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About Accountant

“The word accounting comes from the word accountability. If you are going to be rich, you need to be accountable for your money” - Robert Kiyoski

Who is an Accountant?

We are not talking about a ‘nerd’ who crunches numbers at the desk all day.

Accountants speak the ‘Language of Business’. From working with individuals, small businesses, large corporations, non-profitable organisations and government agencies to preparing and organising financial and tax documents, an accountant does it all.

The profession of Accounting is often defined as an organised way to keep records of business and financial transactions, summarise the transactions, analyse, verify, and report financial results.

Being an accountant in today's world means having the ability to cooperate and communicate with other people, as well as having excellent detective and problem-solving skills.

But as an Accountant, what will I do?

  • Financial data management - Collect and maintain the organisation’s financial data.
  • Financial report preparation - Accountants prepare financial reports that can include monthly or annual reports.
  • Compliance auditing - Accountants are also responsible for making sure that all the financial reporting deadlines are met.
  • Advisory - Giving financial advice on business operations such as revenue trends, financial commitments, and future revenue expectations.
  • Analysis - In case there are financial irregularities or discrepancies, accountants analyse financial data to overcome these problems.

Are there colleges offering a Bachelor’s Degree where I can learn more about Accounting?

Related Departments

Economics & Commerce (B Com/H) 21889 Students Shortlisted

Top Colleges

India

Duration: 3 years

Fee per course/annum: Rs.30,000 - Rs.50,000 Per Annum

USA

Duration: 3 - 4 Years

Fee per course/annum: Rs.15 - Rs.20 Lakh Per Annum

UK

Duration: 3 - 4 Years

Fee per course/annum: Rs.20 - Rs.25 Lakh Per Annum

Canada

Duration: 3 - 4 Years

Fee per course/annum: Rs.16 Lakh Per Annum

Career Prospects

Certified Management Accountant

Be it a Multinational Corporation or a Big-Shot Entrepreneur, a Certified Management Accountant takes care of business, no matter who it is.

From taxation to planning of financial statements, they study financial statements and records, prepare tax forms, and check audits. To become a CMA or a CPA, you must have a degree in accounting along with a CPA certification.

Forensic Accountants

Imagine a person who knows all your expenses at the back of the hand!

Forensic accountants are those certified public accountants who go deep and examine financial records that can be used as evidence.

Generally, forensic accountants assist in disapproving of fake claims and other policies. They also work on business disputes, divorces, and fraudulent financial cases.

Management Accountants

Management accountants are those who keep the financial books of large companies and organisations.

They help business managers in making business decisions by analysing and informing them about the financial implications. Apart from this, they also prepare reports, financial statements, conduct internal audits, and supervise a team of accounting technicians.

Cost Accountant

Assisting businesses by overseeing, studying, and analysing cost expenditures and purchases within the organisation is essentially what a Cost Accountant does.

They not only review services and goods, but also record data and make recommendations on purchasing options that are cost-efficient and financially feasible.

Investment Accountant

As an Investment accountant, you will help in preparing monthly investment reports and ensure that they are timely distributed and presented accurately to the top management of the company. 

Investment accountants assist in other financial activities and make recommendations as required.

Auditor

You may have heard about auditing from movies or TV shows.

Being an auditor would include inspecting a company’s financial records and checking for any discrepancies.

An auditor could be internal, external, government or forensic, and their roles differ accordingly.

In terms of your responsibilities, you would be responsible for - 

  • Organising and examining financial statements to comply with laws
  • Making best-practice recommendations to management
  • Ensuring taxes are filed properly and on time.

Information and Technology Accountant

If you are a wizard in accounting and love all things IT, a career as an IT Accountant could be a good option!

With the career being in high demand, as an IT accountant, you will be taking care of the systems the company uses to organise and report their financial information.

You would be needing some serious analytical and problem solving skills to thrive in this field of accounting.

Senior Financial Analyst

Assessing the financial health of a business and helping guide investment decisions is the job of a financial analyst.

The responsibilities of a specific financial analyst varies depending on the company, and due to that, this role is much more flexible when compared to other accounting jobs.

This position appeals to those who are interested in data gathering, financial modelling, spreadsheet maintenance, developing investment theses, communicating with investors and management, and forecasting.

Managerial Accountant

As a managerial accountant, you take care of analysing costs and profits, planning and preparing financial reports for internal employees.

Your main goal is to help high-level executives of the company make informed and financially responsible decisions.

Apart from these, some other tasks of a managerial accountant include -

  • Adapting operation and cost-based planning
  • Forecasting
  • Overseeing the product process
  • Incremental costing
  • Enterprise optimization

Controller

A controller is the Supervisor! He takes care of the accounting department at a company and oversees all the high-level financial strategies.

Some of the main duties of a controller are -

  • Maintaining financial statements
  • Administering Payroll
  • Preparing budgets
  • Maintaining the general ledger
  • Tax compliance

If you wish to become a Corporate Controller, you must have experience in business forecasting and tax management.

Chief Financial Officer (CFO)

A CFO’s job responsibilities vary depending on the company, however, there are a few key areas where a CFO’s expertise is required.
These include - 

  • Financial management
  • Performance and Business strategy
  • Risk management.

CFOs are leaders who make financial and business decisions on behalf of a company. They implement revenue strategies, access financial risks and opportunities, and more.

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Jobs & Salary

Jobs and Salary

Accountancy as an industry is a well-paying one. With Accountants handling the money in a firm, it is no surprise that they receive a good amount of money as salary. Most companies irrespective of the industry require an accountant to manage their finances and keep record of it.

Due to this, top companies all over the world look out for accountants along with the other small ones as well.

Some of the biggest companies hiring accountants are -

  • Deloitte Touche Tohmatsu
  • PricewaterhouseCoopers
  • Ernst & Young
  • KPMG

Pros & Cons

Pros
  • High Salary
  • Skills in demand
  • Wide industry
Cons
  • Digitisation of the process

Famous Personalities

Luca Pacioli
– the ‘Father of Accounting’

Luca was the first person to publish detailed material on the double-entry system of accounting. He was an Italian mathematician and Franciscan friar who also collaborated with his friend Leonardo da Vinci.

Fun fact - Leonardo da Vinci took maths lessons from Pacioli.

Luca Pacioli published works for the double entry accounting system based on procedures in use by Venetian merchants during the Italian Renaissance. Most of the accounting principles and cycles described by Luca are still in use to this very day.

J. P. Morgan

This famous financier and banker began his early career as an accountant on Wall Street. But after his father died and left him the family business, J.P. Morgan went on to become a banking and corporate pioneer. He began buying distressed businesses, in particular railroads, and merging them.

Naina Lal Kidwai

Naina Lal Kidwai is another well-known Chartered Accountant from India. She is the first Indian woman to graduate from the prestigious Harvard Business School. She was a Group General Manager and the Country Head of HSBC India. She is also a former President of the Federation of Indian Chambers of Commerce and Industry (FICCI). She was honoured with the Padma Shri award in 2007.

Timeline

1300 AD Double-Entry Bookkeeping.

1800 The Beginnings of Modern Accounting in Europe and America.

1840 Queen Victoria creates the profession - Chartered Accountant

1973 The Financial Accounting Standards Board (FASB) is established in the United States of America.

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