Any organization’s core functions are finance and accounting. As the company gets bigger and better, they scale up. You must pay employees, invest in assets, manage expenses, and calculate profits regardless of the type of business you run or work for. When you’re thinking about enrolling in an accounting and finance degree program, whether at the undergraduate or graduate level, you’ll also be thinking about your end goal: to land a job you love with a great salary. You could be tempted to select a different type of degree if you aren’t sure about your job decision just yet, but there are some great benefits to choosing accounting and finance.
#⃣ Is A Degree In Accounting Or Finance Required To Work In The Field?
It isn’t necessary, but it depends on your ideal position and how quickly you want to enter the workforce. There are ways to get into accounting without a degree, but these may need you to start at a lower pay grade and learn while you work — as an apprentice.
“Whether you are a graduate or a school drop, there are identical provisions for apprentice and trainee employment in the banking industry. The fact that you studied accounting and finance will put you ahead of graduates of other programs, even though it may not be a requirement for some of the professions”, says, Liam, an accounting assignment help expert.
#⃣ The list below will help you to examine the professions that a degree in accounting or finance can qualify you for:
📌 Chartered Accountant
Traditional accounting services are offered to both corporations and individuals by chartered accountants. Once you’re qualified and have some experience, there is a tonne of chances to specialize or broaden your profession. You could choose to specialize in areas like auditing or company recovery.
📌 Chartered Certified Accountant
Accountants who have earned professional credentials are referred to as chartered certified accountants. They offer comparable accountancy services and can work in both public and private practices as well as the corporate sector.
📌 Tax Advisor
Tax consultants might further specialize by concentrating on personal tax arrangements like National Insurance, trusts, and estates or company tax, such as corporate tax, VAT, and international tax.
📌 Chartered Management Accountant
For management teams within organizations, chartered management accountants prepare and communicate financial data. In addition to deciphering and analyzing data, they could be asked for suggestions on future corporate plans.
📌 Forensic Accountant
Investigations into instances of money fraud frequently involve the employment of forensic accountants. They look into the disappearance of lost funds, determine how to recover them, and occasionally look into instances of financial misrepresentation. They could be asked to provide documentation and give a witness statement in cases where criminal behavior has occurred.
📌 Investment Banker
Investment bankers frequently work on business acquisitions and mergers, bond and share issuance, financing, and business privatization. Additionally, they can be asked to provide advice on any of these activities or take part in firm buyouts and the acquisition of funding to expand their operations.
Corporate finance, debt capital markets, and equity capital markets are typical areas where investment bankers can specialize.
📌 Retail Banker
Retail bankers offer financial services to people and small businesses while working for banks and building societies both offline and online. These services could include opening savings and checking accounts, as well as working with the organization to arrange loans and mortgages. Opportunities for advancement frequently present themselves at retail banks.
📌 Financial Services
People seek companies that provide financial services when they want to acquire a mortgage or want independent financial advice from banks or building societies. Mortgage brokers and specialists, Independent Financial Advisors (IFA), will write services, and investment professionals are among the occupations in this field. Some companies might combine these services or offer them alongside accountancy services, but they typically have employees that handle each specialty. Once certified, one may start a private practice that provides these services.
#⃣ What Professions Outside Of Accounting And Finance Are Suitable?
Numerous positions call for the knowledge and abilities you have earned by studying accounting and finance. Here are some careers you might think about if accounting isn’t for you, you want to try something different, or maybe you want to diversify your experience to improve your job prospects.
📌 The Insurance Sector
Graduates of accounting and finance programs are valued by many insurance businesses. They have honed the attention to detail required for these kinds of jobs and are adept at transferring their accounting knowledge to other kinds of statistical analyses that are needed by the sector.
📌 Roles in Management
Graduates in accounting and finance can find management chances in fields where graduates are looking to advance to c-suite roles.
Organizations hire management consultants to look for ways to increase productivity, cut expenses, and other improvements. This kind of position necessitates critical thinking and objective problem-solving. Key responsibilities of this position include looking into issues, finding solutions, and offering advice to business owners on how to improve productivity and advance the company.
📌 Other Roles
Accounting and finance graduates may find job prospects anywhere there are aspects of knowing statistics and numbers in a role.
- Audit And Assurance
- Business Development (Becoming An Entrepreneur)
- Business Restructuring
- Commercial Finance
- Compliance And Risk
#⃣ What Abilities Do Graduates In Accounting And Finance Possess?
It’s critical to understand the kinds of abilities you’ll have acquired from your studies, regardless of whether you haven’t started your accounting and finance studies or are deciding where to apply for your first job after graduation, explains, Emma, an assignment help online professional.
Graduates in accounting and finance are capable of:
- Fully understand and execute accountancy processes
- Think critically, and evaluate arguments and evidence
- Analyze data and reach conclusions about how to tackle issues based on that data
- Identify additional information that is required to reach a solid conclusion
- Find data from appropriate sources for analysis
- Work independently (particularly while studying for certified status)
- Work effectively as part of a team
- Manipulate numerical and financial data, and understand and interpret statistics
- Use relevant IT software for managing data and analysis
- Present quantitative and qualitative data to the required audience, along with the analysis and understanding using the appropriate language for the audience
- Understand how accountancy relates to the rest of the business world, including capital markets, legal issues, and the public sector
#⃣ The Bottom Line
While earning a degree in accounting and finance may initially seem to limit your prospects for employment, the truth is that the capacity to analyze, manipulate, and interpret financial data is highly valued in a wide range of positions and industries. Whether you have an undergraduate or graduate degree in accounting and finance, you will have a wealth of talents and attributes that companies are looking for, whether they are in the accounting or banking industries or completely another profession.