Accountant - How to become an Accountant

About How to become an Accountant

Accounting is constantly in demand since it is the backbone of any corporate entity. Accounting and Accountants are required in all industries. It is one of the most prestigious occupations in the world.

"Accounting is the practice of maintaining financial records. It evaluates the economic operations of a firm and communicates this information to investors, creditors, management and regulators".

Accountants, on the other hand, are accounting practitioners and professionals. Chartered Accountants are recognized specialists in various domains.

Accounting is classified into four types: financial accounting, management accounting, auditing, and tax accounting.

Who exactly is an Accountant?

An accountant is a specialist in different elements of personal and commercial finances. Accounting is the measurement and management of financial data that assists investors, managers, business owners, and other persons in making informed financial decisions. An accountant's responsibilities include keeping track of business transactions, monitoring and reporting on a company's financial performance, and preparing financial statements.

Most businesses and professions use the services of an accountant for a variety of financial services. Accountants keep financial records for their clients, arrange them, analyze them, and interpret them. This profession has a promising job outlook and provides work stability in a high-demand market.

Accountancy courses that can be taken:

Diploma Course in Accounting & Finance - 1-year duration

Bachelor’s Courses:

• B.Com in Accounting & Finance - 3 years
• B.Com Accounting & Taxation - 3 years
• Bachelor of Commerce in Accountancy - 3 years
• BBA in Accounting & Finance - 3 years

Eligibility Criteria - For admission to undergraduate courses in accounting, the minimum educational qualification is 10+2 passed with commerce subjects like Accounts, Economics, and Mathematics required.

Master’s Courses:

• M.Com in Accounting and Finance - 2 years
• MBA in Finance & Accounting - 2 years
• Master of Commerce in Accounting and Auditing - 2 years
• Post Graduate Diploma in Computer Accounting & Auditing - 1 year

Eligibility Criteria - Minimum educational qualification of a bachelor’s degree in the relevant discipline is required for admission to master’s courses in accounting.

For advancement in studies, you can also pursue a Ph.D. degree.

How to become an Accountant?

Steps to Becoming an Accountant

Step 1: Enroll in a degree program - Choose commerce stream after class 10

After finishing your 12th grade, you may be required to take an undergraduate entrance test to get admission to a commerce institution. When you enroll in a bachelor's degree program, you will learn about topics such as cost accounting, corporate accounting, tax regulations, and business communications.

Step 2: Choose your Career Path - Get an Internship

An accountant should have a keen eye for detail, solid mathematical skills, commercial acumen, and analytical abilities. Internships will allow you to hone these abilities by exposing you to real-world job contexts.

Step 4: Complete your Degree - Choose a Specialty

You should determine the expertise you wish to pursue. If your degree and certifications are applicable to a certain specialty, try applying for a position in the field using your expertise and skills.

Step 5: Find a job - Consider pursuing an Education and Getting Certified

If you wish to become a chartered accountant after receiving your bachelor's degree in commerce, you may need to take extra courses to guarantee you have all of the necessary qualifications.

Accountant - Scope

Accounting positions range from entry-level to executive-level. Accountants are extremely vital in any business. It is a critical component of every corporation for payroll, audits, and financial administration. Accountants are in high demand due to the unique needs of various businesses. Qualified individuals can find work in the public, private, or non-profit sectors. You can choose from a variety of job paths, including clerk, payroll clerk, and accounts clerk.

A position in public accounting will provide you with expertise in many various aspects of the accounting business, from financial statement creation and review to budget analysis to tax work to advising and advising on a variety of financial difficulties.

Accountant - Jobs & Career Opportunities

Accounting is one of the most popular job options among Indian students.

Those interested in a career in accounting have several alternatives. Accountants are employed in both the public and private sectors. If you want to be an accountant, there are several job opportunities accessible to you. This training allows you to apply for a variety of jobs. One can even work outside of India.

Every firm needs an accountant to monitor and preserve the company's financial records. It allows the company to assess its success or failure and prepare for the future. In this profession, several roles are available. There are lucrative opportunities for chartered accountants both in India and abroad.

In this discipline, one might pursue a teaching career. Accountancy businesses, insurance companies, and banks all have job openings. You also work in private organizations or businesses.

Job Profiles in the Accounting field are as follows:

• Company Secretary
• Chief Financial Officer
• Certified Public Accountant
• Chartered Management Accountant
• Directors (Finance)
• Financial Advisors
• Finance Managers
• Financial Controllers

Employment Areas

• Audit
• Budget Analysis
• Financial
• Management Accounting
• Public Accounting
• Real Estate Finance
• Tax

Accountant - Top Recruiters

• Bharat Electronics Ltd
• HPCL
• ITC Limited
• Tata Motors
• Vedanta Ltd
• Wipro limited
• Ujjivan Financial Services Ltd

Types of Accountant

1. Financial Accountant

A financial accountant is a professional that is in charge of summarizing and reporting the transactions of a company through financial statements. They are also in charge of distributing this information to other departments inside the firm so that they can work on budgets and investment decisions. To become a financial accountant, you need to have a bachelor's degree in commerce and some experience working with accounting software.

2. Auditor

An auditor is an accountant who performs audits of an organization's financial statements, accounting records, and financial systems. They are also in charge of giving their clients financial advice. Many organizations use independent auditors to do annual audits and guarantee that the records are proper. Several auditors specialize in certain industries.

3. Forensic Accountant

Forensic accountants investigate financial misbehavior or fraud. They do extensive investigations and analyses of financial information to identify any irregularities. They also examine financial documents to see whether they are in accordance with the government's financial regulations and laws. Forensic accountants frequently act as litigation or investigative support professionals, reviewing insurance claims, bankruptcy, tax evasion, divorce, and business valuation issues.

4. Government Accountant

Accountants are required in almost all kinds of governance. Government accountants work for many governments, including the federal and state governments. Their major responsibility is to guarantee that governments use public money wisely. A government accountant may also assist the government in developing a budgetary strategy for each fiscal year. A bachelor's degree in accounting is required to work as a government accountant. A master's degree in accounting, taxes, finance, or business administration is also an option.

5. Management Accountant

Management accountants are financial specialists that assist business owners and managers in making solid financial decisions for their companies. A management accountant may generate firm budgets, risk assessment reports, profit analysis, and external financial reporting. This personnel must also compile and present a company's financial features in a way that others can comprehend. A bachelor's degree in accounting is often required to work as a managerial accountant.

6. Cost Accountant

A cost accountant examines all of the expenses incurred by a firm in order to execute its operations. They also examine all expenses associated with labor, materials, production, shipping, and other day-to-day activities. Cost accountants aggregate this information and provide it to corporate executives in order to assist them to make sound financial decisions. Its principal goal is to assist businesses in increasing their profitability.

7. Staff Accountant

The most frequent sort of accounting professional is a staff accountant. They are frequently employed by a corporation or organization. A staff accountant's duties and responsibilities often include monitoring payroll, generating financial statements, reconciling accounts, managing accounting, and evaluating financial data. The tasks of a staff accountant at work may vary based on the size and nature of the organization for which they work.

8. Investment Accountant

An investment account is a person who works in the field of investing. They are often analytical, detail-oriented, rational, and careful, with a thorough understanding of laws and regulations. They are often employed by a brokerage and asset management organizations. These accountants are well-versed in stocks, bonds, currencies, and other financial instruments. They also play an important part in formulating their clients' financial strategies.

Accountant - Salary Prospects

Accounting salaries are determined by the job you have in the accounting department. Accountants and auditors receive an average monthly pay of Rs. 61,690.

An accounting manager's annual salary is Rs 606,014 on average. Employees with experience see their pay slowly rise. In the private sector, Chartered Accountants (CA) earn a good living. Employees in the government sector are paid 3.5 lakhs per year with additional benefits.