Having a bright career is every student’s dream. When you select the career of your choice, you can perform even better and meet the employer’s expectations. Especially if you want to start your career in the accounting or finance field, you should have certain skills and knowledge to outshine the competition.
Want to get practical tips to build a finance career?
Read through this article, and you will get to know the essential tips for a career in finance and accounting.
#1. Powerful accounting foundation:
No matter where you start your career in finance or accounting, you should have ample knowledge about the subject matters. Most employers prefer Chartered Accountants, ACCA, or CPAs to fit into corporate finance’s coveted roles. It means that your basics should be clear and you need to have some advanced knowledge about the latest industry trends.
A formal degree in accounting makes you ready for the differences in business finance. Besides, students also opt for programs like GST training courses to improve their skills in this field. And with a solid base in accounting or finance, you are prepared to slide into a role as CFO, Finance Controller/Analyst, or any other post related to financial management.
#2. Gain a sound knowledge of financial reporting
When you are planning to build a finance career, sound knowledge is one of the primary requirements. If you have sufficient knowledge about the various subject matters of accounting and finance, you can embrace many opportunities as you grow your career. Hence, you should have a good grasp of explaining the hidden value behind the various financial reports.
Further, with your knowledge, you should be able to explain what data has to be used, how it is being used, and what actions have to be taken timely. Even if you do not relate to the core accounting profile, financial reports will still be an essential tool for you to make strategic decisions for the corporation.
#3. Sharpen forecasting skills
Finance professionals in India are considered to be far-sighted with the capability to foretell the course of things. One extremely important skill that each finance professional must know is predicting the key insights based on the different financial reports. This can be accomplished through knowledge of financial modeling.
If you have not mastered this skill, now is the time to study and sharpen your predictive abilities for the betterment of your career in finance. Likewise, students also enroll in some accounting finance courses like GST training courses. The add-on learning on the subjects related to finance will essentially help in boosting your career in finance. By learning financial modeling across sectors and kinds, you can be proficient at analyzing the existing situation.
#4. Efficient budget management
Budget management is one of the primary roles of financing. The associates who are involved in a financial career must be adept at preparing a budget for the entire company or a particular project/department as the need emerges. Preparing for optimal usage of the available sources to reach the targets is a skill that you must work at.
You also might require to ensure that the company or departmental expense is directly related to the purposes and long-term strategic plans of the business. Plus, you should also know how to conduct variance analysis between the actual spending and forecast budget.
#5. Willingly practice FinTech
Technology is everywhere these days, and the finance field is no exception. In fact, FinTech is a new approach and mostly adopted by most organizations. As you prefer a career in finance, you must be aware of the latest trends and practices about FinTech. Hence, whenever you get a chance, willingly practice FinTech subjects to strengthen practical skills.
Needless to say, if you have a proficient Finance Professional in India, you will be given priority among the other candidates. Getting tech-savvy and allowing it to play a role in designing finance processes and operations will provide you with much more prominent things in the future.
#6. Focus on data analysis
From a good to have the skill to a must-have, data analysis has come a long way. Today many organizations demand finance professionals have strong data analytics skills.
The application of big data apps in finance helps in understanding enormous analysis, be it banking, investment, finance process outsourcing for financial planning, and others. Once you master the skills of data analysis, you can have better opportunities in your career.
#7. Stepping towards innovation
Undoubtedly, most roles in finance deal with processes that are much straightforward, but there is room for innovation. So, you should actively look for innovative solutions that help in making the financial task an easy process.
For instance, a new data collection method is a unique perspective to the analysis, a diverse perspective to investment, or anything that streamlines the process and is welcome in the world of finance.
In a nutshell, you should have a specialized skill, certification, or something that impacts your selection for the role of financial management position in a company. If you have completed some add-on courses along with B.Com/M.com, such as GST training courses, financial management courses, it would be a plus on your resume. The above tips will also help you kick start your career in finance.
Understand the scope of growth in finance, master certain skills, and build a successful career in finance!