Now the world is becoming a global village with businesses playing a key role in bringing the world together. And it is crucial that the finance and accounts of the organization is validated at regular intervals and kept under a strict watch.
Launching a successful career in finance and accounting in any of its domain, for that matter, takes more than just skill with numbers.
Whether you’re balancing the books at a large corporation, managing risk for small businesses, guiding investors toward profitable stocks, helping young people finance home purchases, adjusting insurance deductibles, or preparing consumer’s taxes, you’ll also need access to a strong network of other professionals.
There are various fields in which you can excel your accounting and finance career. You’ll have a chance to become a junior accountant and once you get to experience your status gets to senior accountant. Likewise, you can have the opportunity to become an auditor, chief financial officer (CFO), company secretary (CS) and chartered accountant (CA).
So, here is the complete introduction and guide to Finance and Accounting career.
Career as a Senior Accountant
Let’s start with the senior accountant…
If you’re a senior accountant you will be among the lead “numbers” people in any company with an accounting division. You’ll be responsible for keeping a company financially organized.
Usually, you’ll have responsibility for analyzing a variety of account transactions, preparing monthly, quarterly and annual financial statements. Being a senior accountant you must be talented in mathematics and organized so as not to miss any financial information.
Even missing one number in the thousands of numbers they see every year can completely change the standing and decisions of their company executives. So, it is imperative that everything must be accurate.
Duty of a Junior Accountant
Now discussing about the junior accountants as the junior accountant jobs are often entry-level jobs or jobs that require less than five years of experience in the field. Reviewing a company’s profits and its expenses, analyzing its position and comprising reports of losses and profits can be some of the duties in a junior accountant’s job description. Most of the tasks a junior is expected to perform are duties that do not require any specialized knowledge or experience.
However, if you stay with the company and gain experience in any specialized areas of the business, you can start to gain more responsibility in your domain.
Career as an Auditor
Talking about the auditors…. Auditors usually work with companies to review the reports created by financial accounting offices. When you choose to become an auditor you’re duty bound to prepare and examines the financial record.
An auditor has to ensure that financial records are accurate and that taxes are paid properly and on time. Being an auditor you must assess financial operations and work to help ensure that organizations run efficiently.
Perks of Being a Chief Financial Officer
Seniority in each field comes with experience and specialization…. A chief financial officer (CFO) is the senior executive responsible for managing the financial actions of a company.
The duties of CFO’s include tracking cash flow and financial planning as well as analyzing the company’s financial strengths and weaknesses and proposing corrective actions.
The CFO is similar to a treasurer or controller because he is responsible for managing the finance and accounting divisions and for ensuring that the company’s financial reports are accurate and completed in a timely manner.
The CFO may assist the CEO with forecasting, cost–benefit analysis and obtaining funding for various initiatives. In the financial industry, a CFO is a highest-ranking position and in other industries, it is usually the third-highest position in a company. A CFO can become a CEO, chief operating officer or president of a company.
Role of a Company Secretary
Moving towards the highest levels of profession… Company secretaries CS hold a strategic position at the heart of governance operations within an organization and act as a point of communication between the board of directors and company shareholders, reporting in a timely and accurate manner on company procedures and developments.
Company secretaries work in and around the board, usually reporting to the chairman. This provides the opportunity to offer advice and guidance on matters of law and governance at the very top of organizations.
Being a CS you can also provide an important link between the board of directors and an organization’s executive management.
Both public limited companies, as well as private companies, are legally required to employ a company secretary (CS).
Duties of a Chartered Accountant
Some individuals have craze of becoming Chartered Accountant but they don’t know how much efforts it needs to clear that. Chartered Accountants (CA) work in a wide range of business sectors and in a broad spectrum of roles, from financial controllers and directors, to chief executives.
Chartered accountants (CA) offer financial advice, audit accounts and provide trustworthy information about financial records. This might involve financial reporting, taxation, auditing, forensic accounting, corporate finance, business recovery, and insolvency or accounting systems and processes.
Generally, you play a strategic role by providing professional advice, aiming to maximize profitability on behalf of your client or employer.
Being a CA, you work in many different settings including public practice firms and industry and commerce, as well as in the not-for-profit and public sectors.
Stepping into ICWA
While general opinion is that CA is tougher than ICWA, there are also people who pursue a combination of both courses. This would be ideally the best option!
If you are wondering which would better suit you after Class 12- a career in Chartered Accountancy (CA) or a career in Cost Accountancy (ICWA), then read on to find out more.
Institute of Cost & Works Accountants of India (ICWAI)] promotes, regulates and develops the profession of Cost & Management Accountancy in India. ICWAI (Institute of Cost & Works Accountants of India) is a premier institution of India which offers education and develops the profession of Cost Accountancy in the country.
This course will provide you the knowledge of cost & financial management to ensure a balance between expenditures & available resources. Cost accountants are involved in the costing part of financial transactions and every organization needs a good cost accountant.
So, to conclude regarding the career in finance and accounting; it’s the matter of accuracy and precision. Numbers have value and so your profession in finance and accounting has!
To select any finance and accounting field the main part is your interest and eligibility. Both these factors will automatically lead you to the best position in your domain.
So, what will be more interesting than dealing with the finances and accounts of an organization?