Accountancy

As an accountant, you will be responsible for maintaining accurate and up to date records of your company’s finances and transactions and keeping track of other crucial information regarding the company’s finance.

What do accountants do?

An accountant is responsible for gathering, checking, updating and keeping records of the financial data of the company. An accountant deals with areas such as accounts payable and accounts receivable, payroll, inventory and cost of goods and cash management. Accountants may use computerised accounting systems for preparation of accounts, basic bookkeeping and processing of invoices, receipts, and payments.

What does a typical day at work involve?

  • Checked Bookkeeping and analysing the account informations
  • Checked Preparing assets, liability and capital accounts
  • Checked Assisting Chartered Accountants in auditing and in preparing financial statements like balance sheet, profit and loss accounts etc
  • Checked Managing and recording every day financial transactions of the firm
  • Checked Confidential filing of day to day transactions
  • Checked Preparing financial reports by collecting, analyzing, and summarizing account informations and trends

What are the different specialisations in accountancy?

Financial accounting is about general accounting procedures in a company including book-keeping, and preparation of balance sheets, profit and loss statements and cash flow statements.
This deals with the accounting methods and techniques used for the preparation of management reports to provide crucial financial and statistical information to assist the management in making day-to-day and long term decisions.
Financial auditing is the process of scrutinising financial records of an organization or an individual to check whether they are accurate and comply with the accepted accounting standards, regulations and laws. Accountants assist senior professionals such as CAs and auditors in this field.
This deals with the preparation and filing of tax returns for companies and individuals. Tax accountants need to have knowledge about the country’s tax laws and about the software used to do the e-filing of returns.

How to be become an Accountant?

Step 1
Take any stream in 10+ 2

Students who have taken any stream at the Plus Two level are eligible for higher studies in accounting but taking commerce stream would be recommended as it would help build a basic foundation in the subject.

Step 2
Take Bachelor of Commerce (BCom)

The common course offered at the UG level in this area is BCom. This is a 3 year UG Program.

Step 3
Take Masters/Specialisation Certificates

After completing the UG degree in commerce , you can either go for an MCom or the various certificate courses offered in the area of accounting. The duration of MCom programs is usually two years.


Note:Forensic Accounting

Certificate Course on Forensic Accounting and Fraud Detection are offered by the ICAI. Minimum eligibility to register for this course is a 3 year Bachelors in any subject or a CA/CS/CMA/CPA.


Note: CPA - Certified Public Accountants

Passing the CPA exam conducted by the American Institute of Certified Public Accountants (AICPA) gives you a global recognition as a professional accountant. MCom/MBA or BCom with CA/CS/CMA are the minimum eligibility requirement for appearing in these exams.

Requirements for masters in accountancy

Requirements for admission into a PG course in one of the top institutions to help you get an overall picture

Indian Institute (MCom from Christ University)

  • Candidate should have passed any undergraduate degree examination (BCom/ BBM/BBA) with 50% aggregate marks.

Foreign institute (Professional accounting from Curtin University)

  • A bachelor degree in any commerce discipline (or equivalent) with an aggregate score of 65%, or graduate certificate in professional accounting, or graduate diploma in professional accounting.
  • Statement of purpose.
  • IELTS: overall score: 6.5 Or TOEFL: overall score : 79 (Reading:13, Listening: 13, Speaking: 18, Writing: 21)

To see the entrance exams, scholarships and UG admission details, click here

Skills Required

Analytical skills

An accountant should be able to think critically and analyse the numbers and figures that they handle as part of their work. Accountants should read, compare and interpret figures and data and help their firm to formulate financial decisions.

Communication skills

An accountant should not only analyse the data, but should be able to convey their inferences to their clients and the firm. They will have to present complex problems in a very simple way that a layman can understand. They also have to give presentations to different crowds. So they should have sound oral and written skills.

Detail oriented

An accountant should be detail oriented. They should have a keen attention to detail. Even a small error in analysing or interpreting can lead to huge mistakes.

Information technology

An accountant should have sound knowledge in using computers and various software. Almost all companies and firms use different software for accounting processes.

Organisational skills

An accountant should have good organisational skills. They should be able to manage documents of many clients and keep their documents in good order.

Numerical skills

Accountants should have good numerical skills. They should be able to easily deal with numbers and must understand and apply different statistical techniques.

Industries

  • Checked Private Practice
  • Checked Consultancy
  • Checked Government
  • Checked Public and private companies
  • Checked Financial Institutions
  • Checked NGOs

Top Companies

  • Checked Deloitte
  • Checked Ernst & Young
  • Checked KPMG