Accounting

Accounting or accountancy sets base for all other fields in the finance sector. It is one of the pivotal fields of finance. Accounting is the branch of commerce which deals with many important aspects: Summarizing, Reporting and Analyzing financial transactions to keep financial records. Accountancy provides a robust method of dealing and maintaining records of day-to-day financial transactions occurring in business to estimate and evaluate the success or failure of a business.

An accountant assesses and observes the current and many significant future economic pertaining activities of individuals, businesses, non-profit organizations and governmental bodies. Accountants handle lot of other tasks besides preparing financial statements and recording business transactions.

Key Success

To be a successful Accountant you should have/develop:

Good numerical ability
Ability to analyze, compare and interpret facts and figures quickly
Analytical mind
Power of logical reasoning

Scope and Opportunities

As the economy grows and moves and the number of businesses and firms’ sets, consequently more accountants are required to set up account books, prepare tax returns and provide management advice regarding financial matters. In a growing economy like India, Accountants are always on demand and a diverse range of exciting careers are available for accounting graduates to choose from.

The four major fields of Accounting are:

Public Accountants – Public Accountants work with different clients to assist their accounting needs. They provide accounting services to individuals, businesses and governments. As a public accountant you will focus primarily on tax functions and auditing. They advise on the most effective use of financial resources.

Management Accountants - Management Accountants also called industrial, corporate or private accountants. Their main responsibilities involve cost management, budgeting, asset management and performance evaluation. Management accountants analyze and interpret financial information and assist to make sound business decisions.

Government Accountants – Government Accountants may work at the local/state level or the central level, administer and formulate budgets, track costs and analyze programs. With this position, you work in a variety of government departments such as the Internal Revenue Service, and Department of Defense.

Internal Auditors – They conduct audits to ensure conformity with accounting laws and working to make sure that accounting information systems are always up to the standard. They have to holistically verify the accuracy of financial reports and check waste or fraud in company operations. Specifically, they examine and evaluate their firms financial and information systems, management procedures, and internal controls to ensure that records are accurate and controls are adequate to protect against fraud and waste and speculation.

Lifestyle & Social Status

It’s an in-house job
It’s white collar job needed by almost every organization
Though the work hours are fixed , they get extended at times
Good earning potential

As you mature with experience you gradually enter these fields:

Auditor – The role of the auditor is to ensure the credibility of the financial accounting data and financial statements in private sector companies as well as public sector companies. Work in audit involves checking accounting ledgers and financial statements.

Budget and credit analyst – Budget analysts are responsible for developing and managing organizations financial plans. They foretell expenditure incurred analyses records of present and past operations. There are many opportunities for a budget analysis accountant in private as well as government agencies.

Financial Accountant – Financial Accountants draw information from the general ledgers to prepare financial statements. The core function of a Financial Accountant involves analyzing and recording business transactions, financial statements, with information from the ledgers by preparing general ledger accounts, trial balances etc.

Tax Accountants - Tax Accountants prepare corporate and personal income tax statements and formulate tax strategies. Based on their statement financial choices are made as how to best treat a merger or acquisition, deferral of taxes, when to expense items and the like. They clarify current tax laws to clients; provide advice on ways to avoid tax by smart investments and assists businesses in calculating annual tax returns. They need to have a thorough understanding of economics and up-to-date information on the tax code and laws of the country.

Management Accountant – Management Accountants work in companies and give way to decisions about capital budgeting and business analysis. Major functions include cost analysis, analysis of new contracts and participation in efforts to control expenses efficiently. They co-ordinate and actively participate with marketing and financial managers to take decisions about business.

Teachers/Lecturers – Teaching is another noble profession. If you have an orientation for teaching and the required qualification, you can work as professors, or as researchers in universities or colleges. Pursuing BEd, MEd, M. Phil or passing the NET Exam will be an advantage for those interested in teaching.

Forensic Accountant – Forensic Accountants frequently work for public accounting firms, banks, the IRS (Indian Revenue Service), insurance companies and law firms.

Skills

Good written & oral communication
Computer skills like tally and excel

Work Value

Accuracy
Persistency

Employability Scale

As a beginner an Accountant may get a salary ranging from Rs. 5,000 to 15,000 PM. Thereafter, one may expect hike in a salary as the experiences grows. Companies’ offers handsome salary packages to account professionals across the world.

Top Recruiters

Finance Companies
Banking Sector
Comptroller of Audits India

Top recruiters

Wipro limited
Bharat electronics ltd
Vedanta ltd
ITC limited
Tata Motors
HPCL

Course Description

Course Options	B.Com	M.Com	Chartered Accountancy	MBA in Finance
Academic Eligibility	10+2 or equivalent qualification	B.Com	Aspiring candidate for a CA exam should have cleared the Senior Secondary Examination (10+2) or graduation. Students waiting for (10+2) results can also apply. There is no restriction in terms of age or percentage secured in (10+2).	50% in Graduation any discipline and selection process is done by entrance exam
Duration	3 years	2 Years		2 Years
Mode	Regular	Regular	Full Time	Full Time
Entrance Exam		Institute Level Entrance Exam	CPT	CAT, XAT, MAT/ State/Institute level entrance exam
Specialisation	ICWA, CA, Company Secretary Ship
Education Loan
Scholarships