Effective money management is essential to the operation of any successful business, regardless of whether you are an accountant working directly for a company or you are interested in joining an accounting firm that serves numerous clients. Additionally, as nations around the world change, there is a great need for certified accountants. Numerous job opportunities are available in the accounting industry, including auditing, tax accounting, cost accounting, and management accounting. Additionally, there are prospects in entrepreneurship, government organizations, corporations, and public accounting. Having a degree in accounting and finance makes you incredibly valuable, adaptable, and in demand. Pursuing a job in finance demonstrates your proficiency in the language of business. Continue reading to learn more about earning a degree in accounting and finance if you want to start or advance your accounting career.
What is accounting?
Accounting is the process of keeping track of and organizing a company’s financial transactions and using that information wisely through planning and analysis. Finance and accounting are essential to any organization. You will oversee and operate accounting systems intended to support control and decision-making. Additionally, you will be able to value projects, investments, and risk exposure by using financial management strategies and risk management skills.
A safe and profitable career route is becoming an accountant or working in finance. We strongly advise increasing your employability with a degree and pertinent credentials, such as those from the Chartered Institute of Management Accountants (CIMA) and the Association of Chartered Certified Accountants (ACCA), given how saturated the industry is.
Goals as an accountant
A professional organization for UK-based accountants is the Association of Chartered Certified Accountants (ACCA). There are more than 200,000 members and 500,000 students, making it one of the most prominent accounting organizations in the world. One of the most significant and in-demand credentials in the banking, consulting, and management industries is the ACCA. The largest and most prominent professional association for management accountants in the world, the Chartered Institute of Management Accountants (CIMA), provides the most pertinent accounting degree for a commercial career. Having a CIMA qualification will give you expertise in financial accounting, management, and accounting. Moreover, you will gain people, business skills, strategy, and leadership ability.
In case you contemplate being involved in business or finance, ACCA and CIMA examinations will give you entry rights to highly sought employers across the globe. Having “ACCA and CIMA student” in your resume bears a huge advantage in the job market as it proves to your potential employer that you are industrious, ambitious, business-oriented, and mindful of your future.
What’s the difference between accounting and finance?
Despite their close ties, accounting and finance have rather different goals and areas of emphasis. The precise documentation, categorization, and reporting of past and current financial transactions are the main goals of accounting. Through the development of detailed financial statements, which depict what has happened financially, such as income and balance sheets, it provides a quick account of the financial position of an organization. Accounting aims at giving a response to such questions as What happened? and What does it signify today? By following standard norms, which ensure accuracy and compliance.
On the contrary, finance is tactical and future-oriented. And how are we going to maximize value? Through focusing on the ways that resources should be used and by maximizing value in the future.
Top 5 reasons to study accounting and finance?
The extremely valuable transferable skills you will acquire and the professional chances it offers are just two of the numerous reasons to study accounting and finance in college. Our top five reasons for studying finance and accounting are as follows:
1. An adaptable professional path
Things that you can do in terms of employment after college, after you earn a degree in accounting and finance, are quite numerous. You could be a chartered accountant, stockbroker, or forensic accountant, or you can go in a different direction and use the knowledge you have acquired from your degree and work as a mortgage advisor, data analyst, or business development manager.
2. The prospect of earning a big income
The graduates holding degrees in accounting and finance can potentially earn high salaries depending on the professional direction they choose. You should anticipate beginning with a salary of about £18,000 if you decide to work as a public or private accountant. According to the National Careers Service, you can aim to make up to £100,000 a year with further experience and the necessary credentials.
3. Accountants are necessary in every sector.
If you decide to pursue a career in accounting and finance, you will be prepared to work in a field that is always in great demand. To handle their finances, businesses across all sectors need accountants and financial specialists. You will have good job security because there is a high demand for graduates in accounting and finance.
4. Training and graduate programs
There are numerous graduate training programs available to students pursuing degrees in accounting and finance. After graduating, you will have the option to follow a predetermined career path if accounting is your desired career path. As a graduate trainee, you can work for a well-known organization and follow a planned training program with clear professional advancement opportunities.
5. Transferable skills
Gaining a degree in accounting and finance will equip you with a variety of transferable skills that will improve your resume and make you an attractive candidate for a variety of jobs. Strong quantitative and numerical skills, as well as sophisticated analytical and problem-solving talents, will be developed in you. Among the abilities you will acquire that are generally highly sought after by employers are
- Interaction
- Organization and time management
- Understanding and familiarity with business organizations
- The capacity to negotiate and make your point
7 best accounting career opportunities
1. Accounting for forensics
Financial irregularities and inaccuracies, including fraud and embezzlement, are examined by forensic accountants. The position combines reporting, auditing, accounting, and inquiry.
2. Controller of finances
Common accounting tasks inside an organization, such as reporting on the amount of money coming in and going out, are managed by a financial controller. They also affect forecasting, decision-making, and budgeting.
3. The auditor
Examining financial records and determining their veracity is the responsibility of an auditor. They make sure that companies are following the law and disclosing their finances truthfully.
4. Accountant for information and technology
An information and technology accountant creates a central location for keeping an organization’s financial data by combining traditional accounting concepts with software and information systems. This makes it easy for accountants to analyze data and find and address problems.
5. Accountant for public finance
Public finance accountants serve organizations like charities, the NHS, and local governments. Their primary duty is to make sure that taxes and other public funds are being used appropriately.
6. Manager of taxes
Making sure businesses are following tax laws, tax planning, and filing tax returns and income is the responsibility of a tax manager.
7. The chief financial officer
Chief financial officer is one of the best accounting careers. In addition to managing an organization’s finances, the chief financial officer is in charge of operations, reporting, budgeting, and strategic planning.
You can join Oxford Training Centre to master essential accounting principles, financial management, and budgeting techniques through interactive, career-focused training that boosts your professional growth. We offer Accounting, Finance, and Budgeting training courses, designed to equip you with practical skills for real-world business success