Career After Degree In Accounting: Scope, Jobs And SalaryJune 14, 2022 2022-06-14 9:58
Career After Degree In Accounting: Scope, Jobs And Salary
Career After Degree In Accounting: Scope, Jobs And Salary
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Career in accounting always remains in demand as it is needed for every business, from small-scale to large-scale, local stores to international brands, healthcare clinics to media agencies.
Accounting professionals are required in every industry. Accounting is one of the most respected professions in the world. Accounting is one of the high-paying and fast career placement fields. The demand for accountants is multiplying and outpacing.
In simple words, job opportunities in this field are better than ever. Over the last two decades, businesses have witnessed the rise of the Internet, tightening government regulations, frequent changes in tax law, globalization of companies, and constant shrinkage and restructuring. This means that the demand for accountants will increase, and more opportunities to pursue accounting as a career.
Scope of Career In Accounting
Career in accounting is considered one of the most critical fields in the Finance sector. Accounting is an industry that deals with summarizing, reporting, and analyzing financial transactions to maintain financial records. This is a study of how businesses track their income and wealth over a period of time.
Growing economic and commercial activities has made accounting an integral part of our daily lives. Every business requires accountant professionals to manage the business book. Therefore, accounting career opportunities are available almost everywhere, and accountants are in high demand, whether they are new businesses, big or small, home businesses, businesses, or government agencies.
A job in accounting provides experience in various aspects of accounting, from preparing and reviewing financial statements and analyzing budgets to advising on tax and various economic issues.
Accountants assess the current and future economic activity of individuals, businesses, nonprofits, and government agencies. In addition to preparing annual financial statements and recording commerce, accountants perform many tasks.
Accountant work focuses on auditing, budget analysis, taxation, internal accounting, financial accounting, etc. Auditing, a vital part of any business, includes the inspection of business books. The budget analysis creates and manages your organization’s financial plans. Taxation comprises the preparation of tax returns for specific individuals and businesses. Management accounting involves preparing for the analysis of assets.
Financial accounting means analyzing and recording transactions and accounts. Within the same field, there is another option called forensic accounting. Forensic accounting is the practice of using accounting, auditing, and investigative skills to support legal issues. Forensic accounting includes investigation accounting, i.e., legal investigation and analysis of contracts for corporate or client financial statements involved in criminal proceedings such as insurance fraud and employee theft, and assisting in proceedings dealing with calculating economic damages or losses resulting from a breach.
Career areas such as Chartered Accountancy, Company Secretary, Banking, Actuary, Cost, and Works Accountants are related to accounting. These are advanced areas of accounting that require specific qualifications. However, for an accounting career, which is an important area of finance, the primary qualification is only a Bachelor’s degree in Commerce. However, one can continue to study for a Master’s or Doctoral Degree in the field of interest.
Career options And Salary In Accounting
Pursuing an accounting career is a wise move, given the prosperous accounting outlook for work. With this in mind, below listed are some of the popular job profiles in the field of accounting:
An auditor inspects an enterprise’s economic data and assessments for accuracy and reliability. The function of an auditor can range from relying on the enterprise or the sort of auditor – internal, external, government, or forensic.
An auditor’s responsibilities consist of organizing and analyzing economic statements to conform with laws, making best-exercise suggestions to management, and making sure taxes are filed well and on time. The average salary of an Auditor is Rs.0.8L to Rs.9L PA.
2. Information and Technology Accountant
There is a growing demand for careers in technology and accounting. Information and technology accountants are responsible for the systems companies use to organize and report financial data.
This role requires knowledge of accounting and information technology and is ideal for natural problem solvers who are interested in identifying technical solutions. The average salary of an Information & Technology accountant majorly depends on the years of experience.
|0-2 Years||Rs.1.5L to 3L PA|
|3-6 Years||Rs.3L to 5L PA|
|7- 10 Years||Rs.6L to Rs.10L PA|
|10+ Years||Rs.12L to 18L PA|
3. Senior Financial Analyst
The job of a financial analyst is to assess a company’s financial position and assist in making investment decisions. This role is much more flexible than many other accounting operations, as the responsibilities of a particular financial analyst can vary from company to company. This position appeals to anyone interested in data acquisition, financial modeling, spreadsheets, investment dissertation writing, communication with investors and management, and forecasting. The average salary of a senior financial analyst is Rs.2L to Rs.9L PA.
4. Forensic Accountant
Forensic accounting is one of the fastest-growing roles in law enforcement. Forensic accountants investigate fraud and use accounting skills such as audits to provide a legal opinion in a court of law. They need to be highly detail-oriented as judges, lawyers, and juries will be scrutinizing those reports in court. The average salary of a Forensic accountant is Rs.3L to Rs.11L PA.
5. Managerial Accountant
The managerial accountant is responsible for the cost, profit analysis, planning, and preparing of financial reports for internal staff. Their main goal is to support senior management in making informed and economically responsible decisions. Some duties include operational and cost-based planning coordination, forecasting, product process monitoring, incremental costing, and business optimization. The average salary of a Forensic accountant is Rs.3.5L to Rs.25L PA.
The controller supervises the company’s accounting department and oversees high-level financial strategies. The manager’s primary responsibilities are financial statement storage, payroll, budget preparation, general ledger, tax compliance, etc. The average salary of a Controller is Rs.6L to Rs.30L PA.
7. Chief Financial Officer
The duties of a CFO vary from company to company, but there are some critical areas where every CFO should excel. These include financial management, performance, business strategy, and risk management. The CFO is a cross-functional leader that helps companies make sound financial and business decisions. They execute revenue strategies and access financial risks and opportunities. The average salary of a CFO is Rs.15L to Rs.3M PA.
The need for accounting professionals is expected to increase by 7% by 2030. The reported starting salary figures for graduates with a degree in accounting were higher than those in finance or MBA. Accounting is considered ” the language of business,” and applying insights in this area is critical to a company’s success. It all adds up, given that professional accountants can serve almost every position, from individual owners to senior management within an organization.