Accounting: The Degree With Extended Possibilities

86800277_CPAMaybe you have already decided to make a career in the accounting profession. Maybe it’s not too clear in your mind yet. This article attempts to eradicate all those hesitation and doubt, and will try to enlighten you of all the unlimited possibilities an accounting degree may contribute to your success.

To start off with, accounting is the degree that will equip you with the skill sets to succeed in literally any facets of the business world.

It can form the base of your preparation to partner up with an accounting firm. With accounting you can follow the path of finance or business management, you can work for the government, or even become an entrepreneur and run the show yourself. Accounting background can open up doors of several career paths.

Over few decades, the accounting field has evolved significantly with the trends in technology, governmental regulations, tax law, business expansion and globalization, and structural changes in the corporate world.

These trends have impacted the business environment to increase competitiveness. With more competition in the market, the demand for accounting skills has increased.

With dynamic organizational rearrangements, now accountants get opportunities to enjoy the impressive roles such as financial analysts, financial experts, system experts, management consultants, budget consultants and budget analysts, or even as a fraud-buster.

History and current issues

Accounting was officially established as a profession in Britain during the industrial revolution. Nevertheless, the growing demand for public accounting services after the failure of several joint supply companies was the prime reason for the development of accounting profession.

Therefore, it is correctly said that the accounting field did not evolve in the modern world as a science but it evolved in response to economic and social factors.

Despite its strong foundation, the accounting profession is challenged with several issues. And these include:

A) Globalization

For quick progress countries increase their trade and investments internationally. With globalization, reliability, transparency and comparability of financial information have become cynical. The international accounting profession is highly affected by the flow of capital which pressurizes accounting standards.

B) Regulatory oversight

The level of negligence in accounting is another problem. Auditing and the reports generated should reflect high quality data to ensure universal high accounting standards.

C) Recognition for small and medium sized enterprises (SMEs)

SMEs tend to drive national economies; hence there is a need to focus on SMEs for developing their profiles.

D) Technological progression

Automation has long back replaced manual data collection and recording. New accounting software and services should be used optimally to maximize their benefit. This also calls for aggressive training of accountants to handle businesses.

E) Lack of resources

There is a need for maturity and professionalism in regulatory bodies. With increasing challenges and trends only high accounting professionals can face them effectively to come up with a solution that will be beneficial to the accounting world.

As an accounting professional, these current issues in accounting may help you to decide your specialization in accounting.

Preparing for accounting exams and International accounting certifications:

A wide range of studying options can help you out in preparation for accounting exams.

There are quite a lot coaching institutions that may help you get through and pass the exam.

Self study is one great option, where you can analyze and create a study plan for yourself. Following online instructions and live classes is the modern way of studying.

Candidates may also be interested in having international accounting certifications.

Certified Public Accountant (CPA): The CPA credential is a license issued by any of the 55 States or territories of the United States that authorizes the holder to practice as a certified public accountant in that jurisdiction. Licensing of CPAs helps to protect the public interest because only those individuals who have met prescribed, stringent requirements are permitted to identify themselves to the public as Certified Public Accountants.

Certified Management Accountant (CMA): The CMA seal is widely regarded as the advanced professional accounting certification that demonstrates the titleholder’s strong command of the critical accounting and financial management skills demanded by today’s dynamic businesses.

Certified Fraud Examiner (CFE): CFEs are recognized as experts in the anti-fraud field to ensure the quality of financial information and protect the global business community.

There are many more options in the international accounting certifications that offer fields of specialization, like the Certified Information Systems Auditor (CISA) and, very recently, the Chartered Global Management Accountant (CGMA).

The reason accounting may be the best career option is because it is an evolving and ever-changing profession, and will always create 360 degrees of excellent possibilities.

Fraud in the Modern Business World

153917956_FraudFraud, according to the English Oxford Dictionary is defined as an act of criminal deception intended to gain money or personal advantage.

While this definition may have an ancient origin, it holds true and valid even today.

Interaction, communication and, beyond a certain level, trust, are required for the foundation and function of any form of business. These are basic yet vital aspects and norms without which the commercial horizon of any business may be unnecessarily restricted. They require the collective efforts of a number of individuals of different mindsets and backgrounds to synergistically work to accomplish a particular goal.

Unfortunately, instead of establishing a firm symbiosis, the bonds of trust oftentimes get compromised for personal gain, all at the expense of morals and foundational ethical rules.

Deception generally requires the orchestrated establishment of trust and dependency of one party over another. Using this trust to an unfair advantage, the party with criminal intent may be able to manipulate the other party’s vulnerable state, draining the latter of their resources for the culprit’s own enrichment and gain.

While this basic modus operandi has remained the same over the years, it has continuously evolved over time into more sophisticated designs, thus taking the victims blindsided.

Modes of Fraud

Abuse of Power: As one climbs higher the corporate ladder, the privileges and resources entrusted increase. With this comes the potential to redirect resources and energy towards activities which do not relate to the company’s motives and objectives.

An example of this case would be that of a manager who places large orders of a particular item using the company’s credit and them selling it in the retail market for personal gain.

Accounting Fraud: This is among the most dangerous and common types of frauds where the employee or a group of employees have direct access to the company’s accounts and hold good power to control the flow of capital. The accounts may then be altered to show lower profit margins while the balance money is transferred into their private accounts, while continuing to receive salaries the company pays them.

Malware and internet Scams: This is particularly common for sites which ask for bank account details when the customer attempts to purchase something using the internet. Details of the bank account are visible to third party operators who use this information to get the customers bank credentials and identity details. With this information, they hack into the users; bank account system and accessing their savings; draining them into their private accounts.

Similar to internet scam is Cyberfraud, which refers to any type of deliberate deception for unfair or unlawful gain that occurs online. The most common form is online credit card theft. Other common forms of monetary cyber fraud include nondelivery of paid products purchased through online auctions and nondelivery of merchandise or software bought online.

Intellectual property fraud: This applies to cases where sensitive information privy to a few trusted associates of a company gets leaked to the public or a competitor firm, giving them a technical advantage over the source company as the information was provided readymade in hand without having to invest time and money in the creation and development of that piece of intelligence.

In scenarios of R&D, the information thus generated is held very valuable and several attempts to safeguard them in the form of employee contracts binding them to non-compete clauses and non–divulgence oaths are mandated.

The number of ways to dupe and deceive is only limited by the imagination of con-men and criminals. As computer systems enter into our everyday work – lives, cyber frauds with stolen bank accounts and misuse of identity have come on the rise.

Fraud and its evasion

Fraud can have devastating effects on the company or its subscribers. Scammers and conmen could take away years worth of monetary saving, or even devastate an individual’s credentials. It is thus necessary to take precautions such as safeguarding passwords or not divulging bank account details or using only trusted sites for online transaction.

A lot of useful information can be availed over the internet, or books which educate the public on how to protect oneself before participating in any transaction or business relationship which could prove damaging in the end.

Wiley CMA Learning System Exam Review 2013: Insights’ Official CMA Review Course

Approved-Provider-Wiley-Insights is now an approved provider of today’s most trusted name in CMA® exam preparation, Wiley CMA!

The Certified Management Accountant (CMA®) credential has been an emblem of excellence and professionalism for management accountants worldwide for two score years and one. The two-part CMA Exam is an element of the rigorous process of CMA certification, exemplifying one’s unique blend of expertise and high standards of excellence. This makes the CMA an essential credential for accountants and financial professionals.

IMA’s highest-selling CMA exam review materials are published by Wiley. Wiley has been training financial professionals for decades, from the industry-leading Wiley CPA Exam Review to a long-running official relationship with the CFA Institute. And now Wiley’s financial-training expertise and IMA’s comprehensive management accounting knowledge have come together in Wiley CMA.

Parallel to IMA’s commitment, Insights Financial Review Services is dedicated to empowering accounting and financial professionals, hence our CMA exam preparation course, which is patterned with the IMA CMA Learning System, a comprehensive program including textbooks and online practice tests. This approach combines printed testable materials and online components with the expertise of an instructor and the discipline of a classroom setting – just what you need to refresh your knowledge and pass surely.

Wiley knows the financial professions – they’ve trained thousands of CPAs, CFAs, CIAs and others over the years. Your undergraduate accounting textbook was probably from Wiley, as well. With content officially licensed from IMA, there’s no one better to prepare you for the exam that will boost your career more than Wiley CMA Learning System, a comprehensive study plan for the CMA Exam.

Being the first of its kind in the Philippines, Insights is the first and only approved course provider of partners John Wiley & Sons and the Institute of Management Accountants (IMA®) for its CMA Program in the country.

About IMA® (Institute of Management Accountants)
IMA®, the association of accountants and financial professionals in business, is one of the largest and most respected associations focused exclusively on advancing the management accounting profession. Globally, IMA supports the profession through research, the CMA® (Certified Management Accountant) program, continuing education, networking, and advocacy of the highest ethical business practices. IMA has a global network of more than 65,000 members in 120 countries and 200 local chapter communities. IMA provides localized services through its offices in Montvale, N.J., USA; Zurich, Switzerland; Dubai, UAE; and Beijing, China. For more information about IMA, please visit www.imanet.org.

About Wiley
Founded in 1807, John Wiley & Sons, Inc. has been a valued source of information and understanding for more than 200 years, helping people around the world meet their needs and fulfill their aspirations. Wiley and its acquired companies have published the works of more than 450 Nobel laureates in all categories: Literature, Economics, Physiology or Medicine, Physics, Chemistry, and Peace.

About Insights
Incorporated in 2012, Insights Financial Review Services is a professional review course provider that seeks to become a key partner in the development of Filipino accountants and finance professionals in making them globally competitive. Through its courses and certification programs, accountants will be able to augment and update their skills as well as prepare for international certification as a CPA, CMA, CIA, among others.Being the first of its kind in the Philippines, Insights is also an approved course provider of Wiley and IMA®.