Top careers in accounting

Accounting is one of the best career choices for those who have a way with numbers. If you too have a knack for doing calculations in a jiffy, accounting is one of the ideal career paths to pursue. Confused though about where to work after completing your graduate degree in the field? This blog looks at some of the top and high-paying accounting career options to help you make the right start to a lucrative career ahead.

Why pursue a career in accounting?

The decision to choose a career in the world of accounting comes with a host of benefits to students. Some of the top ones are listed below:

• Diverse industry roles: This is one of the prime benefits of entering a career in accounting. You get the opportunity to try your hand at different industries and varied work environments since accounting is an integral part of every organization in every industry. You can choose a sector of your choice or switch between industries to suit your changing interests and career aspirations.

• Higher pay scales: Lucrative accounting jobs are a key attraction for several student graduates and professionals alike. Those enrolled in accounting roles are eligible to earn competitive pay scales. 

• Steady demand: There is always going to be demand for an accountant’s role since every organization needs an accountant to handle their bookkeeping records, and manage and audit finances.

• Self-employment prospects: Accountants are also entitled to start their own business once they secure a CPA or Certified Public Accountant license. This allows them to launch their enterprise and earn clients directly instead of working for another individual or organization.

High-paying jobs in accounting

Now that we know the various benefits of pursuing a career in accounting, let us look at some of the top-rewarding accounting job opportunities in the industry:

• Accountant: Responsible for reporting the financial data of an organization and managing its overall expenditure
• Tax Accountant: Responsible for making estimates and tracking tax returns of the company, preparing and filing tax reports (both quarterly and yearly), and making regular tax payments on the company’s behalf
• Cost Accountant: Responsible for managing the costs of a company, managing expenditures, supply chains, and budgets
• Financial Advisor: Responsible for purchase and sale of financial products, managing client’s finances, assisting clients in making informed investment decisions 
• Accounting Manager: Responsible for reviewing a company’s financial statements, supervising accountants, preparing reports for the top management
• Actuary: Responsible for evaluating the financial risk costs by using statistics, math, and financial theory 
• CFO: Responsible for overall management of all financial decisions and actions of a company

Salary of Accountant in India

Depending on the level of qualification and number of years of work experience, the annual salary of an accountant is likely to vary. However, an average pay scale can be estimated in the range of INR 4 lakh – 15 lakh per annum for an accountant in India. Note that the figures are indicative only and are to be used as a reference. High-paying accounting roles might become available with career advancement. 

How to become an Accountant in India?

Students aspiring to pursue accounting career paths in the future can follow the simple steps outlined below:

1. After completion of class 10, opt for the Commerce stream at the 10+2 level. It comprises subjects such as economics, mathematics, accountancy, and business. 
2. After completion of class 12 or 10+2, you can pursue a Bachelor in Commerce or BCom at the undergraduate level where you can study more about corporate accounting, business communications, cost accounting, and tax laws.
3. Choose a specialization of your choice such as auditing, management accounting, financial accounting, or tax accounting, and go ahead to gain some professional experience in the domain of your choice. You may start with an internship and then move on to a fresher or entry-level role in accounting. 
4. You may also choose to continue your learning in the field by pursuing a Master of Commerce o MCom to gain advanced skills and knowledge in the field. 

Conclusion

Accounting is one of the best career choices for those with a keen interest in numbers and finance. There is always a steady demand for professionals in this domain since every organization has an accounting department. The salaries for job roles in accounting are also relatively higher and are a huge attraction for professionals aspiring to join the industry. BCom and MCom degrees provide the perfect foundation for launching a career in the field of accounting. Sikkim Manipal University offers these courses in online mode to students, offering flexibility in learning and the comfort of learning at your own time and pace.