Why financial accounting is a good career option in 2022

Do you have: 

A knack for numbers?

A sharp eye for details? 

A talent for solving problems?

A mind that is built for organizing facts and figures?

And ambition for a quality career filled with opportunities?

Then you are a perfect fit for financial accounting, a highly respected, lucrative profession that offers tremendous scope for professional growth. Accountants are the backbone of any company. Their contribution is of immense value. They offer their valuable expertise and skills to help the organization keep track of their expenses, budgets and profits. 

So what does a financial accountant do? They are specialized professionals who are tasked with recording and outlining the companies’ many business transactions and expenses over a period of time. They analyze the fiscal information, prepare financial statements and help their employers and company stakeholders to keep track of operations and business activities. They maintain order, provide insights and help the company to achieve targets while minimizing risk. 

Financial and managerial accounting are different from each other. They may share a few similarities and work together to improve the company’s fiscal health. Managerial accountants focus on short-term goals. They are involved with strategies that help an organization achieve financial stability when working towards a specific outcome. Whereas, financial accountants are focused on long-term issues. Their job is to keep a check on the various business transactions and ensure that the organization is heading down the right path towards profitability. 

The scope of financial accounting in India today

The accounting industry is probably one of the oldest occupations in the country. However, it has stood the test of time. Certified accountants are essential in every business sector across the corporate world, such as:

  • Accountancy firms
  • Investment banks
  • Banks
  • Insurance companies
  • Public and private sector companies
  • Retail 
  • Real estate 
  • Educational institutions

The roles and responsibilities in financial accounting

Financial accounting deals with handling the concepts and principles of certified accounting standards. A competent accountant is efficient at creating financial statements, maintaining records and helping companies understand and manage their cash flow better. 

Here are some of the responsibilities:

  • Summarizing and analyzing the financial data to enhance business performances by making balance sheets, cash flow statements and income statements
  • Creating intricate financial reports that detail the company’s business transactions
  • Help companies with drafting tax payments, employee salaries, budgets, etc.
  • Keep track of business operations such as profit and loss, internal audits, expenses, liabilities, assets, etc.
  • Check for any errors, inconsistencies or contradictions in the data
  • If found, offer solutions to the above problems 
  • Create a detailed plan for cutting costs when needed 
  • Analyze potential financial risk factors and present them to the department heads 
  • Make predictions about the company’s future after reviewing the current financial information 

5 skills needed to be successful in financial accounting

1. Knowledge of accounting practices 

Financial accounts are required to follow the accepted accounting principles and regulatory standards that are used in all major companies. 

2. Proficiency in accounting software 

To create statements, tax returns or a risk analysis report, you need to be well versed in spreadsheet software and the various functions available.

3. Good communication skills

Financial statements can be complex and intricate. You need adequate written communication skills to articulate your points. 

4. Analytical thinking

A quick, sharp mind is essential when you are pouring over reams of financial information. It will also help you spot any discrepancies or critical details hidden in the data. 

5. Time management 

You need to be able to use your time wisely to prepare statements and reports so you can meet the strict deadlines set by the company. Many people within the company are relying on you to deliver on time.

Why the ACCA qualification is ideal for financial accounting 

To become a financial accountant, you need the right credentials. The ACCA is a prestigious certificate that has a strong presence in over 180 countries. The course gives students a solid foundation and a firm footing in accounting fundamentals. The in-depth, well-crafted curriculum reflects the latest knowledge, expertise and professional values of the accounting and finance industry. It is the perfect course for financial accountants as it merges traditional accounting with a modern, updated syllabus. While most students believe this course is more relevant for management accountants, it is equally suitable for financial accountants. Here are some reasons why:

  • The ACCA subjects include financial accounting concepts. For instance, the F3 paper (FA) offers training on various topics such as preparing financial statements and double-entry systems
  • Many global companies, such as the Big 4 and other MNCs, prefer to hire accountants from the ACCA alumni
  • The ACCA stamp on your resume will instantly offer better prospects for your career. 
  • You get to be a part of the ACCA global community. You get the inside scoop on jobs and new opportunities. You’ll also be able to build strong networking connections with other members. 

IMS Proschool’s ACCA course details (Global Professional Accountancy Course)

If you are planning to enroll in the ACCA course, why not register with the best? IMS Proschool is one of India’s leading professional institutes, educating over 50,000 students in the last ten years. It is ranked as one of the top ten leaders in accounting and finance

The Global Professional Accountant program is a unique blend of facilities and education that makes you a force to be reckoned with. The course includes the ACCA subjects, financial modeling and soft skills training. It’s a holistic and intensive system created by some of the best financial minds in the industry. 

Highlights of the GPA:

  • There are two programs for undergraduates (GPA and GPA comprehensive)
  • Each student receives intensive training, access to mock tests and the Kaplan study text in hard copy
  • You also learn about financial modeling, an essential tool for financial accounting 
  • You get help with placements along with grooming for interviews

What are the job opportunities post GPA? 

Your resume is ready to blow the competition out of the water. Many Preschool students have gone on to have successful careers. It is not uncommon to find ACCA students working for renowned companies such as Deloitte, Citibank, Deutsche Bank and JP Morgan. The training enables them to fit right into the fast-paced work environment and global corporate culture. They are knowledgeable in all practices required by the company. GPA-certified professionals follow international accounting standards and advanced financial accounting techniques. You are qualified to work in a number of countries around the world. 

Salaries for ACCA-certified professionals start at around 3 lakhs a year. With experience, the number goes up higher. It also depends on your location and company.

In conclusion 

Who knew such a traditional occupation would receive such a modern upgrade? The ACCA course has made financial accounting one of the hottest careers today. It educates, trains and enriches each student to become well-rounded and accomplished accounting professionals. So if you have the will, drive and desire to work with numbers and figures, this could be your true calling. 

Get started on the IMS Proschool’s ACCA program today. Click here to know more.