Are you a Fresher in Accounting? - Follow These Steps to Improve Your Career
Admin 29 Dec, 2023 Introduction
As a commerce background student or graduate, starting your accounting career can be a big step. There are a variety of paths/fields, even in accounting & finance, and there's a chance that you have already entered the initial foray of an accounting job. If you haven't already entered and are looking for a good certification program, you will come across many options that provide immense employment opportunities in the market.
Although in the post-pandemic period, the job market has been slowly recovering, employment opportunities for a Fresher in Accounting have grown up to 37% more than in other sectors. In addition, as more and more companies are resorting to the Work from Home (WFH) model, employment for a fresher in accounting has also increased drastically compared to the pre-pandemic period.
But do you know how to get a job as a Fresher in Accounting? Let us help you with that.
What is an Accountant (ACCA)?
Any accountant professional is an individual who is responsible or possesses the knowledge & skills to manage, analyze, and audit the financial statements & accounts of their clients (organizations, businesses, enterprises, etc.) To become a specialist accountant, you should always get certified, and it is better to go for the leading certifications like ACCA.
The Association of Chartered Certified Accountants, or ACCA in the UK, is the official accounting body of Chartered Certified Accountants that offers the ACCA certification to worthy individuals. It is an internationally recognized credential offered to individuals in the domain of Finance and Accounting, validating their skills and knowledge in the relevant fields of expertise. It means you get global exposure and recognition upon acquiring the ACCA credentials.
You can acquire the ACCA certification by clearing the certification exam held at three levels - Applied Knowledge, Applied Skills, and Strategic Professional levels, along with a mandatory Professional Ethics Module. To be eligible for the ACCA certification exam, you need to fulfill certain eligibility prerequisites:
- Candidates must have successfully passed the 10+2 exam.
- Candidates must have obtained a minimum of 65% in Accounts or Mathematics and English in the 10+2 exam.
- Candidates must have scored 50% in the 10+2 level exam in the other subjects.
Please note that:
Students who have just passed their 10th standard or are Fresher in Accounting can also apply for the ACCA course through the FIA (Foundation in Accountancy) program of ACCA.
The ACCA certification exam is held annually in the months of:
- March,
- June,
- September, and
- December.
In the ACCA exam, there are three stages or levels:
- Applied Knowledge
- Applied Skills
- Strategic Professional
The Knowledge module consists of 3 papers, and the Skills module consists of 6 papers, which totals nine papers in the Fundamental Level of the ACCA exam.
The Professional Level subjects are divided into two parts:
- Essentials
- Optional
Papers P1, P2, & P3 belong to the Essentials module, and the other three papers belong to the Optionals module.
Besides these two ACCA exam levels, candidates must also pass the Professional Ethics Module to acquire ACCA certification.
Passing Criteria:
Candidates need to pass all the papers, and they need to score at least a 50% on each paper to pass. Among the four Optionals module subjects, only two must be passed by the candidates.
A Few Things You Know About the Accounting World
Accounting is a lucrative career domain with many excellent career opportunities to choose from as a Fresher in Accounting. Accounting and Finance provide one of the highest competent fields of career opportunities in the market, with some of the best job roles offered even to a fresher.
When your goal is to get a good job as a Fresher in Accounting, there are some essential things that you should know about Accountancy in general before you build your career in Finance and Accounting.
We have listed all the necessary steps for you to establish your career as a Fresher in Accounting.
- Choose the correct finance course for yourself.
The first step towards success is knowing the relevant field of expertise. In your case, it happens to be Finance and Accounting. Therefore, if you wish to start your career as a Fresher in Accounting, the first thing you need to do is enroll in a finance and accounting course that will impart the necessary knowledge and skills in the given field. Such a course must also be industry relevant and make you job-ready for an accounting job.
You also must ensure that it caters to your interests and preferences and has the required affiliation or credentials from a credible accounting body. If the course is recognized in India and abroad, that's a plus since you can get employed anywhere you want.
Choosing the right course is all the more important as only being a commerce graduate does not guarantee you the attainment of your desired job due to the increasing number of fresh graduates in commerce, finance, and accounting adding to the pool of employable candidates. According to a survey by Statista Research Department, there is a 43% chance for a commerce graduate (or Fresher in Accounting) to get employed.
However, this data will come down further due to the many students graduating yearly. Therefore, it becomes imperative to have a specialization course in your bag that makes you stand apart from others in front of your potential employers.
In recent years, companies and organizations have shown a tendency to hire candidates with certifications in a specialization course. So, to increase your chances of getting hired as a Fresher in Accounting, you should go for a specialization course further after completing your graduation course.
To ease your hunt for the best courses and certifications in Accounting and Finance, we have listed them below for you.
CIMA - Chartered Institute of Management Accountants
The London-based Chartered Institute of Management Accountants, or CIMA, is a popular accounting institute recognized globally. It is known for imparting world-class education in accounting, which is highly competent and industry relevant. The accounting course offered by the CIMA is made up of 4 levels:
- Certificate in Accounting level
- Operational Level
- Management Level
- Strategic Level
Joining one of these levels depends on your existing level of educational qualification. If you have just passed your 10+2 level examination, you are eligible to start from the foundation level: Certificate in Accounting. If you have an advanced educational qualification in related fields of expertise, such as Chartered Accountancy, you are eligible to start from the highest level.
Apart from providing you with good knowledge and certification for a Fresher in Accounting, it has added benefits as well. CIMA is affiliated with the American Institute of Certified Public Accountants (AICPA), the official accounting body of another popular public accounting specialization course the US Certified Public Accountant, or simply the US CPA.
In addition, it makes you eligible to receive the Chartered Global Management Accountant (CGMA). With this distinction in your resume, you are sure to be preferred by your employers over your non-certified counterparts.
ACCA Course overview
The Association of Chartered Certified Accountants or ACCA is the official accounting body of the UK which offers global exposure and international recognition in the field of Accounting and Finance. Being internationally recognized, acquiring the ACCA certification can help individuals get accounting jobs in over 180 countries worldwide. It is one of the most popular and widely accepted certifications in this field.
The ACCA certification can be obtained by clearing the ACCA certification exam held by the official ACCA UK accounting body to be eligible for accounting jobs in the UK. As discussed above, the ACCA exam is a three-step exam that can be easily completed in 2-3 years. You may require less time to acquire the certification with the right assistance.
Obtaining the ACCA certification increases your credibility and enhances your employability skills in India and abroad. ACCA-certified professionals are hired by the Big 4s, the top accounting firms, companies, and organizations worldwide. Even in India, big-name companies like Tata, Hindustan Unilever Limited, Infosys, Wipro, etc., hire ACCA-certified professionals for many top accounting jobs.
IFRS Certification Course
The IFRS is an accounting Certification offered jointly by the NSE Academy, National Skill Development Corporation (NSDC), and IMS Proschool. The IFRS certification also helps you to build a career in accounting by providing education from the foundation to the advanced levels of accounting.
- Gain Corporate Experience as an Internship or Volunteer Work
Once you have a professional certification, you are ready for hands-on work experience. It is essential to increase your employability and learn the basics of practical accounting and finance jobs before you can demonstrate your skills in front of your employers and work on a large scale. Therefore, your second step towards a successful career as a Fresher in Accounting is working in an internship or doing volunteer work for an organization.
It gives you the learning opportunity and the exposure needed to speed up your career. Nowadays, almost every reputed company looks for candidates with at least one or two years of experience.
Many accounting companies, firms, and organizations offer internship positions for some particular accounting jobs, some paid, others unpaid. The working experience you gather at an internship adds to your years of experience, and if you show good work, you may be absorbed into the company as a full-time employee.
If you opt for volunteer work, many NGOs help you gather practical experience. It may be a great stepping stone as recommendations from reputed NGOs can help you increase your employability chances, and they also look good on your resume.
- Work on Demo Projects
A good way to boost your career is by working on demo projects while working as an intern. It not only helps you gain working experience but also helps demonstrate your skills as a career-focused candidate in front of your prospective employer. The demo projects also help you demonstrate your determination and will to make an impact or create a difference in the chosen area of Accountancy.
Conclusion
Accountants are in demand in almost every sector and every industry. Almost every financial and accounting company requires the assistance of skilled accountants to address their accounting needs and help them reach their financial goals. Therefore, to build a successful career as a Fresher in Accounting, you first have to go for a certification that covers all bases and increases your employability chances.
The ACCA certification is the perfect choice for a Fresher in Accounting as it is internationally recognized, has only three levels to be completed, which you can complete within 2-3 years, and get exemptions based on the existing educational qualification. It further shortens the time required to complete the certification course and become eligible for the best accounting jobs.
Enroll in the best ACCA course at NorthStar Academy, where you can get comprehensive, all-inclusive training for ACCA by experienced mentors like M Irfat sir to help you get accounting jobs as a Fresher in Accounting.
FAQs
1. What is the salary of an ACCA Fresher in Accounting in India?
As an ACCA Affiliate, the starting salary of a fresher in India can be around INR 4 lakhs to INR 6 lakhs. On obtaining the ACCA membership after clearing the ACCA exam, you can claim a starting salary of INR 7 lakhs which will increase with experience.
2. Can ACCA get a job easily?
As an internationally recognized certification affiliated with the well-established accounting body, ACCA, members of the ACCA are hired by the top MNCs and the Big 4s and their branches. It allows for a wide range of geographical boundaries for ACCA-certified professionals to find a job of their comfort.
3. Can I get a job after F9 ACCA?
The ACCA course is vast, covering all the major areas of Accountancy. As such, completing up to F9 paper will be eligible for the Advanced Diploma in Accounting and Business certificate. It can help you get a job as an ACCA associate after completing the F9 paper. However, to be a member of ACCA, you must clear all the required levels and exams of competence.
4. How do I join the Big 4 after ACCA?
The Big Four companies recruit through placement drives from time to time. You can keep yourself updated on the latest developments before such placement opportunities and clear all the necessary ACCA exam papers to maximize your chances of getting hired. If you have been studying at a coaching institute with tie-ups with these Big Four companies, you can sit for the Placements directly after completing the ACCA course.
5. Which field is best after ACCA?
Many doors open up after you have completed your ACCA. There are many job roles and career paths, but you should choose what suits your interests and professional goals. After ACCA, you can bag roles like Management Accountant, Financial Accountant, Corporate Treasurer, Financial Controller, Finance Manager, Fund Accountant, Finance Director, Chief Financial Officer (CFO), and many more.