Accounting

12/12/2014 Career

Introduction

Accounting is the branch of commerce which deals with the study of those
aspects which help in keeping financial records, summarizing, reporting, and
analyzing financial transactions etc. An accountant's work can range from
auditing, which is the formal analysis of an organization's financial
statements, to the daily bookkeeping that ensures the accounts are hunky
dory. An accountant makes sure that a corporation is telling the financial
truth to its shareholders, an individual is coming clean on his tax returns,
or a company has been paid all of its outstanding accounts.





Courses and Eligibility





Accounting is taught right from the intermediate class. In degree level the
subject is taught with much emphasis. One can take it as a pass subject or
an honours subject at the degree level. After completing BCom one can do
M.Com with specialisation in Accounting and finance.



Note: Computer accounting courses are now a days very much popular due to
its large employment opportunities. The computer accounting package like
Tally is quite useful for doing accounting works in offices. Hence young
intermediate or graduate after pursuing these courses can directly enter to
a private company as junior accountant.





Career prospects





With the rapid growth of banking and financial sectors in the country, the
demand for skilled accountants





has also been increased considerably. Today the world of finance and
investment banking attracts many top graduates to this field.



There is an array of career opportunities to suit all interests including
traditional auditing and assurance work, management consulting, corporate
finance, IT consulting, tax planning, human resources (HR) and insolvency.
The same is true for the large investment banks and financial institutions.



After gaining their professional qualifications, many accountants move into
senior management positions in large firms. The Chief Executive Officers
(CEOs) in many of the India�s leading companies are qualified accountants.
All Finance Directors (the step down from the CEO in the corporate
hierarchy) are accountants.



Accounting graduates can hold positions as follow:



Staff Accountant: This is an entry-level job, usually at public accounting
firms. Accountants sometimes go into the audit pool, which is a large group
of accountants who get picked out from time to time to work on audits under
the supervision of a senior, usually a chartered accountant.



Typically, freshers get the easier audit assignments, namely, cash accounts,
for instance, leaving the Swiss bank accounts and money-laundering
operations to older hands! In private accounting, the staff accountant may
have responsibility for managing particular accounts, such as accounts
receivable or accounts payable.



Internal Auditor: In this line, you'll basically do for a company what a
public accountant does for the public record: make sure that the value is
where it should be. It used to be a position one would cut their teeth on
before moving up, now accountants are staying at this level longer.



Budget and Credit Analysts: The budget section of an organisation usually
plans and manages corporate finances for the entire year or longer. The
government also employs thousands of budget analysts to do the same type of
work for public programmes and expenditure.



Credit specialists focus on whether or not customers or institutional
clients can repay a loan or credit line. Banks and other financial
institutions are the biggest employers of such analysts.



Senior Accountant: This is the level when you begin to live a little
comfortably. It is the second level in the public accounting hierarchy.
After a year or two at a public accounting firm, your paycheck improves and
you might get sent out alone to run an audit. This is also when a lot of
accountants, as many as eight out of 10, leave their firms for some form of
private corporate accounting.



Controller: Here is where you begin to be more of a rudder for the
organisation, taking on more and more decision and strategy-making
responsibilities. The responsibilities and pay will vary considerably
depending upon the size of the firm.





Controllers generally leave most of the actual number juggling to junior
accountants and take a more strategic role in the support side of the
business, planning the allocation of various funds throughout the company.



Manager: Okay, you're reaching the top now. If you get to this point, the
firm thinks you're partner material and you're probably giving the idea some
serious thought yourself.



You don't do as much hands-on auditing anymore, although managers often
handle sensitive issues such as an important client's creative bookkeeping.
Mainly, you plan and assemble audit teams and allocate various jobs. In most
cases, this is a five-to-seven-year test with significant competition from
your peers, who are also on the partner track.





Salary





Owing to rapid strides in the field of science and medical industry, today
biochemist professionals symbolize success and quick career growth. As a
trainee, one can start with a salary of Rs.8000-Rs.150000. one can command a
higher salary as the experiences raises, generally MNCs and private
companies pay higher.





Institutes



There are large number of colleges and universities in India offering
Bachelors and masters degree courses in Commerce with specialisation in
Accounting. The famous institutes for commerce in India are listed below.



SRCC, Delhi LSR, Delhi Loyola College, Chennai

St. Xavier�s College, Kolkata Christ College, Bangalore Madras Christian
College, Chennai

Symbiosis Society�s College of Arts & Commerce, Pune Presidency College,
Chennai St. Joseph�s Bangalore

Hansraj College, Delhi Ravenshaw University, Cuttack, Orissa Presidency
College, Kolkata

Delhi School of Economics (University of Delhi)

 



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