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Graduate courses in Accountancy: what you need to know.
Accountancy is often referred to as the universal language of business, and accountants popularly known as ‘number crunchers’. So if you’re ready to join the money-making bandwagon, welcome to this field.
In an evolving economic scenario, it is imperative to learn how to analyze information about the economic affairs of a company and verify and report that information. A graduate degree in accountancy helps in broadening your skill base, learn about accounting within the industry or public accounting and achieve an expert view to compete in a global and technology-driven environment. So, whether you have just graduated with a bachelor’s degree or have been working for years, pursuing a mastersdegree in accounting will enhance your knowledge and skill sets to reach the zenith in the accounting profession.
Admission requirements
Most universities offering an MSc in Accountancy enroll students who hold a recognized bachelor’s degree in finance, accounting, economics, business studies, mathematics or any other quantitative subject such as engineering and computing. And though certain universities do not insist on an accounting or finance related undergraduate degree, it’s necessary for the candidate to be suitably numerate.
In a number of universities, candidates are required to take the Graduate Management Admissions Test (GMAT) indicating the suitability of the applicants. Candidates coming from non-English speaking countries who are intending to do their graduate studies in an English-speaking country need to provide evidence of language ability through exams like TOEFL or IELTS. Universities prefer a score of 600(250) for TOEFL and 7.0 or above in IELTS.
Graduate degrees in accounting and professional accounting certificates are also closely connected and candidates might want to pursue a professional certificate before considering a graduate degree. These certificates include the Certified Public Accountant (CPA), Certified Management Accountant (CMA), Certified in Financial Management (CFM) and, Certified Financial Planner (CFP). However, before taking a graduate certificate in accountancy, students should ideally contact a full-time accounting faculty person to review their career objectives.
Another noted certified course that a prospective accountant might want to pursue is Chartered Accountancy, simply because of the amount of credibility and professionalism the certificate entails. This can be done as an undergraduate student or before embarking on a graduate degree course.
For students who do not have an accounting or finance background or have never worked in a related field, a Diploma in Accounting and Finance is a great way to start off in accountancy before pursuing a MSc in Accountancy. A diploma is also a qualification in its own right and enhances a student’s undergraduate studies.
The best way accounting professionals can add value to their company and clients is through a graduate education in accountancy. An added benefit to pursue a Masters program is that it aids candidates to prepare for other professional accountancy certificates as well.
Skill sets you will acquire
The best way accounting professionals can add value to their company and clients is through a graduate education in accountancy. An added benefit to pursue a Masters program is that it aids candidates to prepare for other professional accountancy certificates as well. And accounting professionals with a masters degree along with a professional certification have a distinct edge over most others.
A masters degree in accountancy provides a thorough guide to analytical skills that today’s accountants are expected to have in marketing, economics, finance, management and information systems. They are viewed by their companies and clients as ‘business advisors’ and are expected to disseminate value-added services.
For those who already hold the CPA, a maters degree is the ideal way to meet state licensing continuing professional education (CPE) requirements and simultaneously improving their knowledge base. For accountants in the contemporary economic setup personal financial planning is one of the fastest growing segments. This is particularly relevant in the small business sector where there is a demand for business advisors and accountants are expected to know all aspects of financial planning, including insurance, risk management, estate and retirement planning.
Masters degrees in accountancy in most universities worldwide usually include the following areas of study: managerial accounting involving analysis and interpretation of financial data; financial accounting with emphasis on presentation and interpretation of financial statements; financial statements; corporate financial reporting; critical studies in taxation; accounting research management and methods; investment analysis; performance measurement and evaluation where management accountants play an imperative role.
Almost every kind of organization can benefit from the skills of accounting specialists.
Post qualification careers
Almost every kind of organization can benefit from the skills of accounting specialists. Traditional employers such as accountancy practices, manufacturers, retailers and financial institutions are supplemented by various types of service and non-profit organizations including hospitals, local authorities, charities and education.
Further more, a graduate course in accountancy enables you to take up specialist positions in the accounting and financial services sector of the economy, unless you want to subsequently pursue a research or an academic career with a PhD in accounting.
Most graduates secure jobs in accounting firms, industry, banking, finance and commerce. The graduate course also prepares students for consulting and general management and most MSc accountancy graduates find senior management roles in reputed companies. One could join as auditors in firms like Ernst & Young, Deloitte Touche for example.
However, it must be noted that besides a Master’s course, a professional certification in accountancy can actually fetch you about $12,000 more per annum than otherwise
