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Accounting as a Career Option

Career in Accounting as a Career Option

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

Career Path

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.

What are the key skills required for Accounting as a Career Option

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.