All about Finance and Accounting Careers

Finance is the administration of capital; there is a list of careers in finance like stockbroking, financial analyst, financial management, personal financial advisor, risk management, etc. Candidates can opt for a field according to their qualifications and interest in that department.

Accounting deals with recording all the financial transactions of a company, organisation, enterprise, or individual. There are promising career options in accounting as well; a person can get a job as an accountant, accounting manager, auditor, controller, etc. 

Below, there’s a list of options available for making a career in finance and accounting.

A Career in Finance and Accounting

Accountant

To make a career in finance and accounting, the candidate should first go with this job. They can learn a lot from the job of an accountant.

The work of the accountants is to record, and prepare the company’s financial statements. They record all the financial transactions like profit and loss statements, balance sheets, trial balances, ledger accounts, and cash flow statements. 

Accountants are fully accountable for any difference in records, wrong statements, or balance sheets. So, they need to work with full focus to avoid any error or mistake while noting down the transactions.

The salary of an accountant is between 8 lakh and 15 lakh.

Controller 

Reports and financial statements need to be prepared to see the company’s financial position and the work done by the employee, employers, and staff.  So, for this purpose, the controllers are hired.

The controller may also make changes in the internal rules, procedures, strategies, accounting functions, and company policies. The only motive for doing all this is the growth and success of the company.

The average salary of a controller is around 8 lakh to 10 lakh.

Accounting Manager

Those who want to make a career in accounting should go with this job. The work of accounting managers is to manage the company’s accounting department and keep an eye on projects, policies, and strategies related to the accounts department. Accounting managers do proper analysis of the financial report and statements and need to present them to the board of directors of the company.

Financial Manager

The financial manager sees the matters related to the finance of the company. The main work of the financial managers is to prepare the financial reports and improve the theories, programmes, techniques, and strategies of the company. This helps the company in maintaining healthy financial statements.

The average salary of a financial manager is between 8 lakh to 12 lakh.

Financial Analyst

They evaluate the company’s financial data. The work of a financial analyst is to analyse and estimate the past monetary data, along with the present and future cost of expense and revenue generated. A financial analyst helps make good investment decisions for the company’s benefit and predicts the future.

Management Consultant

The work of the management consultants is to manage the company in such a way that the company’s turnover increases every year. In other words, the cost of expenditure should be low, and the revenue should increase. And, to make positive changes in the company, they should be able to generate maximum profits.

Their salary range is approximately around 6 lakh to 8 lakh.

Auditor

An auditor’s job is considered the best job to make a career in finance and accounting. The companies hire auditors to observe and evaluate the financial risks. The auditors analyse the company’s strategies, risks, and regulations, identify the area that can be improved, and then guide the company accordingly with its development goal.

Personal Financial Advisor

Clients or companies hire a financial advisor to know their current financial status and get advice to invest in which areas, fields, and sectors from which they can earn decent profits without bearing any risk.

The financial advisors evaluate their client’s financial position and the fields they want to invest in. They understand the market conditions and give the best investment advice to the clients. Also, they look at the various financial aspects of their clients like taxes, insurance policies, legal or illegal business financial records, loans, savings, etc.

Skills required to make a career in Finance and Accounting

Some of the skills that the candidate must possess to make a career in Finance and Accounting are as follows:

• Required Education as per the Job 
• Good at accounting
• Project management 
• Data analysis
• Financial analysis 
• Knows how to record transactions and prepare a statement
• Correct balance sheet and accounts

Conclusion

In this article, we have discussed several options for making a career in Finance and Accounting, along with the work of each job and the skills required to make that work more efficient. There’s a vast list of career options both in finance and accounting. Candidates can apply for the jobs according to their interests and qualifications. Moreover, refer to this article to know all the details regarding career options available in finance and accounting.