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Jagpreet
30 July, 2024
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In the current market scenario, the accounting and financial service sector is leveraging the power of technology and automation to improve efficiency and accuracy. The market size is projected to grow over 5% between 2024 and 2032 as per the report by Global Market Insights. What does this growth mean for you? A significant boost to the financial service sector paves the way for more jobs in this industry. So if you are an accounts professional or aspiring to assume bigger responsibilities in this sector, it is considered the best time. In fact, even before the market shift, accounting and finance were the most widely chosen career options owing to their presence in almost every sector.
Though there are other options also, getting an MBA in Accounting is known to provide the necessary push you need in your career. Because in a managerial or senior position, your niche knowledge will not be enough, you need strong business understanding and the ability to manage a team.
In this blog, we have highlighted the top 8 career opportunities you can pursue after an MBA in Accounting.
An accounting manager has to perform various tasks including overseeing financial operations and ensuring the accuracy of the company’s financial information. His primary responsibilities include financial reporting, analysis, budgeting, forecasting, ensuring compliance with regulatory standards, developing risk management strategies, and many others. The precise responsibilities will depend on the company size and industry type. To become a proficient accounting manager, you should focus on learning about different software like QuickBooks, SAP, Oracle Financials, etc, and advanced Excel skills apart from the core knowledge.
Average Salary: INR 8.8 LPA
Highest Salary: INR 16.5 LPA
As the name suggests, this role revolves around analysing a company’s past financial data to spot trends and assess risk. A financial analyst typically evaluates historical and current financial data to understand the organisation’s financial situation. In this role, you will have to study industry-specific business trends, and write data-backed reports, measure financial risk, develop financial models to forecast business profits.
Average Salary: INR 6 LPA
Highest Salary: INR 12.5 LPA
Credit Managers review and update the company’s credit policy and oversee loan payments and bad debts. You have to set loan interest rates, negotiate the terms and ensure all lending procedures comply with the regulations. The duties of a credit manager typically involve creating credit score models, approving credit applications, developing credit policy, managing account ageing, and credit exposure management.
Average Salary: INR 7.6 LPA
Highest Salary: INR 12.7 LPA
He is an individual responsible for managing all accounting-related activities within a company. These tasks include managing internal financial records, generating reports, payment collection, processing payroll, and monthly bank reconciliations. Their area of expertise can vary depending on the company size and industry, because he/she needs to know the industry-specific tax and trade policies.
Average Salary: INR 24.9 LPA
Highest Salary: INR 60 LPA
Some organisations have two separate positions for insurance and risk management roles, whereas some hire a single person to carry out similar tasks. They have to perform risk assessment, and evaluation, and prepare risk and insurance budgets. They have to see what level of risk the company can bear and implement various processes to identify risk exposure and manage insurable risks. An insurance and risk manager generally works directly under the director.
Average Salary: INR 12.2 LPA
Highest Salary: INR 31 LPA
They are professionals who have financial service knowledge, analytical prowess and strong communication skills. Their day is generally demanding wherein they have to perform financial research, conduct valuation methods, maintain client relations, create investment pitches, and prepare recommendations for private equity transactions. Their role is divided into three main areas including corporate finance, equity capital markets and debt capital markets.
Average Salary: INR 16.6 LPA
Highest Salary: INR 55.2 LPA
It is one of the topmost positions in a company. The concerned individual has to oversee every aspect of the organisation’s finances. The flow of work goes from CFO to CEO and board of directors. This role is considered similar to that of a treasurer or controller. A CFO has to track cash flow, indulge in finances and monitor the strengths and weaknesses of the company. It is a top-level executive position which requires strong business and finance knowledge.
Average Salary: INR 53.2 LPA
Highest Salary: INR 101.0 LPA
An auditing manager plays a crucial role in evaluating the internal policies and processes to protect assets, preserve financial openness and identify frauds. The on-ground responsibilities can vary but, they typically include developing auditing plans, carrying audits, assessing risk, creating audit reports, managing the team and ensuring the quality of audit work.
Average Salary: INR 13 LPA
Highest Salary: INR 27 LPA
As various research reports and studies show the projected growth in the accounting finance market, there will be a significant rise in job opportunities across the globe. Earning an MBA degree in accounting will make you eligible for the diverse roles of this domain. Other than the ones given above, there are various job roles where an MBA degree will give you an upper hand. Therefore, if you are planning for a successful career in accounting, pursuing an MBA is a good choice.
For those who have studied it previously, accounting in an MBA is not hard.
The MBA programme will provide you with business knowledge and develop your management education. On the other hand, an MSc will only focus on niche subjects.
An MBA degree can help expand job opportunities, salary hikes and become eligible for higher management positions. If you have an interest in accounting, an MBA course will be worth it.
Some of the best MBA specialisations are business analytics, information technology, healthcare management, finance, marketing, international business and supply chain management among others.
