Career options to consider after a degree in Finance and Accounting

Introduction

Are you a B.com, accounting, or finance graduate who is confused about what career option to pursue next? There are plenty of jobs in the industry today that provide employment to finance and accounting majors. Given below are 6 career paths along with their salaries and required skills that you can consider venturing into.

Accountant:

This is one of the most sought options for students in terms of accounting careers and salaries. The job role of an accountant involves preparing and drafting financial reports of a company, formulating tax returns and ensuring that they are paid on time, and correcting the company’s financial statements from time to time. In order to become an accountant, you need to opt for a B.com with a specialization in accounting and finance, a bachelor of accounting and finance, or a BBA in undergraduate. After this, you can either join the industry as an accountant, analyst and accounting clerk or you can complete your post-graduation, preferably a degree in MCom or MBA. Some of the skills that are required to become an accountant include leadership skills, arithmetic skills, organizational skills, and time-management skills. In India, the salary of a tax accountant starts from 25000 rupees and that of a chief finance officer starts from 80000 rupees.

Audit Assistant:

Audit Assistant is another career that you can move into after your accounting and finance degree. An audit assistant usually examines the strengths and weaknesses of a company under audit. He/she is also responsible for preparing and maintaining audit budgets. Also, an audit assistant also examines the financial statements and reports of an organization. Their responsibilities also involve preparing strategic communications that take place on inter-department levels in an organization. In order to become an audit attendant, you need to have an undergraduate degree in Economics or a bachelor of accounting and finance, BCom scouting and finance, or in economics preferably with a specialization in accounting, finance, or audit. A postgraduate accounting and finance degree is also an added advantage. Apart from this, you must have strong social skills, teamwork skills, and interpersonal skills. You are also expected to be proficient in both verbal and written communication. In terms of hard skills, you must have advanced knowledge of MS Office. In India, the salaries and remuneration of an audit assistant start from 42000 rupees and increase with the experience of the employee.

Financial Advisor :

This is one of the latest emerging opportunities among students in terms of accounting careers and salaries, as many students are opting for this after their accounting and finance degree. The role of a financial advisor is to advise clients on financial matters and analyze investment plans and strategies. Apart from this, he/she also has to conduct market research and analysis from time to time. In addition to this, they assess client’s financial reports and give recommendations. Financial advisors also play a major role in recruiting new clients through the process of advertising and cold-calling. They can conduct seminars and workshops on financial planning within their organization to educate the employees on various matters. Besides this, they are also responsible for reviewing the accounts of clients on a regular basis. In order to become a financial advisor, one has to obtain a bachelors degree in economics or BBA or BCom, preferably with a specialization in accounting and finance . After this, you can intern in various financial organziations as a financial advisor to gain experience of the same. You can also obtain additional certifications like Chartered Financial Analyst (CFA) or Certified Financial Planner (CFP) that will hone your financial skills and prepare you for the financial advisory job role. In India, the salaries of a financial advisor ranges between 1.25 Lakhs to 8 lakhs depending upon the experience of the individual.

Investment Banker:

Investment Bankers develop financial models to value debt and equity for mergers and acquisitions. They prepare and review materials used in pitchbooks and management presentations. They are also responsible for developing relationships between new and existing clients in order to widen their business. Apart from this, Investment Bankers create presentations from the portfolio of clients and research and document live transactions. Some skills that are required for this job role include financial literacy, communication skills, teamwork, arithmetic skills, and leadership skills. In order to become an Investment Banker, you need to obtain an undergraduate degree in Finance, Economics, BBA, or BCom with finance as a specialization. After this, you can do an MBA in finance to kick start a career in the same. The salaries of an Investment Banker in India range from 2 Lakhs to 14 Lakh depending on the experience of the individual. Usually, bachelor of accounting and finance majors delve into this field since it boosts their professional experience and gives them enough accounting and finance-related knowledge.

Risk Analyst:

The job of a risk analyst is one of the most sought fields in terms of accounting and finance careers as well as salaries. Risk Analysts examine the amount of risk that an organization is exposed to. The role of risk analyst involves determining the results of performing a business plan, and finding the impact of risk by analyzing data. They keep a check on the company’s financial risk, from company costs to investments, and help in reducing the unnecessary costs. Risk analysts are usually employed in accounting organizations, financial firms, banks and insurance companies. The qualification required for this role is having a bcom accounting and finance, bachelors in accounting and finance, or economics degree. A postgraduate accounting and finance degree in similar fields can prove to be an added advantage for career prospects. In India, the salaries and pay packages of a risk analyst ranges from 30 thousand to 8 lakhs depending upon the experience.

Financial Controller :

A financial controller oversees all the finances and accounts of an organization. He/She develops financial strategies of a company and executes high-level financial analysis and reporting. Financial controllers are also responsible for cash flow management, managing financial statements and stakeholder management within the organization. Some of the skills required for this role are arithmetic skills, financial skills, communication skills and leadership skills. You need to obtain a degree in finance and accounting, a Bcom with specialization in finance and accounting or BA or Bsc in economics to start a career in this field. A postgraduate degree like MBA in Finance and accounting will be an added advantage and will be beneficial for your career prospects. In India, the salaries and remunerations of a financial controller starts from 4 Lakhs and goes up to 50 Lakhs as per the experience and skills of the individual. The job of a financial controller can prove to be a great career option for students majoring in accounts or finance. Apart from this, you can do several internships part-time in this field to acquire skills and knowledge. You can also get to know your area of interest while interning in several organizations.

Thus, these were some of the accoutning careers and salaries listed above that students can consider as career opportunities in accounting profession. Gaining some work experience like internships before joining the industry will be very beneficial for students as it gives them an idea about which field they would like to venture into. The career opportunities in the finance and accounting profession are immense, but it is also advised for students to complete their postgraduate degree in finance or accounting if they want to master any specific field and work towards it. It also helps in the long-term career prospects. The career opportunities in accounting profession increase as the experience of the employee increases. Apart from this, students can also do many certification courses like CFA(Chartered financial analyst), AAT (Association of Accounting Technicians) and ACCA ( Association of Chartered Certified Accountants) to enter into the corporate world, especially into the finance and accounting industry.