The accounts and finance section is considered as the backbone of every commercial activity be it a small-scale business entity operating in a small countryside or a multinational company having its trading activities virtually all over the world. It is unimaginable to think about commercial activities without involving accounting and financial transactions and certainly not in the present scenario when the whole globe has acquired the status of one market. Today when globalization has become the buzz word there is a lot of scope in finance -so in spite of the global slowdown "finance and accounts” - two different but correlated fields - are exciting not only as a subject but also as a career option with the greater expansion of the global economy. With banking companies growing at such a fast pace there won’t be any disappointment for new entrants in this field of accounts and finance. In the coming few years there will be great requirements for trained professionals from lower rug to the top management level to oversee the accounting and financial activities of the commercial establishment coming up throughout the world. The younger generation can foresee a great future in this career option according to their professional training and the level of education they attained to fit in the hierarchy starting from an “Accountant” to a “Financial Advisor” i.e., at the apex of the finance department or a “Chief Finance Officer” the counterpart of Financial Advisor in the accounts department of a business entity engulfing several middle-level below-given jobs between the two extremes. The younger generation aspiring to join this sector can enter one of the fields given ahead.
Finance management is the backbone of any organization whether it is a corporate, a big business house, or a financial institution. As much as it is a crucial aspect of a successful and profitable business, Financial Management provides a number of job options ranging from financial planning to sales.
Equity: Basically a book-building process offering services as an underwriter of equity and equity-linked offerings / IPO etc, & provides innovative structured products throughout domestic and international markets. To enter this subdomain of financial markets expertise in executing Buybacks, and extensive knowledge of local markets and global resources are required.
Debt Sales: Professionals in this field distributes various fixed Income products-fixed income and mutual fund products to institutional investors and corporate which include financial institutions, insurance companies, banks, mutual funds, foreign institutional investors, provident / gratuity funds, religious/educational/charitable trusts.
Investment Banking: Providing clients with financial and advisory services to ensure clients have access to capital markets through a wide range of innovative debt and equity products. Aspirants must have experience as underwriters and securities brokers. An Investment bank looks to provide innovative solutions to help clients achieve their goals.
Stock Markets, Stock Brokers & Investment Analysts: Taking over by SEBI and inflow of the Foreign Institutional Investors in India has made it exciting and secure for professionals seeking career opportunities in Stock Brokering & Investment Analysts. The corporatization of stock exchanges has seen this sector becoming more mature and professional. Many new instruments have been introduced in the markets, including index futures, index options, derivatives, and options and futures in select stocks. Those interested in a career as an equity analyst can pursue the postgraduate diploma course in Equity research and analysis offered by The Institute of Chartered Financial Analysis of India situated in Hyderabad, India. A graduate in commerce can pursue the profession of a broker. To get membership in the stock exchange, one has to go through training under a broking firm for a period of a minimum of 6 months.
Venture Capital: There is a lot of scope for a career in this field for finance professionals as India ranked the third most active venture capital market in the Asia Pacific (excluding Japan). The continued deregulation and increased competition are expected to result in Indian financial services reaching approx US$ 100 billion by 2015
Accounting or financial managers are the people responsible for overseeing and maintaining the financial strategy and history of a company. The accounting manager is focused more on financial reporting, while the financial manager is focused on strategy and money management. Financial analysts and managers use past accounting data in their decision-making, however, the number one role of the financial manager is to oversee the production of financial analysis and reports to help the company with decision-making, business development, strategic planning, and alliance management. Through the use of these reports, the financial analyst plays an important role to shape the company’s investment and business growth. Cash management strategies developed and implemented by the financial analyst help the company to grow efficiently and allow it to attain maximum profitability in its investments.
On the other hand Accounting managers working in a corporate setup perform functions relating to tax reporting and management besides creating income statements inside of controller and audit groups. This career path may bring one to the positions of corporate treasurer, corporate controller, or CFO (chief finance officer). Professional accountants working for a public accounting company will perform functions similar to those performed by independent audit or tax consultants. An educational history or background based in accounting, either as a Masters's degree or as a finance MBA, will give you some of the coursework you need to have in order to take the CPA (Certified Public Accountant) exam.
Corporate Controllers the in charge of preparing a company’s financial reports to forecast and compile the company’s financial status. In addition, a controller will frequently be over the budget, auditing, and accounting departments of a company.
Chief Financial Officers: The top financial executive of an organization supervises all accounting and financial operations, along with administering the company’s financial policies and strategies. While Responsible for all financial and management duties in a small-scale company the CFO may delegate some or all of the responsibilities to other managers or vice presidents within the company.
Finance officers other than the CFO and treasurers oversee and guide a company’s financial objectives and budgets. The financial officer may formulate and implement strategies to raise capital, oversee cash management, or manage the company’s capital investment activity. Financial officers also play an important role in a company’s merger/demerger and acquisition activities.
Cash Managers are responsible for overseeing and controlling cash flow. He /she is also responsible for ensuring that the cash position of the company is sufficient to meet current and future needs.
Risk and Insurance Managers: Business operations and transactions involve a certain amount of risk. Risk managers and insurance managers work to minimize the amount of loss a company incurs and the amount of risk it is exposed to.
Management Consultants work to help companies to come out of a wide variety of problems and issues.
These issues may be anything from profitability improvement of the company to corporate restructuring to making financial strategy. The MBA going into this field should have either an expert understanding of a wide base of knowledge or be highly skilled in two or more subgroups. The management consultant will also help companies with cash management and emerging market analysis.
Investment Bankers will work simultaneously with corporations needing capital to expand and institutions or investors with capital to invest. An MBA is an enormous asset in this field as the investment banker will be giving investment advice to his or her clients regarding raising capital. Most investment banks have a corporate finance division that assists clients in structuring financial instruments such as stocks/shares or bonds to raise capital.
Investment Banking Associates: Fresh MBAs in finance are usually one level above the entry-level position as an analyst typically obtained by persons with only an undergraduate degree. Equities research and consulting for private clients are also frequently chosen as career paths for MBAs with a focus on investment banking.
Investment Sales Associates and Traders assist corporate or institutional investors in the purchase and sale of securities such as stocks and bonds. The sales associate makes recommendations and helps with the analysis, while the trader actually executes the orders for the client.
Credit Managers and Specialists are in charge of managing the credit a company may issue to its clients or others. Credit managers formulate criteria for rating risk and credit, determine the maximum amount of credit to offer, and supervise past-due account collections.
A Chartered accountant is one who is specialized in accounting, auditing, and taxation. He also serves as a management and corporate caretaker. In recent times, accountancy has become popular as a profession.
The growing importance of trade and industry along with the rapid growth of capital and money markets in an economically developing nation like ours has increased the importance of accounts and finance professionals thereby making it a lucrative career aspect to join and make their fortune not only in India but also in countries like England, Wales, and Australia because the financial training institutes in India like ICAI is well recognized by Institute of England, Wales, and Australia. The members of ICAI can practice or they can go for employment in these countries. Since ICAI is a member of the International Federation of Accountants committee and also the international federation of Accounting Standard board, one can do their services in these countries. But for practicing they should undergo a particular examination conducted by the respective countries. The examination conducted by UNA is called CPA, Certified Public Accountant Examination.
