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.

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