Accounting and Finance: Skills, Courses, Specializations, Careers

//Accounting and Finance: Skills, Courses, Specializations, Careers
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Accounting and Finance: Skills, Courses, Specializations, Careers

2021-03-31T21:55:09+03:00 March 31st, 2021|Specialization|

Accounting is a multidisciplinary field of study that dwells on the economic activities of individuals and organizations. Whereas, finance dives into the management, acquisition, and study of monetary investments by individuals, businesses, and governments. While both the terms are used interchangeably, it is to be noted that while accounting is the organization and management of financial information, finance is the management of money. In most cases, finance is an added subject in conjunction with accounting.

Accounting and finance courses provide a comprehensive understanding of the fundamental technical skills and procedures regarding financial analysis, accounting standards, and business planning. Moreover, it examines organizational structures and how organizational decisions and operations are converted into numbers. Accounting and finance courses further lay the foundation for individuals wishing to pursue their higher degrees in business and entrepreneurial programs. It also provides the knowledge base to employ in professions such as accounting, consultancy, tax preparation, marketing, and financial advising. 

Courses in accounting and finance detail conceptual and practical discourses such as accounting information, reading financial statements, operations management, and so on. This, in turn, helps one to engage in new learning as well as to apply the knowledge and skills obtained to a variety of familiar and new situations, including, personal finance, corporate decision-making, and financial intermediation. A comprehensive understanding of corporate financial information, accounting data flows, industry standards and regulations, economics, and law are some of the key components of any course-offering on accounting and finance.

Is Accounting and Finance the Right Fit For You?

Courses in accounting and finance are intended for individuals at all stages of their careers, be it college students, recent graduates, or professionals wanting to diversify their area of expertise. Therefore, it is imperative for those wishing to pursue an MBA or related graduate degrees that would require a prior understanding of accounting and financial analysis. Moreover, junior professionals, such as Chartered Accountants and Certified Financial Accountants, would also find courses relating to accounting and finance useful to develop a greater understanding of the key concepts and applications of accounting practice and finance analysis. Besides, individuals who want to build on their analytical skills by utilizing accounting and finance tools will find accounting and finance courses particularly useful. 

Skills You Will Be Learning

  • The conceptual and regulatory framework of accounting
  • Understanding of accounting & finance principles
  • How to prepare basic primary financial statements
  • Nature of financial management 
  • Analyzing financial statements 
  • Evaluating organizational profile
  • Corporate communication
  • Computational and calculation skills
  • Budgeting and business planning/ capital budgeting 
  • Cost management 

Your Undergraduate Course of Choice

Although universities offer Undergraduate degrees that focus on accounting or finance independently, it’s also common to find the two subjects offered alongside other subjects such as economics or business management in a joint-degree format. At the Undergraduate level, some of the courses being offered include

  • Bachelor of Arts (BA) in Accounting
  • Bachelor of Science (BSc) in Accounting
  • Bachelor of Business Administration (BBA) in Accounting
  • Bachelor of Commerce (BCom) in Accounting

Graduation and Beyond

  • Master of Finance and Accounting (MFA)
  • MSc Accounting and Finance
  • Master of Business Administration (MBA)
  • Diploma in Accounting and Finance
  • Ph.D. or Doctor of Business Administration

Professional accountant bodies offer accredited degrees at the national level. Accredited degrees authorize graduates to apply to the relevant body for exemptions from certain exams once they start working towards chartered accountant status. They include

  • Association of Chartered and Certified Accountants (ACCA) 
  • Association of Accounting Technicians (AAT)
  • Chartered Institute of Management Accountants (CIMA)
  • Certified Public Accountant (CPA)
  • Certified Financial Planner (CFP)
  • Certified Management Accountant (CMA)
  • Chartered Alternative Investment Analyst (CAIA)
  • Chartered Financial Analyst (CFA)
  • Chartered Financial Consultant (ChFC)
  • Chartered Global Management Accountant (CGMA)
  • Financial Modeling and Valuation Analyst (FMVA)
  • Financial Risk Manager (FRM)

Becoming a Specialist

Accounting and finance courses include advanced specialization subjects such as

AuditingFinancial Accounting
Business StrategyRisk Management
Business and Employment LawBehavioral Economics
Advanced Accounting TheoryInternational Taxation Practices
Forensic AccountingManagement Accounting
Financial PlanningTaxation

Jobs To Work Towards

Some of the career options for graduates of Accounting and Finance include:

  • Trainee Accountants
  • Accountant
  • Auditor
  • Accounts Assistant
  • Budget Analyst
  • Financial Analyst
  • Financial Trader 
  • Investment Analyst
  • Tax Adviser
  • Risk Manager

Accounting and finance career paths are not limited to the corporate sector. Additionally, NGOs, SMEs, public sector banks, local and national governments require help with their accounts and finances. Moreover, with an advanced Doctoral degree, one can also pursue a career in academia

According to PayScale, the average salary for an Accountant in Kenya is KSh 474,267.

Universities and Schools in Kenya Offering Courses in Accounting and Finance

  1. KCA University 
  2. Strathmore University 
  3. Nairobi Institute of Business Studies 
  4. Zetech University 
  5. Vision Institute of Professionals 
  6. Skynet Business College 
  7. Technical University of Kenya (TUK) 
  8. Summit Institute of Professionals 
  9. Pinnacle Business School 
  10. Nairobi Technical Training Institute 

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Companies and Organisations that Commonly Hire Graduates of Accounting and Finance

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