Career in Accounting in India

Updated November 30, 2021

Pursuing careers in accounting will never go out of trend as long as money and business exist. The backbone of every business entity in the field of accounting, and that makes it a demanding profession. Education in the field of accounting is not only about pursuing a career; it can be used in our daily lives, too, for maintaining and expanding the financial health of our businesses and firms. Accounting plays a significant part in running any company or firm. It helps you track financial income and expenditures, manage and ensure adherence to a legal framework used in making business decisions.

Now the important thing is’ what accounting means and what kind of work does it involve?’. Accounting is the process of keeping financial accounts. It estimates an organization’s economic activities and forwards this information to investors, creditors, management, and regulators. In simple words, an accountant is a need for every industry in its proper functioning, making it one of the demanding and respected professions in the world.

Career in Accounting field

Pursuing accounting opens numerous opportunities for candidates seeking a career in it. And, because of the vastness of the profession, accounting is one of the top career choices marked by the students of India.

The job of accountants is available in public as well as in the private sector. If one chooses to pursue a career in accounting then, he has been provided with numerous options. One can opt for different jobs under this course, in India or outside the country.

An accountant is a need of every organization or company in order to manage and maintain their financial records. It helps the organizations to assess their growth and plan for the future. There are various lucrative and reputed career options like Tax Accountant, Tax Preparer, Budget Analyst, Accounting Manager, etc., available in the field of accounting. One of the most lucrative career options available in India as well as in foreign countries in the accounting field is a chartered accountant. Apart from all these job opportunities available in the accounting field, one can choose to teach, a pretty profitable profession.

List below highlights the different Job profiles in accounting field.

Bookkeeper
Financial Planner
Forensic Accountant
Tax Attorney
Real Estate Appraiser
Actuary
Tax Accountant
Tax Preparer
Budget Analyst
Accounting Manager
Accounting Clerk
Tax Manager
Accounting Assistant
Compliance Officer
Staff Accountant
Payroll Accountant
Chartered Accountant
Consultant

Types of careers in accounting field

Mentioned Below are different accounting jobs with a brief description that will help the individual understand what accounting professionals exactly do and what type of career one should look for to fulfil one’s dream. The information provided below can also bring a greater understanding about the vastness of opportunities in accounting field for the students seeking career in it.

Bookkeeper

The primary role of bookkeepers is to manage account records for clients, which includes, producing financial reports and monitoring revenue, spending and invoices. They also analyze financial documents to identify errors, complete payroll each pay period, and track financial transactions.

Financial planner

A financial advisor is a finance professional who provides counselling and advice regarding the finances of an individual or an organization. Financial advisors can also help individuals and companies reach their financial goals quickly by providing their clients with strategies and ways to make more money.

Forensic accounting

Forensic accountants are like the investigative agents of financial world, who investigate fraud and uncover financial crimes. Law enforcement is a part of their profession, which includes, conducting criminal and civil investigations into crimes such as illegal financial transactions and embezzlement. They can also work as certified public accountants (CPAs) and fraud examiners, reviewing financial documents to resolve civil disputes.

Tax attorneys

Tax attorneys (lawyers) assist their clients in navigating the tax laws, allowing them to make the best business or personal financial decisions. Tax attorneys work for law firms and sometimes are members of legal teams of corporations. Tax lawyers can earn an average of 60 to 70 lakh, making it a highly lucrative profession.

Actuary

Actuaries are the accounting professionals who analyze and minimize the financial costs of risk and uncertainty.

Real estate appraisers

The primary work of real estate appraisers is to visit properties site and ascertain the value of the land and buildings. They can give estimates for selling, mortgaging, taxation, and insurance purposes. Some real estate appraisers also provides with the valuation for land that is about to be developed.

Tax accountants

Tax accountants are a significant element in the financial world, especially for firm owners. Tax accountants create tax returns for individuals and companies and assist clients in making sure that they are completing the tax forms required.

Tax preparer

A tax preparer is a financial professional whose primary work is to calculate, file and sign income tax returns for individuals and businesses on their behalf.

Budget analysts

Budget analysts assist large corporations, government agencies, and non-profits organizations manage their finances, like managing and controlling expenditure and managing funds’ allocation. They require an understanding of accounting and financial management. The duties of a budget analyst are to analyze the historical, current and future developments within the general economy as well as in the company’s sector

Accounting managers

Accounting managers supervise teams of accountants, making sure they can meet the goals of an organization. This job requires a long period of work experience as an accountant, with some employers preferring applicants who have a master’s degree.

Accounting clerks

Accounting clerks primarily record and receive cash, checks, and vouchers for banks and financial institutions.

Tax manager

The job of the tax manager is to ensure that the tax strategy of an organization conforms to local, state and federal tax legislation. Tax managers also take on various tax-related duties, which help reduce the risk of auditing for their companies. Without tax professionals, companies all over the world would struggle to survive.

Accounting assistants

Accounting assistants aid the accounting department in their day-to-day tasks by performing the basic accounting functions. The primary focus of accounting assistants is the accounts receivable and accounts payable.

Compliance officer

A compliance officer is an accounting professional who makes sure that a business complies with its external legal and regulatory demands as well as with its internal rules and regulations. Compliance officers are required by their employers to work together with the management team and employees to assess and control risks to regulatory compliance.

Staff accountants

Staff accountants primarily do the job of keeping records, maintaining ledgers and financial reports, preparing budgets, filing billing information, and doing general bookkeeping for any firm. Staff accountants usually are under the supervision of a director, controller or certified public accountant.

Payroll accountant

Payroll accountants are primarily responsible for ensuring that there is accurate and punctual processing of payroll conformity with local laws and regulations. They also perform onboarding of new employees that involve doing their paperwork, generating an employee login code and code to all systems and recording all the required information to complete the pay run.

Tax consultants

Tax consultants utilize their expertise in tax to assist their clients in making informed financial decisions about tax-related matters. Tax experts prepare tax returns and conduct legal research on tax issues, aid with estate planning, and ensure that clients comply with the tax requirements, which usually ensures they have secure and high-demand jobs.

Chartered accountants

The Chartered Accountants are professional accountants that work across various areas of the economy. They manage the finances of an enterprise, provide financial advice, and assist with managing money. It could be for a private company or individual, as well as for the government.

Specialization in Accounting

Although there are various specialties of accounting but mainly it is categorized into the four major areas and these are:

Public accounting
Management accounting
Governmental accounting
Internal auditing

Important Courses & Programmes

The minimum education of a bachelor’s degree in accounting is necessary to begin a career as an accountant. If you’re considering your career in accounting, the initial step is to obtain an undergraduate accounting degree. You can also pursue diploma courses, bachelor’s, master’s and doctoral level training in accounting. Courses required in becoming an accountant is given below with some very helpful information.

Diploma Course in Accounting & Finance- It is an one-year long programme. Students who have passed their 12th examinations and had Mathematics as one of the compulsory subjects can pursue this course. This specialized course offers a candidate a diploma degree in Accounting and Finance which is more of a professional course rather than an academic one.

Bachelor’s Courses

Bachelors in accounting is a 3 year long undergraduate courses for the student who have passed out 12^th passed with commerce. Subjects like Accounts, Economics and Mathematics are required for obtaining this degree. Different bachelor’s courses in accounting are listed below.

Com. in Accounting & Finance – It is a 3 years course
Com. Accounting & Taxation – It is a 3 years course
Bachelor of Commerce in Accountancy – It is a 3 years course
BBA in Accounting & Finance – it is a 3 years course

Master’s Courses

Masters in Accounting is postgraduate programs usually last one or two years. Students who have obtained bachelor’s degree can pursue masters in accounting. Different Master’s courses in accounting are listed below

Com in Accounting and Finance – It is a 2 years course
MBA in Finance & Accounting – it is a 2 years course
Master of Commerce in Accounting and Auditing – it is a 2 years course
Post Graduate Diploma in Computer Accounting & Auditing – It is 1 year course

Top College and universities

Here is the list of best colleges in India that offers renowned courses in accounting:

Amity College of Commerce & Finance, Noida, Uttar Pradesh
Annamalai University, Chidambaram, Tamil Nadu
Sri Ram College of Commerce (SRCC), New Delhi
Andhra University, Colleges of Arts & Commerce, Andhra Pradesh, Visakhapatnam
Ramjas College, New Delhi
Acharya Institute of Graduate Studies, Bangalore
Amrita Schools of Art & Science, Kochi, Kerala

Books & Study Materials for Accounting

Below is the list of some handful books for the students who have been pursuing career in accounting field.

S. Reddy and A. Murthy for “Financial Accounting”
T Vijaya Kumar for “Accounting for Management”
Larry M. Walther, Christopher J. Skousen for “Basics of Accounting & Information Processing”
Jacqueline Reck and Suzanne Lowensohn for “Accounting for Governmental & Non-profit” Entities
D. K. Goel, Rajesh Goel and Shelly Goel for “APC Accountancy”
K. Das Mohapatra for “International Accounting”
Pearson for “Fundamentals of Accounting for Ca-Cpt”
Maheshwari S N for “An Introduction to Accounting”
Goyal V K for “Corporate Accounting”

Is Accounting a Good Career?

Yes, the accounting is a good profession for those who take it seriously. Over the next 10 years, the Bureau of Labour Statistics is projecting 8% job growth in business and financial occupations.

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