Employing In Accounting & Finance: An Introduction

The accounting and finance field is large and extremely diverse, touching upon many other
disciplines. There are, however, three broad areas within accounting and finance that serve as the
basis for our discussion of careers in this field: accounting, auditing, and finance. We begin with a
definition of each area, provided below. Each of these areas is integrally linked to the others;
crossing over from one to another during the course of a career is very common.  
   
  
Definitions

Sample Job Titles

Education and Skills Profile

Advertising Links 

Definitions   
  
Accounting  
Accounting is concerned with maintaining the financial accounts of a firm. Accountants conduct
day-to-day bookkeeping operations, balance the books, track expenses and revenue, execute
payroll, and pay the bills. They compile all the financial data needed to issue a company's financial
statements in accordance with government regulations.   
  
Auditing 
Auditors maintain and examine the financial records of government agencies and review the
accounts of private businesses and individuals whose activities are subject to government
regulations or taxation.    
  
Finance  
Finance involves the study of financial resources: how they are generated, utilized, and managed.
Finance professionals analyze revenue and expenses to ensure effective use of capital. They also
advise businesses about project costs, make capital investments, and structure business
transactions to help companies grow and develop. 

Sample Job Titles   

  
Auditor, Treasurer, Financial Analyst, Financial Controller, Chief Accountant, Internal Auditor,
Budget Analyst, Accounting Manager, Tax Clerk, Tax Accountant, Senior Auditor, Management
Accountant, Bookkeeper, Senior Accountant, Credit Analyst, Audit Manager, Financial Manager,
Director of Finance, Chief Financial Officer (CFO).

Education and Skills Profile  

  
Education Required  
Most jobs in accounting and finance require a strong educational background in accounting, such
as a Bachelors degree in Accounting, or a Bachelors degree in Economics or Business
Administration, with a significant number of courses in Accounting.   
  
Education Enhancement and Certificates   
  
CPA (Certified Public Accountant)
The CPA is an internationally recognized certificate given by the American Institute of Certified
Public Accountants (AICPA). The CPA examination tests a candidate's knowledge of generally-
accepted accounting principles in the following categories: Business Law and Professional
Responsibilities, Auditing, Accounting and Reporting, and Financial Accounting and Reporting. To
find out more about the certificate and its requirements, click on the following link: Becoming a
CPA  
  
CIA (Certified Internal Auditor) 
Certified Internal Auditor (CIA) is the Institute of Internal Auditors' premier certification, reflecting
competence in the principles and practices of internal auditing. It has served as the only
internationally accepted designation for internal auditors. Find out more about the CIA and its
requirements: Becoming a CIA 
  
CMA (Certified Management Accountant)
The Institute of Management Accountants offers the Certified Management Accountant (CMA)
program, designed to recognize the unique qualifications and expertise of professionals engaged in
management accounting.  
  
CFA (Certified Financial Analyst) 
Given by the Association for Investment Management and Research, the Chartered Financial
Analyst Program is a globally recognized standard for measuring the competence and integrity of
financial analysts. Three levels of examination measure a candidate's knowledge of fundamental
investment principles.  
  
MBA (Masters in Business Administration)
Most Accounting and Finance professionals supplement their BA with an MBA (emphasis in
Accounting) rather than an MA in Accounting, in order to be prepared for managerial positions.

  
  
Computer Skills  
MS Office applications (especially Excel and Access) Financial applications (these are as varied as
the companies who use them, they differ according to the field and type of company).   
  
Experience Required 
For recruiting in finance, look for candidates that preferably have job experience in both accounting
and auditing. When recruiting in auditing, accounting experience is required.    
  
Additional Skills  
Look for: Good communication and organization skills, high attention to detail; at higher levels,
presentation skills and good verbal and written language skills are required.  
  
Advertising Links   
  
Accountants World - Community for Accountants  
Accounting, taxation, and software information, as well as links to accounting firm networks and
publications. Includes discussion groups and a career center.

The Electronic Accountant 

Software reviews, product exhibits, news, web links, career center, accountant's resource guide,
discussion groups, and reviews of nearly 500 online resources.

Institute of Internal Auditors The IIA is the world leader in certification, education, research, and
technological guidance for the auditing profession, and serves as a resource for significant auditing
issues around the globe. 

American Institute of Certified Public Accountants 

Professional organization for all Certified Public Accountants in the United States which conducts
CPA testing and certification. Find out about software, industry news, CPA exam, and career
opportunities.

Association for Investment Management and Research 

Global, nonprofit organization of more than 43,000 investment professionals from over 90 countries
worldwide.   
  
Disclaimer   
These articles and guides have been compiled from internet research and interviews conducted
with specialists in the field of advertising. It is meant to be an introduction into the field, for HR
personnel and others interested in recruiting or developing careers in it, and not a definitive and
exhaustive source on the subject. 

* Accounting & Finance Careers

Every firm, regardless of industry, must have a financial department to oversee company accounts
and maintain the financial stability of the company. Accountants and finance specialists are
essential to a firm's growth and development. If you are interested in a career in this field, you are
fortunate to be able to make use of the many career opportunities which abound worldwide in this
growing area.

With technological advances assuming many of the routine tasks of bookkeeping, professionals in
accounting and finance are increasingly taking on more managerial and consultative functions.

  
The field of accounting and finance is large and extremely diverse, touching upon many other
disciplines. There are, however, three broad areas within accounting and finance that serve as a
basis for our discussion of careers in this field: accounting, auditing, and finance. Although each of
these areas is integrally linked to the other, each comprises its own distinctive set of
responsibilities and requirements. 

Advertising  
Information is at the heart of the accounting profession. Accountants collect and assimilate the
financial information of a company and process it into financial statements. Their responsibilities
are the day-to-day financial operations of a company: tracking expenses and revenues, reviewing
employee salaries, and issuing financial statements in compliance with governmental regulations.

The information gathered from accounting is used for various essential functions performed by
finance specialists such as budgeting, forecasting, and funding. Their job touches on many aspects
of business management, including investment planning, corporate development, and financial
consulting.

In the words of one accounting professional we spoke to, “Accounting is the basis for everything.
Its outcome is essential to making planning decisions.” Far from the static stereotype that is often
attributed to accounting, it is in reality a dynamic and fast-growing industry, with new opportunities
and technology stimulating its growth around the world. 
 

Requirements  
As with most challenging careers these days, having a strong educational background is very
important for a career in accounting. You must thoroughly understand the principles of accounting
in order to be able to implement them effectively. Although a lot of the actual accounting processes
are computerized and require minimal effort, you nevertheless must understand the underlying
principles very well in order to be able to deal with unforeseen developments and be flexible to new
approaches as a company grows and develops.

Having a solid understanding of accounting principles also gives you an edge in being able to
optimize the use of your time, making any process pertaining to your department easier for both
you and your team. One accountant we spoke to warned against depending too much on software:
“Some accounting functions still depend on working by the books, which means you still must be
able to ‘work with your hands,’ and not just with a computer.”

He also added that having auditing experience is an advantage if you want to be an accountant,
since accountants prepare much of the documents required by auditors, and therefore it helps to
be aware of the proper procedures and documentation required. Beyond the technical expertise
required, and the educational prerequisites, accounting professionals must also have a high
degree of personal integrity, as they are responsible for sensitive and confidential financial
information. 
 

Finance  
Much like accounting, finance involves dealing with financial data relevant to a company’s
operation. However, finance specialists look at the big picture, analyzing these figures from a
broader perspective and using them to make high-level strategic planning decisions.

A career in finance not only entails overseeing a company’s cash, liquid assets, and project costs,
it also includes offering recommendations to management concerning investment management,
and making critical decisions concerning capital investments, all of which determine the future of a
company.

One financial consultant interviewed for this article had this to say about his field of specialization,
"Finance is a planning field. It is integral to the continuation, success, and even the very survival, of
a company." 
 

Requirements  
Finance requires exceptionally keen analytical skills. Finance specialists analyze the figures that
are at the core of any business: the cost of its stock, dividends, costs, revenue, and profit margin,
and submit this analysis to management. Any deviation, whether favorable or not, between the
forecasted budget and actual figures is analyzed, and an appropriate corrective action taken.

Preventive action is also taken in order for such deviations not to occur again. Requirements for a
managerial position in finance include management skills (enhanced by a Masters degree), a
strong technical background in both accounting and auditing, and excellent communication and
presentation skills. 
 

Auditing  
Auditing concerns itself with the examination, evaluation, and certification of company financial
statements, in accordance with set government regulations and procedures. The end goal of
auditing is to give reasonable assurance as to whether financial statements produced by the
accounting department of a company are fairly stated, according to the accepted accounting
standards of the country. 
 

Requirements  
Auditors should always have a degree of professional skepticism and be very analytical. Since
auditing is based on professional judgment, decision-making ability is crucial. Auditors investigate,
compile audit reports, and make decisions and recommendations according to the data they
collect.
As you rise through the ranks as an auditor, you may become responsible for a team, in which
case managerial skills will be required. To be a good auditor, you must also have significant
knowledge of the industry, including information on competitors in the field. 
 

Conclusion  
Accounting, auditing, and finance compliment each other and are integrally linked to one another.
These three areas all require high attention to detail, excellent organizational skills, and excellent
communication skills. Being a team player is also essential. Knowing financial applications is a
definite advantage, although there are no standard applications. Software packages vary according
to the type of company, industry, and country in which the company is operating.

While some accountants believe it is preferable to have an auditing background in order to be a

successful accountant, there is general agreement that strong accounting skills are necessary to
becoming a good auditor or financial analyst. As with other fields, to be successful in an accounting
and finance carrer it is necessary to be consistently up-to-date on information related to the field,
and the internet is increasingly considered a vital resource for such research.

Whatever your specialization, if you choose to pursue a career in accounting and finance, you will
be ensured many challenges and rewards, especially at this time of fast-paced growth and
technological change. This is a very exciting time to enter this diverse and stimulating field.    
     
  
Recruiting   
 

Employing in this field differs according to experience. For example, at one stage education is
more important than work experience, while at another stage the opposite is true. To conform to
this, we have divided this section into three parts based on experience.  
Please choose the one most appropriate for the position you want to recruit 

Entry Level Positions:  

These are new graduates as well as those with up to 2 years of work experience.

Middle Management Positions:  

These are candidates with 3 to 5 years of working experience. In some cases, this may extend up
to 7 years.  

Senior Management Positions:  

Candidates with over 5 (may extend to 7 years) of experience usually fall into this category.