, the career options in this field are available in numbers. You can go for various 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. You are also employed in private organizations or companies.

Job profiles in accounting field is as follows:

• Finance Managers
• Financial Controllers
• Financial Advisors
• Directors (Finance)
• Certified Public Accountant
• Chief Financial Officer
• Chartered Management Accountant
• Company Secretary

Working Area

• Public Accounting
• Audit
• Tax
• Budget Analysis
• Financial
• Management Accounting
• Real Estate Finance

Recruiters

• Wipro limited
• Bharat Electronics Ltd
• Vedanta Ltd
• Ujjivan Financial Services Ltd
• ITC Limited
• Tata Motors
• HPCL

Salary

How much does an accountant make?

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.

Books & Study Materials

Here, we have mentioned some books that helps you out in the study of Accounting:

• Financial Accounting – T.S. Reddy, A. Murthy
• Accounting for Management – T VijayaKumar
• Basics of Accounting & Information Processing – Larry M. Walther, Christopher J. Skousen
• Accounting for Governmental & Nonprofit Entities – Jacqueline Reck and Suzanne Lowensohn
• APC Accountancy – D K Goel, Rajesh Goel, Shelly Goel
• International Accounting by A.K. Das Mohapatra
• Fundamentals of Accounting  for Ca-Cpt by Pearson
• An Introduction to Accounting by Maheshwari S N
• Coroporate Accounting by Goyal V K

For more information about Career in Accounting, you may ask your query below.