Accountancy is a subject which shows the ways to record business transactions for companies or any types of profit or non- profit organizations.
Students with a minimum eligibility i.e. passed class 11 and 12th standard with minimum passing criterion of being from commerce background can pursue accountancy for further studies.
There are vast types of job opportunities in all types of business and public enterprises. An accountancy qualified student has a good profile for preparation of jobs in merchant and other banking, insurance in the city.
Accountancy work can be broadly classified into 3 main categories. They are being described as follows:-
PUBLIC PRACTICE ACCOUNTANTS
These accountants work in firms of partners. They are consultants and employ a well qualified assistants, trainees, and technicians. Firms vary in size from one to several thousands. Also they vary in type from high powered international practices to small private clients and local small traders. Normally each accountant deals with particular clients’ affairs so that there is personal contact with individuals. So, communication skills become one of the most important skills for accountants.
As the financial scene becomes ever more complex, accountants now often specialize in one particular accountancy aspect. Audits may be done in streamlined offices using the latest technologies. Auditing is largely desk work, but it also involves discussions with clients – anyone from clerk to managing director- if specific items in the books are not clear.
Apart from auditing and making suggestions, about how to improve their systems and procedures accountants, also advice their clients on personal and business financial matter. They also guide on how to invest a small legacy to setting up a business or liquidating one. Large accountancy firms provide management consultancy services too.
Auditing is not only required for big companies or corporate, but also for small companies also who have a healthy business transactions. Opportunities are very high for students in accountancy, if they excel in this stream.
INDUSTRIAL AND COMMERCIAL ACCOUNTANTS
This is another type of accountants after public practice accountants. These types of accountants basically work for an employer on a salaried basis. They are being broadly divided into financial accountants, concerned largely with internal audits, taxation, wage and salary structure, financial record keeping; and management accountants.
Management accountants assess the relative importance, value and cost of all aspects of a business: labor, raw materials, transport sites, administration, marketing etc. They might for example, compare the relative cost of using a cheap new raw material or cost of moving a factory to a cheaper site considering increased transport cost, recruitment and training new staff.
Like management consultants, their work requires interviewing all the people whose work affects the efficiency of the organization concerned. By comparing it with the financial results of alternative courses of action, management accountants present the information to the decision makers at the top of the organization. As we know, management accountants take part in decision making and business control, they need a boarder understanding of business organization in general.
These accountants therefore often move to consultancy sections of auditing firms, or into management consultancy.
PUBLIC SECTOR ACCOUNTANTS
These are another type of accountants and probably the last type which we have studied before
These are accountants and auditors working in local and central government, the health service, national audit and other public service bodies. They are concerned with all aspects of financial management. The emphasis of their work is basically on the efficient and effective use of funds and the need of their public accountability.
Involvement in the management of change, e.g. Contracting out of services and advising on alternative opinions for the use of limited funds are important aspects of finance manager’s job.
They work in the national audit bodies involves auditing public income and expenditure. They also certify the accounts and carrying out value for money studies. Companies providing services to the public sector increasingly seek to recruit public service accountants and auditors.
Significant numbers of finance managers become top level General Managers.
ASSOCIATED INSTITUTIONS FOR STUDING ACCOUNTANCY IN INDIA
Top 10 colleges which hold the studies of accountancy in India are as follows:
- SHREE RAM COLLEGE OF COMMERCE, Delhi
- LADY SHREE RAM COLLEGE OF COMMERCE, Delhi
- LOYALA COLLEGE OF COMMERCE, Delhi
- CHRIST COLLEGE , Bangalore
- XAVIERS COLLEGE OF COMMERCE , Mumbai
- SYMBIOSIS COLLEGE OF ARTS SCIENCE AND COMMERCE , Pune
- JOSEPH COLLEGE OF COMMERCE , Delhi
- HANS RAJ COLLEGE , Delhi
- MADRAS CHRISTIAN COLLEGE, Chennai.
- ANIL SURENDRA MODI SCHOOL OF COMMERCE, Mumbai.
An Accountant starts at an average salary of INR 2 Lakhs per year. Most people move on to other jobs if they have more than 20 years’ experience in this field. The highest paying skills associated with this job are accountant, Cost accounting, Tax compliances, and general ledger accounting.
In case you are unsure about your skills as an accountant, we can help you with our career counseling. Our experts are currently working in Industry who can guide you in this field.
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