From the purchase of items to corporate mergers, monetary transactions have become an essential part of people’s lives. The reliance of societies on different forms of money has resulted in a surge of opportunities in finance.
A merger is a document that converts two different companies into a single entity. Companies can be merged for various reasons, and they can choose different formats for conducting such agreements.
The financial industry is an important one, as both individuals and companies rely on it. A company begins working on a project as people and organisations expect certain work from them. Thus the significance of finances is shown in the corporate world too.
Money is synonymous with safety and security in people’s lives. Due to this reason when they are exposed to the latest trends in the industry, they are guaranteed to soar to greater heights
The scope of employment in the fiscal world:
This sector consists of businesses started by either individuals or enterprises. These institutions are designed to raise money, and make up a significant portion of the economy.
An accountant in the private sector is vital for growth, and poverty reduction. This industry recruits staff through a vast array of sources, like business owners, corporations or NGOs.
Designations of such professions include manufacturing, fiscal services, hospitality and positions that are not associated with governments. The workforce involved with such occupations is paid from their company’s profits.
Working in government agencies is yet another option for graduates that deal with monetary transactions. Every branch of government relies on qualified experts for monitoring government finances and ensuring compliance with financial laws.
Such professionals not only increase the efficiency of government agencies but also help them remain within their budget. Aspirants that seek these designations can take various roles in state, local and national governments
Their responsibilities include studying financial documents, performing audits, ensuring compliance, and preparing reports and budgets.
Graduates of business accounting can also launch their own businesses, and can be flexible about their workload. These professionals are also free to create their fee structures, cater to a diverse range of clients and take more risks according to their business models.
The topics that are included in the curriculum build a firm foundation of business principles. This is crucial for giving companies a structure and running a business.
From registering the business to tracking its growth, entrepreneurs are responsible for making their companies stand out from the crowd. An in-depth knowledge of the financials lie at the core of a successful firm.
Why should I care about this industry?
Irrespective of its size, every organisation needs to have a certified management accountant. Apart from massive corporations, startups are becoming equally competitive by coming up with unconventional concepts.
In such situations, employers experiment with several tactics to hire a productive workforce. This has paved the way for technologies like cryptocurrencies to grow in popularity.
Careers in the industry
Lucrative packages are inevitable in a field that’s involved with managing monetary assets of corporations & governments. Graduates can discover a brighter future in different roles. For example:-
Such professionals carry out activities that are associated with the long-term financial goals of organisations. Financial Managers are also responsible for data analysis and advising senior managers on methods to increase profits.
They require excellent analytical and communication skills, as they are a part of a team that helps organisations in making decisions. Technological advances have reduced the time it takes for Financial Managers to prepare financial reports.
Specialists in this mode of accountancy are essential, as these individuals are in charge of the financial health of organisations.
Financial managers can earn INR 72,628-1,26,915 according to Indeed, and $71,000-101,374 per year according to Zippia.
These professionals specialise in creating systems for storing and recording digital transactions. Other names for this role include Blockchain Engineer, Blockchain Developer or Blockchain Software Engineer.
These employees are responsible for the creation, and modification of blockchain applications, leveraging cryptography for preventing cyberattacks and noting down the procedures of developing blockchains.
Since these networks safeguard digital capital in accounting, Blockchain developers can earn INR 7,00,000- 30,00,000 according to Glassdoor. Apart from India Blockchain developers earn $150,000 to $175,000 annually according to Dapper university.
The duties of these individuals consist of various tasks related to corporate financial accounting like collecting data, giving a structure to the information, analysing historical tests
By using a combination of past financial and investment data, along with estimates of upcoming revenues and expenditures, professionals give guidance to businesses making investment decisions and forecasting future events.
Although a Financial Analyst in India can receive a figure of INR 4 LPA, the paycheck of people falls between the range of 2.19 - 9.93 LPA according to Upgrad. Factors such as experience, skills, location and employment determine the exact amount.
Professionals engaged with these accounting services write diverse articles associated with the crypto industry. Such writers have intensive knowledge of various aspects of digital currencies.
Freshers that write about various topics can earn $20-50 for an article of 500 words. As they keep getting better, they can eventually earn an increased pay of 75 to 250 dollars for the same article of 500 words according to Metaroids.
Aspirants that want to become excellent controllers should pay attention to the minute details, keeping the bigger picture in mind. Controllers monitor accounting activities and ensure that ledgers accurately reflect the transactions of a company.
They can also create internal policies and the institution's budget administration, mode of payment and the accounting standard. In India these professionals can earn INR 9,47,379 - 10,54,956 according to Indeed.
Controllers can also be involved in creating a seamless system that enables smooth exchanges and earns attractive numbers like $37,785-133,043 per year in the U.S according to Glassdoor.
A risk manager in the financial industry identifies potential challenges within the company and studies their consequences. Accordingly, they create an elaborate process for identifying risks, verifying and studying them.
When Risk Managers research the threats within the organisation, they need to depict the magnitude of the threat, and its cost to the firm. The Risk Managers may either rely on software or statistical methods for conducting the assessment.
Such professionals can earn packages in the range of $36,700-$146,079 in the U.S as per Glassdoor, and INR 509,193-998,263 according to VSkills. These figures illustrate the relevance of finance and accounting.
Such associates identify fiscal dangers and figure out activities that require government regulations, for example, the best cryptocurrency exchange.
They check the internal controls that exist, detect the scope of improvement in routines, and be the source of collaboration for efforts designed to enhance effectiveness.
The demand of auditors can be seen by how much they earn. Their earnings per hour can vary from $24.60-$49.07 in the US, and around INR 20,002-53,190 according to Indeed.
These professionals advise their clients regarding investments, insurance, tax, wealth management and retirement planning. They help clients create budgets, define guidelines for saving, and take steps to create wealth.
They join forces with a chartered accountant or financial managers according to the requirements of their clients. They should remain updated about the latest tax laws, and developments in the industry.
The salaries offered to professionals of financial accounting in India are between INR 16,535-70,287 per month according to Indeed, and $31,355-103,760 per year across industries in the U.S according to Glassdoor .
Companies operate in an era of cut-throat competition. In such a scenario, several issues have the potential to disrupt the efficiency of establishments. Businesses need to adapt to a dynamic market.
Management Consultants are professionals that leverage their skills to find a solution. The payment of these professionals varies according to particular industries. They can expect to earn $72,000-$136,000 in the U.S according to Zippia.
According to Indeed, the professionals are paid INR 4,34,050-19,26,088 for their efforts.
An investment consultant works with clients to form an investment strategy. Clients for such professionals can include individuals and companies, they leverage cost accounting and form strategies to meet the client's goals.
Due to the nature of their work investment consultants often form long-term relationships with their clients. Investment consultants exist in different environments like banks, asset management companies, etc
Packages like $60,000 -109,300 indicate that Investment Consultants have a lucrative future in the United States (reported by Zippia). They can enjoy their future in India too, with figures of INR 4-9 LPA according to Glassdoor.
A financial advisor offers guidance to customers on various topics, like investment, taxes, retirement and handling estates. They combine various roles, a financial advisor requires licences depending on the types of services they offer to the public
While financial advisors earn salaries between $38,000-110,000 in the U.S according to Career Employer, they can earn INR 1.79 -20 LPA. Apart from their salaries, such professionals also get bonuses, and profits according to Upgrad.
Empowered by a finance and accounting course, such associates examine threats in investments, clients, economic conditions or laws for making financial decisions. They forecast potential outcomes and suggest measures to minimise dangerous situations.
The remuneration offered for the services of a risk analyst falls between $59,000- 112,000 per year in the U.S (according to ZIppia). Packages like INR 376,170- 523,945 await candidates who want to become risk analysts in India (reported by Payscale).
These are the experts who understand the laws followed by the different branches of government, this is beneficial for people that require help to figure out the amount that they owe the government
These professionals also help their clients in forming a profitable tax strategy. Such accountants build detailed plans to reduce taxable income and raise deductions.
While this form of advanced accounting can help people earn figures such as $45,000 - 62,142 per year in the U.S (according to Zippia). India also does not lag behind with figures like INR 15,149- 34,578 per month in India (according to Indeed)
These professionals are responsible for managing the communication between the company’s corporate management and its investors.
Their duties include releasing information, handling inquiries and meetings, giving feedback to the management, and dealing with crises. Investor relations officers tend to focus on the business’s financial community, rather than clients and customers.
Figures like $228,800- $302,600 indicate a bright future for aspiring investor relation officers in the U.S (as per Salary.com)
Candidates of the big 4 accounting firms are guaranteed to have a brighter future since the remuneration for securing money is an attractive one. However, these benefits can only be unlocked by gaining a deeper understanding of the industry from experts.
A PG Program in Finance and Accounting at RISE in collaboration with Grant Thornton, Bharat not only educates students about the latest trends in the industry, but also prepares the road ahead.
Explore the benefits of a course taught by professionals from Grant Thornton, Bharat.
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