Business

Benefits of studying Accounting and Finance

If you compare business to a living body, finance is the blood inside it. The Accounts and finance department is the heart of any organisation and is responsible for all the financial control and oversight necessary to support business activities. A company cannot flourish without efficient management of accounts and finance.

An efficient finance manager needs to have in-depth knowledge of the business so that s/he can develop a suitable financial strategy that will help achieve the business goals. This study is also responsible for your personal growth as you can manage your personal finance without anyone’s help. A person working in the accounts and finance department will be responsible for managing financial accounting and systems, payroll, budgeting, management accounting, taxation, treasury and financial planning, creating value and supporting the business strategy.

Accounting concentrates on analysing information and recording financial transactions, while finance is mainly about the money management of the business. In simple words, accounts and finance integrate the concept of money with business and management. They undergo a series of processes of reporting, calculation and evaluation.

Why is there a need to study Accounting and Finance?

There are many reasons to study accounts and finance. A few are listed below.

Flexible career path

Job opportunities are unlimited after studying accounts and finance courses. Here, you will have the freedom to explore different careers and choose one suitable to your interests and needs. You can be a chartered accountant, stockbroker or forensic accountant. Or else you can choose a completely different career path and become a data analyst, business development manager or mortgage advisor. You can also choose to work for multiple companies at a time and thereby widen your learning horizon.

High paying jobs

After completing the accounts and finance course, you can increase your chance of landing your dream job with high earning potential. Depending upon the career and organisation you choose to work for, your salary may vary. Whether you decide to become a private or public accountant, you can earn anywhere between 3-6 lakhs annually if you are a fresher. And if you have experience, you can expect an annual salary of 4-11 lakhs PA.

Be in demand

Every industry needs accountants. Becoming an accountant means choosing a profession that will always be in demand. Business is all about money-making. Wherever there is money, its management will have equal importance. So an accountant will never be out of a job and can increase his value with each passing year.

Continue learning

If you have a thirst for knowledge, then this profession is for you. The accounts and finance world is continuously evolving and is implementing new schemes and regulations every day. Doing an Accounts and Finance course will help you stay updated and make you keen to learn more. Moreover, if you want to go up in your career, you must stay updated with the current trends and technologies.

Enhances your skills

Accounts and training courses enhance both your technical and soft skills. You will gain good numerical and quantitative skills and advanced analytical and problem-solving capabilities; you can also improve your communication, decision-making, critical thinking and time management skills. This degree course will add to your resume and increase your chance of becoming a potential candidate in front of your employers.

Real-life application

The curriculum of the Accounts and Finance course often includes real-life applications. Institutes are giving a practical approach to these courses. Here you will get the opportunities to manage business accounts under different case studies. Some institutes are offering internship programs so that after passing out, you are ready to enter the finance world with a one-year industrial experience.

Chance to travel internationally

Accounts and finance being a global affair, a career in this field increases your chance of international travel. There are also chances to study this course abroad. It will give you an understanding of the global economy. You can also benefit by experiencing different cultures and learning foreign languages and skills.

After the pandemic, the world is open to all challenges, showing a steep increase in job opportunities, especially in the accounts and finance sector. If you plan to choose accounts and finance as your profession, it is always better to have a degree in this field or enroll in a course relating to it. Now is the best time to enter this finance world.

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