Accounting and Finance are the most popular and growing disciplines of professional education in Pakistan. However, people often need clarification about what they hold in the practical sense and the roles for future career growth. This article addresses the same concern to give clarity regarding why should you opt for BS Accounting and Finance.
Brief Introduction to Accounting & Finance
According to Statistics, the need for accountants and financiers will increase by 10% and 12% in three years. This has made it pertinent that those still looking for a career, who are good with numbers and interested in business, should read this article, and choose between Accounting or Finance.
If you are looking for an opportunity to advance your career in business, know about BS Accounting and Finance Scope. Working in Finance or accounting could be an excellent idea for you. Fortune 500 companies and those below it still need Accounting and Finance staff.
It is for these reasons that I urge you to read this article. See the comparisons between Finance and Accounting. Examine your broad career paths and benefits.
Differences between accounting and Finance
While Finance primarily focuses on planning and directing the financial transactions of an organisation, accounting focuses on recording and reporting those transactions.
Simply put, accounting is the organisation and handling of financial information or data, while Finance is the management of money in its entirety and forms.
This can involve basic accounting to managing balance sheets and income statements. They often focus heavily on records, current reports, and analysis of these records. And now, they are also often extended to encompass planning, control, decision-making, management, accountability, and more.
Evaluate monetary resources, use statistics and reports, and look externally for future financing options.
Accounting vs Finance
BS Accounting and Finance is a professional degree in Pakistan at the university level. Universities and colleges offer BS in Accounting and Finance with specialisation options.
The degree holds scope for those who study further will be able to practice in one or the other way. They will do it to gain advanced experience in a particular field. While financing uses this same data to inform future growth and analyse expenses to plan the finances of a company.
In other words, undergraduate finance students will be more interested in financial strategy and control. While undergraduate accounting students will be more focused on professional principles and methods, they are used to managing numbers rather than influencing them.
BS Accounting & Finance Scope
This generally involves analysing and using financial information to assess the financial condition of a business. It transcends basic accounting to managing balance sheets and income statements. These practices and analyses will increase one’s capability to handle any company’s financial matters.
In addition, it usually has a heavy focus on records and current reports. It requires the creation and analysis of these records. It often encompasses planning, control, decision-making, leadership, responsibility, and more.
It’s fair enough to pursue accounting careers with just a bachelor’s degree. A postgraduate study is an option for those who want more specialised knowledge in a particular area.
To become a certified public accountant, you must obtain more professional qualifications specific to the country where you want to work. However, depending on the hiring business, these professional qualifications can be obtained with subsidies from your employer.
Areas of specialisation in accounting
Since the BS Accounting and Finance Scope is prodigious, it offers a variety of specialities to students. Forensic accounting is another feasible option. Such cases can be related to fraud, electronic crime, insurance claims, bankruptcies, and business ethics.
Career Prospects in Accounting
It tracks and reports on a company’s financial transactions and often manages the general ledger, cash flow, and tax obligations.
Accountants often work with journal entries, bank reconciliations, billing, and similar processes that relate to the day-to-day running of a business. They can also create quarterly and annual financial reports, analyse profitability, manage debt, audit internal transactions, and report earnings.
Job Prospects after BS Accounting and Finance
After completing a professional BS in Accounting and Finance, students can initiate their careers. The following fields are widely open and readily available for students.
- Financial report accountant
- Cost accounting manager
- Accounts Receivable Clerk
- Accounts Payable Clerk
- Regulatory Officer
- Technical accounting manager
- Tax accountant
- Accounts Officer
- Junior Accountant
- Senior Accountant
- Finance Manager
- Internal Auditor
- Taxation Officer
- Manager Recovery
- Cash Officer
- Finance Intern
- Finance and HR Assistant
- Investment banker
- Financial broker
- Chief Financial Officer or Planner
- Financial Advisor
- Financial analyst
- Risk Managers
Skills after BS Accounting & Finance
After completing a BS in Accounting and Finance, the student develops the following skills, which are necessarily required by career development.
- Cognitive Skills
- Accounting Skills
- Problem Solving Skills
- Accounting & Statistical Software Skills
- Interpersonal Skills
- Financial Report Analysis
- Report Writing
- Business Draft Development
- Market Analysis
- Risk Analysis
- Quantitative specialised knowledge of various accounting topics and techniques.
- Knowledge of GAAP (generally accepted accounting principles)
- Understanding of accounting regulation issues.
- Strong knowledge of the business industry
Graduate Program Perusal After BS
Due to the excellent BS Accounting and Finance Scope, there is a high demand for graduates ready to keep up with continuous developments, new processes, changing markets, and emerging technologies. It has become beneficial to go beyond undergraduate degrees. MS in Accounting & Finance is available nationwide.
Those who study accounting or Finance at a graduate level often benefit from a more robust understanding of the theories and models that support surface-level processes. This can make them better equipped to adapt to any environment and make sound business decisions in a sterilisation process.
Professional Alternatives to BS Accounting & Finance
To become a qualified accountant, you must obtain a professional qualification in accounting, such as the Association of Chartered Public Accountants (ACCA) or a certified Chartered Institute of Management Accountants (CIMA). This would be in addition to the BS in Accounting and Finance.
BS Accounting and Finance Course Details
- Budget analysis
- Business strategy
- Financial Accounting
- Financial reports
- Forensic Accounting
- Information systems
- International Accounting
- Macro / Microeconomics
- Management Accounting
- Professional standards and ethics
- Quantitative analysis
- Tax accounting
- Typical course content for Finance:
- Advanced derivatives
- Financial engineering
- Asset markets
- Financial planning
- Behavioural Finance
- Corporate Finance
- Economics / Econometrics
- Financial Mathematics
- international finances
- Fiscal management
- Risk management
- Financial Accounting
- Venture Capital
Investing time in BS Accounting and Finance is a great idea to get an ideal career. The skills and knowledge base it develops in students enable them to work at various levels in various capacities.