An Accountant is a professional expert who maintains the book of accounts of both small or medium scale business. They are responsible for making and maintaining ledger or other details of bookkeeping, preparing financial documents, profit and loss statements and balance sheets. They analyze and maintain the financial records of the company or other financial activities. As per a report by the Times of India, “there has been 37% increase in the demand for accountants in the year 2020. The growth rate of the accountant in India is 8% with an estimated value of $20.0 Billion by 2025.
In order to be an Accountant in India, aspiring candidates can pursue various undergraduate or postgraduate Accounting Courses such as B.Com (Hons.), Bachelor of Business Administration (BBA) in Banking and Insurance, BBA in Finance, B.Com, M.Com, MBA, etc. from top accountancy colleges in India. To get admission in these courses, candidates are required to clear Commerce Entrance Exams such as AMUEE, DUET, JMIEEE, CUEE, SET, etc. Check: BCom Accounting and Finance Colleges
After completion of the course, candidates can either opt to pursue higher education such as M.Com , MBA etc or they can choose to start an entry level job as accountants, clerks, analyst, Tax Accountant, accounting clerks etc in the top accounting firms such as Genpact, Accenture, Ernst & Young etc. The average salary of an Accountant is around INR 3.94 LPA depending upon number of factors such as knowledge, experience, skills etc.
Table of Content
- How to Become an Accountant: Quick Facts
- Qualifications Required to Become an Accountant
- Types of Accountants
3.2. Tax Accountant
3.4. Chartered Accountant
5.1 How to Become an Accountant After 12th
6.1 Entrance Exams
8.1 India
8.2 Abroad
How to Become an Accountant: Quick Facts
| Industry | Finance |
| Eligibility | Candidate must have completed 10+2 with a minimum aggregate of 50% or above from a recognized institute Candidates must have accounts , economics, mathematics as their preferred subjects. |
| Top Recruiters | Ernst & Young Mahindra & Mahindra Accenture Wipro |
| Related Industries | Public Accounting Audit Tax Budget Analysis Financial Management Accounting |
| Required Skills | Communication Skills Organizational Skills Knowledge of Mathematics & Accounts |
| Average Starting Salary | INR 2.86 LPA |
| Highest Salary | INR 14 LPA |
Qualifications Required to Become an Accountant
Being an Accountant requires the candidate to possess educational qualifications as well as necessary skills in order to excel in the profession. To be an Accountant, candidates are required to fulfill certain eligibility criteria without which candidates cannot practice accountancy professionally. Some of the essential qualifications are provided below for your reference,
- Candidates must complete 10+2 board exams with a minimum aggregate of 60% or above from a recognized institute.
- Candidates must complete 10+2 board exams with accounts , economics, mathematics being the compulsory subjects. Usually candidates from commerce stream are preferred.
- Candidates must have a bachelor's degree like B.Com, B.Com(hons), BBA Finance and BBA Accountancy.
- Candidates must have necessary skills like the knowledge of Tally, SAP etc
Types of Accountants
Accountants are broadly classified on the basis of their area of specialization as well as their qualifications. Tabulated below are some of the different types of Accountant roles available.
Investment Accountant
| Definition | Investment accountants are responsible for accounting investments at firms. They also monitor third-party activities, keep track of rising stock prices, tax documents and provide financial advice regarding investments. |
| Average Annual Salary | 9.25 LPA |
Tax Accountant
| Definition | Tax accountants are professionals who specialize in laws, rules and regulation, and calculation of taxes of an individual, organization or firm. |
| Average Annual Salary | 3.1 LPA |
Chief Financial Officer
| Definition | A Chief Financial Officer is a senior executive in an organization or firm that is responsible for managing and overseeing all the financial actions of the organization including budgeting, investments, liabilities, day-to-day transactions, cash flow, etc. |
| Average Annual Salary | INR 40 LPA |
Chartered Accountant
| Definition | Chartered accountants are responsible for providing financial services to businesses like auditing, taxation, financial consultation, risk management, etc. |
| Average Annual Salary | INR 7 LPA |
Steps to Become an Accountant
The below-mentioned steps would help students to know what needs to be done to become an Accountant.
| Complete Senior Secondary School | Candidates planning to have a career in finance and accounting should choose commerce stream in their class 12th. Choosing the stream allows the candidates to study subjects like accountancy, economics, business and mathematics etc with a minimum aggregate of 55% or above. This will help candidates to get into top colleges. |
| Earn Bachelor’s Degree | In order to be an accountant, candidates are required to pursue a 3 year undergraduate program in commerce such as B.Com (Hons), BBA, etc from a recognized institute. Once enrolled in the course, candidates will have to study subjects like cost accounting, corporate accounting, tax, business management etc to understand the principles of accounting. |
| Get into an Internship | Having practical experience not only helps to boost your resume but also helps in landing a high paying job. Candidates can do internships, workshops , attend seminars etc to get the working knowledge of the profession and learn to apply theoretical approaches in practical life. |
| Choose Specialization | Within accounting, there are several specializations which the candidate can choose depending upon their interest. Some of the top chosen specializations are financial accounting, auditing, tax accounting, management accounting etc. |
| Pursue higher education | To be a successful accountant and earn greater opportunities to grow into the field, candidates can opt to go for masters degree or other relevant certifications. |
| Stay Updated about the financial laws | Although it is not a requirement, it would be very helpful for the candidate to have awareness about the financial changes in the country. This will act as an added benefit. |
How to Become an Accountant in India
To be an Accountant in India, candidates must start preparing for it from school level. They should first decide what kind of accountants they want to be and then accordingly choose their course. Candidates must also complete their 10+2 with commerce stream to pursue accountancy course. There are several undergraduate or postgraduate courses in India for the candidates to choose from such as Bachelor of Commerce (B.Com hons.), BBA in Finance, M.Com, MBA in Finance and Accounting and many more. There are several other short courses available such as certification, diploma courses for gaining additional knowledge and skills.
School Level Preparation: In order to become an Accountant the steps that are to be followed are mentioned
- Candidates must have cleared 10+2 from a recognized board with Accounts, Commerce, Economics, Mathematics etc.
- Candidates can start their preparations from class 10th only, some schools offer the subject choice from class 10th . So if the candidate wants to become an Accountant, they can start understanding the basics of Accounting and Economics right away.
- Candidates can also choose which kind of accountant they want to be like Chartered Accountant, Cost Accountant etc.
- Candidates can take coaching and other study materials for the preparation of entrance tests to get into top colleges.
How to Become an Accountant After 12th
Undergraduate Preparations: Some of the crucial steps that must be followed in order to be an Accountant are as follows:
- Some of the colleges go for entrance based admissions for the accountancy courses. So candidates must be prepared to appear in the entrance exam for getting enrolled in top colleges such as AMUEE, DUET, JMIEEE, CUEE, etc.
- Candidates must pursue relevant undergraduate courses such as Bachelor of Commerce (B.Com hons.), BBA in banking and insurance, BBA in Finance, etc.
- The main purpose of pursuing an undergraduate program is to give a brief understanding about the principles of accounting.
- Candidates must also choose what kind of accountant they want to be like Cost accounting, Chartered accountants etc. In order to apply for them candidates are required to appear for additional examinations and clear certain levels.
Post-Graduation Preparation: The key steps to be followed to become a after completing Undergraduate courses are,
- Candidates are required to appear for the entrance exam in order to get a masters degree such as DUET, AMUEE etc.
- Candidates can choose to pursue masters courses such as MBA Finance, MBA banking and Insurance, M.Com, etc. These courses will help candidates get a better knowledge about the course and the profession.
- Candidates can choose their specialization such as finance, accounting, banking and insurance, taxation etc. These specializations can be chosen depending on their experience and knowledge.
- Candidates can also choose to pursue entry level jobs such as accountants, clerks, analysts, assistants, accounting clerks etc.
- After gaining some years of experience, candidates can also pursue higher degree such as a PhD program to get a doctorate degree.
Accountant Courses
Some of the top courses that can be pursued in order to become an Accountant are tabulated below for your reference,
| Parameters | Bachelor of commerce (B.Com (Hons.) | BBA in Accounting an dFinance | Masters in Commerce (M.Com) |
|---|---|---|---|
| Duration | 3 years | 3 years | 2 years |
| Eligibility | Candidates must have completed 10+2 in commerce stream from recognized institute Candidate must have secured a minimum aggregate of 55% marks or above |
Candidates must have completed 10+2 in commerce stream from recognized institute Candidate must have secured a minimum aggregate of 55% marks or above |
Candidates must have a bachelor's degree in Commerce or equivalent degree from a recognized institute. Candidates must have scored a minimum aggregate of 50% in bachelor degree. |
| Top Colleges | Shri Ram college of Commerce Loyola College Miranda College Indraprastha university |
Universal Business School Amity University Xavier University Lovely Professional University |
University of Delhi Aligarh Muslim University Christ University Jadavpur University |
| Entrance Exams | DU JAT NPAT SET MHT CET |
DU JAT IPU CET NPAT SET |
BHU PET IPU CET DUET |
| Average course fees | INR 10,000 - 50,000 | INR 20,000 - 80,000 | INR 8000 - 40,000 |
| Average Salary | INR 2,50,000 - 4,00,000 | INR 3,00,000 - 4,50,000 | INR 4,00,000 - 7,00,000 |
Entrance Exams
Admission to Accountancy or commerce courses is usually based on the entrance exam. Provided below is the list of Entrance Exams along with their important dates, that are conducted round the year in order to enroll students for courses to become an Accountant are tabulated below for your reference,
| Entrance Exams | Registration Dates | Registration Deadlines | Exam Dates | Result Dates |
|---|---|---|---|---|
| CUET | 1st week of march 2023 (Expected) | May 31, 2023 |
May 21, 2023 – May 31, 2023 (UG) June 1, 2023 – June 10, 2023 (PG) |
To be Announced |
| NPAT | December 1, 2023 | May 21, 2023 | January 4, 2023 – May 31, 2023 | To be Announced |
| IPU CET | 1st week of march 2023 (Expected) | 4th week of may 2023 (Expected) | June 2023 (Expected) | To be Announced |
| SET | December 16, 2023 | April 12, 2023 | May 6, 2023 – May 14, 2023 | May 24, 2023 |
How to Become an Accountant Abroad
Being an Accountant is considered to be a well-respected profession not only in India but also abroad. There are several countries like the USA, UK, Canada and Australia that offer various top accountancy courses as well offer wide career opportunities. But candidates must also ensure that they check the eligibility criteria before applying for the course as it might differ from country to country.
Discussed below are some of the important eligibility criteria to get admission in Abroad. Some of them are provided below for your reference,
- In case of applying for undergraduate program, candidate must have completed 10+2 with minimum aggregate of 65% or above from a recognized institute,
- The candidates are required to clear the English Proficiency tests such as TOEFL and IELTS.
- Candidates must have scored a minimum of 70 in TOEFL or 6.5 Score in IELTS.
- In case of applying for post graduation, candidates must have cleared graduation with an aggregate of 60 % or above from the recognized university.
- The candidate needs to appear for the entrance exam as GMAT or GRE or any other university entrance exam.
- Candidates are also required to submit letter of recommendation and reference letters in the university applying from the previous college attended.
- Candidates are also required to submit a Statement of Purpose specifying academic achievements along with reasons describing choosing the university.
Top Accountancy Colleges
India is home to more than 1200 accounting colleges and more than 10,500 commerce colleges. The top colleges in India for accounting are Shri Ram College of Commerce, Gargi College, Lady shri ram College, etc. about 20 % of the universities are public while the rest are private or private - deemed. Accountancy is also popular abroad as well. Most of the top colleges are in the USA, UK, Canada and Australia. Some of the top colleges include Toronto University, McGill University, etc.
Discussed below are some of the top colleges in India as well as abroad for your better reference,
India
| Name of the Colleges | Location | Average Course Fees (INR) |
|---|---|---|
| Loyola College | Tamil Nadu | 12,650 |
| Madras Christianm College | Tamil Nadu | 6700 |
| Amity University | Uttar Pradesh | 70,000 |
| Christ University | Karnataka | 60,000 |
| Narsee Monjee College of Commerce and Economics | Maharashtra | 35000 |
| Stella Maris College | Tamil Nadu | 29,645 |
| Shri Ram college of Commerce | Delhi | 13,400 |
| Banaras Hindu University | Uttar Pradesh | 2407 |
| Aligarh Muslim University | Uttar Pradesh | 1,62,945 |
| Savitribai Phule Pune University | Maharashtra | 7000 |
Abroad
| Name of the Colleges | Location | Average Annual Fees (INR) |
|---|---|---|
| University of Toronto | Canada | 33.91 L |
| University of British Columbia | Canada | 31.67 L |
| McGill University | Canada | 33.62 L |
| Columbia University | United States of America | 37.53 L |
| University of Chicago | United States of America | 48.17 L |
| University of Pennsylvania | United States of America | 53.74 L |
| University of Manchester | United Kingdom | 29.72 L |
| University of Leeds | United Kingdom | 26.26 L |
| University of Essex | United Kingdom | 17.12 L |
| California State University | United States of America | 19.73 L |
Accounts Industry
The Accounts industry in India is growing at a very rapid pace. With the establishment of more and more industries, expansion of markets, and increased cash inflow in the country, the need for financial documentation and tax filing has increased. Moreover, people prefer to work in this industry more because of the stability it offers both in the public and private sectors. According to a survey, the employment and recruitment of accountants and auditors is expected to grow by 6% in 2030. An increased demand for accountants and auditors is expected as an increased number of people are now entering into business. Moreover, it is still regarded as one of the highest paying and reputed professions in India in the public and private sectors.
Skills Required to become an Accountant
In order to make a career as an Accountant, candidates are required to possess some essential skills in order to understand the job better. Some of the most essential skill sets that are required to become an Accountant in India are tabulated below for your reference,
| Adaptability | Leadership | Organizational skills |
| Accounting | Accounts Payable | Bank Reconciliation |
| Tally ERP | MS Office | Communication skills |
Pros & Cons of Becoming an Accountant
Pros of Becoming an Accountant
- Stability- The financial industry is a pretty stable one since financial professionals are required everywhere in all organizations whether public or private. Also, financial professionals have a lot of scope for growth.
- Competitive Salary- The salaries in the financial sector are very competitive because the demand for skilled accountants and professionals is very high.
- Wide Range of Job Opportunities- After completing graduation in accounting, the aspirant has a wide range of jobs to choose from. They can choose to become an auditor, financial analyst, tax accountant, chief financial officer, etc. There are many job opportunities and a wide range of fields to choose from.
Cons of Becoming an Accountant
- Stressful Job- Being an accountant is full of challenges. Those working in the accountancy field have to be very vigilant and attentive because a single mistake can cause them huge losses. Also they have to take responsibility for filing taxes by the end of the year and also see to the closure of books by the end of a financial year.
- Sedentary Work- The job of accountant is mostly office based. So for those who like to go out and work, it could be very monotonous.
- ‘Boring’ Reputation- Since accountants deal mostly with numbers and figures and always seem to sit behind the desk, their job is considered somewhat ‘boring’.
Top Recruiters for Accountants
Accountants are required in both the private as well as public sector. Accountants are employed in various areas such as public accounting, audit, taxation , budget analysis , management accounting etc. Some of the top companies are tabulated below who hire fresh as well as experienced candidates,
| Infosys BPM | Genpact | Accenture |
| Larsen & Tourbro Limited | Tata Consultancy Services | ABC Consultants |
| Tata Motors | Mahindra & Mahindra | Wipro |
| Kotak Mahindra Bank | IBM | Metriqe Solutions |
Salary of an Accountant
The average salary of an Accountant across various companies are tabulated below for your reference,
| Specialization | Average Annual Salary |
|---|---|
| Certified Public Accountant | INR 6.99 L |
| Forensic Accountant | INR 8.78 L |
| Management Accountant | INR 4.34 L |
| Cost Accountant | INR 5.88 L |
| Government Accountant | INR 2.48 L |
| Project Accountant | INR 14 L |
How to Become an Accountant: FAQs
Ques. Who are Accountants?
Ans. Accountants are professionals who record business transactions and are responsible for bookkeeping. They analyze the organization’s performance on monetary terms and determine the financial standing of a firm.
Ques. What are the options after completing a course to become an Accountant?
Ans. The career options after completing a course to become an Accountant are:
- Banker
- Financial Manager
- Chief Financial Officer
- Chartered Accountant
Ques. What is the salary of an Accountant after completing Master’s?
Ans. After completion of master’s course, candidates will obviously get a higher pay than they got in undergraduate. The average salary of an accountant starts from INR 2.6 LPA and can go upto INR 7-8 LPA.
Ques. What are the Skills required to be an Accountant?
Ans. The main skills required to be a successful Accountant are:
- Knowledge of accounting practices
- Analytical and logical thinking
- Problem-solving ability
- Business acumen
Ques. What are the certificate courses required to be an Accountant?
Ans. The certificate courses required to be an Accountant are:
- Certified Public Accountant
- Certified Financial Analyst
- Certified Fraud Examiner
- Certified Internal Auditor
Ques. What is the highest salary of an Accountant?
Ans. According to Glassdoor, the highest salary of an Accountant is around INR 8 LPA.
Ques. How many semesters are there in BBA Accounting and Finance?
Ans. BBA Accounting and Finance is a 3 year undergraduate course divided into 6 semesters.
Ques. What entrance should an Accounting aspirant take?
Ans. There are number of Entrance Exam to get into an accounting college in India are:
- CUET
- JMIEEE
- NMIMS-NPAT
- SET
Ques. Is an Accountant a good job?
Ans. Yes, being an Accountant is a very respected profession in India because it requires a lot of mental agility to clear all exams and become an accountant. Also, to be an accountant one must be sharp and very vigilant to catch even the slightest of errors.
Ques. Do Accountants have a scope in the Government sector?
Ans. Yes, accountants do have a scope in the Government sector as there are many jobs available like accounts officers, bank probationary officer, accounts executive, chartered accountant, etc.
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