Best Way to Plan For Finance And Accounting Careers
Finance and accounting careers have a lot of scope not just for money but for also the process of the ways funds are gathered. It is mainly divided into three subcategories:
- Personal finance
- Corporate finance
- Public finance
Each of these subcategories needs a variant skillset and mindset. However, the principles remain the same, and each role needs familiarity and understanding of the main aspects of accounting.
The investment management accounting of money needs sourcing money, which can be done personally or through a bank or through corporate funds, based on the financing being managed. So, a career in finance needs a better understanding of the concepts related to accounting principles, but also a clear vision of the top tactics for raising and investing capital.
Choose a Career in Finance
The finance and accounting careers give high pay and quick career placement after graduation. For instance, the U.S. Bureau of Labor Statistics (BLS) estimates the number of financial analyst jobs will grow by more than 12 percent by the year 2024.
For the chartered professional accountant and personal financial advisors, the growth rate over the same period is nearly 30 percent, so there are ample opportunities for people interested in finance as a career. Finance jobs are growing at equal or quick rates in several parts of USA, Europe and Asia.
And for professionals with good backgrounds and who hold professional credentials, job opportunities are too many. Many positions in finance and accounting careers are viewed as essential organizational functions and are profit makers within many corporations.
The Best Career Options in Finance & Accounting
Many professionals think that investment banking is only the best finance and accounting careers options due to its renowned competitiveness and high pay, but many are unaware that there is a vast range of finance career options that extend beyond supporting banks — and which still offer similar impressive pay packages.
👉 Public Accounting
Accounting is a massive field of study and practice, comprising a variety of financial services such as chartered professional accountant. Mainly it is concerned with recording and maintaining the flow of money for a public entity or private company. Public accountants also give suggestions and reports to manage the expenses as well as boost the revenue, and enhance the financial health.
As a chartered professional accountant, one can work in-house to help firms get their finances accurately and well-organized, understand the soundness of their investments, and make projections to achieve the long-term goals. Employment opportunities may arise in the commercial or private sector, especially in select accounting firms.
The major top firms, such as Deloitte, EY, KPMG, and PwC, collectively offer the biggest share of professional services in investment management accounting. They offer assistance in auditing and attestation, tax consulting, business advisory, internal control, and governance to their corporate and government partners globally.
👉 Corporate Finance
Corporate finance is a sub-division of finance that offers funds for several business activities. It mainly deals with funding sources, investment decisions, and capital restructuring. The critical job functions in this finance and accounting careers include:
- Balancing risk and profitability
- Analyzing and forecasting economic updates
- Reviewing organization’s reports and suggesting enhancement measures
- Maximizing the value of stock
- Managing funds and choosing the investment portfolios
- Performing tasks related to financial risk management
Corporate finance professionals are hired in junior and senior capacities based on their educational qualifications, the skills required, and interests. One would be expected to have a knack for numbers and apply the same for managing money, maximizing return on investment, introducing smart solutions for budgeting, etc.
👉 Investment Banking
Investment banking finds a place among the most prestigious career options in finance. It is also a lucrative path in terms of professional growth and salary package. They are responsible for tasks related to financial remodeling. Their work involves working with data and numbers and introducing decisions that enhance business operations. These practitioners must have an interest and insightful knowledge of financial markets and economic trends.
Investment banks generally hire interns and prospective associates from top-tier educational institutions. An MBA (Finance), and sometimes a Law degree, can be beneficial in entering this field. If an individual is looking to pursue a specific career path such as stockbroking, one can opt for short term investment management accounting or diplomas in stock analysis or stock market research. The National Stock Exchange (NSE) also offers such formal credentials.
👉 Portfolio Management
Portfolio management is a fusion of commerce and science as it requires knowledge of business, mathematics, and analytics. As a portfolio manager, one does not dwell on individual investments but looks at the overall investment mix of the clients, who may be institutions or individuals.
It is crucial in portfolio management that employed professionals work to maximize profits at a negotiated risk. This would need conducting a SWOT (Strength, Weakness, Opportunity, and Threat) analysis in the job of the organizational policies on investments and decisions regarding asset allocate domestic and international markets across areas like growth vs. safety, debt vs. security, and so on.
Salaries of Finance And Accounting Careers
According to the Economic Research Institute, the Global Median Salaries:
- Hong Kong: USD 65,320 ($509,065 Hong Kong Dollars)
- Singapore: USD 67,107 ($92,908 Singapore Dollars)
- Sydney: USD 103,069 ($136,878 Australia Dollars)
- New Delhi: USD 10,600 (682,544 Indian Rupees)
- Frankfurt: USD 72,917 (65,130 Euro)
- London: USD 78,939 (61,913 British Pound)