Accounting management is the precise management of the performance of a business or client businesses by analyzing and interpreting accounting data in documents, statements, and reports. Furthermore, accounting management helps a business make better decisions on company expenditures and helps the business make profit margins based on the current business situation. This managerial course allows the students to have a great understanding of financial transactions that a business may involve in. Our article on accounting management thus allows the students to gain knowledge on the occupation, its requisite courses, the salaries that accounting managers get offered, and also the future scope of the courses and occupation.
This Blog Includes:
- What Do Accounting Management Professionals Do?
- How to Become an Accounting Management Professional?
- Courses for Accounting Management: Degrees
- Best Universities For Accounting Management
- How to Apply?
- For Indian Universities
- For Abroad Universities
- Salaries and Designations
- Future Scope
|Sector||Finance & Accounting|
|Serviced clients||Internal & B2B|
|Average Median Salary||INR 719,000 per annum|
|Most Preferred Course||MBA (Finance)|
|CAGR||1.7% over the last 5 years|
What Do Accounting Management Professionals Do?
Accounting management is all about managing finances and accounting for a business or for client businesses. Thus, the objectives that an accounting management professional serve and that the respective students must learn are given below.
- To analyze the processed real-time and statistical data.
- To audit financial documents.
- To check for forgery of financial documents.
- To help organizations make some financial decisions.
- To generate a plan of action from time to time.
- To keep business out of financial risk.
- To build resilience strategies when required.
- To manage financial responsibilities.
Also Read: All About Accounting Courses
How to Become an Accounting Management Professional?
Every industry has its own set of responsibilities and also its own set of requisite knowledge to function. However, without accounting personnel, it is improbable to understand how to plan the growth of the business inside the industry and gain market share. Thus, there must be a good amount of knowledge sharing between the industry, the current society the business serves, and the personnel who analyze the business situation inside the industry. As a result, given below is the very important set of skills that make an individual a great accounting management professional.
Also Read: Career in Accounting
- Analytical mind toward statistical situations
- Great communication skills to aptly put the right thing in the right place
- Great organizational skills to manage peripheral requirements of resources
- Great in knowledge-based financial research
- Ability to make crucial decisions
Courses for Accounting Management: Degrees
There are some great unusual combinations of courses in different graduation levels that might offer a student a career in accounting management. However, there are a few single-step courses that can essentially turn your career into a smooth merry-go-round ride.
- 1-year UG Diploma in Accounting Management
- PG in Management Accounting (PGPMA)
- PG Certificate course in Accounting Management
- MBA with Finance or Accounting Management specialization
- MS in Accounting
Also Read: How to Become a Chartered Accountant?
Best Universities For Accounting Management
Universities are ranked mainly based on the average of the sum total of all experiences provided to the students while studying. A student’s comfort place is to think about obstacles and how to overcome those obstacles in the particular subject taken up by the student. In the case of accounting management, these obstacles are life-changing, nation-breaking decisions. The best decision might fail and the worst might have more supporters.
Thus, it needs a trained mind to calculate misfortunes in advance. Universities often have more real-life projects and internships in the US, the UK, the entire EU, Australia, and others where the most reputed global colleges are located. This also includes Universities in India like IIT, IIM, Presidency University, and Delhi University among others.
Here, we would take you through the top 10 global universities in accounting management courses. While reading the names, do take note of every institution’s glorious history.
- Harvard University
- London School Economics and Political Science
- University of Oxford
- University of Cambridge
- Massachusetts Institute of Technology
- Stanford University
- University of Melbourne
- The University of California, Berkeley (UC Berkeley)
- University of Sydney
- The University of Chicago
India has a whole lot of experienced professors who are educationally trained from abroad universities. These professors brighten the quality of education with superior teaching styles so that Indian students can also have a taste of the myriad schools of thought that the globe is concerned about. This is because the global culture is to tend to the flow of money. The greater the flow, the better the growth in profits.
- IIM Bangalore
- IIM Ahmedabad
- IIM Calcutta
- IIM Lucknow
- IIM Indore
- Vinod Gupta School of Management
- Xavier School of Management
- IIM Kozhikode
- Department of Management Studies, IIT Delhi
- Department of Management Studies, IIT Roorkee
Also Read: Accounting Course in Canada
How to Apply?
Applying to the Indian Universities mentioned above is much easier than applying to the Abroad Universities mentioned here. However, it has to be considered that the average Indian student can take a seat in global universities with the help of a scholarship but not in Indian Universities.
This is because in Indian colleges the standard for acceptance is too high. Considerably, foreign universities provide the same treatment to students even at lower grades. This is possible because the grade conversion rules consider the Indian standard of examinations tougher than the global universities.
For Indian Universities
Thus, the application procedure to these Indian colleges is centralized and standardized with some entrance exams. Here are the exams required for Indian universities.
One has to clear these exams and be on the merit list to be selected through counseling and interviews into the institutions.
For Abroad Universities
The application process for Foreign universities is a bit different. Mostly, applications occur online through a secure portal where forms are filled as the first step. The rest of the steps are given below for your reference.
- Once the application form is filled and sent up, a confirmation email pops up.
- Students have to submit all documents and academic credentials.
- Students have the pay the application fee.
- English Proficiency Test scores are submitted.
- ID proof and address proof are submitted.
- The students wait 6-8 months for the offer letter.
- In between, an interview is taken to take a final look at the candidature for the offer letter.
There are some common paperwork that all universities demand throughout the application process, even if each university has its own list of documents necessary for admission. The documentation that the students would need to present is listed below.
- Application Form
- Statement of Purpose (SOP)
- Educational certificates and transcripts
- Letter of recommendation (LOR)
- Curriculum Vitae (CV) or Resume
There are a lot of courses that can make an individual a manager in accounting. However, there are some basic criteria that these individuals need to attain in order to study these courses. Below are the basic criteria that these individuals need to follow.
- Bachelor’s degree in a related field from a recognized university.
- Percentage should be above 70%.
- GPA should be nearly 4.
- As less educational backlogs as possible.
Salaries and Designations
There are quite a number of roles that an accounting management professional can play in the industry. Here we are enlisting some of the great designations and their respective salaries that this person can aim for.
|Accounts Manager||INR 5.5 LPA|
|Senior Accounts Manager||INR 8 LPA|
|Accounts Audit Manager||INR 6 LPA|
|Accountant||INR 2.5 LPA|
|Accounts Head||INR 4.9 LPA|
|Accounts Officer||INR 3.6 LPA|
|Deputy Manager||INR 8.4 LPA|
|Operations Manager||INR 6.7 LPA|
|Accounts Assistant||INR 2.1 LPA|
|Branch Manager||INR 5.9 LPA|
The accounting industry is currently at $144.5 billion with a 0.2% compound growth in 2023 alone. This super dynamic current CAGR provides the accounting management courses a huge attraction among the youth that is looking forward to upskilling themselves. It is a great opportunity that many analytically driven students with a knack for numbers and data can easily look forward to. According to the Bureau of Labour Statistics (USA), there will be a steep rise in vacancies for these professionals around 4% till 2029.
Ans: Accounting management jobs require managers to be precisely able to spot discrepancies in company expenditures. The professionals need to analyze the reasons for lower-than-expected growth rates in the market and a myriad of other data-related risks. They also help companies understand profitable investments as these experts have great knowledge about the business environment that runs the particular company. Ultimately, these professionals help companies strategize their investments and expenditures and aim at better decision-making.
Ans: The various types of accounting management can be listed here for your reference. However, any particular job role would have a combination of different tasks. Students aspiring to become accounting management professionals need to have a good grasp of most of these types and a solid grasp on a few to succeed as an accounting manager.
Product Costing and Valuation.
Cash Flow Analysis.
Inventory Turnover Analysis.
Financial Leverage Metrics.
Accounts Receivable (AR) Management.
Budgeting, Trend Analysis, and Forecasting.
Ans: Accounting management has a lot of interrelated subjects that the modern-day professional need to have knowledge of. This is because modern-day decisions are mostly based on numbers that speak volumes. Other than the external factors that impact a manager of accounting, there are a lot of internal factors inside the company that the professional has to deal with. Thus, the set of subjects allows the students to become full-fledged professionals.
Principles and practices of management
Basics of marketing
Statistics and quantitative
Account management professionals are the need of the hour in every industry currently. Also, with the amount of forgery and fraud in finance departments, there is a growing need for honest and meritorious account management professionals. The industry is currently at $144.5 billion with a 0.2% compound growth in 2023 alone. Thus, a great career awaits all finance and accounting students.
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