Section
Introduction
Definition and description of the career
Finance major is an accounting degree which specializes in finance. The degree in Finance is an opening to working in financial entities and various institutions which have a finance department. The degree is a four year course involving coursework, written examinations, internship and course project/dissertation. A suitable candidate for finance major should have a way with figure and be comfortable with mathematics. Besides that, studying in this field requires an inquisitive mind, innovativeness and critical thinking. A finance major degree equips an individual with skills that can be applied in finance management, demand and supply, money markets, consultancy, banking, and other areas related to finance in institutions.
Purpose of the report, and its intended audience
This report is aimed at giving Finance major students details on their major with a focus on those who want to pursue careers in accounting. The report details the required qualifications for accountants, assesses the job market, looks at the opportunities available, projects career growth in this field and gives one projections on benefits and remunerations. The report will guide fresh students, parents and other students to help the m in career planning and focused study. The report will give data and research reports on Finance major careers with a focus on consultancy to present a clear picture on the status of this field.
Method of inquiry
Research was done by reviewing existing literature on the subject. It examined information and statistics provided by the US Labor Statistics, UK job profile portal, data and narratives from Universities that offer courses in Finance and, articles and magazines’ reports on Finance careers. All the information was compiled and conclusions made on the outlook a career with a finance major and particularly accounting.
Collected Data, Section I: Components of the Profession
Description of degree requirements
Description of major activities
Description of major responsibilities
An accountant in any institution performs varied functions including but not limited to preparing financial statements, preparing balance sheets, liaising with auditors and facilitating the audit process, ensuring the company is financially compliant, monitoring company accounts and managing accounting processes. When working in a management consultancy firm, an accountant advises clients on account management. These duties vary depending on the institution and whether public or private. However, the principles of accounting remain the same. Collected Data, Section II: Social and Legal Status
Contribution of the profession to the wellbeing of society
According to an article by the International Federation of Accountants, Ifac, accountants play a big role in protecting public interest (Jui & Wong, 2016). Through financial accounting reports, the public get to know whether their interests are being served by institutions. They also learn where their investments are safe. In addition to this, accountants help to maintain companies in business through their management of funds, analysis, risk management and auditing. These contribute to societal wellbeing by preserving institutions which serve the public directly or indirectly.
Perceived value of the profession
Accounting is one of the esteemed career areas. Accountants are deemed to be knowledgeable individuals of a high standing in society. Due the highly competitive nature of the field, finance field attracts some of the best performers in academia (Forbes, 2013). For this reason, the field has people who command respect in the community. A perception that comes with the job is that because one handles money, they are probably rich as well.
Brief history of legal issues, litigation, and/or legal controversies surrounding the profession
There have been several reported cases touching on the integrity of accounts in discharging their duties. A research published in The Journal of College and Teaching Methods looks at the various cases of theft committed by accountants. One prominent cases profiled involved an accountant who manipulated the company’s system, writing and signing cheques for himself and manipulating his deductions and allowances (Gruber & Molloy, 2011). The position of an accountant and his proximity to finances and company systems makes them vulnerable. Collected Data, Section III: Earning and Benefits PotentialAverage salary associated with the position, including typical starting salaries and promotion and pay raise ratesRetirement Benefits/PackagesCollected Data, Section IV: Job Potential and SecurityJob Availability in current market, including competitivenessLevel of job security associated with professionAverage length of a career in the profession (is there a “burnout” rate in this profession?)
Glossary
Finance major-
Accounting Consultancy
References
Aicpa.org,. (2016). CPA Career Paths - AICPA. Aicpa.org. Retrieved 11 March 2016, from http://www.aicpa.org/Career/CareerPaths/Pages/CareerPaths.aspx
Forbes (2013). Top 4 Most Competitive Financial Careers. (2016). Forbes.com. Retrieved 11 March 2016, from http://www.forbes.com/sites/investopedia/2013/07/14/top-4-most competitive-financial-careers/3/#68337d552b8a
Gruber, R., & Molloy, J. (2011). The Faithless Employee: A Case Involving the Legal and Accounting Issues Associated with Employee Theft of Company Funds. College Teaching Methods & Styles Journal (CTMS), 1(1), 71-78. http://dx.doi.org/10.19030/ctms.v1i1.5221
Investopedia,. (2011). Financial Careers: Qualifications and Credentials | Investopedia. Investopedia. Retrieved 11 March 2016, from http://www.investopedia.com/university/financial careers/financial-careers1.asp
Jui, L., & Wong, J. (2016). Roles and Importance of Professional Accountants in Business | IFAC. Ifac.org. Retrieved 11 March 2016, from https://www.ifac.org/news-events/2013 10/roles-and-importance-professional-accountants-business
