A dream does not become reality through magic; it takes sweat, determination, and hard work. ~ Colin Powell
Accountants keep a business running by creating viable financial goals, fastidious records, handle complex finance and maintaining or abiding with legal compliance. In short, they form the backbone for many businesses and companies, and without them, the sector would collapse. This is the reason why the position of an accountant sees a high demand in the corporate and business sector.
Nevertheless, accounting in India is a common goal and many students aspire for Commerce graduation due to the same. The field presents a vast scope for the students, not only in the Indian borders but abroad as well. Moreover, the demand for Chartered Accountants has always seen a rise in the country, which is the sole reason why students should opt for a career in the same.
Becoming An Accountant In India
Becoming an accountant might not be easy if your mind does not blend with business, finance, and other company needs. So, choose the career only if you have an interest in how the Indian accounting system works for it and then decide to go with the flow. To start with, the basic requirement degree that would shape your path and lead you to be an accountant is a commerce platform. This needs to be chosen in the 10+2 where you get to learn all the basics including an introduction to tally management, bookkeeping, basic financial management, etc.
After that, the students will need to pursue a bachelor’s degree in Commerce (B.Com). Many aspirants also take the voluntary certification, which helps them demonstrate their expertise to employers.
Here are a few step-by-step guides for the aspirants of accounting-
Degree Level and field
As mentioned earlier, the basic degree requirement for becoming an accountant is graduation. The only suited field is Bachelor of Commerce, which gives the students scope to learn to account and explore through various options related to business and finance.
Certification and licensure
The aspirants of accountant often pursue Certified Public Accountant (CPA) program, which is required for specific positions. Generally, the CPA is the one dealing with complex accounting and financial statements. Here, the students will need to qualify the CPA examination. Further requirements may vary to appear for the exam but the candidate must have a bachelor’s degree in accounting. Experienced candidates can enjoy more preference.
For any field of expertise, experience plays the most essential part. For fresh candidates who are directly hired from their campus, experience may not be the sole requirement. Candidates who have at least internship experience can be preferred by the employer.
Undoubtedly, computer or software skills are now in demand even for the primary kids who are taking classes online. Most of the schools and colleges have also started resuming education online provided the pandemic. In the case of an accountant, he needs to be familiar with programs like Microsoft Excel, math organising and QuickBooks.
All of the above-listed factors are basic and important to consider if you are opting to be an accountant. Besides, these will train you for both the public and private sector.
Types Of Accounting
Degrees in accounting are available at various levels such as bachelor’s, associate, master’s and doctoral. Each of these accounting classes or courses will lead to a specific career path and students select it according to their interest. If you are confused as what should be the right path for you among these accounting standards, then worry not. Below, you will get to know these levels in detail to help you understand better. Just read through.
One of the important fields of studies in accounting, associate degree covers a wide spectrum of topics which will help students get better with the training. One can do both part-time and full-time courses (1-2 years), depending on the requirements. Some of the topics that the degree covers are basic accounting principles, payroll accounting, fundamentals of taxation, personal finance, business law, micro/macroeconomics and accounting technology.
This is a four-year-long programme that forms the base of the students in learning and adopting financial principles and terms. The course includes the financial statement, tax learning and documents, auditing, financial advisement, etc. The bachelor’s degree helps students to understand various aspects and requirements of accounts and is thus useful.
Master’s in Accounting (MAcc)
This program is ideal for aspirants of CPAs. The course helps students grab higher positions in competitive firms. Students who belong to an accounting background can complete this course in a shorter duration of a year. The program includes polishing of the previous lesson besides furthering knowledge in the same field.
This is the highest level of expertise which requires a lot of time. The program includes a full-time study option only, having three main components of studies: research, coursework and dissertation. In addition to that, there is a comprehensive exam. There is a specialised field topic to work on.
Opportunities For An Accountant
People enter the world of accounting services since it is believed to be a stable career option, which it really is. Knowing the accounting standard is an attractive option in education in India. Students take interest in the fact that it presents a varied scope all over the globe. Plus the ones with the finest and smartest brains become Chartered Accountant (CA), which is a whole level of a satisfactory career.
In addition to Chartered Accountant, there are other fields as well with extremely high demand and great packages. The main areas of operation are-
- Auditing (Auditor, Auditing Manager, Fraud Examiner),
- Taxation (Corporate Tax Accountant, Personal Accountant, Tax Consultant),
- and Forensic Account (Forensic Account, Fraud Consultant and Forensic Finance Investigator).
Other notable posts include Finance Manage, Financial controllers, Financial Advisors, Directors, Certified Public Accountant, Chief Financial Officer, Chartered Management Accountant and Company Secretary.
Most importantly, the demands of accountants are limited to business sectors and corporates. One can also be a professor in accountancy at an institute or university. This position can give you sheer benefit, great stability and less headache of work and management. Also, there is no denying that teaching is one of the most comforting jobs on this planet, where you are not answerable to any boss.
Self-Relied Career Options For An Accountant
Financial accounting is a skill rather than a degree, which can help you deal with your everyday expenses. An accountant can choose to be self-employed and create his/her own business plan. All the person will need is an accurate plan, investment according to it, advertisement and patience until the business take off.
If you have a flair in the field of accounting and finance, chances are, you will never be left without work and earning. Accounting students can do a lot more besides accountant jobs working with legendary brands. Check out below-
Small or new businessmen look for individual tax consultants to prepare their tax returns. Also, some of the vendors wish to seek advice to fill out their income tax return. By becoming a local tax consultant, you can make a decent earning. Moreover, if you flourish this with the help of business ideas and tools, you can make more money than corporate employees.
Business Or Financial Consultant
A degree in accounting can offer you skill and opportunity to work as an independent business and financial consultants. Here, you can work with fresh entrepreneurs and small businessmen or owners and provide them with financial success.
One can simply opt to educate others by becoming a private tutor, which requires zero cost investment. Starting accountancy classes online can be one of the most preferred things today because education is slowly adopting online mode. Besides, coaching and helping students and aspirants to flourish in their career is fruitful since you can earn at the comfort of your space. You can start offline private tuitions or online tutorials.
Moreover, if you choose to create an online business for tutoring students, you can take the help of several platforms such as YouTube, Superprof, etc to advertise about your service. While Youtube can help you create a channel where you can offer free educational lessons, Superprof can help you list yourself a teacher.
Undoubtedly, the demands for online accountancy teachers have also increased, so you can take this to your advantage of earning a decent amount of money at home.
Basic Benefits Of Learning Accountancy
Becoming an accountant can be a smart choice since the field has too many benefits compared to any other. Check out below-
- Unlimited career options: The students of accountancy have unlimited career options. He/she can make the most of these options and decide a decent career path.
- Stable jobs: The jobs for any types of accountant or consultants are extremely stable.
- Settle anywhere: The demand for an accountant is high in the whole world and hence, one can settle anywhere easily provided the job opportunity.
- Great packages: Money matters the most. It is the jobs of an accountant that deals with it to earn it.
Among the various assets humans possess, a degree is a vital one. Provided these short points on why choosing your degree as an accountant is an apt one, you must explore through the options on how you can get there.