Careers in Accountancy

A professional certification in Accounting like CA,CPA,CFA,CIMA is a must for a person looking for a career in accounting. They give a good impression infront of the interviewer at the time of job interviews. However a Degree in Accounting too can give a head-start to your career in Accounting.
In this post I will be writing about all types of Accounting Degrees available worldwide.

If you are considering an accounting degree, it is important that you research what types of jobs are available for that specific degree. Accounting is an important function in any business or governmental entity. Regardless of the state of the economy, there will always be a need for individuals with training and experience in accounting.

Associate Degree in Accounting

An associate’s degree in accounting (AAS) usually focuses on accounting basics. An associate’s degree is a two-year degree program and includes course work in business administration and business management. This degree also frequently includes classes on basics such as cost accounting, financial reports, payroll and accounts payable/receivable. An AAS prepares students for entry level employment as junior accountants or book keepers. Many individuals with an associate degree in accounting and business administration are self employed as bookkeepers for small businesses.

Bachelor’s Degree in Accounting

There are several different types of undergraduate accounting degrees. These degrees prepare students for entry level or mid level employment as an accountant. Undergraduate degrees in accounting are preferred by many employers, particularly in larger organizations or those within the financial sector.
Bachelor of Science in Accounting – Accountants with this degree are prepared for entry and mid level employment analyzing financial records, allowing them to report to managers and make recommendations regarding financial activities.
Bachelor of Science in Finance – Students who earn an undergraduate degree in finance are prepared for entry and mid level employment in the financial sector, including investment banking, government auditors and financial analyst positions.
Bachelor of Science in Auditing – Auditors may work within an organization as internal auditors, or they may work outside of an organization as a forensic auditor. Auditors examine financial records for accuracy, fraudulent activity and mismanagement. Internal auditors report to managers, making recommendations regarding improving financial performance and reducing inefficient spending practices.

Master’s Degree in Accounting

Master’s of Business Administration with an Emphasis on Accounting

Look for an accounting school with professors and instructors currently working in the accounting field. A graduate degree in accounting prepares students for management level positions in business organizations. Many employers prefer job candidates with an MBA in accounting because it provides training and experience in making financial decisions and problem solving. Degree course work includes budgeting, cost analysis, financial reporting, business economics, business management and related accounting principals. In most MBA programs, students participate in mock business projects which provide them with experience in all financial aspects of managing a business from launching to closing the books. Earning an MBA qualifies candidates to sit for professional certification exams, including Certified Public Accountant (CPA) and Certified Management Accountant (CMA).

PhD in Accounting

The PhD in accounting is a two-year degree. It is an advanced degree in accounting principals which includes course work in economics, business accounting and business accounting research. It also requires dissertationand comprehensive exams. Individuals who earn a PhD in accounting are frequently employed in top management positions, including Controller, Chief Financial Officer, Chief Operations Officer and Chief Business Economist. Individuals with a PhD in accounting may also qualify to teach business and finance courses at colleges and universities.

If you are visiting an accounting school, find out where their students find employment and if companies offer undergraduate and graduate students internships leading to employment offers. A degree in accounting can provide you with a wide range of opportunities for employment in both the private and public sector. According to the Bureau of Labor Statistics, employment growth for accountants is anticipated to be slightly above average in the coming years. Depending on the level of education and experience, accountants earn between $30,000 and well over $100,000 annually.

Accounting salaries can vary so much by your position and your career path. A lot of people with an accounting degree start work in an entry level position and work their way up the chain to the highest ranking accounting positions. As accounting careers differ in ways so does the accounting salary.

Financial Managers Salary

Financial Managers make an average of $103,910 a year which is about $49.96 an hour. The job outlook for budget analysts is expected to grow 9% from 2010 – 2020.

Economists Salary

Financial Managers make an average of $89,450 a year which is about $43.00 an hour. The job outlook for budget analysts is expected to grow 6% from 2010 – 2020.

Budget Analysts Salary

Budget analysts make an average of $68,200 a year which is about $32.79 an hour. The job outlook for budget analysts is expected to grow 10% from 2010 – 2020.

Accountants and Auditors Salary

Accountants and auditors make an average of $61,690 a year which is about $29.66 an hour. The job outlook for accountants and auditors is expected to grow 16% from 2010 – 2020.

Bookkeeping and Auditing Clerks Salary

Bookkeeping and auditing clerks make an average of $34,030 a year which is about $16.36 an hour. The job outlook for accountants and auditors is expected to grow 14% from 2010 – 2020.

*All information is from the Bureau of Labor Statistics

An accounting salary will vary on a few factors, such as location, workload and the actual job description. Many accountants also earn overtime wages during the tax season by helping individuals or businesses to complete the annual tax returns. The salaries will also vary based upon the type of business that the accounting is being done for. Smaller non-profit accountants typically earn less per year than for-profit agencies. There are a wide variety of different types of accountants as well. The job description of each type of accountant will also impact the accountant’s earnings. A general rule of thumb states that the more money a company makes; the more money the accountants will make that work for or with the company. Another thing to consider are the perks that the company has to offer. Many businesses offer percentage bonuses throughout the year that can really boost an accountant’s income.

To become a Chartered Accountant you will have to complete Chartered Accountancy Course
which is a correspondence course conducted by Institute of Chartered Accounts of India (ICAI)

At first you will have to register for the course.
Registration form is available on ICAI website.

You can register for the course after finishing class 10th.
Registration for the course remains open throughout the year.
Only a registered student can apply for exams of CA course.

The exams (each exam) are generally conducted twice a year (One in June and other in December every year). The advt. for June exam is published in February and for December exam, it is published in August. You can apply for the course exams as instructed in the advt.

CPT

You can apply for CPT during 12th class or after passing 12th.
It is necessary to pass 12th board exam for validation of CPT qualification.
After passing the CPT exam you can move to next level of CA course that is IPCC.

IPCC

The IPCC comprises of Group-A and Group-B.
You can apply for Group-A and Group-B at the same time or at different times.
If you apply for both the groups at a time then after passing the IPCC exam, you will have to undergo 3 year Articleship Training.
In the last six months of Articleship Training, you can apply for CA Final Course exam and with passing the Final course exam, you will be certified as Chartered Accountant.

Appearing both the Group A & B of IPCC could be a hectic schedule so if you wish you can join Articleship Training just after passing Group-A and you can appear for Group-B any time between the training period and you can apply for Final course after completion of Articleship training.

In Brief, Below are the steps to attain the certification of Chartered Accountancy

Pass Class 12th from a recognised board with minimum of 50%
Pass CPT examination
Register/Enroll for Integrated Professional Competence Course (IPCC)
Complete 9 months of Study Course.
Complete 100 hours of Information Technology Training (ITT).
Complete Orientation Course (35 hours spread over one week).
Pass Group I or both Groups of Integrated Professional Competence Examination (IPCE).
Register as Articled Assistant for a period of 3 years.
Pass Group II of IPCC if not already passed.
Appear in Final Examination during last 6 months of 3 years of articled training.
Pass both the Groups of Final examination.
Get Final Examination Certificate.
Complete remaining period of articled training, if applicable
Complete Course on General Management and Communication Skill
Enroll as a member of ICAI and designate as "Chartered Accountant"

As we all know accounting is a highly demanded and one of the most respectable jobs in todays economy. There are several benefits for choosing accountancy as your career. In this post I will be discussing some of the major benefits of choosing accountancy as your career.

Several Fields to Choose From

Accountants can choose careers in different industries in the public and private sectors, or they can be self-practicing. Accountants may choose to do tax, bookkeeping, payroll,auditing or accounting services, while others work in government, finance, insurance, manufacturing,banking or company management. Accountants who have the Chartered Accountant (CA) designation often open their own businesses after working under a company or a CA Firm after a few years. In addition to the accountants who work in an office, a certain number travel to audit clients, or they work from home or self-owned offices.

High Demand and Good Paying Jobs

There were more than two million accountants working nationwide as of March 2013, according to some surveys done. They reported an average income of $73,120 in 2012, up from an average of $70,690 in 2010. Their 2012 salaries ranged from less than $40,000 for the lowest 10 percent to more than $110,000 for the highest 10 percent. The largest number -- more than 300,000 accountants worked for accounting, tax, bookkeeping,auditing and payroll services, where they averaged $75,000 per year.

High Growth Prospectus

Accountants frequently begin to receive promotions after one to two years of work experience. Certain accountants advance to company executive, budget director, controller, chief financial officer or president of a corporation. The number of jobs for accountants will grow by 20 percent between 2010 and 2020, keeping pace with the average profession, according to the BLS. Those with a master's degree, CA or other professional designation will have the best prospects.

With so many options to work for and potential career paths, career in accountancy can form a solid foundation in future. While accounting may have abundance of number crunching, there is enough variety within accounting careers to find a path that is made for you.