The definition of a business in the modern era has changed. The way we looked at the business industry a decade or two ago is not the same. Modern businesses are greatly influenced by technology, which not only has widened their reach but also has allowed them to curate their services for the targeted audience. The mere ‘buying and selling’ idea of business has long ago been transformed into a more customer-centric approach where businesses seek to increase their clientele through interactions with the customer. This has created an array of job roles and one of the most important of them all is that of an Accountant. In this blog, we will cover various aspects of pursuing a career in Accountancy.
This Blog Includes
- What is Accountancy?
- Roles and Responsibilities of an Accountant
- Eligibility Criteria
- Courses in Accountancy
- Universities Offering Accountancy Courses
- Accountancy Entrance Exams: India and Abroad
- Pursuing Accountancy After 12th
- Applying for CPA Certification
- Eligibility Criteria for CPA
- What Can You Do With a Degree in Accountancy?
What is Accountancy?
One of the widely sought after options while pursuing a career in Commerce stream, Accountancy deals with the recording, classifying and reporting of business transactions for a company or an individual. In the simplest terms, understanding of Accountancy enables one to manage the expenses and income of a business. Providing feedback to the management regarding the financial transaction and results of an organization. The main tasks involved in the process of Accounting includes issuing invoices, recording cash and paying employes besides keeping a track of the financial status of the company.
Do you know who is regarded as the father of Accountancy in India?
K.S. Aiyar (1859- 1940) is a pioneer name in the fields of Accountancy and Commerce.
Roles and Responsibilities of an Accountant
Now you might be wondering what do you do as an accountant? The Accountant is perhaps the most important person in any business organization or the go-to person for many business organizations. Performing an array of tasks, Accountants are revered as the financial physicians for their multitasking role at the company. Besides checking the financial health of the company, an Accountant is likely to perform the roles listed below:
- Managing financial systems and budgets
- Conducting financial auditing
- Providing financial advice to companies or clients
- Advising clients on tax planning
- Overseeing and checking potential for business acquisitions and mergers
- Keeping records of accounts and management of information
- Detecting and preventing fraud
- Dealing with financial irregularities
- Preparing monthly and annual financial statements
- Forecasting risks and devising strategies to tackle them
Also Read: Diploma in Financial Accounting
To pursue a career in the field of Accountancy, the entry requisites differ in terms of the study destination and academic institution. If you are planning to pursue Accountancy courses in India, here are some of the important points under eligibility criteria-
- For Diploma Courses: Basic qualification of 10+2 from a recognised institution
- For Bachelor’s Courses: Basic qualification of 10+2 with a minimum required score
- For CA or other professional courses in Accontany: Qualification of allotted entrance exam
If you are planning to study abroad, the basic eligibility criteria to pursue courses in accountancy is-
- For Diploma Courses: Basic qualification of 10+2 from a recognised institution
- For Bachelor’s Courses: Basic qualification of 10+2 with a minimum required percentage and stated score in SAT and ACT exam
- For Masters Courses: A degree in accountancy along with a valid GMAT or GRE score
- A good score in English language proficiency exams like IELTS, TOEFL or PTE.
Courses in Accountancy
Universities all over the world offer courses in Accountancy. A bachelor’s in commerce is good to start with. Giving you an overview of the field and in-depth knowledge of the subjects, the course spans over 3 years. BBA is a comprehensive all in one degree to give you a firm understanding of Finance, Accounting, Business Law, etc. A specialization degree or a diploma can also be done to further your skills in the field. A masters degree in Accounting can be done to gain extra knowledge of the field while a PhD is for those who wish to go into the research aspect of the field. Tabulated below are the popular courses in Accountancy-
|Bachelor of Business – Accounting Major||3 Years|
|Bachelor of Arts in Accounting||4 Years|
|Bachelor of Business Administration in Accounting||4 Years|
|Bachelor of Accounting and Finance||3 Years|
|BA (Hons) in Accounting and Finance||3 Years|
|BSc (Hons) Accounting and Finance||3 Years|
|Bachelor of Commerce (Honors) – Accounting||3 Years|
|Bachelor of Commerce (Accounting)||3 Years|
|BBA (Accountancy)||3 Years|
|BA (Honours) in Accounting and Finance||3 Years|
Universities Offering Accountancy Courses
Many esteemed universities in India as well as abroad offer a bunch of courses in Accountancy ranging from Bachelor of Commerce in Accountancy to Bachelors of Business Administration in Accountancy. As per the choice of your course, you can select a university after exploring various features like Faculty, Research Opportunities, Placement Opportunities, etc. Here are the prominent universities of India and abroad offering courses in Accountancy-
|Universities Abroad||Universities in India|
|–Auckland University of Technology|
–Michigan State University
-Texas State University
–Australian Catholic University
–University of Liverpool
-Ontario Tech University
–University of Reading
–University of South Australia
–National College of Ireland
|-Shri Ram College of Commerce|
-Lady Shri Ram College for women
-St Joseph’s College of Commerce
-Lovely Professional University
-CRM University -Amity University
-The Heritage College
Accountancy Entrance Exams: India and Abroad
To make your way through accountancy courses, it is necessary for the candidates to showcase the required educational qualification and qualify for certain entrance examinations. Presenting a good score in the entrance exam is important for seeking admission in accountancy courses in India as well as abroad. For National level courses like Chartered Accountancy as well as universities offering bachelors and diploma courses, it is mandatory for candidates to clear the below-mentioned entrance exams-
|Entrance Exams for India||Entrance Exams for Abroad|
|– ICWAI exam|
– ICSI exam
-ICAI exam (CA Foundation)
-JMI Entrance Exam
-SHIATS Entrance Exam
Pursuing Accountancy After 12th
Some of the students take another route to pursue a career in Accounting. Right after 12th class, students can go for exams to qualify for the colleges that specialize in Accounting only. The colleges are highly professional and demand a great level of hard work to crack the entrance exams. Owing to the level of competitiveness and a diverse syllabus, the exam is considered among the toughest exams in India. But with a strategic study plan, dedication and good resource material, you can crack the exam. After studying the course for the required duration, you are given the certification as an Accountant. Though this process is the shortest to pursue a career in Accountancy but having a bachelor’s degree reinforces your skillset and adds to your knowledge base in the subject.
Applying for CPA Certification
In the field of Accountancy, CPA or Certified Public Accountant exam is of the highest standard all over the world. Administered by the American Institute of Certified Public Accountants (AICPA), the world’s largest accounting body, the certification exam is one of the toughest exams in the world. The exam has numerous benefits which include global recognition, advanced academic excellence and flexibility to work anywhere in the world.
The syllabus of the exam is divided into four sections:
- Auditing and Attestation (AUD)
- Financial Accounting and Reporting (FAR)
- Regulation (REG)
- Business Environment Concepts (BEC)
Eligibility Criteria for CPA
In order to apply for the exam, the candidates should be:
- Member of the Institute of Chartered Accountants of India.
- Member of the Institute of Cost and Works Accountants in India.
- Member of the Company Secretaries in India.
- Master of Commerce
What Can You Do With a Degree in Accountancy?
The business field offers endless possibilities to and a range of opportunities to build a career upon. With the rising need for trained professionals, employers are in tough combat to recruit the best in the field. Pursuing a bachelor’s degree from a reputed college increases your chances of landing in a high earning jobs. Offering lucrative salary packages and higher prospects for growth, the job of an Accountant is an important one. In coming years, with the advancement in businesses, the jobs in the field are expected to shot up which is a good thing to bank upon.
Some of the job roles suitable for you after earning a degree in Accountancy are listed below:
- Actuarial Accountant
- Budget Analyst
- Capital Accountant
- Financial Controller
- Business Valuation Specialist
- Certified Financial Planner
- Cost Accountant
- Forensic Accountant
- Real Estate Appraiser
- Financial Analyst
- Tax Consultant
Pursuing a career in Accountancy can open doors to a number of opportunities. Whether you want to work in the country or abroad, with a valid certification
Accountancy is the parent term in finance which means to communicate the financial information of an organization to the client while as Accounting falling under the domain of it, is simply an act of keeping records.
The rising demand for professionals in the field has made it among the top-earning jobs which makes it a good career option.
For those who have a love for numbers, a career in Accounting is all they need.
– Revenue Recognition Principle
– Historical Cost Principle
– Matching Principle
– Full Disclosure Principle
– Objectivity Principle
Luca Pacioli, an Italian Mathematician is regarded as the father of Accounting or Bookkeeping.
Experts advise that to qualify the exam, 300-400 hours of study is needed. But if you have a strong base in the subject, studying for 100 hours would suffice.
Mathematics is central to being an Accountant. If you are good at maths, you are likely to succeed in the field.
Opening doors to a spectrum of opportunities, pursuing a career in Accountancy is a dream for many commerce aspirants. A degree from a reputed school followed by certification is set to guarantee you a luxurious career. If you are planning to study in one of the top colleges around the world, reach out to us at Leverage Edu. Our experts will guide you to choose the institution which is best suited for you. Book your 30-minutes free counselling session with industry’s leading career counsellors now!