Classification of Accounting Jobs in India
Career in accounting is for those who have an affinity for numbers given the job of an Accountant is to keep a close track on financial flow. Book keeping, invoice generation, budgeting and tax filing are some of the tasks which you as a accountant will be overseeing. However, Accountants enjoy a wide range of employment opportunities, with full-time careers available in every sector. Accountants are also branched into various roles like auditor, tax accountant, cost and works accountant or chartered accountant. All of these roles have been divided on the basis of the type of accounts they deal with.
You will get to know about each branch of accountancy in the later stages of this article. Accountacy as a career offers endless opportunities to grow, while you are already working as an accountant. For example, getting a Cost and Works Accounts Certificate will allow you to be a certified cost and works accountant. With on-the job training clearing such exams becomes fairly easy getting a certificate in any stream of accountancy will make you a valuable employee and will also enhance your career prospects.
Accountant jobs are spread all across the industrial base. It is statutory for 40 selected industries by the law under Sec 209(i)(d) of the Companies Act 1956, to maintain their accounting records; which thereby makes it a flourishing career path, as every company from small to large everyone need accountants for their respective operations. Accountants can also work for their own and can also be hired by a qualified accountant. Lets take a look at different profiles which are a subset of accounting as a profession. Accountancy is broadly divided on the basis of the accounts and the types of operations you undertake as an accountant.
So lets take an overview of what profiles as an accountant you can look for and what responsibilities you will need to full fill.
Public Accountancy is a rewarding path to follow in the arena of accounting. Commerce graduates with high grades are selected for this profile. They work as external consultants and advisors for companies, smalll businesses, government organizations and individuals. The job of a Public Accountant is largely client based, where you will be deployed at the client site. Duties would include auditing, financial records, preparing earning statements, completing cost accounting reports, and help clients navigate accounting problems. Meeting with clients and co-workers will also for a major part of your job as a public accountant.
The job role of an Auditor mainly revolves around verifying financialr records, their accuracy, detect frauds and identify opportunities to improve financial process. Auditors are classified as Internal and external auditors; Internal Auditors are the ones who are employed by the organization they audit and external auditors are outsourced to conduct audit of a public organization. They examine the financial procedures, and work towards achieving efficiency in financial reporting or internal controls. Auditors are also eligible for bank jobs, as auditors also work with banks who need to examine the financial records of organizations to make sure that the money is correctly accounted for.
General Ledger Accounting
This is a mainstream accounting job, where in an accountant is involved in general ledger, journal entries, accounts payable, accounts receivables and month end closing. This position is generally entry-level; serves as an great opportunity for your accounting career. Since ledger accountants work closely with the finances of a single organization, they are able to familiarize themselves with the buinesses' operations and financial procedures than public accountants.
Working for the government has its own advantages and disadvantages. One big advantage is the job security it offers and the perks that you get working for the government. One of the disadvantages is that, government jobs are not for the go-getters; as you will be frustrated at how long it takes to get something done within a government organization. As an accountant you can get hired by the government by getting a certificate from the Institute of Cost and Works Accountants of India or the Institute of Chartered Accountants. Once hired by the government you would be undertaking tasks such as auditing, accounting and improvising the financial processes of various industries. Also you will get opportunities to work under Controller Auditor General (CAG) or other government auditing bodies.
As you can see there are many job profiles in accounting that you can pursue. There are even more that we have not discussed today, however I will be coming up with descriptions on other roles in my next article on Accounts Jobs in India. Still the above mentioned careers should give you a good feel for the type of accounting opportunities that exist. This career provides you with high-income potential, oppportunities for self-employment, and career progression. Accounting as a career is a lucrative option for those who want to change careers, as this career is largely based on practical experience and one can understand the intricacies only by practice. So for those who want to earn while they learn and want to change careers may consider starting as an accountant.