Accounting and Finance are a rather new field in the UK, having only been around since the 1980s. As one of the founding members of the London School of Economics (LSE), it set out to change the face of finance in England and became the first university in England to specialize solely in this area. While finance may seem a more simple subject, the intricacies of accounting are vast, especially when it comes to understanding all the various parts of the financial cycle. Accountants have a vital role in any organization, as they determine how much money is made and how to use the funds in a way that will earn the most return for investors, creditors and the government. While it may sound like a simple task, accounting and finance can be quite difficult, with countless laws and regulations affecting every aspect of the financial system.
Accounting and Finance in England
One of the largest players in accounting and finance in England is the professional accounting firm, MTA. Most large financial institutions employ an accountant to help them keep track of their financial activity. From keeping records of their clients’ accounts receivable and accounts payable to calculating their latest balance sheet and keeping tabs on their portfolio of securities, accountants help the financial sector by providing an important service to all parties involved. While their services are always needed in large organizations, recent remote accounting jobs for accountants also allow them to earn a good living working from home. Here are a few things to consider when looking for accounting and finance positions:
Accounting and Financial Advisory Careers
There are several different accounting and financial advisory careers available. A good example is a financial advisor who works for a company, not from an office. Financial advisors earn more than accountants because they do not report directly to a boss and must therefore learn a wide range of skills to perform the job well. Typical client profiles for financial advisors include investors, corporations and retirement or insurance plans. There are a number of other career options as well, including public accounting and government jobs.
Need of Specialized Advicers are Growing
Accounting firms are growing in numbers due to the growing need for specialized advice. Some of the specialization options available in accounting to include corporate and private sector practices. Corporate management involves evaluating the profitability of businesses and setting corporate objectives and plans. Private sector accounting involves financial advice to small businesses or individuals and analyzing the financial performance of corporations. Responses from these clients are used to set corporationwide goals and strategies, as well as individualized solutions to particular business problems.
There are Many Job Titles for Accountants
The most common ones include Chartered Accountants, Certified Public Accountant (CPA), Certified Fraud Examiner (CFE), Chartered Accountants Inc. (CCI), and Certified Public Accountant (CPA). In some cases, accounting professionals are required to hold certain professional licenses, such as those required for practicing law or having specialized education in accounting. To obtain a job as an accountant, applicants must first complete the requirements needed to become licensed by the American Institute of Certified Public Accountants. The CPA exam requires passing the exam on the first try, after which they must pass two exams – the CPA exam for the state they live in, and the examination for the US Securities and Exchange Commission (SEC). After passing the exams, aspiring accountants must attend and pass a required financial accounting class.
Good Financial Advisor Should have Sound Knowledge
A good financial advisor should have sound knowledge in all the important areas of finance. He must be able to give a well-defined solution to any financial management problem that an organisation might come across. Professional financial management ensures that funds are maximized while costs are controlled. The objective of financial planning is to achieve long-term viability of the organisation.
Financial Management is the Management of Capital Assets
As mentioned earlier, financial management is the management of capital assets. It also involves a system of financial control that ensures that a firm is economically, environmentally and socially sustainable. Financial management is essential to the achievement of strategic and long term goals in the organisation. It is also necessary for the effective management of the resources of the capital organisation.
There are Numerous Subspecialties Available
Financial management is a complex science that requires a diverse career opportunities. Financial management graduates can select a number of fields depending on their interests. There are numerous subspecialties available. For example, people who want to be financial analysts need to take a rigorous and focused course in accounting, economics and finance. MBA programs in financial analysis offer specialized courses that provide excellent preparation for the job market.
Main Functions of the Professional Financial Advisor
The main functions of the professional financial advisor are to advise and provide policies that will benefit the organisation. Professional financial advisors may act as fiduciaries. This means that they are charged with the responsibility of acting in the best interests of their clients. They assist organisations with strategic planning, market research, and providing solutions to finance and internal control systems. Financial management involves the whole of an organisation’s activities and decisions and they involve senior management and key staff in the decision making process.
Finance Covers a Variety of Topics
Finance covers a variety of topics that deal with planning, organizing, controlling, and predicting the financial future. Most accounting focuses on financial reports. Examples of financial reports are income statements, balance sheets, and the statement of cash flows. Financial reports are used to understand the financial health of a company and plan for its future growth. Some of the topics accounting focuses on include investment strategy, financing, global economics, internal control, risk management, and the role of securities in their preparation.
Accounting and Finance Professionals
Another way accounting and finance professionals interact is through personal finance. Personal finance refers to managing money including saving and spending it. The information about personal finance includes saving for retirement, paying down debts, buying a home, buying a car, and saving for your children’s education. The information about personal finance can be used to make smart financial decisions about money and your financial future.
Forensic Accounting
Forensic accounting involves investigating crime, fraud, crimes against property and people. Forensic accounting uses a variety of tools and methods to determine the cause of the crime, such as analysis of samples, video footage, and handwriting samples. Because forensic accounting uses methods and tools that are similar to those used by lawyers, corporate accountants, and other professionals, they have the training and experience to detect fraud and illegal activities. This makes them very valuable to law enforcement officials, and to prosecutors and judges who are investigating crime and criminal activity. For this reason, forensic accounting is very important to our country’s justice system.
