The evolving education sector has become more segmented and competitive. After graduation, the biggest question raised is about your career. The sector of commerce is expanding every day with new prospects flooding the market and employment rates rising globally. Most commerce students wish to pursue a career in accountancy because of its wide range of career opportunities.
Career Options for Commerce Students
Let’s see some of the career options for commerce students.
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Chartered Accountant (CA)
A chartered accountant is one of the most famous careers in the industry. A chartered accountant is responsible for matters related to taxation and accounting of a business. The tasks include tax return, financial accounting and reporting, auditing financial documents, preparing and evaluating financial reports, and maintaining records of investments.
Chartered accountants are trained to be accounting and auditing specialists. They are responsible to manage their employer’s and clients’ accounts. They also provide accounting, taxation, and financial advice for companies.
To become a Chartered Accountant you need to be good in statistics and accounting, have exceptional reasoning abilities, attention to detail and accuracy, experience in auditing or internships, and balancing accounts and making presentations. Average starting salary of a chartered accountant is ₹6-7 lakh per annum.
- Chartered Financial Analyst (CFA)
Chartered financial analysts are responsible for analysis of returns and risks, collect data, prepare financial models, etc. They maintain the accounts and look after the financial planning of any organization.
The key skills of a Chartered Financial Analyst is to study the capital markets across the globe and provide their clients and customers with possibilities. As a CFA you need to have exceptional intellectual ability, statistical and analytical skills. In order to be able to generate readable, graphic, and informative reports, Chartered Financial Analysts really have to be a strong direct communicator. A CFA must have good decision making capabilities. Also must be familiar with different analysis technologies.
Average salary of a Chartered Financial Analyst is ₹12 lakhs per annum.
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Certified Public Accountant (CPA)
A certified public accountant handles the accounting, reporting, taxes, and auditing process for corporations, clients, and the government.
A CPA has hands in evaluating and examining the financial position of an institution such as a private corporation, state agency, or employee and conducting audits for them.
A CPA must know about accounting and reporting procedures. Candidates should know how to use all the new tools for accounting systems. They need to have great knowledge of tax laws up to the mark. Also they must have good organisational knowledge and leadership skills. The average salary of a Certified Public Accountant is ₹7-9 lakhs per annum.
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Cost Accountant
Cost accountants are responsible for budgeting, performance evaluation, cost, and asset management with the organisation. Cost accountants work to reduce financial waste in a company, analyze costs of production and other expenses, and ways to increase profit. They prepare financial reports for tax authorities, stockholders, creditors, and regulatory agencies. Cost accountant is one of the most recommended jobs for commerce students with a high pay scale.
A cost accountant must have strong skills in oral and written communication. Also they need outstanding technical and computational skills. Cost accountant must have the potential to work in a squad. They sound understanding of business and exactitude and eye for details. The average salary of a Cost Accountant is ₹4 lakh per annum.
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Business Accountant and Taxation
Business accountant works in the field of finance and taxation. They must have knowledge in direct and indirect taxation along with skills in excel and reporting. Business accountants work in the areas of account, MIS, taxation, compliance, and reporting. They also need to have knowledge in accounting softwares like QuickBook, Tally Prime, SAP, and Excel. The programs that help you to pursue your career as Business Accountant are BAT, Diploma in Taxation, Tally course, etc.
A business accountant must have established expertise as a tax consultant, tax analyst or tax preparer. They must be aware of methods for accounting and finance. They need excellent expertise in analytics and time control. Also they must need good proficiency in maths and need to be familiar with the accounting softwares and knowledge in computers. The average salary of a Business Accountant is ₹6-7 lakh per annum.
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Cost Management Accountant (CMA)
One of the toughest courses in accounting. Major skills you need to have as a Cost Management Accountant are :
- Financial Accounting
- Cost Management
- Management Accounting
- Planning and Budgeting
- Risk Management
- External Financial Reporting
- Strategic Management
- Performance Management
How To Pursue A Career In Accounting?
After graduation you need to set clear career goals. Next question is how to get the job? To build a career in accounting you need to have strong skills in accounting. Accounting is a vast area so you have to be skilled in any particular area of your interest to build a successful career.
To improve your skills you can choose professional courses. There are many institutes that provide accounting courses. Finprov Learning provides all the accounting and financing courses with 100% placement assistant. You will be an expert in the area of your interest.
As a commerce student choosing an accounting career will be a wise option. It opens the door to a wide area of opportunities. You can build a safe and continuously growing career with accounting.
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