Are you considering a career in accounting and finance?

by StudyMalaysia on November 10, 2016 | Top Stories, Career Guide

OK, so you've done your research – you know that a career in accounting and finance can lead you to a secure and promising career. You've also got your parents' approval and checked out the courses you can take… but are you really sure this is the right course for you? Take this quick quiz to find out! Then read on to find out more about this field.

Read and answer these questions. Then count how many questions you answered “yes”.

Are you comfortable explaining complex ideas to others?
Would you or others describe you as “a detail person”?
Have you enrolled in accounting courses before?
Would you describe yourself as a “concrete” thinker rather than an “abstract” thinker?
Have you excelled in accounting classes or subjects?
Are you good at solving problems or puzzles?
Do you make decisions based more on logic than anything else?
Do you organise data or information in a sequential manner?
Are you known for your ability to plan things in advance?
Do you strongly appreciate predictability?
Would you say that you are more of a rule follower than a rule breaker?
Do you have high personal standards?
Are your personal finances in order?

If you answered “yes” to 1-2 questions:

While you may enjoy taking a few, it’s possible that another field of study or degree program may suit you better. Before you make your final decision, though, talk with an accounting graduate to find out what it’s really like to study the subject and work in the field.

If you answered “yes” to 3-5 questions:

An accounting degree may be a good choice for you. Speak with an academic advisor, too, at the accounting school or college of your choice and ask questions about their accounting programme. Talk to someone who’s already in this field to see if a career in accounting and finance aligns with your personal and professional goals.

If you answered “yes” to 6 or more questions:

You seem to have an inclination for the field. Like any major life decision, however, be sure to consider all your options before choosing your course. Give thoughtful consideration to how a degree in accounting or finance might fit your passions, goals and aptitudes. Then if you decide that it is right for you, go for it!

Adapted from: - Is an accounting degree right for me?

Accounting and finance

Accountancy is the study of maintaining, auditing and recording financial transactions. If you pursue this field, you will develop an understanding of accounting principles and processes needed to organise, maintain, analyse and evaluate corporate and personal financial records. In contrast, finance deals with the planning, directing, organising and controlling of financial activities and services for organisations, institutions and individuals through an understanding of the theories and practice of financial planning and investment, monetary and financial systems and markets, and the principles of insurance.

Sub-fields include:

Accounting (accounting, auditing and taxation)
Finance (finance, banking, investment and security, and insurance)

What you will learn

Accounting (accounting, auditing and taxation)

Courses in accounting will develop your decision-making and analytical skills and teach you how to apply the principles, procedures and theories of organising, maintaining and auditing records of business and financial transactions. You will learn subjects like financial accounting, management accounting, auditing and accountability, international accounting and taxation.

Finance (finance, banking, investment and security, and insurance)

The sub-field of finance studies may include a combination of subjects in banking, investment and security and insurance. The course will enable you to undertake the financial management of industrial and commercial enterprises, of commercial, savings, and mortgage banking, and of investment analysis and portfolio selection, foreign exchange and currency management. Investment and security subjects develop your skills in directing, planning and providing investment and securities services. The study of insurance will prepare you to understand insurance and actuarial services including planning services in relation to life, disability, property, liability and other risk theory, new business, claims, re-insurance and superannuation.

Possible occupations

Accountants
Accounts Clerks
Actuaries
Audit Executives
Auditors
Bank Managers
Bankers
Banking Consultants
Banking Executives
Bill and Account Collectors
Brokerage Clerks
Budget Analysts
Claims Adjusters, Examiners, and Investigators
Claims Examiners, Property and Casualty Insurance
Credit Analysts
Credit Authorisers, Checkers, and Clerks
Financial Analysts

Financial Consultants
Financial Controllers
Financial Managers
Financial Quantitative Analysts
Financial Specialists
Fraud Examiners, Investigators and Analysts
Insurance Adjusters, Examiners, and Investigators
Insurance Appraisers
Insurance Claims and Policy Processing Clerks
Insurance Claims Clerks
Insurance Sales Agents
Insurance Underwriters
Investment Analysts
Investment Fund Managers
Investment Managers
Investment Underwriters

Islamic Financial Officers
Loan Counsellors
Loan Interviewers and Clerks
Loan Officers
Personal Financial Advisors
Risk Management Specialists
Sales Agents
Securities and Commodities Traders
Securities, Commodities, and Financial Services Sales Agents
Stockbrokers
Tellers
Title Examiners, Abstractors, and Searchers
Treasurers and Controllers
Underwriter

Sources for this article include: