Accounting today is considered as one of the most high-tech and cutting-edge profession that one can choose. Irrespective of the market situation, the professionals in this field are always demanded. Also, it helps you to grow and build your career, where gradually you move up the scalar chain in the organization. Today, accounting is barely looked up as a stereotypical career option, rather a career in accounting is the wisest and smartest decision one can ever make.
Key highlights of this blog are:-
- Accountants : What Do They Do?
- Jobs In Accounting At Entry Level
- Jobs In Accounting At Executive Level
- How To Get Started ?
- The Bottom Line
Accountants : What Do They Do?
- Accountants are the professional who ensure that the money of any organization or individual is being used efficiently and effectively. While, the field of accounting is vast and diverse, it offers a wide range of opportunities for all, irrespective of whether you are a fresher or an experienced campaigner, mostly accountants are expected to audit the accounts, prepare financial statements, look after payment of taxes and maintaining the records of payroll.
- While specific jobs will demand specific skill sets, mostly accountants have to deal with numbers and thus they should have a strong grasp over mathematics and should be comfortable doing calculations.
- They should have a deep knowledge of the basics of accounting and bookkeeping. This applies to everyone irrespective of whether you have just started your career in accounting or you have already worked for 5-6 years in this field.
Accounting Jobs At Entry Level
Entry Level Jobs in the field of accounting relates to the job that one is probable expected to get after graduating. At this point, the candidate has almost no experience of working in the industry and thus is considered as an absolute fresher who is going to begin his/her journey in this domain.
The most popular jobs at this level are:-
Accounting Assistant
- An accounting assistant is one of the most popular job in the field of accounting at the entry level. It just requires a bachelor’s degree in the field of accounting to be employed.
- As an accounting assistant, your task is to maintain accurate records of daily transactions, payroll, inventories, debtors and creditors.
- You may also assist the accountant by preparing the financial statement and compiling the financial data. Mostly you have to slog your working hours in front of a computer and anyone who loves mathematics and details is considered a great fit for the job.
Accounting Clerk
- Accounting clerk acts as a support to the accountant.
- Clerical assistant performs a wide range of functions that include handling records of incoming receipts, business expenditures, tax liabilities and payroll expenses. In addition to this, they may also be asked to perform some basic tasks which are indirectly related to accounting such as filing, answering customer’s queries, sort mails etc.
Bookkeeping
- Book-keepers are an important support to the accountant. Their roles and responsibilities include using software, posting financial transactions, maintaining spreadsheets and online databases.
- This career is a great fit in the world of accounting as it requires a great deal of mathematics accuracy and focus. Also, there are ample opportunities for growth and advancement in this career.
- With the right mix of education, experience and knowledge a book-keeper can gradually move up the ladder and become an accountant or an auditor.
Junior Accountant
- As a Junior Accountant you are expected to reconcile accounts and prepare preliminary reports. You may or may not have a bachelor’s degree but it is your work that counts to the organization.
- It is one of the most popular accounting jobs at entry level. The Junior Level Accountant works under Senior Accountant(s) and reports to them.
Petty Cashier
- While thinking of beginning a career in the field of accounting, one could work as a Petty Cashier.
- As a Petty Cashier, you are expected to keep a daily record of small transactions of the business organization and prepare reports and provide it to the main accountant whenever required.
While these are the top 5 popular jobs which are preferred by an absolute fresher who is thinking of starting his career in this field, other jobs at this level include- Accounting Representative, Accounting Executive, Accounting Associate.
Jobs In Accounting At Executive Level
Executive Level or Senior Level Jobs in the field of accounting often relates to the kind of job that one can probably get after they have earned a commendable knowledge and experience of working in the industry. It refers to all the highly respected jobs in the field of accounting which one can get after they have toiled hard to know how the actual work is done in the industry.
Some of the jobs at this level are:-
Chief Financial Officer (CFO)
- Being a CFO, is all what an accountant can aspire for. It is one of the highest levels of authority and responsibility in the organization that requires a mix of knowledge, expertise, experience, leadership skills and excellence.
- A CFO is crucial for any organization and is the centralized source of authority for all the matters pertaining to money in the organization.
Finance Director
- While moving up the ladder, one is mostly expected to become a Financial Director before becoming a CFO.
- As a Finance Director, you work more closely with managers and other employees to formulate and implement plans for the success of the organization.
- Since Finance Directors has a lot of experience of working in the industry, they are expected to make plans and policies to develop the practices as they perceive the situation.
Corporate Controller
- While the top level personnel’s such as CFO, Finance Director and others are busy in making plans and policies for the best efficiency of the organization, it would be highly difficult to implement them without a controller.
- In a small company the Controller maybe equivalent to the CFO, but in a large company the Controller is the manager who ensures that all the work related to billing, budgeting, preparing and filling taxes gets done. He is the in charge who takes care that the work gets actually done.
Cost Accountant Manager
- Cost Accountant Manager is a specialized professional who analyses the cost of making a product and the price that should be set to it so that the organization earns desirable profit.
- Cost Accountant Manager’s need to have strong analytical skills and a greater understanding of the market conditions to determine the price of a product and the various factors that influence the price of a product.
Compliance Officer
- Flouting the rules and regulations set by the government can bring even the big businesses down. In order to avoid such a situation, business organizations often hire a Compliance Officer.
- The task of a Compliance Officer is to ensure that the business organization knowingly or unknowingly do not violate any rule or regulation set by the government. In addition to this, as a Compliance Officer you check that the business performs ethically as well as legally in all its dealings.
While these are top 5 jobs which are preferred by individuals who have been into this profession for a while, some other jobs at this level include- Budget Analyst, Certified Internal Auditor, Tax Accountant, Government Accountant, Forensic Accountant etc.
How To Get Started ?
Well, if you love commerce as a field and particularly accounting as a subject and want to achieve something big out of it then you don’t need to worry much. Just keep your basics right. All you need to do is take one step at a time.
- Right after you complete the schooling, opt for a graduate degree in accounting from any reputed College or University. While this 3 year long course will teach you the concepts like Accounting, Business Strategy etc. But this knowledge will be theoretical.
- You need to learn how things are actually done in the industry. You should never miss out on any opportunity and continue doing as many internships as possible in this domain which will not only add experience but also will provide you the much needed knowledge and skills.
- After completing your graduation, apply and take your first Accounting job. Although the job would not seem significant to you, it will enhance your skills and efficiency and will also provide you the much needed exposure and experience which will help you down the line.
- The job will be your learning opportunity and will test your perseverance if you want to excel or not. Slowly and gradually, with the passage of time you will gain confidence, excellence and accuracy in your work, which will being in significant opportunities to move up the ladder. However, your accounting degree will always be the rock solid foundation to your career.
The Bottom Line
Having said all, I would like to add that “the journey is easier said than done.” It will be a roller-coaster ride filled with anxiety, doubt, challenges and hardships. But to become a successful accounting professional that every organization wishes to have, you need to jump into the waters with all the confidence. However, over the years if you continue to give your best and are determined, you will definitely reach your goal of earning name, fame and money.
