What is Accounting?
Accounting is a field of study and practice that involves the systematic documentation, evaluation, comparison, summarisation, and reporting of financial transactions. The professionals in charge of these duties are the Accountants. Accountants create and arrange tax and financial documentation. In simple words, Accounting measures, analyses, and tracks changes in a company’s financial data over time. Here, the financial reports of several businesses can also be compared.
The majority of applicants choose to get an MBA with the aim of advancing their careers and becoming Account Managers. There are alternative ways to get into this area in the meantime. The most common option for those interested in Accountancy is an online MBA in Accounting degree because it has no strict admission requirements and typically does not require any prior work experience.
An MBA is totally worth the effort when it comes to becoming an Accountant. Not only does an online MBA add to your skills, it will also boost your performance, networking and salary package.
Scope of Accounting
The scope of Accounting covers all financial transactions and activities of a corporation. To provide accurate and timely reports, it entails gathering, organising, and summarising financial data.
Accounting keeps tabs on an organisation’s performance and assists in making critical decisions on its future. It is capable of calculating solvency, liquidity, and profitability. The creditworthiness of a corporation can also be evaluated by looking at the financial statements created by Accountants. Accounting is essential to any business’s planning, decision-making, and financial management. Understanding Accounting is essential to ensure that your system functions effectively for your company.
Between 2020 and 2030, there will be a 4% increase in the demand for Accountants and Auditors, according to the Bureau of Labour Statistics (BLS). Additionally, they estimate that there will be 1,26,500 new employment opportunities for these roles annually, making this a highly sought-after career.
The scope of Accounting is wide. It has open doors for everyone who wants to explore the books of Finance and Accounting. There are multiple advantages of Accounting. According to Indeed, two of the top advantages of working in Accounting include great job security and high income.
Skills Required for Accounting Job Roles
Careers in Accounting have skills for both personal life and professional life. Some of the top skills according to Indeed that you require for accounting job roles include:
|Strong analytical skills
|Paying attention to small details
|Industry and general business knowledge
|Teamwork and interpersonal
List of Top Jobs after Accounting Degree with Salaries
Here is the list of average salaries to highest salaries after accounting degree:
|Business Development Manager
Salary Source: Ambition Box
Mentioned above are the average salary and the highest salary after an accountant degree. Your salary package depends on your university, marks, projects and the internships that you undertake. The salary packages are most likely to increase every year.
1. Chartered Accountant
The financial maestro balancing the scales: For the detail-oriented, number-driven soul, the Chartered Accountant path beckons. Master the language of finance, dissect balance sheets, and ensure compliance with intricate regulations. As a financial guardian, you will wield your expertise to safeguard organisational health and propel growth.
- Average Salary: ₹10,00,000
- Highest Salary: ₹18,17,476
Unravel the mysteries of markets and guide the future: If numbers sing to you and the complexities of supply and demand hold endless fascination, then become an Economist. Armed with keen analytical skills and a passion for research, you will decode economic trends, build predictive models, and advise businesses and governments on crucial financial decisions. Shape the economic landscape one forecast at a time!
- Average Salary: ₹13,00,000
- Highest Salary: ₹11,97,312
3. Data Analyst
To become a Data Analyst, you will need an eye for detail. A Data Analyst works on transforming chaotic numbers into captivating narratives. From mining vast datasets to crafting compelling visualisations, you will uncover hidden patterns and empower informed decision-making. Every byte holds a story waiting to be told, and you will be the one to decode it.
- Average Salary: ₹6,50,000
- Highest Salary: ₹13,00,000
4. Management Consultant
To become a Management Consultant, it is important to be skilled in time management, critical analysis and attention to detail. Management Consultants are the architects of organisational transformation. By analysing the strengths and weaknesses, you will design strategies, optimise processes, and navigate challenges, leaving a trail of streamlined efficiency and success in your wake.
- Average Salary: ₹6,92,500
- Highest Salary: ₹ 40,00,000
5. External Auditor
The independent watchdog safeguarding integrity: For the unwavering advocate of accuracy and transparency, the role of an External Auditor is a noble calling. With a keen eye for detail and unwavering ethics, you will dissect financial records, uncover discrepancies, and uphold the highest standards of financial reporting. Be the guardian of trust, ensuring every transaction rings true.
- Average Salary: ₹2,44,954
- Highest Salary: ₹ 50,00,000
The Secretary job role is popular among Accountant job roles. It requires management skills. You will require impeccable planning, sharp communication, and organisational skills to run smooth operations. From managing calendars and schedules to coordinating meetings and handling confidential information, you will be the indispensable maestro ensuring everything runs like clockwork.
- Average Salary: ₹7,20,090
- Highest Salary: ₹ 31,50,000
7. Retail Banker
Building financial bridges for everyday heroes: Help individuals and families achieve their financial aspirations as a Retail Banker. Your empathy, problem-solving skills, and product knowledge will be the cornerstone of building trust and providing personalised financial solutions. Be the guiding light, illuminating the path to financial security for your community.
- Average Salary: ₹7,30,000
- Highest Salary: ₹ 23,00,000
8. Business Development Manager
If you are someone who wants to explore how a business runs and what are the different ways to promote the business; then this is the right door for you. A Business Development Manager assists in expanding an organisation by strategic planning, managing sales, and pursuing new clientele. A career as a Business Development Manager might be appealing to you if you enjoy goal-setting, strategic planning, and interacting with individuals both inside and outside of your company.
- Average Salary: ₹7,10,000
- Highest Salary: ₹ 27,00,000
Brokers are not just the trusted navigator of investment but they are also the biggest profiteers in the market of accounting and finance. It requires an essential skill to become a Broker and that is the skill in market knowledge. As a Broker, your market expertise and analytical skills will guide clients towards profitable opportunities. You will connect buyers and sellers, build lasting relationships, and navigate the ever-changing financial landscape, ensuring every trade sails towards success.
- Average Salary: ₹7,80,000
- Highest Salary: ₹ 6,00,000
Best Institutes for Online MBA in Accounting & Related Programmes
|Chitkara University Centre for Continuing Education
|INR 3,05,000 for Complete Course
Accounting is not just about crunching numbers. It is the language of business, the key to financial health, and the gateway to diverse, exciting careers. Whether you are drawn to the strategic acumen of a Management Consultant, the analytical prowess of a Data Analyst, or the integrity of an External Auditor, there’s a path waiting for you in this ever-evolving field.
- Demand is booming: With a projected 4% growth in job opportunities, accounting careers offer stability and promising prospects.
- Skills are transferable: The analytical, communication, and problem-solving skills you hone in Accounting open doors to other sectors.
- Rewards are enticing: Competitive salaries and the potential for significant earnings make accounting a financially rewarding choice.
So, if you are looking for a career with purpose, growth potential, and a chance to make a real impact, consider Accounting. Dive into the world of numbers, unlock its secrets, and chart your course to success.
Jagpreet is a Digital Marketing Expert and EdTech enthusiast. Having a total experience of over 11 years, he has been working in the Education industry for the past 6 years. Over the years, Jagpreet has mastered multiple trades such as Web Development, SEO, IT, Content Writing, Graphic Designing, etc. He is an extremely tech-savvy individual who loves gaming.