Corporate Accounting deals with the various accounting tasks and issues of a company. The role of a corporate accountant is to prepare accounts, create cash flow statements, analyse financial reports, research the benefits of potential absorption or amalgamation, and work on consolidated balance sheets. A corporate accountant works either in a team or a department under the supervision of the Chief Financial Officer. At times, they also undertake the overall corporate accounting responsibilities. They are responsible for one client and for ensuring that all the financial activities of a company are in line with all laws and regulations. Keep reading to know more about the corporate accounting syllabus, corporate accounting types, and corporate accounting salary.
|Course name||Corporate Accounting|
|Eligibility||BA in accounting or finance|
|Best universities||Harvard University, MIT, Stanford University|
|Core Career||Corporate Accountant|
|Salary||INR 5.5 lakh per annum in India|
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Why Study Corporate Accounting?
Below are the reasons why students should take up corporate accounting as a career
- Students choosing to study corporate accounting can find opportunities for career growth and development in popular companies
- Gain the ability for entrepreneurship skills by managing the entire accounts of the company
- Gain the advantage of strong industry growth and higher potential earning
- Learn all about business law and taxation during graduate studies
- Be a part of a resilient industry that is not impacted by unforeseen circumstances such as covid.
Corporate Accounting Types
Accounting keeps track of the company’s financial health and reliability.Below are the main types of Accounting
- Financial Accounting– It helps to make informed financial decisions and thus helps in maintaining the financial health of the company.
- Cost Accounting-It involves controlling the cost of industries with vast resource management. The process involves collecting information regarding fixed and variable costs and analyzing the effect on business.
- Forensic accounting– It helps in accessing whether the company has been involved in a legal crime. Basically, it deals with the legal aspect of accounting
- Tax Accounting– Tax accounting involves finding out the amount of payable income tax and other taxes of a company. It also helps the company in reducing the amount of payable taxes. Tax accounting also ensures that the company follows Indian tax rules and regulations.
Corporate Accounting Courses
Below is the list of the courses that a student can take up to become a corporate accountant.
- B.A in Finance
- B.A in Accounting
- B.A in Economics
- BSc Accounting and Finance
- MBA Accounting
- MS in Accounting
- Master of Finance (MFin)
- Ms in Accounting
Academic Eligibility Criteria
In order to get into the field of corporate accounting it is mandatory to have:
- A B.A degree in finance or accounting, or be a certified public accountant
- In addition, students can earn corporate accounting certificates online
- For foreign studies, students will require to show English proficiency scores. That is, IELTS, TOEFL, or PTE
- In addition, students will also have to present a letter of recommendation, and statement of purpose to the respective university that they are applying.
Best Universities for Accounting and Finance
Below are the best universities for accounting and finance in the world
|QS Ranking 2023||University Name||Course||Tuition Fees 2023|
|5||Harvard University||Online certificate course in Financial Accounting||$ 1,750 (INR 1.44 lakh)|
|3||Stanford University||MBA||$124389 for first year(INR 1.02 cr)|
|1||MIT||Master of Finance||$86,300 for first year(INR 7.36 lakh)|
|10||University of Chicago||MBA accounting||$115062 for 9 months(INR 95.15 lakh)|
|2||University of Cambridge||Master of Finance||£51,000 (50.84 lakh)|
|56||The London School of Economics and Political Science||BSc Accounting and Finance||£25,656 per year(INR 25.57 lakh)|
|39||New York University||BS/MS in Accounting||$29,969 (INR 24.78 lakh)|
Corporate Accounting Syllabus
Below is the corporate accounting syllabus for beginners that students will have to follow. Do note that the syllabus also involves a general lecture on cost accounting in the third section of the syllabus.
|Corporate Accounting Syllabus|
|Section A-Introduction||Section B- Accounting for the issue of shares|
|Meaning and definition of a company||Accounting entry for share issue, allotment, and calls,|
|Characteristics of a company||Under subscription of shares and accounting entries|
|Meaning and types of shares||Oversubscription of shares|
|Divisions of share capital||Problem-oversubscription of shares|
|Issue of equity shares||Problem 2- oversubscription of shares|
|Process of issue of equity shares||Problem 3- oversubscription of shares|
|Issue of shares for cash in installments||Calls in advance concept|
|Problem- calls in advance|
Core Responsibilities of Corporate Accountant
Below are the main responsibilities of a corporate accountant.
- Create and supervise the accounting system of the organization
- Processing payroll for staff and manage the special expenses that fall under corporate accounting such as performance bonuses, employee-related tax, overtime payment, and so on
- Managing accounts payable and receivable in a company
Career Scope: Jobs and Salary
The salary of a corporate accountant will vary depending upon the country. The salary of a corporate accountant in India is INR 5.5 lakh per annum. Below are the jobs and salaries of a corporate accountant in different countries.
|S.No||Corporate Accountant Jobs|
|Corporate Accountant Salaries|
|Country||Salary per annum||Salary in INR|
|U.S.A||$ 61,659||INR 50.93 lakh|
|Canada||$ 58,500||INR 36.15 lakh|
|U.K||EUR 44,919||INR 39.77 lakh|
|Australia||$ 108,712||INR 62.26 lakh|
|New Zealand||$ 82,955||INR 68. 53 lakh|
Top companies hiring for corporate accountants are as follows
|4||Tata Consultancy Services|
Ans. The four main types of accountants are corporate, public, government, and forensic accountants.
Ans. Some examples of corporate accounting include credit card payments, banking transfers, electronic wire transfers, focusing on inventory coming to the firm, loans, taxes, and maintenance costs.
Ans. The difference between public accounting and corporate accounting is that corporate accountants only focus on one single client and public accountants work with companies that offer services to other firms.
Corporate accounting helps in tracking business expenses, monitoring the financial position of the company, facilitating audits, assisting in business decisions, and helping in effective management. Hence, corporate accounting is an essential part of business management and a great career choice. It also pays well and offers several job opportunities. Need help with study abroad admissions? Call us at 1800 572 000 and book our free 30-minute counseling session today.