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Are you planning a career in Finance and Accounting? If the answer is yes, then indeed, it is a crucial decision that requires careful consideration and thorough research. Understanding the key elements of this field can pave the road for a successful and rewarding professional experience, whether you are a recent graduate or thinking about a career transition. But before understanding the elements, it is important to know who all make their careers in finance and accounting.
Who can make career in Finance and Accounting
Candidates having experience or degree in Chartered Accountants (CA), MBA in Finance, Finance Analyst, Investment Banking, and Cost & Management Accounting can think to make their career in this field. But before you dive into this career and know what opportunities it present, it is essential to know these five elements to make a successful career in finance and accounting:
1. The Role of self-exploration and research cannot be undermined: Before diving into any career, it is essential to understand your own strengths, interests, and goals. Take the time to self-reflect and assess whether finance and accounting align with your skills and passions. Research various roles within the field, such as financial analysis, auditing, taxation, or financial management, to gain insight into the diverse opportunities available. This exploration phase will provide a solid foundation for making informed decisions about your career path.
2. Apply for internships to gain practical experience: While academic knowledge is crucial, practical experience is equally important in the world of finance and accounting. Seek internships or entry-level positions to gain hands-on experience and understand the practical application of theories and concepts learned in the classroom. These opportunities will not only develop your technical skills but also provide valuable networking connections and references for future career growth.
3. Explore the world of industry-ready certifications: Qualifications such as ACCA in finance and accounting can offer a significant advantage in your career journey. These certifications enable you to expand your professional horizons globally while outperforming your peers. By pursuing ACCA and similar qualifications, you demonstrate your dedication to continuous skill development, positioning yourself as a competitive candidate for entry-level jobs and enhancing your employability in a fiercely competitive labor market.
4. Networking and professional connections are the secret sauce: Getting a job as a fresher can be challenging, especially when similarly qualified candidates are applying for the same position as you. Attend industry events, join relevant professional associations, and engage with peers, mentors, and experienced professionals in finance and accounting. Networking opens doors to new opportunities, exposes you to different perspectives, and helps you stay updated with industry trends. Moreover, seeking guidance from established professionals can provide valuable insights and guidance as you navigate your career path.
5. Focus on long-term v/s short-term: While it’s essential to focus on immediate job prospects, it’s equally important to have a long-term career plan in mind. It’s easy to let your enthusiasm as a fresher make you accept an offer that might not be an ideal fit for you. Take some time to identify your goals and aspirations and create a roadmap for achieving them. Consider the potential career paths available within finance and accounting, such as corporate finance, investment banking, or entrepreneurship. Set realistic short-term and long-term goals and continuously evaluate your progress to ensure you are on track.
Top 3 career opportunities after Finance and Accounting
A company hires a financial analyst with an analytical mind to align macro and microeconomic shifts and monetary deviations with the company’s a foundation goals through precise fiscal analysis, building creative finance models, generating expenditure theses, and communicating with shareholders and executives in order to develop growth plans. This financial analyst is likely to have a CFA charter qualification.
–Audit or Tax Specialist
They generate financial statements and assess accounting ledgers, reporting, tax methods, internal controls, and financial systems. Auditing professionals can ascend the corporate ladder faster than others because they can make lucrative packages work in their favor. At the Big 4 and top MNCs, the average auditor salary is around 10 LPA.
The work of risk managers is to assess, manage, and reduce different types and levels of risk. Risk managers can maintain corporate operations while defending a company’s reputation. These managers create financial models to gauge the magnitude of unanticipated hazards, real-time portfolio management models to protect banks from credit risk, and business plan reviews to boost performance and profitability.
Careers in finance and accounting often come with competitive salaries and attractive benefits. The ever-evolving nature of finance and accounting guarantees continuous learning and professional growth. Overall, opting for a career in finance and accounting can lead to a rewarding and prosperous future.
-Written By Anant Bengani, Director & Co-Founder, Zell Education