Diploma in Financial Accounting

8 minute read
Diploma in Financial Accounting

From preparing balance sheets and cash flow statements to gauging the investment, risk and capital structure of firms, a career in financial accounting places you right in the thick of things. It not only involves the intensive study of accounting concepts but also incorporates the study of finance, marketing, and 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.

Overview of 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.

Diploma in Financial Accounting: Highlights

Full-FormDiploma in Accounting and Finance
Duration1 years-2 years 
Eligibility 10+2 Mathematics
Admission Process Based on the merit and Entrance Exam
Average Course FeesIndia- INR 10,000 – 5,00,000
Abroad- INR 9 Lakhs -INR 12 Lakhs
Job PositionsBook-Keeping Clerk, Billing Clerk, Tax Accountant, Financial Advisor, Financial Assistant & Accountant, Business Consultant, Chief Financial Officer, Certified Public Accountant, Finance Manager, etc.
Average Starting Salary PackageIndia: INR 3,00,000 – 6,00,000
Abroad: INR 15 Lakhs-INR 20 Lakhs
Higher Study OptionsBCom, 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 student’s 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 as a B.Com, M.Com, etc. This could provide an added benefit.

Also Read: Tally Course and Accountant Courses

Syllabus and Subjects

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

Semester 1Semester 2
Fundamentals of AccountingIndian Financial System
Accounting and Audit PracticeLoans and Advances
Capital MarketFinancial Risk Management
Indian Banking SystemCommercial & Industrial Law
Tally ERP -9.0Taxation
Economics & Finance IntroductionManagement Skills

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 systems, revenue, expenses, liabilities, assets, income statements, balance sheets, statements of cash flow and so forth.

Financial Risk Management

Running a business concern is steeped in the 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. A diploma in financial accounting provides students with knowledge of risk management to deal with such situations. Big firms are in constant search of professionals from risk management backgrounds who can help in effectively managing the issues related to finance, for instance, debt and equity structure and much more.


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. A 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

Admission Process

The majority of the admission criteria for the Diploma in Accounting and Finance course depend on the results of the 10+2 exam. Below, we’ll go over a few key points regarding enrollment in this course.

  • There is typically no such process as a common entrance exam for this course. Different colleges may, however, hold their respective entrance exams.
  • For more information or to apply for admission to the course, one must go to the college’s website or campus.
  • Most of the time, if you meet the cutoff, you will be contacted for an interview. Direct admission without an interview is offered by some colleges.
  • Following the completion of application forms, merit lists are promptly announced.
  • Some colleges evaluate applicants’ general aptitude before admitting them.
  • An interview with college representatives and a group discussion could be part of the general aptitude test.
  • Students who pass the cutoff on entrance exams will be contacted for interviews.
  • The student may then go to the designated college for submission if chosen.

Eligibility Criteria

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 varies from institution to institution. 

Documents Required

Here is a general list of documents that you might need to submit to secure admission to a Diploma in Accounting and Finance. For a college-specific list, you’ll need to check the college website.

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 InstituteCity 
GD Goenka AcademyGurgaon
IIMT Group of CollegesGreater Noida 
Shri Bhausaheb Vartak Arts, Commerce And Science College Mumbai
The Maharaja Sayajirao University of Baroda Vadodara
Madhya Pradesh Bhoj Open University Bhopal
Amity UniversityNoida
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 the UK, Canada and Ireland:

Checkout: MBA in Accounting

Skills Required

Management skills are an important factor in 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 skills, social and behavioural, presentation and so forth.

Career and Job Prospects

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

Job ProfileAverage Salary
Book-keeping ClerkINR 3.5 Lakhs
Billing ClerkINR 3.0 Lakhs
Tax Accountant INR 4.0 Lakhs
Cost AccountantINR 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


A Diploma in financial accounting can open doors to a wide range of career opportunities in both the public and private sectors 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

Future Scope

Since the Diploma in Accounting and Finance is a diploma programme, there are numerous opportunities for post-graduate study and career development. The list below discusses a few of them.

After earning their diploma in accounting and finance, students can choose from a number of other degrees, including B.Com and M.Com. They will benefit from this in the long run. The candidate has the option of continuing their education and pursuing a career as a chartered accountant, which will pay them an annual salary of roughly 7-9 Lacs INR.

The opportunity to pursue higher-level degrees after successfully completing the Diploma in Accounting and Finance course is really fantastic. The field of Diplomas in Accounting and Finance also offers a large number of diplomas. These include, for example, a diploma in financial management and accounting. Students can earn their degrees in these specific streams, which are sort of specialisations under the Diploma in Accounting and Management itself.


Is a Diploma in financial accounting worth it?

A financial accounting diploma can lead to a variety of career opportunities worldwide in the public and private sectors. The following are a few important options to consider: research companies in the public accounting industry

Which Diploma is best for Accounting?

Here are the best Diploma in Accounting Courses:
Level 7 Diploma in Accounting and Finance.
Diploma of Accounting.
CIPFA Diploma in International Public Sector Accounting Standards (IPSAS)
Diploma in Business – Accounting.

Can I get a job after my Diploma in Accounting?

A diploma in accounting and finance qualifies candidates for jobs such as bookkeeper, billing clerk, tax accountant, financial advisor, financial assistant & accountant, financial consultant, chief financial officer, certified public accountant, and finance manager after graduation.

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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