'Accounting is the language of business' – Warren Buffett.
Accounting, finance, and economics are all concerned with how we perceive money. Accounting is concerned with money coming in vs money leaving. Finance is concerned with how to split the money you have. Economics is concerned with "what's the wider picture when it comes to money?" Why should you major in economics, finance, or accounting at university abroad? The answer is simple: You'll be setting yourself up for success in the future! But why study abroad when you have so many options in India? The benefits of studying accounting abroad include a high-paying job centred on strategic thinking, analytics, and problem-solving. So read along to know the 5 Reasons why you should study Accounting & Finance abroad.
Scope of Accounting & Finance
Accounting's scope has expanded in response to changes in the economy and societal needs. It encompasses business, commerce, government, financial institutions, individuals and families, and a variety of other channels. It is critical for businesses and has never been deemed an unnecessary skill to have. Accounting and finance touches each and every aspect of our life and has huge scope in government and non government sectors. Having taken your Accounting and Finance degree abroad can really put you on a pedestal during job interviews.
The following sectors vitalize the need for accounting in many areas:
- Business organisations
- Non-profit organisations
- Government organisations
Career in Accounting & Finance
Financial Accounting: Its primary objective is to monitor, document, and finally report on financial activity via financial statements.
Management Accounting: Management accounting is used to provide data to management in order for them to make high-level corporate decisions.
Government Accounting: The Governmental Accounting Rules Boards, which, like GAAP, have established monitoring and reporting standards for all levels of government, are in charge of this.
Public Accounting: Public accounting businesses provide accounting services to a diverse variety of customers, including service corporations, manufacturers, merchants, non-profit organisations, government agencies, and individuals.
Forensic Accounting: It is a sort of accounting utilised in judicial proceedings. In forensic accounting, accounting, auditing, and investigation processes are all applied.
5 Reasons why you should study Accounting & Finance abroad
Improved Career Prospects
Studying abroad will help you obtain access to greater professional prospects and open doors in your career that you had never imagined before as per leading overseas education consultants. It gives you with a more secure job guarantee as well as a greater income. Overseas education, together with the consideration of various skill shortages in various developed nations, will offer you with better opportunities and assist you in propelling your career to new heights.
Accounting has been called "recession-proof." While many businesses and jobs come and go as the economy cycles, there is always a need for accounting professionals to handle both the good and bad times. The future looks bright - the Australian government expects that over the next five years, there will be more than 84,000 new employment in accounting and related sectors, so there will be lots of opportunities.
Accounting occupations are in high demand.
Every business throughout the world need an accounts specialist who knows money and can handle the company's accounting systems, therefore there will always be a demand for people to fill these positions. Furthermore, accounting abilities allow you to apply such skills to any organisation or area that interests you. If you already work in a firm, adding accounting abilities to your CV will allow you to contribute to the financial operations of the company and move up the corporate ladder faster.
A good foundation in accounting, like mastering a language, allows a professional to access a varied variety of responsibilities in numerous firms. As an accounting student, you are not required to work as a 'conventional' accountant, entering transactions in ledgers and creating profit and loss accounts.
The time spent on computations and transactional procedures can be considerably decreased as AI technology advances. Accountants might specialize in strategic aspects of finance such as forecasting and analysis. At that level, an accounting function might include the process of converting statistics into insights that have a tangible influence on a company's decision-making.
Set yourself up for success as an entrepreneur
As an accountant, you have a solid basis for becoming an entrepreneur since you have a combination of technical and strategic abilities, as well as knowledge of how various sectors and marketplaces operate. Fundamental understanding of how a firm's finances should be formed and handled is critical to keeping a business running smoothly and expanding it.
You may read about many amazing examples of accountants-turned-entrepreneurs in Forbes and other accounting related platforms. If you are a highly skilled and professional accountant with the necessary abilities and certifications, you may one day decide to open your own accounting business. You might also work as an independent company consultant or provide freelance bookkeeping services.
Top 10 Universities for Accounting & Finance
Here are the list of top 10 universities for accounting and finance in the world.
- Harvard University- USA
- Massachusetts Institute of Technology (MIT) - USA
- Stanford University- USA
- The London School of Economics and Political Science (LSE)- UK
- University of Oxford- UK
- University of Cambridge- UK
- University of Pennsylvania, the US
- University of California, Berkeley (UCB)- USA
- University of Chicago - USA
- New York University (NYU)- USA
If you are interested in pursuing a career in accounting and finance abroad, then get in touch with the best study abroad consultants in Ernakulam - Campus World.