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Career In Economics Accounts Finance

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Economics, Accounts and Finance Services

The development of a country begins with a strong, well-educated workforce which leads to the strengthening of the nation’s economy. We need accountants, economists, and financialists in every commercial activity of any organization. Today, the accounting and finance sector is regarded as a spine of every economic or business work.

It is impossible to imagine business pursuits without accounting and financial transactions virtually in the present scenario of the world. After the implementation of LPG in India, globalization has unlocked the innumerable doors of scope in finance and accounts at international level and has become a buzzing word in the Industry. The two different realms "finance and accounts” are correlated fields - are essential not only as subjects to study but also as career prospects.

➤ Economics is acknowledged as an enduring subject because of its colossal utility and immense demand in the business markets. It is a very significant discipline for exciting career and job both. Economists examine issues related to growth and development, welfare and policy formulation. It also evaluates their long and short term significance for the country. Economics is basically the study of production and distribution processes and utilizing the available resources by most effective means.

➤ Finance is all about managing money. Financial management is about utilizing organizational funds efficiently whether in a business set-up, non-profit agency or government entity. Here, financial managers devise and execute policies and plan to boost up the profitability within an organization. This term can be further divided into two sections – financial management and financial services.

➤Accounting is the systematic, precise and complete recording of financial transactions concerning a business. It simply means the process of summarizing, analyzing, inscribing and reporting these transactions to oversight agencies, regulators and tax collection entities. Accountants generally ensure the accuracy of the accounts and compliance with tax regulations.

Eligibility

Eligibility Criteria for Economic, Accounts, and  Finance services:-

To enrol admission in economics, accounts and financial services, it requires a lot of patience, diligence, and dedication. Accomplishing such highly regarded positions is not that easy, for that one need to prepare well with full determination. For admissions in economics, accounts, and financial services, candidates have to go through the directed eligibility criteria-

➤  Aspirants must have passed intermediate or its equivalent with 50 % of the aggregate percentile.

➤  It is pre-requisite for the candidates to pass 12th standard level from any recognized board.

➤  The reputed or government colleges of India conducts entrance examination for providing admittance to the candidates.

➤  Many universities/colleges offer direct admissions in these courses to the applicants.

Process

Process to become an economist, accountant, and finance specialists:-

Acquiring a managerial level designation in the accounting and finance department is no mean feat. In the current scenario, money is something that powers the world. It means a career in this realm can make a dream come true. People are pursuing numerous finance or account related courses in order to scale these goals. Such programmes generally focus on providing a comprehensive understanding of financial management, technological expertise, interpersonal skills, and professional insight.  

Job Profiles under Finance:-

In India, candidates can work in the following job profiles after pursuing the appropriate course:

➤Financial Analyst

➤Financial Advisor

➤Treasurer

➤Credit manager

➤Financial reporting manager

➤Enterprise relationship manager

➤Program manager

➤Cash manager

➤Benefits officer

➤Real estate officer

➤Risk manager

➤Insurance managers

Responsibilities of Finance Managers:-

  • Evaluate the performance of investments.
  • Guide senior managers and clients on investment judgments
  • Maintain awareness of economic, social and political factors influencing financial decisions in the company or client’s industry/
  • Provide detailed information regarding data analysis and reports that track financial trends and forecast future needs.
  • Maintain and manage financial records.
  • Prepare monthly, quarterly and annual financial statements.
  • Collect, analyze and report financial data.
  • Maintain and monitor financial data related to investments.
  • Formulate financial reports and statements
  • Ensure agreement with tax requirements
  • Advise senior corporation managers and clients on financial goals and choices.
  • Maintain financial reports, statements, records, and projections
  • Assure compliance with financial laws and regulations
  • Communicate complex financial analysis to organization leaders and external audience.
Job Profiles for Accounting:-

➤Chartered Accountant (CA)

➤Company Secretary (CS)

➤Corporate Accountant

➤Senior Accountant

➤Tax Accountant

➤Cost Accountant

➤Certifies Public Accountant (CPA)

➤Accounts Administrator

➤Junior Accountant

Duties & Responsibilities of an Accountant:-

A typical accountant has to do certain duties and responsibilities which includes:

  • Preparing or managing accounts and tax returns
  • Monitoring spending and budgets
  • Auditing and interpreting financial performance
  • Financial forecasting and risk analysis
  • Advising on how to reduce prices and increase profits
  • Collecting and presenting financial budget reports
  • Ensures that financial statements and records comply with laws and ordinances.
  • Keeping account records and systems up to date.
Job Profiles for Economists:-

➤Econometricians

➤Financial economists

➤Industrial organization economists

➤International economists

➤Labour economists

➤Macroeconomists and monetary economists

➤Macroeconomists

➤Public finance economists

➤Research Analyst

➤Budget Analysts

➤Financial Analysts

➤Market Research Analysts

➤Mathematicians

➤Statisticians

➤Operations Research Analysts

➤Political Scientists

➤Postsecondary Teachers

➤Survey Researchers

➤Urban and Regional Planners

➤Actuaries

Duties & Responsibilities of Economists:-

After entering this career path, the economists have to handle the following duties:

  • Research, analyze, and investigate economic concerns.
  • Conduct surveys and collect data report.
  • Make use mathematical models and statistical techniques to analyze data.
  • Prepare reports, tables, and charts to present analysis results.
  • Evaluate and forecast market trends
  • Advise businesses, governments, management, and individuals on economic subjects.
  • Design policies and prepare recommendations or suggestions for resolving economic challenges.
  • Compose or write articles for publication in academic journals, magazines, and other media sources.

Prospect

Career Prospect in Economic, Accounts, and  Finance services:-

With the vast augmentation of the global economy,  banking sectors, financial and management consultancies, Income Tax departments of the government, Private practice, Finance departments of firms and businesses growing are also expanding at such a fast pace. Today, well-trained economists, accountants or financial managers are in great demand not only in India but also across the world for rapidly globalizing economic scenario. The finance industry is multifaceted that offers a variety of jobs to the ones who owe different skills and interests. In the present scenario, Industries has multiple sub-industries that encompass numerous niche opportunities.

The key to individual success totally depends on the research, position and settle a lucrative job having greatest compatibility with skills and interests. The compensation of such specialist virtually involves a bonus or a commission component, which is added to your salary or ‘base pay’. Bonuses are always a substantial part of one’s paycheck at investment banks, asset management firms and brokerages.

With the increasing significance of trade and industry, the growth of capital and money markets in an economically developing nation is also rising rapidly.  This factor has increased the importance of accounts and finance professional in the market thereby leading towards a fruitful career. is very tempted towards This rewarding career is tempting the young generation group who have the ability to grasp the financial and accounting concepts quickly and those candidates are attempting to make their fortune globally. One can fulfil all his dreams by entering joining the following career paths.

Area of Employment:-

➤Banking sector

➤Private Equity and Venture Capital

➤Financial Planning

➤Multinational Corporations

➤Stock exchanges/markets

➤College and Universities

➤Fiduciaries and trust

➤Self-employment

➤Accounting

➤Insurance

➤Debt Sales

Candidates pursuing Economy, Finance, and Accounting now doesn’t need to get disappointed in this field as it’s a very crucial part of our country. In the upcoming years, there will be a great demand for the skilled professional from a lower position to top management level to supervise the accounting and financial activities of the commercial establishment coming up throughout the world. The modern generation can insight an excellent future in this career option depending upon their professional practice and level of education they studied to match the hierarchy.

Salary

To scale up the ladder of success, one can go for economical, financial and accounting services. Here, one can get a greater percentile of wages in the form of bonuses, rewards urged by a combination of your department’s profit and company profit. The salary packages of the employees vary according to the job profiles one holds such as analysts, researchers, and consultants etc.

At the bottom of the heap, a lower class manager can get salary more than 6 lakhs whereas the experienced professionals and senior-level managers can get an optimum salary package from 20-30 lakhs to beyond limits. Individuals with appropriate skills, practice and talent can have bright career prospects for the aspiring candidates.

Candidates can acquire bright careers in banking, capital and financial markets as these sectors attempt to offer handsome salary packages and exciting job opportunities.

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Date: 15 Jan 2019

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