What is financial accounting?
Financial Accounting is the process by which the financial details of a company is gathered, collated, analyzed and then reported in a set format. It plays a vital role in any economy as it serves to provide a benchmark for the assessment of a company’s performance. The results from these assessments are reported at regular intervals, mostly on a quarterly basis. It helps set the pace for the next quarter.
Becoming a Financial Accounting Professional
One can become a financial accounting professional by pursuing and successfully completing a Diploma in Financial Accounting.
A typical Diploma in Financial Accounting will entail the following topics:
- Corporate Finance and Management Accounting
- Advanced Business Analysis
- Advanced Financial Accounting
- Computer Skills
The core components of a Diploma in Financial Accounting comprises of the tools and techniques used in financial accounting and a detailed understanding of the processes involved. A Diploma in Financial Accounting covers in great length the aspects pertaining to financial statements, their analysis, bookkeeping, budgeting, working capital, inventory management, accounting principles and their application, corporate finance, etc. Students with a Diploma in Financial Accounting are made cognizant of the workings of ERP and MS Excel.
Eligibility for a Financial Accounting Course
Students interested in applying for a Diploma in Financial Accounting course must possess a minimum of 50 percent marks in their 12th exam. English is also a prerequisite for learning financial accounting. Knowledge of computers is a must and proficiency in MS Office is needed; though the course covers these topics it is advisable to have a working knowledge of these tools.
Some institutes, however, conduct an aptitude test followed by an interview to shortlist candidates for their Diploma in Financial Accounting courses. The aptitude test is made up of quantitative and qualitative questionnaires and an English proficiency test.
Job Profile for a Financial Accounting Graduate
Students who successfully complete a diploma in this field are eligible to various designations like becoming a finance executive, an accounts executive, executive accountant, accountant, finance managers, certified public accountants, financial advisors and controllers, finance directors, chartered management accountant, chief financial officers, company secretary, etc.
Income Prospects of a Financial Accounting Graduate
As per reports, the employment graph of financial accounting graduates has been projected at 16 percent between 2010 and 2020. This further indicates the advantages of enrolling in a Diploma in Financial Accounting.
Times & Trends Academy is one of the best institutes in Pune, India to offer diploma in financial accounting.