Career in Accounting
Say the word ‘accounting’ and all that comes to most peoples’ minds are numbers and calculations. But it’s so much more than just. Accounting deals with analyzing and summarizing financial records along with auditing and strenuous bookkeeping. It’s really the backbone of any organization so that they know where they’re headed in the financial scheme of things. The shareholders and investors need to know the truth about a company’s financial state and that is why the job of an accountant matters the most. Even personal accountants need to keep a tab on tax-paying individuals. They’re the truth tellers of the financial world. That is why a career in accounting holds high potential for a profitable future.
So How do you Get to it?
If you want to pursue an accounting career, there are several options open to you. By specializing in commerce, you can obtain a graduate degree (Bachelor in Commerce). You can join directly as a junior accountant after finishing this courses. You can go on to do a master’s program in the same and can opt for accounting and finance in specific or choose an honours program.
To become a chartered accountant, practical training for at least three years and clearing the examinations of the Institute of Chartered Accountants of India (ICAI) is mandatory for one to become an auditor of an Indian company according to the Companies Act 1956. The ICAI is well-known for its high standards and rigour. You can attempt the paper a limited number of times and a very small percentage of Indian students manage to clear the exam each year. Intermediates who want to join the accounting vertical can enroll in computer accounting courses and be eligible for entry level positions in accounting firms.
A Bright Future
Accounting jobs are always in demand. With the financial world in flux constantly, companies need smart and efficient accountants to keep tabs on the state of the company, especially during troubled times. The world of finance offers an array of opportunities to aspirants trying to make their way in through job openings in accounting, tax planning, human resources and consultation. Companies and even banks are looking to hire people who can keep with the times and stay up-to-date on financial developments and are, needless to say, good with their numbers.
People working in finance also manage to climb the professional ladder rather quickly through the hands-on training and internships in companies and score key positions in the financial world. If you dream of becoming a CEO (Chief Executive Officer) of a big company, this is definitely the way to go.
The perks? Through their qualifications and experience, accountants command a good pay. From the lowest position to the top, you have a chance to earn something between INR 8000 to INR 1,50,000. If pay is a matter of concern, it is always best if you join a Multi-National Corporation (MNC) with a good pay scale.
The Job Ladder
An accounting salary varies depending on your grade and designation. At the entry-level position, you’d be given the designation of a staff accountant where you would get to work on cash accounts for audits. In a company, you would possibly be given the charge of accounts payable and accounts receivable. Further ahead, you would become the internal auditor, keeping a tab on the finances of the company and be the real financial truth-teller.
Budget and credit analysts come higher up on the ladder. Budget analysts are in the key position of allocating specifics budgets for the company. Credit analysts are generally employed by banks to figure out whether or not a customer can pay back a loan.
Next comes the position of a senior accountant where it would be your responsibility to take care of a big audit. It’s when the pay starts to look worth it and the job pressure also spikes.
Controllers are higher up on the ladder, occupying the position of strategy-makers. They decide to direct funds to different departments of the company and are key to decide the outlook and future role of the company.
Now you’re the manager and you’ve hit finance jackpot. You are now directly in-charge of your accountants and the company thinks that you are “partner material”. You handle clients and hand out responsibility with little hands-on auditing work to do yourself. You’re practically on top of the food chain and can finally look back and your long journey in the world of finance.
Accounting Salary Package
As a trainee, one can start with a salary of Rs.8000-Rs.150000. one can command a higher salary as the experiences raises, generally MNCs and private companies pay higher.
Accounting Colleges in India
A number of esteemed universities in India offer Bachelors, Honors and Masters courses in Commerce that specialize in finance and accounting. Many coaching centers also provide training to clear the coveted ICAI examinations held every year.
- Christ College, Bangalore
- Delhi School of Economics (University of Delhi)
- Hansraj College, Delhi
- Loyola College, Chennai
- LSR, Delhi
- Madras Christian College, Chennai
- Presidency College, Chennai
- Presidency College, Kolkata
- Ravenshaw University, Cuttack, Orissa
- SRCC, Delhi
- St. Joseph’s Bangalore
- St. Xavier’s College, Kolkata
- Symbiosis Society’s College of Arts & Commerce, Pune