Under traditional accounting set up accountants were merely confined to the preparation of financial statements and their audit. With the expansion and growth in the economy several avenues have opened up for accounting and finance professionals.
Now so many fields are open to budding as well as established accounting and finance professional that sometimes it can be difficult to know where to start.
Before entering a specific field, it’s necessary to evaluate one’s strength and weaknesses and then proceed. There are various fields such as auditing, management accountancy, payroll accounting etc. which open to students studying accounting and finance.
With the growing frauds in the organizations the SOX compliance field has also opened up for accounting and finance professionals.
There’s a lot to get out of job in accounting. An accountant knows how the business works, cash inflows and cash applications. Sometimes as a management accountant he is also expected to take decisions regarding budgeting, planning, he is also involved in mergers and acquisitions. Thus, an accountant is perfectly positioned to become a CFO as he knows what’s profitable for the company or what’s not.
The most common field which is open to the accounting professionals is Audit. The auditing field is suitable for ones who like to travel as it involves auditing the financial statements of different concerns. CPAs (Certified Public Accountants) are best suited for these audits.
Management accountant’s position typically involves more responsibility and a more advanced degree than other areas of accounting. CIMA-Chartered Institute of management accountants offers management accountants degree.
Taxation, budgeting, payroll fields are also open for accounting and finance professionals.
It’s also worth bearing in mind that accountants are short in supply. Accountants are required in each and every organization as book keeping is required in every organization whether it is small or big! Taxes, audit, bookkeeping are always needed to be done.
Beginning a career in accounting is the start of a great adventure! With dedication, hard work and lot of study at a standard university you can ensure a fulfilling job that will provide new challenges around every corner!