Accounting is the dialect of the world business and economy. It is not just about numbers and balance sheets but a conceptual backbone of the commerce industry. The growth of the finance sector depends upon the sharp skills of an accountant. Whether it be a chartered accountant or a Finance Director, every professional plays a vital role in the financial growth of a company.
Most of the commerce students dream of acquiring any of the professional job titles so that they can join the workforce of accountants in India.
Speaking of accounting, the first thing people start conceptualising is that accounting jobs are all about looking after ledgers and journals of a firm. It is for the students who are “mathematics genius”. However, none of these thoughts is true as the profession involves statistics, law, business theories, economic and analytical knowledge, technology, etc. apart from making balance sheets! Also, there are numerous opportunities and distinctively classified job roles. If you are a commerce enthusiast, and accounting is what boosts your will power, try exploring the several accounting professions in the country.
Scope of Financial Accounting In India
Financial accounting is one of the seven accounting disciplines that are subject to different job criteria. The work deals with analysing the financial activities of a firm. The scope of financial accounting in India lays out to specific work platforms. The first one is “cash accounting” that strictly focuses on recording the cash transactions of a company. So, you will need to look after the bookkeeping activities, including journals, ledgers, cash flows, etc. If you are good with the number game and all your basic accounting skills are at par, try considering cash accounting as a primary job role.
The second type of financial accounting is the “accrual accounting” which is a quite uncommon line of work. In the financial terminology, “accrue” implies gathering an item and binding it legally even if there is no cash transaction. Your work will be to record the “accounts receivable” and “accounts payable” in the record of the company. You may go for this job if your understanding of credit tools is strong.
Reasons To Choose Finance Jobs
Being an accounting student if there is one thing that you can rely upon, is the availability and scope of a good career in finance jobs. As long as the market is running, it will keep generating accounting work requirements in almost every sector. You will not run out of chances and possibilities if you possess the required skills and credibility. Several reasons will compel you to take up a job in the finance sector.
- Job Security - Job security in the finance sector is the highest since there are several industries to work. You can work in the manufacturing sector, the trade sector, corporate and non-corporate sector, government agencies, hospital and services sector, etc. And since the employers seek experienced and reliable individuals in the finance arena, you will not have to worry about losing your chances.
- Work Challenges - Finance jobs come with a lot of different challenges every day, so the work process will help you grow your knowledge and skills. The inevitable market fluctuations create new circumstances that will push your boundaries. So, you will be able to make discoveries and set an example for others to follow.
- Handsome Salary - An experienced chartered accountant can earn up to 30 lakhs per annum. If you go through the placement records of India, the yearly package is high enough to compete with the salaries of chartered accountants Ireland and chartered accountants England as well. Financial analysts with a minimum of 5 years experience also earn a significant amount every month. So, you will have a financially secured future if you succeed in the finance sector.
- Balanced Lifestyle- Some of the professions in the corporate world require vigorous work hours. However, the most appreciated professions in the accounting field will need you to dedicate the standard hours. This implies you can conveniently balance your personal and work-life.
CIMA Examinations In India
CIMA (Chartered Institute of Management Accountants) is a global organisation that offers an accounting qualification for building a career in finance and business. It enjoys worldwide recognition with its presence in as many as 176 countries. If you qualify the CIMA examinations, you can do any job in financial reporting, business analysis, corporate finance, project finance, risk management, treasury management, financial analysis, etc. While chartered accountant qualification in India has a limited scope outside the country, a CIMA qualified individual can also work with accountants London. The CIMA degree course takes 2-3 years with a course structure that has four divisions.
- Accounting Level - This level comprises four objective-based examinations. Once you qualify all the exams, you will receive a certificate in business accounting by CIMA.
- Operational Level - There are three objective-based and one case study examinations under this level. Caring this level successfully will get you a certificate in management accounting.
- Management Level - Just like the operational level, the management level also comprises four exams, out of which three are objective-based and one is a case study. You will be getting a CIMA advanced diploma certificate in management accounting.
- Strategic Level - This is the final level that will get you the ultimate certification of assessment of the practical experience. You will have to give three objective-based exams and one case study.
CIMA Examinations are not very popular in India, but you can get decent jobs across the world if you acquire the certificates.
Syllabus of ICWA Examinations
The ICWA (Institute of Costs and Works Accountants) is one of the most renowned accounting schools in India. It has been serving the cost accountant certificate to aspirants since 1969. Becoming a cost accountant is a dream of thousands and if you share the same aspiration, you should know the course details of the same. Just like the chartered accountant examination, the cost accounting course also has three major levels.
The foundation level has four papers of 100 marks each. The first paper is on the fundamentals of economics and management, the second is fundamentals of accounting, the third is fundamentals of laws and ethics, and the fourth paper is fundamentals of business mathematics and statistics. You will need to clear all the papers in the first attempt to reach the next level of the course.
The intermediate level comprises eight papers of 100 marks each. All the papers cover the syllabus of financial accounting, governance, taxation, operation management, cost management and audit. Some of the students find the intermediate level toughest given the concepts are all distinct from one another.
The final level also comprises a total of eight papers of 100 marks each. The final level papers touch the practical sections of accounting. It covers business strategies and corporate laws, tax and advanced financial management, financial analysis and business validation.
Once you clear all the aforementioned ICWA examinations successfully, you will be eligible to receive the prestigious cost accountant certificate. It takes 4-5 years to complete the course after clearing all the papers in its first attempt.
Best Courses To Pursue In Accounting
The career prospects in the accounting and finance sector are worth all the effort, hard work, and dedication of 4-5 years. You will face tough competition as there are lakhs of students who give their cent per cent every year. However, if you are self-sufficient in identifying your strengths and then choose one of the best courses to pursue in accounting, you will have a secured and financially stable future.
- Chartered Accountant - Almost every commerce student considers being a chartered accountant given it opens doors to numerous job opportunities in almost every sector of the country.
- Cost Accountant - Cost accountant course is a lot more difficult than chartered accountant certification. However, you can get your desired job if you successfully clear it.
- Company Secretary - Company Secretary is a two years course that also offers vacancies in many sectors.
- CMA (Certified Management Accountant) - A chartered management accountant usually gets a slightly higher paycheck than the chartered accountants.
- CFP (Certified Financial Planner) - The certified financial planners assist their employers in taking profitable financial decisions for the company.
- Financial/Cost Analyst - Unlike the accountants and financial planners, the analysts have to research and scrutinise several market reports to find the best solutions in the favour of their employer.
The career options in the accounting field are all distinct from one another and yet serve the same benefits to the candidates. That is why you can rely upon the industries and sectors to cater your needs if you justify the job description. A financially stable and sound career is what we all desire. So, you should not cringe away from the hard work that you will have to put in for completing a course in accounting successfully. Stay focused, and make the right decisions along the way to achieve success!