Diploma in Financial Accounting

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Diploma in Financial Accounting

From preparing balance sheets and cash flow statements to gauging investment, risk and capital structure of firms, a career in financial accounting places you right in the thick of things. It not only involves intensive study of accounting concepts but also incorporates the study of finance, marketing, tax along with modern computer accounting software, for instance, Tally. Interested students can go on to build a career in finance, international business, marketing and other allied fields. Moreover, the demand for professionals with expert knowledge of financial accounting in this field is felt throughout big and small companies alike. This blog, in particular, will focus on the shorter-termed Diploma in Financial Accounting and what it entails.

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Overview: Diploma in Financial Accounting

Offered as a 1-2 years course, the Diploma in Financial Accounting program not only imparts in-depth theoretical knowledge of financial accounting but also aims to build practical accounting-related skills. The training in computer-related software such as Tally and QuickBooks included as part of the course enables students to apply learned accounting concepts and principles through computers in a practical setting. The course comprises the study of basic concepts of business principles of accounting, modern practices and processes, financial statements, cash flows, capital structure, mercantile and corporate law and interpreting them in real-life business situations. Individuals develop an understanding of taxation, business ethics and applied research as well. Furthermore, a Diploma in Financial Accounting equips students with the necessary concepts and techniques, builds competence in managerial aspects and develops the expertise to handle constant challenges in the financial sector. The course focuses on strengthening analytical and problem-solving abilities along with communication and interpersonal skills.

Highlights: Diploma in Financial Accounting

Full-Form Diploma in Accounting and Finance
Duration 1 years-2 years 
Eligibility  10+2 Mathematics
Admission Process Based on the merit and Entrance Exam
Average Course Fees India- INR 10,000 – 5,00,000
Abroad- INR 9 Lakhs -INR 12 Lakhs
Job Positions Book-Keeping Clerk, Billing Clerk, Tax Accountant, Financial Advisors, Financial Assistant & Accountant, Business Consultant, Chief Financial Officer, Certified Public Accountant, Finance Managers, etc.
Average Starting Salary Package India: INR 3,00,000 – 6,00,000
Abroad: INR 15 Lakhs-INR 20 Lakhs
Higher Study Options BCom, BBA, 

Why You Should Study Diploma in Accounting and Finance?

Some of the many advantages of studying for a diploma in accounting and finance are covered here:

  • Students are choosing the Diploma in Accounting and Finance as their post-high school level studies since the finance and banking industries in India are currently experiencing tremendous growth, giving them a better head start in their future professions.
  • The students in this diploma programme get both practical and theoretical knowledge in their area of study, as well as the necessary skills to be considered employable.
  • The student gains knowledge of accounting and financial management principles and develops the abilities necessary for success in the corporate world through this course.
  • Additionally, it aids in the students’ acquisition of business-related financial and accounting software skills.
  • Once a candidate has earned their Diploma in Accounting and Finance, they have the option to continue their education by pursuing other degrees such a B.Com, M.Com, etc. This could provide an added benefit.

Also Read: Tally Course and Accountant Courses

Syllabus

The subjects offered as part of the Diploma in Financial Accounting impart knowledge spanning the following areas of study:

Fundamentals of Accounting: Before delving into the advanced and real-life application of accounting-related concepts, the course aims to develop a solid understanding of the principles and fundamentals of accounting. These fundamentals include the relevant principles of accounting, bookkeeping mechanics, debit and credit system, revenue, expenses, liabilities, assets, income statements, balance sheets, and statement of cash flow and so forth.

Financial Risk Management: Running a business concern is steeped in analysis, dealing and management of risks with their respective gains. In particular, financial risk management refers to the practice of identifying potential risks in the business environment as well as minimisation and management with the help of modern tools and techniques. Diploma in financial accounting provides students with knowledge of risk management to deal with such situations. Big firms are in constant search for professionals from risk management background who can help in effectively managing the issues related to finance, for instance, debt and equity structure and much more.

Markets: Capital markets are the marketplace where investment-related trades are carried out. While stock markets are their one form, it also includes over-the-counter investment, commodity and derivatives trading, in short providing space to anyone with explicit and implicit claims to capital. Diploma in financial accounting provides students with the essentials of how a capital market works, other concerned institutions and the mechanism they adopt to deal with the thousands of transactions every day.

Also Read: How to Become a Chartered Accountant

Eligibility

To pursue a diploma in financial accounting, an aspiring candidate must:

  • Have passed 10+2 from a recognised board of education, for example, CBSE, ICSE etc. 
  • Have studied mathematics as one of the core subjects in the qualifying examination to be eligible for the diploma course. 

Note: This is only for indicative purposes. The marks percentage required vary from institution to institution. 

Top Colleges for Diploma in Accounting and Finance in India

The name of some top institutes is listed below along with their locations are listed below. 

Name of Institute City 
GD Goenka Academy Gurgaon
IIMT Group of Colleges Greater Noida 
Shri Bhausaheb Vartak Arts, Commerce And Science College  Mumbai
The Maharaja Sayajirao University of Baroda  Vadodara
NIIT Rohtak
Madhya Pradesh Bhoj Open University  Bhopal
Amity University Noida
AKB Institute of Finance and Management  Faridabad
Pondicherry University 

Diploma in Financial Accounting: Top Colleges

If you are looking to pursue a Diploma in Financial Accounting, you must take a look at the following highly recognised colleges in UK, Canada and Ireland:

Checkout: MBA in Accounting

Skills Required

Management skills are an important factor for working as a financial accountant. Along with providing essential managerial skills such as budget preparation, planning and scheduling, balance chequebooks, financial analytics and capital investment strategies, the Diploma in financial accounting course also builds and polishes much-needed skills related to computer proficiency, communication, social and behavioural, presentation and so forth.

Career and Job Prospects

Below mentioned are some of the jobs prospects which you can choose after completing diploma in accounting and finance .

Job Profile Average salary
Book-keeping Clerk INR 3.5 Lakhs
Billing Clerk INR 3.0 Lakhs
Tax Accountant  INR 4.0 Lakhs
Cost Accountant INR 5.0 Lakhs
Financial Advisor  INR 8.5 Lakhs
Business Consultant  INR 6.0 Lakhs
Finance Manager  INR 5.5 Lakhs
Financial Assistant  INR 4.75 Lakhs

Industries

A Diploma in financial accounting can open doors to a wide range of career opportunities in both the public and private sector globally. A few major options to explore have been mentioned below:

  • Research firms
  • Public accounting firms
  • Multinational corporations
  • Consultancy Services
  • Accountancy firms
  • Banks
  • Underwriting Companies
  • Startups

Thus, we hope that this blog has helped you understand the essentials of a Diploma in Financial Accounting. If you’re planning to pursue financial courses and need assistance, get in touch with our experts at Leverage Edu so that you can make an informed choice towards a rewarding career in your field of choice.

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