Financial accounting is a crucial part of a business that allows the company to manage, assess and track its financial transactions. It enables them to make accurate decisions with the allocation of funds and managing business finances. A financial accounting course provides the necessary knowledge and skills to understand how companies record, classify and report financial data.
It prepares young professionals for careers in public accounting and internal auditing, where they will be responsible for reviewing a company’s financial statements. This article will guide you on financial accounting which is a part of MBA in Banking and Financeprogram by TAPMI Centre of Executive Learning and the career options available after completing the finance and accounting course. You will also learn about financial accounting online courses that you can pursue from TAPMICEL.
What Is Financial Accounting?
Financial accounting is the practice of recording, classifying, summarizing, and reporting financial transactions. It is used to ensure that the company’s financial statements provide a clear and accurate picture of its financial position and performance. It plays an integral part in managing a business and helps the decision-makers make the right decision for the business’s growth. A financial accountant can work in the public and private sectors, and their duties differ from those of the general accountant.
Who Uses Financial Accounting
Financial accounting is a structure that defines the rules of financial recordkeeping. It is used to prepare financial reports and bookkeeping, which helps corporations, non-profits, and small businesses manage their finances. Various groups use financial accounting, such as:
Banks: Financial accounting is important for banks and other financial institutions as they require financial statements when lending and borrowing loans from banks. Financial statements are used as proof for banks and other agencies to check the credibility of a business and non-profit organizations.
Regulatory Agencies:– Public companies and government regulatory bodies like SEBI and Income Tax Department uses financial accounting to check companies’ financial accounts and cross-check financial irregularities if occur.
Auditors:- Auditors check and analyze the companies’ financial statements to ensure financial accounting guidelines are practiced and no statements are misrepresented.
Investors: Investors always check for financial statements before investing in any firm or start-up. Financial accountants help them to understand the profit & loss of the company and their vision & planning.
Suppliers: Suppliers and vendors use financial statements for their credit application process. A good financial statement helps them in increasing their business and maximize their loan limit.
Career Options After Financial Accounting Online Course
Public Accounting Professionals: You can work as an in-house accountant or provide consulting services to private firms.
Corporate Finance Professionals: It is a sub-division of financial accounting that helps make investment decisions and capital restructuring for banks and financial institutions.
Investment Banker: It is a lucrative career with a high pay scale. Investment bankers are responsible for helping an institution make the right financial decisions related to investments, asset allocation, trading, and portfolio management.
Risk Management: Risk management professionals are responsible for identifying poor investment options and minimizing the risks using strategies.
There are various jobs for risk management professionals such as:
Financial Risk Manager
Enterprise Risk Manager
Supply Chain Risk Manager
Operational Risk Manager
Digital Risk Manager
Some of the career options after the financial accounting course:
Top Companies That Hire Financial Accounting Professionals
There are several reputed companies, private banks, and financial institutions that hire financial accounting professionals, some of them are listed below:
IDFC FIRST Bank
Kotak Mahindra Bank
Ernst & Young
Smith & Williamson
Learn Financial Accounting Online with TAPMI
TAPMI is a leading B-school in India. Study MBA in Banking and Financial Services by TAPMI and prepare for immense career opportunities in digital banking and the financial industry. TAPMI Centre of Executive Learning offers India’s best financial accounting course.
What Will You Learn In MBA (BKFS)?
You will learn the following subjects in the financial accounting course in MBA (BKFS)
Financial Statement Analysis
Technologies in Finance
Risk Modelling and Survival Analysis
The objective of this program is:
To understand the fundamental concepts of financial accounting, basic accounting, ratio analysis, analyzing financial statements, banking and finance.
Gain a deep understanding of capital markets and the nature of financial assets.
Learn risk management and financial decision planning.
Encouraging good understanding of financial understanding and enabling strategic decision making.
The program is specially designed for young professionals and entrepreneurs who have:
Minimum 1 Year of work experience
Completed graduation degree with a minimum aggregate score of 50%.
20 foundation courses, 3 credits each in the program’s first year.
The second year will comprise 2 core courses and 5 elective courses with 2 credits each in five different domains, out of which students must select four.
Why is Financial Accounting so popular?
Due to the increase in the fin-tech industry and demand for financial accounting professionals, financial accounting offers bright career prospects for young professionals.
How long does it take to complete this Financial Accounting course?
The financial accounting course is a part of an MBA in Banking and Financial Service program by TAPMI. It is a full-time 2-year online course.
Is it worth learning Financial Accounting?
There is a huge demand for financial accounting professionals in the banking and fin-tech industry.
Who is eligible to take this Financial Accounting course?
Any student who scored 50% aggregate marks in graduation is eligible for a financial accounting course.
Is financial accounting hard?
The teachers and lecturers teach interactively with real-life examples and make financial accounting easy for students.
How much do financial accountants earn?
Usually, financial accountants' salary starts from 7LPA and has no limits for experienced and talented candidates.
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