- Accounting Careers
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Financial Accounting Careers Roles
Financial accounting careers involve public reporting of a company for the purpose of various stakeholders who need information on the company’s financial status. These stakeholders could be internal management and leaders or external shareholders, creditors, debt holders, government agencies etc.
Apart from basic accounting knowledge, financial accounting professionals should possess strong numerical, analytical, communication and presentation skills with attention to detail. They need to be conversant with the economy’s accepted accounting standards like GAAP, IFRS etc. This is necessary to maintain consistency in reporting so that comparison is feasible across peer companies.
Financial Accounting professionals may be engaged as Financial Accountants, Auditors, Financial Managers, Comptrollers, Management Accountants and Financial Analysts.
Top 6 Financial Accounting Careers List
Careers in Financial Accounting
|Recordkeeping, Preparation of financial statements|
|Ensuring fairness of financial statements|
|Managing financial functions of organisation|
|Overseeing operations of accounting department|
|Analysing financial information for management decision making|
|Providing investment advice to companies and individuals|
#1 – Financial Accountants Career
Financial Accountants are responsible for detailed recordkeeping and preparation of monthly, quarterly and annual financial statements. These records and statements help in budgeting of future sales and expenses, internal and external auditing for maintenance of good financial practices, data analysis for management action, and preparation of final accounts for reporting to external stakeholders.
Financial Accountants need to possess bachelor’s or master’s degree in accounting, finance, business, economics, statistics or other related fields. Big companies usually recruit chartered accountants for this role.
#2 – Auditors Careers
This career in financial accounting examine the financial statements of a company to ensure their fairness and materiality as per relevant financial reporting standards. Auditors may be independent firms rendering the independent opinion of the accuracy of financial statements for infusing confidence in the financial statements among lenders and investors of the company. Auditors may also work within a company acting as internal control agents to maintain fairness of the accounting procedures. Auditors may also be employed by government bodies to audit books of government agencies as well as private sector businesses and individuals who need to conform to government regulations for paying tax. The latter is termed as Tax Examiners.
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Apart from bachelors’ degree in accounting, finance or related fields, auditors need to have accounting certification like Chartered Accountants in India, or Chartered Public Accountant in USA etc. At least three years of professional work experience in accounting role is needed to gain certification in India.
#3 – Financial Manager
This financial accounting career organize the various financial functions within an organization. This may encompass accounting and involve meeting the financing needs of the organization, overseeing short-term and long-term investments, negotiating financial terms with other institutions, planning securities issue, mergers, and acquisitions etc. The financial managers manage the team of accountants and assistants and administer the creation of financial reports, statements, and projections. They communicate the financial analysis and projections to the top management and external stakeholders and provide valuable advice for finalizing the company’s financial goals.
Financial managers usually need to have five to ten years of experience as financial accountants to enter management role apart from technical qualifications with the preference for CAs or MBAs in finance.
#4 – Controller
This financial accounting career oversee the operations of the accounting department. They make sure that the general ledgers of income, expenses, assets, and liabilities, and the financial statements, are maintained in conformance with laws and regulations. Controllers maintain a comprehensive set of controls and budgets to minimize risk and enhance the accuracy of reported financial results of the companies. Controllers also manage the accounting operations of a company’s subsidiaries, especially their control system, policies and procedures and transactional processes. In a small company, the controller is also responsible for managing the cash and risk in operations. Controllers in senior position are usually referred to as Comptrollers.
These positions are usually filled by financial accountants who have more than five years of experience with preference being given to CAs or MBAs in finance.
While financial managers are involved with the management of company’s finances, controllers are more focused on accounting functions of internal control, supervising data gathering and reporting.
#5 – Management Accountants
This financial accounting career analyzes company financial information to prepare and present reports that aid in management decision making to achieve strategic goals. They play crucial roles in budgeting sales and expenses, handling taxes, managing assets and in preparation of strategic plans for the future. The work may involve cost-reduction analysis, competitor analysis, variance analysis, tender preparation and review, investor appraisal etc. This role is a combination of accounting, finance, and management.
The role of management accountant also requires the high level of analysis and good communication and presentation skills to build and present business strategies.
# 6 – Financial Analysts
This financial accounting career is entrusted with providing investment advice to the companies and individuals. They keep a continuous tab of the social, economic, political, technological and other relevant factors of the economy which affect the industry and the company. These professionals undertake detailed data analysis and track trends and future requirements for advice to senior managers on current and future investment decisions. Financial Analysts may report to a senior accountant or financial manager. Analysts could be investment analysts, securities analysts, risk analysts or portfolio managers.
Financial Accountants with three or more years of experience can join a financial analyst position. Companies prefer CAs, MBAs (Finance) and/or CFAs as added qualifications.
Financial Accounting Careers – Conclusion
Financial Accounting provides a vast range of careers involving maintenance, management, and/or analysis of financial accounts of a company. Apart from technical knowledge, these professionals need to possess very good numerical, communication and analytical skills and should be detail-oriented in their approach. While the traditional career in financial accounting involves accounting or auditing of accounts, several new careers in financial accounting has also emerged like Forensic Accounting, Environmental Accounting, Showbiz accounting and trustee in Bankruptcy.
Forensic Accounting involves uncovering of financial frauds made by companies. With companies increasingly devising illegal ways to dupe investors, creditors or tax authorities, this career in financial accounting has been one of the fastest growing in recent years. Increasing awareness for a greener environment has led to the recruitment of environment accountants who analyze the pollution costs and impact of tax credits, fines and bad relations with neighbors. Showbiz accounting is another field which involves providing financial services to companies and professionals in showbiz for example production house and artists. Bankruptcy trustees are usually appointed by the government to manage bankruptcy court procedures.
This has been a guide to Financial Accounting Careers. Here we provide the top 6 Financial Accounting careers list including a financial accountant, management accountant, financial analyst, auditor, controller, and finance manager. You may also have a look at these articles below on accounting –