The emergence of artificial intelligence has always been perceived as a threat to jobs that require manpower. Accounting has also faced this so-called ‘threat’ ever since the implementation of automation. But accounting as a field needs automation and accountants hand in hand. Every organisation despite its size has a post for an accountant.
They are the people who deal with financial records and ledgers. Students with an interest in finance and those who are adaptable to technological advancements can have a promising future in accounting.
Future Scope for a Career in Accounting
- According to the industry publication Accounting Today, accounting professionals will never be replaced by automation tools. They believe that only accountants can address interpersonal communication with clients.
- The U.S Bureau of Labour Statistics reveals that jobs for accountants and auditors are expected to grow by 4% between 2019 and 2029.
- U.S News & World Report ranks 13th position for accounting in its list of Best Business Jobs for 2021, citing its favourable salary and strong job security.
- Job opportunities for accountants exist in both the public as well as in the private sector in various institutions and companies.
- Accountants are sought out by almost every organisation to manage their financial records.
- Forensic accounting is one of the most sought-after professions now. They mainly offer services in cases of financial irregularities and can find jobs in banks, economic offence wings and the Securities Exchange Board of India (SEBI).
- New and emerging streams in finance like actuarial science and blockchain management will open doors to a number of career opportunities.
Skills Required to Study Accounting
- Numerical skills
- Mathematical skills
- Communication skills
- Analytical mind
- Interpersonal skills
- Understanding of accounting procedures
- Ability to work for long hours
Careers in Accounting
- Finance managers
- Financial controllers
- Financial advisors
- Finance directors
- Chief financial officer
- Chartered management accountant
- Company Secretary
Eligibility to Pursue a Degree in Accounting
Students who passed 10+2 from recognized institutions under any stream can apply for a bachelor’s degree in accounting.
Entrance Examinations
- DU ET – online entrance exam conducted by the National Testing Agency for admission in UG, PG, M. Phil. and PhD courses offered by Delhi University.
- IPU CET – conducted by Guru Gobind Singh Indraprastha University for admission in various undergraduate and postgraduate courses.
- BHU UET – an undergraduate level entrance exam conducted for admission to UG courses offered by the Banaras Hindu University.
Top Colleges/Universities in India and Abroad to Study Accounting
- Mississippi College, USA
- Arizona State University, USA
- University of Greenwich, UK
- Teesside University, UK
- McGill University, Canada
- PSG College of Arts and Science, India
- SRM Institute of Science and Technology, India
- Narsee Monjee College of Commerce and Economics, India
- The Oxford College of Business Management, India
- Vimala College, India
- Delhi University, India
- Guru Gobind Singh Indraprastha University, India
- Banaras Hindu University, India
Famous People Connected With Accounting
T V Mohandas Pai
T. V. Mohandas Pai is a Padma Shri Awardee and current Chairman of Manipal Global Education. He was a former director of Infosys, and Head of Administration, Education and Research, Financial, and Human Resources of Infosys Leadership Institute.
J P Morgan
J.P. Morgan is a global leader in financial services, offering solutions to the world’s most important corporations, governments and institutions in more than 100 countries. J P Morgan was considered to be America’s greatest banker. He constituted the banking firm called J.P. Morgan and Co.
Top Institutions that Employ People in this Field
- Wipro Ltd
- Bharat Electronics Ltd
- Vedanta Ltd
- Ujjivan Financial Services Ltd
- ITC Ltd
- Tata Motors
- HPCL
- Infosys
