Category: Accounting

Accounting Degree Categories

Finance is a very interesting field to take up as a career. An accounting degree is your key to enter this very exciting field. There are just a few types of accounting degrees available as compared to technology and science courses but job opportunities abound for any hardworking accountant.

The main job of an accountant is to record the financial transactions of the company and prepare the needed financial statement. They do cost analysis like comparing the cost of a particular project or technology and comparing it against the benefit gained in terms of effectiveness. They are consulted on major business events like mergers and acquisitions, where they are asked to examine and make their opinion on the financial records of the entities involved. They also help develop IT programs to help in the better monitoring and management of the financial results, tax tactics and employee benefits packages. The information provided by an accountant is used in developing the institution’s future financial activities.

There are several types of online accounting degrees available on the Internet. The Certificate in Accounting program is a short-term course suitable for students who want get accounting related employment in the shortest possible time. Certificate courses include bookkeeping and accounting technician as area of concentration.

An Associate Degree is intended for high school graduates interested in accounting as a career. This college level degree usually takes two years to complete.

The Bachelor Degree is the program to take if you aim for higher positions in the accounting field. It takes a minimum of 4 years to complete this degree.

Postgraduate degrees are also available online. A Master of Business in Education helps you to specialize on certain fields of accounting. A bachelor degree is required to take this course that usually takes a minimum of one year to finish. A Doctoral Degree in Accounting is another postgraduate course available and takes years of intense study to complete. After finishing a bachelor degree in accounting, you may decide to acquire certification from the American Institute of Certified Public Accountants (AICPA).

There are several specialized high paying fields in the accounting profession. This includes Audit Accountant, Budget Analyst, Financial Accountant, Management Accountant and Tax Accountant to name a few. A Bachelor degree is the minimum requirement on these fields while a Master or a Doctoral degree will greatly improve your chances and shorten the time needed to reach your goal.

How to Start Your Accounting Career

You want to be an accountant. You love numbers, maths and money. So, how do you get started? Where do you go to get certified so that your services will be in demand? If you do not have any recognised qualifications, your clients will not be able to know if your standards meet their requirements. People hire Chartered Certified Accountants with a full practicing certificate because they know that they can trust in their expertise.

Any old accountancy certification will not do. You need an internationally recognised global qualification to compete in today’s industry, and the ACCA qualification fits this demand perfectly. The Association of Chartered Certified Accountants (ACCA) is the world’s largest international accountancy body, with over 300,000 members and students in more than 160 countries. Founded in 1904, ACCA has over 100 years of history as a leader in the development of the global accountancy profession. The United Nations has chosen the ACCA syllabus as the basis of its global accountancy curriculum and the ACCA qualification is well recognised in an ever-growing list of countries including the USA, Canada, the United Kingdom, the European Union, Australia, New Zealand, South Africa, China, Singapore, Malaysia and Pakistan. Many ACCA graduates work in premier companies such as British Airways and Price Waterhouse Coopers.

The syllabus spans 16 topics each with its own examination to test your competency in that subject. It usually takes 2 years for a student to obtain the ACCA qualification. This is broken up into the “Fundamentals” stage that consists of 9 papers and the “Professional” stage that consists of 3 papers and a choice of 4 options. With so many examinations to pass, self-study can be difficult. The good news is that there are many professional accounting and finance schools such as FTMS Global that offer ACCA courses. The better ones have a cast of highly qualified and experienced lecturers who are ACCA-certified. These teachers know what the ACCA syllabus requires and can dramatically increase your chances of passing the examinations. Definitely, it is highly recommended to enlist the aid of a mentor who can show you the ropes.

After qualifying as a Chartered Certified Accountant by passing the examinations, to obtain the practising certificate you must have had sufficient experience in a practising accountant’s office. On top of all that, you must continue to keep yourself updated by attending courses on a regular basis. The ACCA is the only accountancy body that provides a disciplinary system which offers remedy if any ACCA member breaches its high standards.

The Main Qualifications For Accountants

It can often be bewildering trying to determine which of the 6 key professional qualifications for accountants is the right one for you. At this point we breakdown each of them, giving the fundamentals and some information. All 6 are well-known and respected across the world of accountancy.

Association of Chartered Certified Accountants (ACCA)

An ACCA qualification offers key knowledge in all facets of accountancy and so is an excellent choice if you find yourself uncertain as to which area you might want to end up in. ACCA is over one hundred years old and has thousands of students in over 170 countries. After many name changes, in 1984 they gained a Royal Charter of Incorporation and later became the Association of Chartered Certified Accountants. It is a worldwide body for professional accountants and its core values are opportunity, diversity, innovation, accountability and integrity.

Using ACCA you are able to accomplish internationally well recognized qualifications, support and guidance, first-class accountancy knowledge along with the highest standards of practice and ethical conduct.

Their qualifications are typically studied full-time or part-time while you work. There’s also a possibility to self-study or use a tutor. Their expertise is soundly in line with international accounting standards and they are recognised by all the key regulatory and education authorities.

The Charted Institute of Management Accountants Professional Qualification in Management Accounting (CIMA)

A CIMA qualification is strongly recommended for individuals who are interested in a career in business and management. With Over two hundred thousand students worldwide, CIMA is the world’s leading professional body of management accountants.

There are basically two key qualifications, the entry-level Certificate in Business Accounting and the Professional Qualification. It is possible to study at your own pace and the majority of students complete the entry-level in one year and the professional exams within four years. And after that, you will require 3 years working experience before you can become a CIMA member.

Management accountants perform numerous services, including advising managers about the financial implications and consequences of business decisions. Furthermore you will participate in business strategy and audits.

The core values of CIMA are to challenge the way it’s done, help others succeed, inspire a shared vision, promote success, stand up and be a role model.

The Charted Institute of Public Finance and Accountancy (CIPFA)

If you are attracted to following an accounting career in public finance, the study of the role of the government in the economy, CIPFA is the professional body you need to be contacting and training with. It is the only organisation across the world which specialises in public services. Its variety of qualifications creates the bedrock for an accountancy profession in public finance. The most essential and appropriate professional qualification for public sector accountants is taken with CIPFA and you can also take a postgraduate diploma if you are already employed in a leadership position.

The Charted Institute of Public Finance and Accountancy provide amenities to educate you in their CIPFA Education and Training Centre. Additionally you can be taught the same abilities in other education institutions throughout the world.

Like ACCA and CIMA, you can take the examinations at your own pace and you would be awarded chartered status in the event you do pass. In conjunction with employers, students and academics, the CIPFA qualification has been produced with genuine working practices in mind.

The Associate Chartered Accountant (ACA)

This is another well-thought-of qualification which is certainly an all-rounder, covering accountancy, finance and business. It is recognised all over the world and a major professional qualification. The combined features bring a comprehensive understanding, knowledge, skills and experience for which you will need to become an ICAEW Chartered Accountant.

Each of the ACA courses is taken at the same time as in employment and there are roughly three thousand authorised training employers where it is possible to carry out ACA training.

There are plenty of entry routes to choose from, specifically the graduate route directly to the ACA qualification or possibly the A-Level route where a good number of companies will need a pre-requisite accounting qualification first. A-Level students should certainly select the Certificate in Finance, Accounting and Business which you are able to take at your own pace whilst in employment.

Another possibility is a fast-track course known as the Association of Accounting Technicians (AAT) course which allows a person to become qualified as a chartered accountant in 4 years. AAT have made this qualification in partnership with ICAEW and it provides you with an exceptional grounding in accountancy, finance and business. Moreover, this may be studied for at the same time as in employment so it is not necessary to go to University.

The Institute of Chartered Accountants of Ireland (ICAI)

This is the most significant and longest-existing accountancy body in Ireland. Training for ICAI qualifications lets you to emerge as a fully qualified member of Chartered Accountants Ireland as well as earning ACA (Associate Chartered Accountant) designation.