There is no sector or industry in any economy that does not require accounting knowledge. In India, the ICAI (Institute of Chartered Accountants of India) reported that a total of 2,91,698 members were active participants in the financial year 2018-19. That is, close to 3 lakh accountants India performed operations in different sectors of the economy. The role of an accountant goes beyond tallying balance sheets of a firm. There are a lot of variations to the profession as the job role lays out different criteria.
The statistics of a few of the major exams reveal that the performance of students is below average every year. In the 2019 CA (Chartered Accountant) final round, only 1,187 candidates qualified out of as many as 15,560 who appeared.
Nonetheless, accounting jobs in India are desired by every commerce student who wishes to make it big in his life. The professionals not only enjoy career stability but also earn a good fortune at the end of the month. If you are still undecided about taking accountancy as your career option, this article will help you get a clear picture.
Qualifications For Accounting Jobs In India
There are a lot of misconceptions that students hold regarding the studies of accountancy. Most of the students fear taking the path to this field, thinking it's all about mathematics. However, there is no absolute truth to this claim as accounting is a vast subject that contains a lot of concepts, including maths.
Also, the use of calculators during exams and then accounting software during jobs make it much easier. You do not have to spend hours crunching numbers! Let us have a look at the qualifications you will need to acquire for hunting accounting jobs in India.
Higher Secondary In Commerce Stream
As it is known, the Indian education system lays out the school curriculum in 10+2 format. The students have to choose between three streams, that are, commerce, science and arts. So, for becoming an accountant, you will need to take up commerce with subjects including economics, business studies and maths.
There are plenty of students who have a crippling fear for maths. But if you wish to achieve your goals, you should work hard at overcoming that fear. Whatever you will learn in these two years will strengthen the foundation of the knowledge you must possess.
Bachelor Degree In Commerce
After completing your schooling, you have to pursue a bachelor’s degree course. The total duration of every bachelor programme is 3 years. You will have 4-6 options to choose from the variety of subjects available. Precisely, you would have the following courses:
- Bachelor of Commerce (B.Com) in Accountancy (Honours) - This is the most commonly pursued bachelor degree in India. Students who start preparing for CA and CS (Company Secretary) programmes prefer this course as the subjects are familiar to them. If you enrol for this degree, you will study accounts as your major subjects while some additional subjects related to finance will be variable every year. Some universities keep a variation in the subjects offered depending upon the curriculum they follow. Therefore, you should search for the details of the state you live in.
- Bachelor of Commerce in Accounting & Taxation - If you have an interest in the taxation sector, this course is perfect for the same. The companies India hire accountants for tax preparation to guide them thoroughly during the tax paying process. You will be eligible for this role only if you hold a degree in accounting and taxation.
- Bachelor of Commerce in Accounting & Finance - This degree will make you eligible for high designations like Financial Analyst, Market and Risk Analyst, Investment Banker, etc. This programme focuses more on financial and corporate management of a company.
- BBA (Bachelor of Business Administration) in Finance Accounting - Although most of the people believe that BBA courses are for MBA aspirants which is all about company marketing, it is more of a misconceived notion. BBA courses are classified into different categories. Financial accounting deals with the business accounts of a company. You will be able to do financial reporting and manage the accounting standards very easily with this qualification.
Master Degrees and Diploma Courses
After completing your graduate degree, you may either opt for a professional course or go for higher education. All the above-mentioned bachelor degree programmes are available for a masters degree as well. If your college offers the courses, you may continue studying in the same. However, if not, look out for institutes that are within your reach and enrol yourself. Diploma programmes are of 2 years duration. In general, study pressure is lighter for diplomas than that of the master degrees. You should make a wise choice considering all your career aspirations.
It is no secret that the better qualifications you reflect on your resume, the higher will be your chances to secure your desired job. Besides, it is extremely important to take help from tuition classes for understanding the concepts in detail. You can opt for online tutors as a convenient alternative of home tutors. It will help you save time and energy as the need for travelling is eliminated.
How To Become An Accountant In India?
The career prospects and high pay scale of chartered accountants India and cost accountants India induce a lot of students to take commerce. The problem starts when the availability of so many courses graduate programmes creates confusion. You must be dwelling upon the thought of how to become an accountant in India? Well, the answer to this complex seeming question is much easier than you have assumed. Just focus on fulfilling the requirements laid down to reach your goal.
- Your first and foremost priority should be laying out a career plan. To become a certified public accountant, you must justify the Indian accounting standards and norms of India ICAI. Identify your capabilities and areas of interest. It will help you to sort out the post you would like to work on.
- Earn the appropriate degrees that you will need to be eligible for your chosen job role. Although every student has to appear for entrance exams and other preliminary exams, to qualify for becoming an accountant in India, it is important to acquire a graduate degree.
- Put all your hard work and dedication during the exams. Most of the students study for 16 hours a day or more to acquire a chartered accountant job. You will also need to muster up the courage to keep going in the process.
- Once you successfully clear your final exam of the selected degree, improve your communication skills and prepare for the interview. Apply for potential outsource accounting services in companies that match your requirements.
Becoming a successful accountant is like swimming in deep waters. You will have to keep patience and show perseverance throughout the learning process.
Scope of Accounting In India
Every sector, every business, every firm requires accounting services in India and the world. The demand for accountants in India is unmet at the end of almost every financial year. This indicates that vacancies for accountants and the scope of accounting in India are broad enough.
Professionals who can perform auditing, cost analysis, financial analysis, tax management, cost management, etc. are highly demanded in the market. The annual salary scale is also high enough as compared to other professions. You must keep an eye on the clock and work hard.
Benefits of Online Accounting Jobs
You might find it unusual to hear but online accounting jobs are available in India. The proficiency of online platforms enables numerous accountants to work from home. The salary offered for online jobs might not be as good as that of the offline ones, you can give it a try.
You will require minimal resources like the laptop or PC, high-speed internet connection and a decent work environment. You will neither have to travel every day nor pour out all the energy in the office. Work at the comfort of your home. Take help of online job portals to filter the availability as per your salary expectation.
You can do much more than accounting bookkeeping if you excel in the subjects and domain knowledge. The alternate career option is working as an online accounts tutor. Take the help of the Superprof platform, a leading name in the online tutoring industry, to set up your tutoring business.
Teaching is the noblest profession of all time, and Superprof will help you find eager young aspirants conveniently. Just create a profile and mention your qualifications and speciality. Any learner that falls under your predefined location will be able to contact you.
The career prospects for accountants are strong enough to help you lead a prosperous and luxurious life. You just need to constantly keep working hard and focus on your dreams.