Gone are the days when the field of accounting lacked versatility and accountants had no option apart from joining the accounting firms. Today, the world has opened up and the time has changed. Currently, the accounting industry isn’t the only sector hiring accounting professionals but the banking sector has also started to seek well qualified and trained accounting professionals in a variety of different capacities.
Key highlights of the blog are:-
- The Changing Face of Accounting : Then Vs Now
- Accountants In Banking Sector : What Do They Do and Educational Qualifications Required
- An Insight Into Bank Accounting Jobs
- How To Get Started ?
- The Bottom Line
The Changing Face Of Accounting : Then Vs Now
- There was a time when science as a field of study was favorite of all. The students opting for science were praised and the students choosing commerce or accounting were criticized. Talking about the market demand the demand for doctors and engineers was always high and thus the students studying science had greater job opportunities. On the other hand, it was tough for accounting students to find a job. They had to work in shops and that too on a low pay and thus were given a sense of inferiority in the society.
- However, today the time has changed. Today, the field of science has become so crowded that it had reduced it’s demand in the market. On the other hand, the field of commerce is on a boom and thus the market demand has increased to such an extent that it offers flexibility, versatility and freedom of work to accountants and that too on a pay scale determined on the basis of their talent.
- Today, as the laws and regulations have tightened up, the companies are forced to rely on accounting professionals to meet their standards. With globalization and commercialization, new doors have opened up for accounting professionals.
Accountants In The Banking Sector : What Do They Do and Educational Qualifications Required
- The role of accountants in the banking sector is almost similar to the role they play as a public accountant. Their task include examining financial records and statements, balance sheets, tax returns and accounting system to ensure completeness and accuracy.
- Usually, a Bachelor’s degree in accounting is necessary to start an accounting career in the banking sector, however some banks seek candidates only after they have completed their Master’s degree in accounting. In addition to this, advanced certifications such as Certified Public Accountants (CPA), Certified Management Accountants (CMA), Chartered Accountants (CA) etc. have widened the job prospects.
An Insight Into Bank Accounting Jobs
Talking about jobs, there are a wide range of jobs for accounting professionals in the banking sector. However, the job role depends upon the profile, educational qualification, talent and experience of the accountant seeking the job.
The most popular accounting jobs in the banking sector are :-
To uncover any mismanagement of funds, most banks hire accountants in the role of auditors. While most banks prefer candidates with Bachelor’s degree in accounting, some of them seek candidates who have B.S. in internal auditing. Also, the candidates who have completed their Master’s Degree or have any advanced certifications such as Certified Financial Services Auditor, Certified Internal Auditor are highly preferred in the industry.
Hedge Fund Accountants
Hedge Fund Accountants maintaining and monitoring cash projections, liquidity views and reconciling prices, positions and values of assets and liabilities of a portfolio of the bank or it’s custodians. Usually, a candidate with a Bachelor’s degree in accounting with previous experience of working as a public accountant is preferred by big banks. However, candidates having a Master’s degree in accounting or a certificate of being a certified Hedge Fund Professional will find their place early in the industry.
Mutual Fund Accountants
- Larger banks also employ accountants in the role of Mutual Fund Accountants. As a mutual fund accountant, their task is to manage the accounting, pricing and reconciling of mutual funds for the bank or it’s custodians. In short, as a professional their role includes a wide range of tasks from calculating net asset value and monitoring cash settlements to reporting pricing issues and securing compliance with the SEC and IRS.
- A candidate who has a previous experience of working as a public accountant and has a Bachelor’s degree in accounting is usually preferred for this job role, however a Master’s degree in accounting and a advanced designation of a Certified Mutual Fund Specialist can do wonders while they apply for this job.
Considering the difficulties faced by its customers while filing taxes, some banks hire tax accountant to help their customers with tax issues. As a tax accountant, they are considered to be experts in tax laws and in filing taxes. A candidate with a bachelor’s degree in accounting and previous experience of working as a public accountant is preferred for this job role.
People with accounting background are preferred for the role of a Branch Manager as they are able to assess bank’s financial records and manage it’s operations effectively to ensure sound financial decision. As a Branch Manager your task includes all the responsibilities related to a particular branch such as opening new accounts, managing safe deposit boxes, securing loan arrangements and taking the final call. In addition to this, your task includes looking after day to day transactions of the bank and ensuring that the operations are running efficiently.
As a loan officer, your task is to convince your clients to take loan, assess their financial position to evaluate their loan paying ability, advise about various types of loan that they can take from the bank and accept their loan applications. Most of the bank hire accountants as a loan officer because of their ability to understand financial issues and asses the client’s financial position to evaluate the client’s loan repaying ability.
As a financial manager, your task is to guide and supervise the bank’s finance staff and make use of industry practices to increase revenue and reduce losses. Accountants can work in this position because they are aware of the industry’s best practices and thus can make informed decisions when reviewing financial reports and preparing financial statements of the bank.
How To Get Started ?
Well…if you love accounting as a subject and see yourself working as an accountant in the banking sector, you probably have taken the first step towards your dream career. The next task for you is to keep your eyes and ears open while you are pursuing your graduation from a reputed college or university.
Read newspapers, articles and interact more with people to know how banks are hiring and what particularly they are looking for while employing a particular individual. Also, along with your studies, you should also focus on preparing for Bank exams such as Bank PO and should develop critical reasoning and analytical skills as these skills will be tested before you get the job.
Take one step at a time, don’t fuss, stay calm and keep composure and slowly and gradually you will earn your you will reach your goal.
The Bottom Line
Wrapping it up, all I would say is that the road might be bumpy, filled with hardships, challenges, anxiety and inferiority feeling but it will payback. On days when you feel down and out , remember that Taj Mahal wasn’t build in a day and thus keep slogging, keep up the hard work and slowly and gradually you will get the position your dreamed off.