Are you good at Mathematics? Then a career in Financial accounting could be an excellent option to consider for the future.
Did you have a Commerce stream in class 12th? Then apply for a Bachelors degree in Financial Accounting for a career as a Chartered Accountant.
India is a developing country. In the past few years, we have witnessed massive growth in business and corporates. The backbone of all firms and companies is accounting. Finance management is one of the supporting pillars of the firms. It does not matter if it’s a big corporation or a small firm all needs financial management. It helps to manage and plan the company’s expenses wisely.
Even a household needs financial management and planning. One has to keep track of all kinds of expenses and savings. In the same way, in the companies, the Financial accountant keeps track of all finance-related expenses and investments.
What is Financial Accounting?
Accounting simply means maintaining records related to finance of the company and making reports of expenses, investments, and profits earned. These reports are then shared with the investors and management people of the company.
There are different types of accounting, and financial accounting is one of them. The different types of accounting are auditing and tax accounting, management accounting, and many more.
The professionals related to financial accounting are also known as Accountants or Chartered Accountant.
Accountants are in high demand these days due to a surge in the corporate sector in India. The Job of an Accountant is also one of the highest paying jobs in India.
That is why we have brought a complete guide to a career in financial accounting.
Lets find out more about courses, top colleges, admission process, and eligibility criteria for Financial Accounting.
What are the courses in Financial accounting?
To be eligible for a job as an Accountant, one needs a degree in the field. There are various courses in Financial accounting. These programs include Diploma courses, Certificate courses, Bachelors courses, and Postgraduate courses.
The duration of the Diploma course in Financial accounting is 1 year. One can apply for the course after passing class 10th. There is no entrance test for admission. But few top colleges may take a small assessment test for admission as they receive huge number of applications.
- Diploma in Accounting and Finance
The duration of the course is 6 months. This is a comprehensive course in Financial accounting. This is a perfect option to add a start to your resume. But for a better job possibility, it is always recommended to go for either Diploma or Bachelors courses.
- Certificate in Financial Accounting
This is an undergraduate program in Accounting and Finance. After successful completion of the course, you receive a graduation degree in Accounting and Finance. The duration of the UG course is 3 years. The programs under this course are:
- B.Com in Accounting & Finance
- B.Com Accounting & Taxation
- Bachelor of Commerce in Accountancy
- BBA in Accounting & Finance
The duration of the Masters course is 2 years. This is more kind of specialized course in Financial Accounting. Students who hold a bachelors degree in accounting and Finance or a related field can apply for the Masters degree.
- M.Com in Accounting and Finance
- MBA in Finance & Accounting – 2 years
- Master of Commerce in Accounting and Auditing – 2 years
- Post Graduate Diploma in Computer Accounting & Auditing – 1 year.
What are the eligibility criteria for admission to Financial Accounting courses?
The colleges every year release course prospectus on their official website. The eligibility criteria for the accounting courses are mentioned in detail. The common eligibility for most of the colleges and universities in India are the same. Though, it may vary in some cases. The common eligibility criteria for admission to the Financial Accounting course are:
- One must have class 10th and class 12th passing certificate from a recognized board or university.
- For diploma courses class 10th qualified students are eligible to apply.
- The minimum percentage of marks required is 55% in class 12th.
- Only commerce stream students can apply for Bachelors courses. As the subjects are related to Finance and accounting, which is better understood by commerce students.
- Masters courses are only for those who have a degree in accounting. Students from a non- financial field cannot apply for masters’ courses.
- For admission to bachelor’s courses majority of the top colleges conduct entrance examinations. Their cut-offs are very high. That is why you need to prepare better for the test in advance to qualify for the merit list.
Skills required from a Financial Accountant
- One must be very strong in mathematics to be an accountant.
- You should have excellent communication skills.
- Your personality and interpersonal skills and behavior matter too.
- You should be well equipped with computers and accounting software.
- Accountants work in tight schedules. So you should be prepared to handle work pressure.
- One should have excellent skills in analyzing and report making.
- Aspirants should have a good understanding of accounting and finance procedures.
- Individuals should be ready to work for long hours.
Career in Financial Accounting – Admission Procedure
The admission process for a course in Financial accounting is similar to other courses. Yet we have explained the step-by-step procedure to apply and fill the application form online for colleges and universities.
- Explore and make a list of top colleges and universities.
- The date of release of online application form for every college is mentioned on their official website.
- It is always advised to fill the online application of a particular college from its respective official website.
- If you fill forms from any third party website, it may lead to unsuccessful form submission and fraud.
- Once application forms are released on the website, you will see a link to apply online.
- Click on the link given.
- Applicants will be then directed to an online form asking for your details and qualifications.
- Fill all the information carefully.
- In the case of colleges taking the entrance exam, you will be asked to give a preference for the exam center. Choose your exam center according to your convenience.
- Scan and submit documents if asked any.
- You have to pay a registration fee also.
- You can pay the registration fee online through Net banking or UPI methods.
- Only after you have made the payment, the forms will be successfully submitted.
- Download and print the filled out form and payment receipt for future reference.
- In case of entrance test, admit card, cut off, and merit lists, you should keep checking the official college website. Everything is updated there on the website.
Career in Financial Accounting – Course Fee
The course fee for Financial Accounting is Rs. 20,000 to Rs. 4,00,000. Though course fees may vary with colleges. Also, other charges are added to the basic fee like hostel, mess, semester exam, and lab charges.
Career in Financial Accounting – syllabus
The courses in Financial Accounting are designed to teach students the basics of Accounting and Finance. The subjects taught are:
- Financial accounting
- Business organization
- Business economics
- Corporate accounting
- Business statistics
- Commercial law
- Banking theory
- Business environment
- Environmental studies
- Business finance
- Income tax
- Cost accounting
- Accounting for managerial decisions
Top colleges offering courses in Finance and Accounting
Getting a Finance accounting degree from one of the top colleges will help you land a decent job with a handsome salary. The top colleges in India for Financial Accounting courses are:
- Amity College of Commerce & Finance, Noida, Uttar Pradesh
- Annamalai University, Chidambaram, Tamil Nadu
- Sri Ram College of Commerce (SRCC), New Delhi
- Andhra University, Colleges of Arts & Commerce, Andhra Pradesh, Visakhapatnam
- Ramjas College, New Delhi
- Acharya Institute of Graduate Studies, Bangalore
- Amrita Schools of Art & Science, Kochi, Kerala
- J D Birla university
- Manipal university
- Delhi university
- Hindu College New Delhi
- St. Stephens College New Delhi
- Presidency College Kolkata
Career in Financial Accounting – Job Profile
There are numerous options available for Financial accounting professionals. Every corporate needs an accountant to analyze their profits and loss. They help to plan future financial policies of the firm. You can get placed as a Chartered Accountant with a high salary. Some of the job profiles in Financial Accounting sector are:
|Job Type||Job Role||Average Salary per Annum|
|Accounts Assistant||Accounts Assistants provide the accountants with logistical assistance. Clerical activities such as typing, filing, making phone calls, managing mail, and simple bookkeeping are carried out by them. They support the boss and even communicate with clients and outside agencies.||INR 1,85,000|
|Business Analyst||They create technological approaches to business issues, to advance the promotional activities of a client, beginning with identifying , evaluating, recording and eliciting an organization’s requirements.||INR 5,84,000|
|Finance Manager||Their standard responsibilities include the review of financial reports, the management of accounts, the maintenance of records and the preparation of reports on operations and financial forecasts. They also discuss ways to boost competitiveness and evaluate industry potential trends such as growth, mergers or acquisitions.||INR 9,56,000|
|Cashier||Cashiers operate in organisations that deal with cash purchases, such as banks, colleges, stores, etc .. Their duties include precision management and regular contact with customers to answer questions, manage money etc.||INR 1,77,000|
|Investment Analyst||Investment Analysts provide financial information to stockbrokers, investors and stock market traders, and recommendations derived from data on global investment.||INR 5,28,000|
Career in Financial Accounting – Salary
A financial accountant receives an average salary in the range of Rs. 1,85,000 to Rs. 5,50,000. But an experienced Chartered accountant earns much higher. They can earn as high as Rs. 15,00,000 per annum. Knowledge of Finance and good accounting skills are valued in the industry.
Career in Financial Accounting – Top Recruiting Companies or areas
Financial accounting experts are hired in the following areas:
- Public Accounting
- Budget Analysis
- Management Accounting
- Real Estate Finance
The top recruiting companies hiring accounting professionals in India are:
- Wipro limited
- Bharat Electronics Ltd
- Vedanta Ltd
- Ujjivan Financial Services Ltd
- ITC Limited
- Tata Motors
Pros of a Career in Financial Accounting
- The career provides income stability.
- You get paid a handsome salary.
- It is also possible that you get the chance to travel to different places as work-related tours.
- This is a growing, in-demand profession.
- You have the potential to grow as a professional.
- You can open your own accounting firm to provide finance related services to the companies.
Cons of a Career in Financial Accounting
- Though there is an increase in job demand for accountants, but this also increases the number of aspirants taking up this career path. This results in fierce competition.
- The job demands hard work and dedication.
- You have to be ready to work in pressure and strict timelines.
- You also have to work for long hours. This is not a 9 to 5 job.
- The job profile may lead to a stressful working atmosphere. One needs to maintain his patience level and be calm all the time.
- Your work and personal life balance may get hazy due to tedious workloads.
The pros and cons of being a Financial accountant may prove it’s not everyone’s right job, but it may be the right job for you.
An accountant means more than just working day-to-day with numbers. It’s a career that provides a certain reputation degree. Your willingness to deal with money allows you to help others make financially prosperous while you provide for yourself. It’s a good way of making a positive difference in the client’s world.