Accounting is a dynamic field that continues to evolve. It is essential to understand which accounting jobs will be in demand in 2024. There is significant demand for accountants not just from India, but globally.
This is due to many technological improvements, new financial laws, and the compulsion of businesses to follow the rules. So, if one is interested in accounting, then this is the guide one has always needed. This guide highlights some of the top accounting jobs for 2024, along with the in addition to qualifications required, and the benefits of certification courses such as the US CMA course.
US Certified Management Accountant (US CMA)
The maximum scale has the Certified Management Accountant (US CMA course) among the best accounting jobs of 2024. The US CMA course provides an overview of organisations' management and financial accounting processes, which have vast demands in both Indian and international markets. Globally, several companies are now searching for CMAs for their organisations to work on finance-related functions.
Benefits of the US CMA certification include:
There are multiple advantages to getting US CMA certification.
- Higher Salary Package: From ₹4 to ₹8 Lakhs a year, which can go up to ₹80 lakhs as Chief Financial Officer.
- Global recognition: More than 180 countries recognise and endorse leading companies such as Deloitte, PwC, and KPMG.
- Very short course duration: The US CMA program can be completed in as little as 6-9 months, making it ideal for individuals who seek to enter the workforce as soon as possible.
- Different job options: CMAs have various opportunities to work in numerous forms, including as Financial Analysts, Cost Accountants, Finance Managers, and Management Consultants.
Financial Accountant
Accounting is very important because a financial account is crucial in running business transactions, formulating financial statements, and complying with financial regulations. This position will likely be needed in the market in 2024 because companies of all sizes are searching for experts to take care of their financial well-being.
A Financial Accountant job description would include:
- They are managing financial statements and reports.
- Ensure compliance with tax laws and maintain financial regulations.
- Preparation and analysis of budgets and forecasts.
- Accurate accounting reconciliation to prove all the financial records have been correctly completed.
Suppose someone excels in this job, especially with great attention to detail and enjoys playing with numbers. The entry salary levels of financial accountants working in India could be between ₹3 lakhs to ₹7 lakhs per year based on higher experience and qualifications.
Management Accountant
Whereas Financial Accountants are concerned with financial reporting and compliance, Management Accountants are concerned primarily with an organisation's internal information, helping it make sound decisions. They offer analysis that could help organisations budget, invest, and control costs.
A Management Accountant is expected to:
- Prepare specific reports indicating costs incurred in producing a product, as well as sales and expenses.
- They assist the organisation in formulating strategic policy using their financial expertise.
- They monitor and control internal financial processes.
The pay for a management accounting career is relatively high, especially in manufacturing and finance. Salary scales vary between ₹4 to ₹12 lakhs per year, depending on experience.
Auditor
The second critical accountancy job in 2024 is that of an Auditor. An auditor inspects all an entity's financial records and checks whether such records are correct, complete, and comply with relevant laws and regulations. Two significant types of auditors are internal and external.
Responsibilities of an Auditor:
- Verify that the statements of an organisation are arithmetically accurate and legal.
- Audit of an entity's internal controls.
- Make recommendations for maximum resource utilisation.
This compliance and risk management trend has accelerated the growth in India as well as elsewhere in the auditor market. The fresh-level auditor salary range in India is between ₹3 lakhs to ₹6 lakhs per year. The scale of payment for auditors at the manager level and above level is much higher.
Tax Accountant
Tax Accountants specialise in tax regulations so that a business or individual avoids imposing taxes with the most negligible possible liabilities. With an emerging Indian economy becoming more complex daily, there is a massive demand for these well-skilled Tax Accountants.
Everyday duties of a Tax Accountant include:
- Preparation and filing of tax returns
- Advancing suggestions for tax-saving strategies
- Compliance with local, state, and federal tax regulations.
Tax accountants are heavily paid because they have the enormous skills to navigate intricate tax systems, and their salaries vary between ₹4 ₹8 lakhs every year.
Cost Accountant
A cost accountant determines the cost of producing goods or services. They help businesses control and reduce expenses while increasing profits. As businesses become more aware of costs, the demand for cost accountants will remain strong in 2024.
Primary duties of a Cost Accountant:
- Tracking and regulating the cost of production
- Examine the variation of actual cost with budgeted cost
- Financial Benefits of maintaining over cost and higher efficiency.
The function is crucial in industrial industries, particularly manufacturing, as a critical determinant of profitability because of cost control. Cost Accountants entry-level remuneration in India varies between ₹3 to ₹6 lakhs per year.
Forensic Accountant
Forensic accounting is a niche area in accounting that is fast picking up relevance in this increasingly business world. Its objective is to provide sound professional accounting services in forensic investigation and assessment, detection, and prevention of fraud in financial transactions.
Key responsibilities include:
- Investigation of embezzlement and fraud cases.
- Assistance to law enforcement agencies during court processes.
- Preparing reports for use as evidence in courts.
The public and private sector treasurer is a forensic accountant who experiences increased financial crime daily. In this niche career, mid-career professionals can expect salaries from ₹8 lakh to ₹15 lakhs per annum.
Accountant Job for Fresher
Some of the entry-level jobs for freshers are accounting jobs in India. These offer valuable hands-on experience, and companies usually expand the opportunity by offering extra training or certification.
Typical entry-level positions include:
- Junior Accountant
- Accounts Payable/Receivable Clerk
- Accounting Assistant
Freshers' salaries range from ₹2 to ₹4 lakhs. Right, and proper entry-level roles are an outstanding opportunity to expose oneself to the different accounting domains, often leading to more specialised or senior roles as experience accumulates.
Career Objective for Accountant
While preparing a career objective for an accountant, what a candidate will contribute to the company and what skills and qualifications the fresher candidates should communicate and write down to impress the employer.
Example of a practical career objective:
"Detail-oriented accounting professional looking for an opportunity at [Company Name] to apply high analytical ability and financial acumen in keeping accurate records, statutory compliance, and support to strategic decision-making."
When included on the CV, a career objective will help potential employers understand your goals and the value you bring to their organisation.
US CMA Course and Its Impact on Career Prospects
US CMA always proved to be a comprehensive career booster for all accounting professionals who want to reach the pinnacles of success. With the global certification provided, the US CMA course offers an extensive opportunity for in-depth knowledge of financial management.
Advantages of pursuing the US CMA:
- Career Advancement: It increases job security and provides a leadership role.
- Global Opportunities: US CMAs have a recognised professional base in all countries, allowing them to pursue employment worldwide.
- Opportunity to earn a high income: One can expect to earn up to 50% more than others who are not certified professionals.
This US CMA program is the best option for all those who want to scale their accounting career quickly.
Conclusion
This high demand can be traced back to the impact of what happened in the accounting industry as we approach the year 2024. Industry trends and the attainment of correct credentials mark the way for recent graduates and experienced professionals in accountancy to boom in their careers.
This includes acceptances in the US CMA program and pursuing some opportunities in some fields including a Financial Accountant, Tax Accountant, or Certified Management Accountant. Keeping yourself updated with the industry requirements and continuously learning is an excellent way to build a successful and fulfilling career in accounting.
FAQ's
FAQ 1: What are the top accounting jobs in demand for 2024?
There are many jobs that accounting profession in 2024 will require, namely: CMA, Financial Accountant, Management Accountant, Auditor, Tax Accountant, Cost Accountant, and Forensic Accountant, among entry-level accountants and so forth.
FAQ 2: How can I become a Certified Management Accountant (CMA)?
To get this CMA designation, you will need to pass the US CMA program, which consists of two tests in financial management and strategic management. You also need a bachelor's degree and two years of suitable experience in management accounting or financial management.
FAQ 3: What qualifications are required for entry-level accounting jobs?
For initial entry positions in accounting, you generally need a bachelor's degree in accounting or a related field. Valuable coursework or internships and acquiring certifications like the CMA are helpful in pursuing employment opportunities.
FAQ 4: What is the salary range for accounting professionals in India?
In India, the remuneration for accountancy workers is dependent on their rank and level of experience. Starting jobs range between ₹2 and ₹4 lakhs per annum; however, more experienced persons can earn much higher. For example, the higher ranks have a salary scale ranging from ₹8 to ₹15 lakhs above.
FAQ 5: What are the benefits of pursuing a career in accounting?
A job in accounting has many advantages, including job security, job options, promotion chances, and even a high salary. Additionally, accounting skills can be taken into other industries.
FAQ 6: Are forensic accountants in high demand?
Indeed, forensic accountants are in great demand as there is an increased need for financial crime investigation and compliance. The skill provided-auditing fraud and detecting financial variation-is also beneficial to both public and private sectors.
FAQ 7: What skills are essential for a successful accounting career?
Some primary features required for a successful accountancy profession include accuracy, a sharp mind, knowledge of financial software, effective communication skills, and knowledge of the law behind finances and compliance requirements.
FAQ 8: How can I improve my career prospects in accounting?
Consider gaining certifications like CMA or CPA, and get experience either through an internship, networking with professionals, or continually practising to be at par with the trend and new technology.
FAQ 9: What role does technology play in accounting today?
This is a new dimension in accounting and holds immense importance as technology makes processes streamlined, and increases accuracy with up-to-date information regarding finances. Accountants are employing complex software at present to deal with financial records, data analysis, and presentation of the statement of financial position in such a way that they can focus more on strategic thinking rather than manually inputting the data.
FAQ 10: Is pursuing a US CMA course worth it for accounting professionals in India?
The Indian accounting professional believes that pursuing a US CMA course is well worth the investment. The certification is recognised worldwide and can lead to better salaries, several career options, and competitiveness in the job market through appointments in management accounting and strategic financial management.
