When you pursue an accounting degree or have already become an accountant in India, it is a great opportunity to earn both a good salary per annum as well as respect from your client and the people who know you.
An accountant not only oversees and manages the finances, tax matters, and overall transactions of a business client but also acts as a financial advisor to the client.
Becoming an accountant requires advanced education, formal certification and a firm commitment to learning the trade.
To get the right opportunity along the way, aspiring accountants must constantly look for new ways to teach themselves the ropes.
Ask yourselves: Do you have the necessary qualities to become an accountant or a CPA? Which area of accounting do you want an opportunity in? Tax? Cost? Management? Should you look for a corporate opportunity or start a new venture, on your own?
The Perks of Being a Chartered Accountant in India
The members of the Institute of Chartered Accountants in England and Wales or ICAEW and the Institute of Chartered Accountants of India or ICAI are by default regarded as Associate Chartered Accountants. The qualifiers are entitled to use the term A.C.A after their names.
Increasing Prospects for Chartered Accountants in India
There has been a rising demand for Chartered Accountants in India because of business expansion. Accounting is a job in demand for the seamless organization of finances for a company.
The policies and regulations that have been carried out by the government of India have made it imperative for institutes to provide an overall understanding of financial matters in a business. Professional accounting is the work that must be carried out by the Chartered Accountants in businesses.
If you dedicate full hours to work it cannot be impossible to achieve recognition in the field as an efficient accountant for a company.
The implementation of GST has set up a job role for GST Service Provider. This increases the importance of a professional degree course for Chartered Accountants.
The best salary in India is received by Chartered Accountants reflecting the importance of this professional degree and the accounting work for companies.
The specialty of this professional degree course in accounting also assures jobs for women. The work considers merit and is free from being reserved at the receiving end of gender biases in the country.
A chartered accountant is free to take adequate breaks from their jobs and thus it is a flexible position for almost all members of the society.
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Prospects of Actuarial Courses in India
The Institute of Actuaries of India (IAI) has regulated the profession of Actuaries in the country. This took place under the Actuaries Act 2006. The Ministry of Finance, the Department of Economic Affairs dissolved the existing Actuarial Society of India (ASI).
Key Tips to Become an Actuary in India
There are some tips for you to consider becoming an actuary as a feasible option for your career. You can become an actuary in India by taking some important entrance tests and passing 15 examinations across 4 stages.
Here are some key tips for future actuaries in India:
- You must research criteria to get membership into the Institute of Actuaries of India.
- Try to develop your mathematical and statistical skills for seamless risk management in the future.
- Conduct extensive research on insurance companies and choose whether or not you want to work for health insurance companies or other arenas of insurance companies.
- You can brush up your management skills before taking the 15 examinations from the 4 different stages.
Certified Public Accountant Course for a Better Future
CPA or a Certified Public Accountant has a bright prospect in India. India offers enough room for those who are looking for a career as an accountant. However, a certified accountant gets an upper hand over the rest of the candidates.
Accounting requires a good knowledge of numbers and finances.
Compared to other courses that deal with public accounting and financial matters, CPA is a prolific and a more preferred course. A Certified Public Accountant can work both in public and private firms.
Concept of CPA in India
The first and foremost action to take the course is to understand the definition of a certified public accountant. It is one of the most respectable courses that determine the future of accountants in India. The examination of the CPA course is administered by AICPA or the American Institute of Certified Public Accountants.
The fact that it is the largest and the most respectable body of accountants increases the value of candidates who enroll themselves in the certified public accountant course.
Enroll in a Financial Analyst Course
The Chartered Financial Analyst is a highly credible and recognized career in the domain of Financial Management. In India, the CFA Institute offers world-class industry-endorsed courses that are recognized globally.
The Chartered Financial Analyst (CFA) qualification is a designation held by over 170,000 people worldwide. The CFA is considered a benchmark job for professionals within the investment management industry. All CFAs have to meet rigorous examination and work experience standards before they can add the letters to their name.
Career Opportunities for Certified Financial Analysts
Chartered Financial Analyst (CFA) services are held in high regard. It is a highly revered qualification for accounting professionals in the investment management industry.
If crunching numbers, solving complex business problems, or analyzing investment trends is something that excites you, then there are plenty of accounting and financial analyst jobs out there for you.
For a finance analyst, time is of great essence. So if you already have a graduate degree or have just completed your MBA, and considering a specialization, then waste no time to apply to a CFA course right away.
A financial analyst can work across all domains. Due to the highly specialized nature of the course, they are n great demand in any business, or social enterprise, or even in government departments.
What is the Scope of Management Accounting?
A Chartered Management Accountant is a crucial player in businesses and company growth. It is a level up from basic accounting as it provides strategic recommendations to an organization, working in tandem with a financial accountant.
Chartered Management Accountant is a professional certification credential in the management accounting and financial management fields.
The CMA certificate indicates that you possess the necessary knowledge in the domains of financial planning, data analysis, cost controls, decision-making, and professional ethics.
Role of a Management Accountant
Also known as managerial accountants, a CMA role encompasses a variety of responsibilities. It is important to do your due diligence before taking up the course. Typically, management accountants work for a single company and prepare and analyze financial data for that company.
Basis of the insights that a management accountant provides regarding costs, expenses, equity, and performance controls, help company managers make well-informed and rationalized business decisions.
Some typical activities that a management accountant may perform on a daily basis include:
- Analyze financial statements for a company, using various costing techniques, and working closely with the financial accountant.
- Prepare cash statements to indicate the financial well-being of the business.
- Budget analysis that is binding on performance control decisions like increments or lay-offs.
- Disseminate financial information and its implications across departments to ensure budget compliance and monitoring.
Note that the role of a management accountant is different from other types of accounting roles, such as that of an auditor. An auditor’s job, for example, is to review a company’s accounts to assess a number of things, including capital assets, liabilities, cash flows, investor equity, and also whether they are materially correct and not materially misstated. Having said this, it must also be stated that the basic accounting principles used by an accountant, managerial, or financial or auditor, are based on the Generally Accepted Accounting Principles (GAAP), India.
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What is Cost Accounting?
Cost accounting is an internal process. The reports of a cost accountant are used by management executives to make important strategic decisions regarding the shaping of business.
Cost accountants do not need to adhere to legal statutes or laws and are more of an internal management requirement. The major components of cost accounting include standard costing, activity-wise costing, lean, and marginal costing.
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What Does a Cost Accountant Do?
The primary job of a cost accountant is to identify irrelevant and unnecessary costs, help managers in financial decision-making, and increase company profits.
A day in the life of a cost accountant includes myriad tasks. These can range from data entry to report the formulation and presentation of recommendations and findings related to company finance to top bosses in a company. A closer look at the job profile of a cost accountant would reveal the following important tasks:
- Preparation of monthly financial journals and presenting them to an internal committee.
- Review financial data thoroughly to identify discrepancies or anomalies, if any.
- Preparation of monthly, quarterly, half-yearly, and annual company financial statements and reports.
- Conduct regular inventory checks and present data analysis to company management.
- Support the financial accountant to make recommendations for financial policies that can potentially increase the company's cash flows.
- Suggest policy changes through research and analysis of depreciation rates, labor, and overhead costs.
- Ensure costs are classified accurately.
- Prepare Purchase Price Variance reports and analyze findings.
- Establish standard costs for accounting and forecasting purposes, and update them across a set period of time.
- Maintain and review the general ledger and ensure alignment with balance sheets.
- Support business with cost-benefit analyses and securing the best vendors.
Cost accounting thus offers a very wide range of opportunities in terms of both career growth and following your passion for accounting and numbers. A cost accounting manager can go on to become the next Chief Financial Officer of your dream company with a certification or diploma in cost accounting. So wait no further, and jump right into the journey of following your dream.
It is advisable for a fresher to join a team of senior accountants to start off their accounting career. One can build a substantial client base as the experience grows. Thereafter, you can opt to start a private practice, offering expert accounting services out of a firm of your own. The time to apply your accounting knowledge and education is now!