In the seek for new and challenging careers, Accounting and Finance have stood out to be one of the most lucrative options. Since every company needs a money-guy to take care of all monetary issues and solutions, the void to hire a new accountant or a finance expert always remains there. This means these two career options will stay as relevant in the near future as they are today and not pale off right away.
Today, several multinational companies have produced internship programs to help individuals grind on their skills and look for new talent that can be a welcome addition to their business. Similarly, more than ever before, schools and colleges are focusing on these fields to help global aspirants pursue their dreams and generate a successful career.
While anyone can tell you that these are high money-making careers, we will take you deep into the specifics and help you understand everything about your potential life careers.
One thing that's mutually shared between the two fields is Money! You are going to deal with and manage the flow of cash while being at your job. But let's tackle each one separately and see what they are about.
Accounting is a more specific and niche field. It involves dealing with accounts that state the outflow and inflow of cash within a company or an organization. It may include an informational analysis of the money. An accountant usually knows every bit of money that goes in or out of the system and is responsible for keeping track of it. Whenever a particular transaction is made, he adds it to his record and overviews the balance between expenditure and profit.
Finance, on the flip side, is a broader and less-specific field. It involves managing a company's monetary funds, strategizing cash flow on things like investments while also planning future growth. A finance expert manages all the assets and liabilities within the company.
While an accountant records the flow of cash, a finance expert manages it.
The two major fields in accounting and finance are themselves. However, many universities have merged these fields with other career options such as law and entrepreneurship to expand on viable future options.
Accounting involves the management, preparation, and evaluation of financial records. Any financial degree will equip one with the expertise to evaluate a company's financial position. It can be broken down into different niches such as tax, auditing, management accounting, and international accounting.
Finance expands one's realm of work. It also tests valuable skills like management and risk-taking ability. A finance expert is primarily dealing with all sorts of monetary figures, including assets and liability management. He is in charge of assessing resources, analyzing profits and loss while also strategizing investment goals.
Finance can be broken down into niches like investment management, financial evaluation, capital markets, corporate finance, and much more. Also, finance is generally a more rewarding and lucrative field than accounting.
There are always some skills that can help you identify if you're a good fit for a particular field. Accounting and finance also demand some unique skills from you to do well in the future.
Numerical skills are integral to both of these fields. Both an accountant and finance expert will be dealing with lots of figures every day. So it's necessary that you can make all the calculations easily while also solving complex equations. An accountant will most likely be occupied with division, multiplication, addition, and subtraction daily.
Accounting and finance also demand excellent problem-solving skills. You will have a short time dealing with lots of money and making evaluations and reports. An accountant must be able to instantly record the cash flow, while a finance expert should identify and analyze different aspects like where and to invest and when to wait.
Moreover, these fields also require you to be proficient in your language skills. You must be able to communicate effectively with clarity and confidence, given that you will be interacting with company heads all the time.
Although there are some requirements unique to a specific institute, you are more than likely to be asked for completion on tests like IELTS, TOEFL, MUET, El119 or any formal English qualification equivalent to these. Whereas, 12 years of proper education is imperative in all cases.
Although the exact amount differs based on your program and selected institute and other factors like the quality of faculty and facilities, here are some average figures you may expect:
For the most part, you are likely to find a job that directly relates to what you learned in the degree, entailing the same skills and everything. An accounting degree Singapore and various finance programs can give you the opportunities to work as a Chartered Accountant (CA), Mortgage advisor, Broker, Tax advisor, and much more
Some of these jobs guarantee excellent figures, without even a hint of doubt! Thus, keep your hopes high and work with utmost dedication because you will be rewarded ultimately!
Singapore is a land replete with opportunities. You can expect to get top-quality education from various institutes and get equipped with a comprehensive skillset, required to deal with modern-day financial problems.
For instance, an accounting and finance degree from the National University of Singapore is known for creating numerous successful careers, while TMC academy is considered best for its high quality programs. Similarly, James Cook and Singapore Management University are some other names to consider due to their top-notch levels of faculty and years-long experience in the field.
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