Finance & Accounting Can Boost Your Corporate Career

Prof P. Srinivas Subbarao, Dean, FCMS, Sri Sri University, CuttackHolding 24+ years of experience in academic research, teaching and imparting education, Srinivas currently oversees the academic administration of the Faculty of Commerce and Management Studies at Sri Sri University.

Everyone needs money. It's required from the time a child is conceived to its death and even after death. Its value cannot be overestimated. The above two statements reflect the value of money in two different generations. Franklin is one of the founding fathers of U.S., lived and died in eighteenth century. Yale University's Economics and Management scholar Prof Shiller is one of the greatest living economists of our time. Both quotes highlight the importance of money in one's life and its public utility in achieving a good society. But sadly 75 percent people in India, according to a 2014 study, do not understand anything related to finance, financial management and financial decision making. There is a huge market in making people financially literate.

My argument here is that careers in finance and accounting have a much bigger role to play in all economies; small, medium and large. In addition to this, these two subjects are also recession resistant. Worldwide there is a growing demand for qualified accountants and financial managers.

But we should only venture to study this when we have genuine drive, interest and some basic skills in mathematics. If you have an interest in numbers and you are keen to know the secrets of money management, then a career in finance and accounting is waiting for you and a great career in job market afterwards. We all know that finance is the lifeblood of any organisation. The world is running on money.
Businesses make money, spend money, invest money and donate money. All these need effective money management. Without a professional method of financial management you cannot grow as a company, or MNC, an NGO or a spiritual organisation. A Post-Graduate in finance can work any of the following jobs in the corporate world. He/She may become an Accounting Manager, Chief Financial Officers, Cash Managers, Management Consultants, Investment Banking Associates, Credit Managers & Specialists, Financial Analyst, Corporate Controllers, Finance Officers & Treasurers, Insurance & Risk Managers, Investment Bankers and Investing Sales Traders & Associates.

They include corporate valuation, Investment management, Management control system, Taxation, Financial statement; Tax planning, Analysis and reporting of financial services.

An MBA in Finance graduates has ample of opportunities waiting around; all he needs to do is grab it

In a layman term `Accounting is a process of recording, summarizing, analysing and recording of financial transactions of an enterprise'. Accounting is one of the most important functions of any business enterprise. It is often referred to as `Language of Business'. The origin of accounting can be traced back to ancient civilizations and over the years it has evolved. The purpose of accounting is to give the data that is required for sound economic decision-making. The objective of financial accounting is usually to make financial reports that include details about a firm's performance to third-party parties for example traders, collectors, and tax authorities. You can find generally two ways of accounting, cash basis and accrual.

Career in Finance & Accounting:
An MBA in Finance graduates has ample of opportunities waiting around; all he needs to do is grab it. All of this because of the diverse skill set he possesses. There are thrilling careers in financial consultancies, financial institutions and banks. To be more specific, you can get into fields like merchant banking, investment and consumer banking, international finance, corporate finance and institutional finance.

Pay Scales to Finance Students:
Let's talk about the salary. Mostly the pay scale depends on the business school from where you graduate. The greater the reputation of the b-school, the better will be the package. Positions in financial management get more campus recruitments and those with degrees in finance and accounting most often get more offers and more packages than conventional courses of marketing, HR and operations.