Accounting is the process of recording the financial transactions of a business, which includes summarizing, analyzing, and consistently keeping track of the flow of money.
Finance is related to the management funds such as financial planning, investment assessment, commercial banking and real estate.
Are you good with numbers and calculations? Do you have strong analytical skills and can pay attention to details while keeping the big picture in mind? Were you one of those math wizards who breezed their way through math class?
If you answered yes to all…then an Accounting degree might fit you!
As a global field, accounting has been referred to as the ‘Language of Business’ by Warren Buffet, chairman and CEO of Berkshire Hathaway, an American multinational conglomerate. He said this to a 17-year-old investment intern and recommended the young lad to study accounting if he truly wanted to understand how businesses work through financial statements.
This iconic phrase still stands strong today. Accounting and finance are the two main factors of the business financial world and is essential to keep the cash flow moving. Even as more jobs are becoming obsolete thanks to automatization, accounting will continue to stay relevant for years to come.
It’s role to determine the financial viability of an organization is crucial as companies require accountants to track, analyze, and manage the cash flow. Without it, finances would be in chaos and companies would go bankrupt.
Accounting branches out to several different fields:
Financial accounting: Track, analyze, and summarize financial transactions while providing financial reports for a company’s public financial statements.
1. Management accounting: Assist managers to make informed financial decisions and provide them with detailed reports, information, and forecasts for the company’s management.
2. Tax accounting: Work with clients to prepare tax return documents based on government tax policies and assist them to create a plan that will help them reach their financial goals.
3. Audit: Perform an objective evaluation of a company’s financial accounts. Audit is usually done by an external third party and works to identify financial mismanagement and how to improve it.
You’ll be studying many interesting subjects related to accounting, finance and business. Below are some of them:
The study duration could vary from one institute to another. However, as a general estimate, we have compiled a general estimate of the duration according to the study levels and qualifications.
Accountancy offers a wide range of fields you can choose from, depending on your interests. On top of that, you have the flexibility to work in one of the Big 4 firms, or enter a smaller company of your choice. This means you’re not limited to working in one particular field, but have the option to pick from a wide variety of industries
If you’re ambitious, an accounting degree provides many opportunities to advance up the career ladder. You could expand your skills to be promoted to a Financial Analyst, Financial Director, or even a Chief Financial Officer! From there onwards, anything is possible!
While it’s true you need basic maths skill to excel in accounting, that’s not all there is to it. You need to be a good communicator to present financial data, busines projections, and financial results in a clear, structured manner as well as carefully explain solutions for improvement to clients from various industries.
Where there’s money involved, there’s always a need for an accountant. Think about it – every company needs someone to handle the taxes and bank accounts, so if you have the right qualifications, you’ll be in demand.
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