It is a field that is directly related to the very concept of money, the management and control of the business with a direct focus on professional employment in this area. The terms accounting and finance are not always complete and interchangeable concepts. If bookkeeping is associated with a diverse analysis of information about the financial activities of an enterprise, then economics directly relates to the money issues of a particular company. At the same time, this specialty provides full-fledged knowledge and tools for monitoring and managing the entire fiscal potential of the company.
Benefits of studying accounting and finance
This area is ideal for those people who are addicted to mathematics and want to try their hand and skills in business. At the same time, specialists in this profession can choose more specific fields, including enterprise administration, financial reporting, business law or economic analytics. Besides, as part of training for this specialty, students have a unique opportunity to study outside their country. We are talking directly about possible grants and scholarships for studying abroad. Such opportunities will give a student a unique experience and the ability to expand his/her knowledge of the subject and learn foreign enterprise practices.
Place of work for specialists in the accounting finance sphere
The most prestigious working fields for graduates in this profession are most often found in the top renowned and multinational companies that provide various fiscal services policy to businesses. Among such companies, it is worth noting the market leaders, including:
- PricewaterhouseCoopers;
- Deloitte;
- KPMG.
Such multinational companies bring together tens of thousands of professionals around the world in the field of financial reporting or privacy investment banking specialists who accompany thousands of companies around the world. It goes without saying that such prestigious companies put forward stringent requirements for the recruitment of specialists who can work for them at the same time offering them top working places. However, thanks to work in such companies, the young specialist can eventually reach greater employment heights. At the end of a higher education institution, a novice specialist can try a hand in fields that include:
- Bookkeeping;
- Court bookkeeping;
- Investment banking;
- Exchange trade;
- Tax specialist advice, and so on.
Features of bookkeeping training
A degree in bookkeeping is a solid foundation for further specialization in bookkeeping or related specializations. Basically, the specialist who decides to build a career in the field of accountancy will need to engage in the analysis and practice of applying fiscal information for consistent and accurate assessment of the financial condition of the company. This direction may include various specializations such as basic bookkeeping of commercial activities, management of the balance sheet and budget of the company, as well as participation in the preparation of reports on income and expenses of the company for a certain period of working activity. Having chosen employment in bookkeeping, you will most likely also have to analyze fiscal statements for previous periods and analyze the current situation. Also, your reports and recommendations will be used to plan the company’s strategy, monitor individual indicators, manage working practices, and so on.
Starting career options for young specialists
Even though having a bachelor’s degree you can already begin to build your path in this field, and some students decide to continue their education in graduate school. Admission and study in graduate school are one of the options for those professionals who want to get more focused knowledge of a particular area of bookkeeping and get scholarships in this field. However, to become, for example, an online certified accountant, you will also need to obtain additional professional qualifications. Nevertheless, some companies provide further specialization for a novice accountant directly on the job site. In this case, the employer offers the novice specialist all the necessary opportunities and privacy policy protection for this.
Job options for bookkeeping specialization
Students who study bookkeeping may specialize in such fields as data audit, tax features, online trade risk assessment, international audit and management analysis. Besides, you can try your hand in such a direction as forensic bookkeeping. This specialization allows you to explore practical cases in various legal proceedings. In this way, you can specialize in fields such as fiscal fraud, electronic monetary crime or anti-money laundering at the national and international level.
Features of the specialization in the direction of financing
A degree in economics is an excellent opportunity to start a successful career in fiscal services, corporate business management, or forensic consulting. According to the PayScale company report, which analyzed payroll data in the US market, the profession of economics is slightly higher well-paid than various fields of bookkeeping. This situation is justified by the fact that the specialization in the fiscal profession provides a specialist with the opportunity to engage in managing critical working indicators of a firm and not just take into account current and past periods of its activity. In other words, experts who work in the field of economics are very often responsible for fields such as forecasting or online analyzing the company’s future profits. At the same time, this involves several more complex requirements for analyzing economic indicators and taking into account the external factors of the working environment.
Possible specialization in financing
Students who study economic science may further choose various specialities of their profession. Everyone should choose the direction in which he/she wants to build a career. Specializations in the field of commerce may be as follows:
- Corporate financing;
- Fiscal evaluation;
- Capital markets;
- Quantitative financing;
- Investment administration;
- Fiscal regulation;
- Monetary statements.
Although each of the listed specializations is necessarily studied in the framework of obtaining a bachelor’s degree, each student can, upon admission to graduate school, each student can, upon admission to graduate school, study more than one discipline.
Getting practice for prospective profession opportunities
Even though obtaining a diploma in professional qualifications is of paramount importance for future applicants in this profession, it is nevertheless vital to show your level of practical skills as a potential employer as well as experience and knowledge. If within the framework of higher education, you did not have the opportunity to do an internship in any company, then try to get yourself a job in one of the most prestigious firms as an intern, even only part-time work. If you are not too demanding in terms of conditions and salary, then most likely, no one will refuse you. In turn, this experience will help you in the future to learn and build a career in the place that you like.
Necessary skills to get a job in accounting and finance
In order to get your dream job, you also need to make sure that your CV contains only the most critical skills that a specialist in your field should possess. In turn, it will be much easier for an employer to assess your abilities based on the subject and specialized skills that you gained in the process of training and learning practice. And so the primary skills that a top expert should have in this field are:
- Accurate knowledge and understanding of all administrative processes in a company;
- Full-fledged numerical and quantitative computing skills;
- Information analytical skills;
- Excellent writing and communication skills;
- Negotiation skills;
- Analytics of the global situation in various target markets;
- Correct oral and written language;
- Knowledge of several international languages and so on.
Getting the highest qualification in the field
If, after obtaining a bachelor’s degree, you decide to continue studying in this specialty to enhance your future professional qualifications, you can continue your studies in the following organizations:
- Association of Chartered Certified Accountants qualification;
- Chartered Institute of Management Accountants professional qualification;
- Association of Accounting Technicians qualification.
This kind of experience will give you outstanding benefits on the profession you would be choosing. Moreover, you can get more knowledge in specific specializations.
