Bookkeeping and Accounting: Where to Study for a Specialty, the Best Universities, How to Apply

The field of economics attracts students from all over the world, and one of the most common specialties among economic fields is accounting and accounting. Without accountants, the existence of businesses (neither small nor large) is impossible, public and private institutions cannot do without them, since accounting, in fact, is the basis of business. Accountants are people who have a unique understanding of how a business's day-to-day operations affect its finances. An attentive accountant is able to anticipate the impact of daily operations on cash flow and expense management, he helps to build a healthy business without violating laws and tax conditions. An accountant is responsible for accounting and document management, is engaged in the preparation of tax and financial statements for submission of information to the appropriate authorities. As part of their job duties, specialists have full information about the organization's finances, income and expenses, the transfer of mandatory regular contributions to pension and insurance funds, and so on. 

An accountant not only writes down the numbers, but also interprets them for colleagues. Managers in charge of business strategy or development don't always understand books and bank statements at the same level as accountants. Effective accounting involves the ability to analyze the flow of funds to optimize benefits for the company, but does not go so far as to include investment or debt management. While they are statisticians and data analysts in a sense, accountants do not serve as professionals who make financial forecasts or assess financial risks for a company.

The specific pool of responsibilities of an accountant depends on the size of the business or enterprise in which they work. Small businesses may only need an accountant for a few hours a month to process bank statements, pay expenses, and reconcile income and deposits, so they may not hire a full-time accountant. Large businesses, on the other hand, may need to balance debits and credits on a daily or weekly basis and therefore require the support of a full-time accountant.

The standard set of responsibilities of an average accountant includes the following tasks: 

1. Primary accounting,
2. Organization of management accounting in the company,
3. Settlements with customers and suppliers,
4. Calculation and accrual of taxes with full tax payments,
5. Transactions related to wages and personal income tax,
6. Issuance of salary certificates to employees,
7. Preparation and submission of accounting and tax reports to state authorities.

It is a highly skilled, technology-oriented profession that is rapidly evolving and offers many opportunities to work in companies of any type, in any industry, and in any location.

Pros of the specialty

• Accounting and accounting specialists will always be in demand as long as there is money circulation in the world. 
• Economics is a universal language for all countries of the world, so you can work as an accountant with the necessary level of education anywhere in the world. The main thing is to study local tax laws, codes, and other local financial nuances, language.
• The profession of an accountant, despite its long history, fits the modern format of remote outsourcing. The work of online accountants is no less popular than hiring specialists to work directly in the office. Many accountants combine several projects in different formats for more earnings and a set of experienced cases. 
• Career growth in the field of accounting is quite quick and easy if the specialist is interested in it. Having come to the company as an ordinary intern, a specialist can take the place of the chief accountant or his deputy.
• Decent and stable salary. The cost of accounting services varies from organization to organization, from country to country, but on average, this profession is considered one of the most lucrative at both the public and private levels. 
• The ability to interact with the team minimally, taking care of work processes independently. For those who do not like to actively interact with society and know how to do their work efficiently, accounting is a good specialty option.  
• Lack of physical activity at work. On the one hand, this is an advantage over professions that require good physical fitness due to regular loads. On the other hand, it is a reason to monitor your health outside the office in order to make up for the balance between a sedentary lifestyle and an active one. 
• Most of the accounting processes are automated, so the specialist does not need to manually track each paper, entering multi-digit numbers there. Working side by side with modern technology facilitates routine processes and increases work efficiency.

Directions and options for professions in the specialty "Accounting and Accounting"

Despite the fact that accounting is only one of the areas of economic specialties, it is also divided into many professions in which a graduate of the Faculty of Economics can prove himself. There are two main types of accounting: public and private. Public accountants typically assist individuals or business clients with their tax, financial, and other accounting needs. Private accountants work in the financial teams of companies.

Here are a few examples of what an accountant can do after graduation: 

• An accountant is a specialist whose main task is to put things in order in the accounting of all valuables. The system should be organized in such a way that at any time it is possible to obtain information about how much and what kind of property the organization has, where it is stored, in what condition, where it is used, who is responsible for its safety. A specialist is obliged to navigate both legal and production issues, clearly represent the technological and economic operations reflected in records and figures.
• An economist-accountant is a specialist who plans and conducts both accounting and analysis of the financial and economic activities of the enterprise, additionally keeps records of cash and inventory.
• A clerk is a professional who records day-to-day business transactions according to generally accepted accounting procedures that use a double-entry system to identify both debit and corresponding credit entries in the general ledger.
• A tax consultant is a specialist who provides various services related to taxation and the intricacies of the tax transaction process.
• Cost accountants are a specialist who studies and controls the budget of a business's operations and recommends solutions to reduce costs and save money.
• An accounting manager is a specialist who is responsible for managing and supervising the accounting department, all areas of financial reporting. He is tasked with maintaining accounting principles and developing best practices and systems for analyzing, collecting and presenting information. The specialist should have a clear understanding of the various generally accepted accounting principles.
• A financial controller is a specialist who oversees the finances of a business, including the preparation and analysis of financial statements. It provides stakeholders (management, boards of directors, and investors) with unbiased information about how the business is performing.
• An auditor is a professional who examines financial statements to ensure that they comply with generally accepted accounting principles and accurately reflect the financial position of the company.
• A forensic accountant is a professional who investigates financial activities, including allegations of fraud. 
• International Accounting – A specialist in this field helps global companies stay up to date with international tax laws and exchange rates.

For most accounting professions, it is enough to obtain a bachelor's degree in the desired field, for example, in the field of accounting, finance, economics, and so on. It is often possible to get a job as an entry-level accountant after graduating from college, but many higher, higher-paying accounting positions require a college degree and proof of qualification with state-recognized certificates. For example, to work as an accountant in the United States and other English-speaking countries, it is necessary to provide the employer with a certificate of a specialist in the field of financial accounting. The CPA qualification is one of the most prestigious in the field of accounting and finance.

Prospects for training in the field of "Accounting and Accounting"

1. Job security is the No. 1 advantage of the accounting profession, as accountants are needed always and everywhere. With a diploma and certificates confirming your qualifications in the field of economics, you will be able to find a job in almost any country in the world. 
2. Development of applied and competitive skills: ability to handle numbers and strong business acumen.
3. To attract people to the industry, many accounting firms are raising salaries and offering benefits, such as student loan payments and paid parental leave. 
4. Some accounting and non-accounting firms regularly provide resources to help new employees learn and improve their skills without interrupting the work process.
5. Over time, an accountant can grow into a financial manager, account manager, financial controller, or financial director.
6. Having a Bachelor of Accounting and Finance qualification can make it easier to move into other industries in the future by providing the opportunity to move into another profession, such as forensic accounting, payroll, bookkeeping, or tax accounting.
7. The accounting profession is an easily adaptable profession whose skills can be used in almost any type of business, giving you the confidence to work in a variety of roles and industries, where the specialist can lead large in-house accounting teams.

Demand and level of earnings of the profession

According to the U.S. Bureau of Labor Statistics' (BLS) Handbook of Career Prospects, employment of accountants is projected to jump 7% from 2020 to 2030, with about 135,000 job openings for accountants recorded annually. Such forecasting suggests that the profession of accountant will actively spread in other countries as well. The better developed the economy and business in the country, the higher the need for economic specialists. 

The most sought-after specializations in accounting at the moment are considered to be auditors, clerks, accounting managers, tax consultants and classical accountants. This trend will continue in 2024. 

The variability of salary for the services of an accountant depends on his specialization, work experience, certificate, specific organization, city and country. Examples of the average salary of average accountants in different countries per month: 

• USA — $3500, 
• Germany — $3000,
• China — $800,

Features of admission to the specialty

One of the main criteria that is looked at in the world's universities and colleges for admission to economic fields is academic performance and the presence of confirmed completion of training courses in mathematics. Additional bonuses when enrolling in internship programs (if you already have a degree in accounting) in many countries will be the availability of certificates of advanced training, work experience during studies, international or local certificates confirming the qualification of the specialist.

Other stages and documents for admission differ depending on the specific country, educational institution and chosen specialty - contact our consultants for a detailed analysis of a specific training course.