Every commerce student dreams of joining the biggest MNCs (Multinational Corporation) or corporate firms as an accountant. It is considered as the greatest achievement for a person who has given his educational years to the commerce stream. However, as desirable as it sounds to join the workforce of accounting India, the road to the destination is not that easy.
The fund flows, financial statements, cashflow, auditing, taxation and treasury of a company are all managed and handled by an accountant. The owners and CEOs (Chief Executive Officers) of every firm rely largely upon the sharp accounting brains that they hire.
In India, most of the students study hard to crack the CA (Chartered Accountant) three-level exams. However, it is not the only career option available.
If you are good with numbers and accounting is your cup of tea, there are plenty of designations you can try for. Several colleges and schools offer graduate and post-graduate courses for accountants in India. You should first understand the qualification criteria and job roles of every profession to pick out the one most suitable for you.
Job Opportunity In Accounting In India
If you are a professional degree holder in accounting, one thing you do not have to worry about is getting a job. The job opportunity in accounting in India lays vacancies for professionals like chartered accountants, cost accountants, financial analysts, etc.
However, you have to make yourself eligible for the responsibility that the job will entail. Work hard every day to secure decent marks in the exams. Also, improve your interpersonal and corporate skills to crack the interviews. As soon as you justify all these parameters, the designation you always desired is yours to take.
Chartered Accountants, also commonly referred to as Certified Public Accountant, perform several robust activities to ensure the maximum returns on clients’ tax revenues, check company audits to maintain accuracy, help the organisation in identifying improprieties, etc. From accounting bookkeeping services to preparing the income-expense budget reports of companies India, CAs perform all the essential tasks.
However, you will need to grind and work hard for a minimum of five years to become a CA. Once you do, there are two career paths you can walk on. You can either work under a defined organisation by qualifying the interview or else you may work as a freelancer.
Cost Accountants play the most crucial part of a business. They are reliable to analyse the costs of manufacturing and producing goods or services to look for all the possible loopholes to reduce the same. Also, the primary focus is on increasing the profit margin by comparing the costs and revenues of the firm. You may take this job opportunity if your economic knowledge is strong. You would work closely with the management to offer the best solutions for achieving the annual financial objectives.
CFO (Chief Financial Officer)
Just like a CEO (Chief Executive Officer) is responsible for looking after all the production operations and decisions of a company, CFOs look after the financial aspect. The job not only offers a handsome salary and authority but also entails a lot of crucial responsibilities.
You will have to start from junior levels as there is no direct flight to becoming a CFO, it is worth every single sweat you drop. Financial accounting tax management as per the Indian accounting standards will also fall under your operations. In short, you will plan, implement, manage and run all the financial activities of your company.
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The Finance Directors are the highest hierarchy in taking control of all the financial accounting operations. The profession will demand you to review, oversee and ensure that all the financial practices of each business department are running under the regulations of the company.
You would need to supervise all the accountants and financial officers under you in planning the activities to increase profits. This post is very vital to the companies stability and growth in the market. Thus, only a few analytical brains get the opportunity to savour the benefits of this job opportunity.
Financial Advisors or Analysts, as the name suggests, advise their clients on taking profitable financial decisions. This post will need you to help your clients maintain their investment portfolios and current assets in a way that would yield them profits.
In general, the people who take up this profession work as freelancers as it allows them to earn more by handling multiple clients at a time. You can also set up your own office and work as a separate entity if that is what you desire to do.
Chartered Accounting India
Almost every commerce student desires to join the chartered accounting India workforce. It is one of the most prestigious professions. The accountants India ICAI (Institute of Chartered Accountants of India) conducts all the exams which are divided into three major levels. The Chartered Accountants Act, 1949, was enacted to establish the ICAI.
You can appear for the CA Foundation level just after completing your higher secondary (10+2) examination. Since the exams are conducted nationwide, the ICAI organises two cycles every year. The first cycle is held between May and July, while the second cycle is organised between November and December. You will have to qualify each round to reach the next and then final level of the course.
CA Foundation Course
The foundation level comprises 4 papers of 100 marks each. If you are already a graduate in commerce with 55% in accountancy honours or 60% in any other B.Com course, then you will have to start with the Intermediate level. Paper 1 and 2 are based on subjective questions, whereas paper 3 and 4 are MCQs (Multiple Choice Questions). The ICAI levies negative marking on the MCQ papers on a scale of 1/4th marks deduction for every wrong answer. The four subjects under this level are:
- Principles and Practices of Accounting
- Business Laws and Business Correspondence
- Business Maths, Logical Reasoning and Statistics
- Business Economics and Commercial Knowledge
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CA Intermediate Course
After you successfully qualify the Foundation level, you will be eligible for appearing in the Intermediate level. This consists of 8 papers that are divided into two groups. You will need to score 40% in each paper of the two groups and an aggregate of 50% in each group to pass this level. The subjects included in the Intermediate course are:
- Corporate and Other Laws
- Cost and Management Accounting
- Advance Accounting
- Auditing and Assurance
- Enterprise Information System and Strategic Management
- Financial Management and Economics For Finance
CA Final Course
The Final level will get you the degree and designation of a chartered accountant. You would again need to appear for 8 papers divided into two groups. The qualification criteria are the same as the Intermediate. The subjects are:
- Financial Reporting
- Strategic Financial Management
- Advanced Auditing and Professional Ethics
- Corporate and Other Economic Laws
- Advanced Management Accounting
- Financial Services and Capital Markets
- Advance Direct Tax Laws
- Advanced Indirect Tax Laws
This total programme takes 4.5 years to complete. You will have to work hard and show immense dedication through this entire period to become a CA. It is not an easy path, but it is worth all the effort.
Cost Accounting Jobs Standards
Cost accounting jobs offer the authority of supervision, analysis and cost management of a firm. The major role of a cost accountant is to study and overview every data of the company, identify the areas to cut down costs of production. Although every industry and sector demands professionals who are good at this job, manufacturing and construction sectors bet high for the best ones. If you successfully clear the exams to obtain this degree, you will have a secured career ahead. The best part is that now many software and electronic tools are available for getting accuracy with the number game. So, if you have good knowledge about cost deduction ideas and ways, this might be the right career path for you.
Alternative For Accounting Jobs In India
It is not at all compulsory for you to take accounting jobs in India in the corporate sector after acquiring a degree in any of the accounting professions. You will always have the alternative of working as a teacher.
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The latest update in the teaching field is the introduction of online platforms. Yes, you can teach and tutor hundreds of students across your country through online classes. Get on Superprof and create an online tutor profile to start. Almost every student seeks accounting tuitions, and you can connect with them through Superprof. The vast network of the firm will help you establish your tutoring business conveniently!
You will have plenty of career prospects and options after getting a degree in accounting. The fact that no business or organisation can run efficiently without finance accounting and tax preparation. Thus, you can pursue your dreams irrespective of the career path it leads on.