Study Accounting and Finance

Accountants, financiers, economists are so important that without them, all businesses would go bankrupt.

Have you always had a thing for numbers and calculations? Does the financial situations of companies and organisations interest you? Do you think you can be a celebrity’s personal accountant? With accounting and finance degree you will get to see how effective companies spend their money, how they optimise their Cashflow, and how you can contribute to that. Are you still interested? Let us guide you through then! 

Accounting and Finance

What is Accounting and Finance?

Accounting and Finance degree will not only teach you about money and how to control it, but also about management, business, and the relationship between these three things. There is slightly a difference between accounting and finance. Accounting focuses more on precautions within a business by doing information analyses. These analyses will clear up the financial problems and solutions. Finance is more related to the management and its funds. Although they differ a little bit from each other, there are aspects that include both.

Why Should You Study Accounting and Finance?

1. Get employed anywhere
An Accounting and Finance degree is pretty much the same everywhere. You get to learn the same things no matter what school you will go, because it is all about numbers and calculations. If you work in a company–any company, industry or sector for that matter–it will be easy for you to apply your knowledge and theories because you don’t have to work in a business company to practice what you have been learning. You can also work for a retail shop, a magazine, or a launderette.

2. Everyone needs accountants
Money is what keeps the economy growing. Every business needs to know what their revenue is, their loss, their costs, their investments, and a lot more. As a businessman or businesswoman you do not have the time (or the financial skills) to keep track of your cash flow, so you have to let someone else do it for you, someone who spent their education learning about it.

3. Career diversity
Studying this degree, does not necessarily mean you have to be an accountant. With this degree you can also get to work as a tax consultant, a budget analyst, an audit, or work as a financial director.

What Skills do You Need?

A. Organisational Skills

Accountants are very busy people, they have a lot of responsibilities they need to manage. All those companies you have to work for, all have different cash flows and are from different sectors, so it can get very confusing. You as an accountant or financial employer, need to organise your work by using tools such as agendas, calendars, and programs that can help you stay organised.

B. Communication

Having math skills and being good with numbers is not all that is required from you. Your communication skills need to be excellent, no matter what job you have or what sector you work in. It will help you with the interaction between your clients, your boss, and your team. Having good communication skills, will also be useful for networking, and that could get you even more clients.

C. Leadership

A leader is someone who will guide you through your career, they are the role models of a company, and they make themselves approachable. As a leader you also have to be a visionary to foresee the future and see what solutions it can bring. In order to do that, your skills in strategic thinking need to be good as well.

D. Decision-making Skills

With this degree a lot of analysing and information digging will be happening, you will find out about where the losses come from, what revenues are the highest in what months, and how a company can optimise their return on investments (ROI). You need to take a decisions on how a company can reduce costs or how to improve their ROI. 

Key skills Accounting and finance

What are the Job Opportunities?

1. Accountancy
Accountants manage financial data such as liabilities, profits and losses, and assets. They will analyse these records and prepare a report. They also prepare accounts and tax returns. Accountants could work for a private firm, a professional accountancy firm, industrial organisations, or for governmental bodies.

2. Banking
A lot of people do not know how to handle their income and savings. They like to spend money not knowing what the future will bring them. Bankers are responsible for helping these clients to manage their money and to balance their income and expenses

3. Financial Controller
A Financial Controller undertakes all aspects of financial management. They will be writing financial reports, prepare budgets, establish and maintain internal controls, and oversee tax compliance.

4. Tax Consultancy
A Tax Consultant work for public accounting firms, law offices, or financial consulting firms. They collect information for the client to prepare the return. Once they have done that, they will help them to file it. Taxes can be very complicated, so it is also their responsibility to explain tax issues to their clients.

5. Chief Financial Officer (CFO)
Chief Financial Officers oversee their companies’ financial operations. The CFO is responsible for the administrative, financial, and risk management of the company. Their responsibilities include formulating the company’s future direction, developing financial and tax strategies, provide leadership in the accounting and budget efforts of the company, and develop internal control policies.

What is The Expected Salary?

Below you will find a few of the jobs related to this degree and their expected salaries:

 

Accountancy

 

Per year

Banking

 

Per year

Financial Controller

Per year

Chief Financial Officer

Per year

Entry level


US$ 45,000

 

US$ 34,000


US$ 63,000


US$ 84,000

Mid-career


US$ 50,000


US$ 37,000


US$ 74,000


US$ 102,000

Executive


US$ 51,000


US$ 39,000


US$ 80,000


US$ 125,000

Senior


US$ 52,000


US$ 40,000


US$ 81,000


US$ 134,000

Source: (payscale, 2016)

Top 10 Accounting and Finance Schools

These are the Top 10 Accounting and Finance schools according to the QS World University Rankings:

top 10 accounting and finance schools