10 Reasons Why One Should Pursue a Career in Finance & Accounting

Introduction to Finance & Accounting:

Finance:

Finance is basically defined as the management and interpretation of money and various investments. It includes many activities like budgeting, saving, investing, borrowing, lending and even forecasting. These activities authorize the operation of companies, organizations and even countries. Finance consists of three basic categories which are:

Personal Finance

Corporate Finance

Public Finance

There has been a rapid growth in the industry of Finance. Finance includes many areas such as risk management, asset management, Investment Banking, corporate finance, equity analyst etc.

Accounting:

Accounting is the recording of various financial transactions, also the sorting, storing, analyzing and presenting the results and interpretation of reports. Accounting is basically how businesses record and understand its financial information. There are many types of accounting out of which some are mentioned below:

Public Accounting

Financial Accounting

Management Accounting

Tax Accounting

Forensic Accounting

Government Accounting

There are many career paths in the field of accounting which include: consulting, taxation, managerial accounting, Information systems, Auditing, financial accounting etc.

Reasons to join the world of Finance & Accounting

The world of finance and accounting is one of the most exciting industries which is advancing and growing constantly. There are definitely umpteen number of reasons as to why one should choose this field to make a career. By pursuing a career in finance and accounting you are indeed going to unlock endless opportunities which might also include travelling all over the world, there is always high demand for finance and accounting professionals which organizations expand. Here are the top 10 reasons to join this sector.

1. One of the most ‘Dynamic’ industries: There is no doubt that this field is changing and growing at a fast and constant pace and is moving towards a more exciting direction because of new markets, new laws, improving technology etc. A career in this sector is dynamic, demanding and also intellectually rewarding. If we look at most industries, they depend on seniority in determining employee advancement but when it comes to the finance industry, quick thinking, rigorous analytical thoughts and consistent results matter. One will never stop learning in this industry where there is a lot of innovation. For all the talented and aspiring professionals this sector will be a great opportunity at career advancement.
2. Gives you a great foundation: A finance or accounting based qualification will help you progress through the ranks of a company. Since individuals with a finance background are usually really great at interpreting data, avoiding mistakes, and analysing data, this makes them great candidates to be promoted to more senior roles. If you are looking for a career with clear progression that would be a great choice indeed, once you have experience under your belt it becomes way easier to map out your career and decide which route you want to go through.
3. World-wide Opportunities: Companies & organizations basically need finance professionals to be able to communicate really well with colleagues and clients. If you work in accounting, banking, insurance, pensions, etc. in the UK it is relatively easy to get a job in these areas in other English- speaking countries. Basically, just by improving your language skills, you increase your ability communicate with people from all areas of the world because since companies are expanding constantly the very need for professionals with strong communication skills is growing too. Finance qualifications like CPA (Certified Public Accountant), CMA (Certified Management Accountant), CFA etc are internationally recognized qualifications and will continuously have many opportunities if one wants to travel abroad.
4. There is Diversity: Another important point to be noted is that when it comes to diversity of fields in a single profession, finance and accounting is on the top. When you are in this sector, you will never feel limited to one particular position or career. There will be countless options for you, which will help you choose whatever path according to your personality, you can end up as a Research Analyst, Account manager, Insurance Broker, Financial advisor etc. There are many skills that you learn in this field which will help you in not just one sector but in many, some of those skills include: analytical skills, problem-solving skills, and of course another very important skill required everywhere- communication skills.
5. Financially rewarding career choices: Having a career in Finance and Accounting pays really well compared to other professions. There is a lot of opportunity for you to make good money. Being highly demanded in virtually every business, finance workers are offered a relatively good pay as their services are some of the highly essential and demanded in the market. We know that a better salary gives the employees a chance to save and therefore invest their income in various other income generating activities. Payscale shows that entry level accountants start by earning 37,99,680 rupees per year and according to a study conducted by Forbes, finance majors can earn a starting salary of 42,50,227 rupees per year.
6. One of the most stable careers: The finance and accounting industry is such that as it grows and expands so does the type of jobs available to finance graduates and professionals. If you are a finance qualified professional you will literally never be jobless due to the high demand for your skillset as almost every business needs people to handle their finances. So, by studying finance or accounting you are entering an industry with umpteen jobs and a high hiring volume. When it comes to stability, the wages are above average and the ways to progress are definitely appealing.
7. Career advancement: Well, there is always going to be room for personal as well as professional growth in this sector. A career in the world of finance is unlikely to become obsolete in the near future since this is the industry that drives world economics. There is significant incentive for employees in the finance industry to pursue higher education to in turn advance their career. There are many organizations that offer various sponsorships to employees so they can improve their skills. Always remember that a hard-working person will for sure be noticed in any company.
8. Specialized-level of expertise: With the continuous and fast changes in technology and general advancements in this industry, there will be many opportunities for you to undergo specialised training to further improve your skills and knowledge. Obtaining these esteemed and highly in-demand skills from excellent training programmes provides even more job security. CPA and CMA are some of the most esteemed qualifications in these industries, and these professionals are specializing in more than one area of finance and accounting like such as,

Auditing

Bookkeeping

Forensic accounting

Managerial accounting

Information technology

1. It is challenging and exciting: There is a reason that a career in finance and accounting pays well and that reason is- it can be challenging. Finance can be very results orientated with constant deadlines to meet so it is extremely important that you enjoy keeping up to the faster pace of work. Many people who work in the finance industry enjoy the many challenges that they face on a daily basis. It is a fact that almost every finance job requires problem-solving skills and some of the day to day tasks might also involve fixing complex issues for small or large organizations.
2. Lots of networking opportunities: Since you will be spending your time working with many different professionals such as industry contacts, your clients, and fellow colleagues, this creates an opportunity for you to build a large network of people who can help you move forward in your career. Effective professional network will help you with various things like

Career opportunities in your own firm

Potential openings in other businesses

Industry insights and trends

Technical know-how

Forthcoming developments that could impact on your career

Career Paths in Finance:

The key to an individual’s success is to discover a career that provides them with the perfect blend of pursuing a career that they are passionate about and one that utilizes their skills. The finance industry offers a diverse range of career options to professionals as well as beginners who possess the right skill sets. Let’s have a look at the different finance career paths,

Risk Management

Investment Banking

Corporate Finance

Equity Research

Commercial Banking

Asset Management

Career Paths in Accounting:

With an accounting degree, the possibilities are endless, as an accounting career path can lead to every industry that exists. General accountants provide guidance and act as advisers. They perform bookkeeping duties, develop budgets, give direction on the management of assets and investments, and also identify areas of concern that may cause financial liability. Here are some career options for accounting professionals

Auditing

Taxation

Consulting

Financial Planning

Information systems

Managerial accounting

Financial accounting

Entrepreneurship

Future of Finance:

A lot of centralization is happening because of high technology intervention. New technology is upending everything in finance, from saving to trading to making payments. It is extremely important to be flexible and go with the flow in order to be successful through this finance transformation.

To know in detail regarding the ‘Future of Finance’ and how to deal with many situations watch this video:

https://www.youtube.com/watch?v=vUpWkv5mQmY

CONCLUSION:

The digital age has disrupted businesses and those that haven’t embraced the changes going on have disappeared and couldn’t make it so because of industrialization there are many opportunities to unlock for those who are thinking of pursuing a career in finance and accounting. Now is definitely an exciting time to kick-start your career in this dynamic industry. Hope this article helped you understand the various benefits that this industry beholds for you, these are just a selection of the reasons why you should consider a career in finance, and there are so many more reasons why you should join such an exciting industry.

Simandhar Education is India’s No.1 training provider for US CPA, US CMA, Enrolled Agent IFRS and HRCI professional courses.