Choosing a career is a milestone in one’s life, as it is a significant decision. A lot depends on this particular choice. Students finishing high school find themselves in a huge dilemma, and some go under pressure while deciding on their careers.
It would not be wrong to say that quality of life is most conducive to your career choice as it affects many areas of your life. Regardless of the money aspect, people who are not happy in their career paths tend to lead a miserable and gloomy life. At the same time, those who love their work line look forward to reporting to work every day and enjoy their profession. Many people spend their whole lives in one field. They do not consider switching career paths ever, which is why experts suggest that you should be vigilant and think thoroughly before zeroing down on one subject. Job prospects, career growth, and passion are the main aspects of consideration that help people decide their career path.
The contemporary world has opened up many career options and bestowed excessive jobs for students. Accounting has been a preferable choice for many students, considering job opportunities; many people regard it as a safe option.
In simple words, we can define accounting as a process of recording, analyzing, and measuring business financial transactions. Accounting is a vast arena, and a lot of subfields come under its umbrella. With time it has been expanding, and many new fields are continually emerging, which seem enticing to students. The area of accounting has been growing exponentially, and every year it experiences an increase in students’ enrollment.
Those who complete masters in accounting can find themselves working in a career as a training and development manager. Such job roles offer high possibilities of success along with many lucrative professional perks. Some of them make uninformed decisions and regret later as they remain unaware of these details. Academics and career have in-depth link and effects; below, we are giving a comprehensive guide about it for the accountancy profession:
ACADEMIC GUIDE FOR ACCOUNTANCY
Accounting is a field that gives you ample opportunities to flex your mathematical muscles. Accountants also need to balance the balance sheet and perform other mathematical operations. Various universities offer different degrees in the accounting field, and some of them are as follows:
BACHELOR OF ACCOUNTING
Many universities offer Bachelors of Science in accounting, and some propose Bachelors of Arts in accounting. Both degrees equip students with the essential technical skills which help them develop analytical accounting. Though the degree does not give in-depth insight, it helps develop fundamental skills. It prepares them for leading accounting firms worldwide. Students learn the craft of decision-making. Once they have acquired a degree, they get a better position to make instant economic-related decisions, which are very critical.
BACHELOR OF COMMERCE IN ACCOUNTING
A bachelor’s in Commerce is an undergraduate degree and gives students an overview of the accounting field. If students decide to pursue accounting further, they can enroll in advanced degrees. The course includes business management, business ethics, management information systems, and other subjects. Students get a command over-analytical accounting in this four years long degree.
MASTERS IN ACCOUNTING
The superior analytical skills help you solve complicated business transactions and make you able to bring a balance sheet equivalent to each other in less time. Master in Accounting is an advanced degree, and it prepares students for leadership roles. The degree exposes them to various corporate scenarios, which give them the flavor of the corporate culture.
CAREER IN ACCOUNTING
Indeed, an accounting career is enriching. Despite the global economy going down, accounting degree holders are quickly getting jobs after completing their degrees. Accounting is a versatile field. It offers entry-level jobs, and people with experience and an advanced degree can lead an accountancy firm. Besides, people who have accountancy skills can run their business efficiently. If they do not want to bear the pressure of running their company, their degree will help land a job in some other company. The following are some of the jobs which you can quickly get after a Masters in Accounting:
Information Technology has taken the business world by storm. Companies cannot seem to survive without integrating technology. It has lessened the human workforce remarkably and helps present errorless calculations. An IT auditor is responsible for forming, developing, implementing, testing, and evaluating IT review processes. Since firms are largely dependent on technology, an IT auditor’s role is crucial for an organization’s seamless operations.
The position of the management accountant is crucial as they possess the capability of understanding complex business problems. They have deep insight into business matters and help predict business scenarios, which helps in the decision-making process. Management accountancy is a vast arena and covers planning management, control of different budgetary systems, and expert knowledge of delegation of authority. The management accountant’s roles are to guide the developing department in matters about revenue and devise a budget for various departments. They critically examine and evaluate the units of measurement and determine the performance standards of every department.
External auditors are the ones who inspect clients’;’ accountancy records and form an opinion about their financial transactions. External auditors assist companies in deciding matters of partnership, tenders, and importance related to external clients. An external auditor performs an audit periodically and evaluates purchasing records, payroll, and determines if the business statements are accurate. Whereas an internal auditor is vital for risk management, and they objectively assess the company’s processes.
Internal and external auditors are both significant posts; one needs advanced accounting knowledge and a Master’s degree to get a job as an auditor. Prestigious universities, including St Kates, offer different degrees in accounting to open positions as a tax accountant, government and public accountant, etc. Students who have an interest in Math can register in for an undergraduate or a graduate degree. Moreover, auditing is a significant aspect of money management, and it helps in future budgeting and other finance-related decisions.
Accounting is a booming profession and one that continues to evolve with time. In today’s world, when we rely on technology for mundane activities, accounting depends on technological tools. Accounting is a significant aspect of running an organization. Companies are always on the lookout for skilled accountants who can help them in the finance department. Math enthusiasts like to play with numbers, enjoy accounting as a course, and establish a lucrative career as an accountant.