There is always a need for businesses to report correctly, analyse, manage and make decisions. An accounting and finance degree will reveal how reporting and projections are helpful to manage financial issues.
The program is primarily linked with money, business, and management with practical knowledge in economics.
Read on to find out more about studying Accounting and Finance and what it can offer you:
What is Accounting and Finance about?
It is important for a company to evaluate its monetary status. It is the procedure of monitoring finances and cash management in an organization.
Accounting and finance degree is a wise decision to pursue if you have passion for money and numbers. The field will reward you with high pay and most importantly, the program is highly sought after even in economic downturn. Additionally, the degree is often a stepping stone towards professional careers. More than 600,000 candidates in the field and more than 12,000 career opportunities are available in Canada today for prospective students.
|Incoming and outgoing money management in a company per day||Comprehension of assets and liabilities and future financial growth projection|
|Subjects: Management accounting, ethics, and macroeconomics||Subjects: Financial management, corporate finance|
What are the major fields in Accounting and Finance?
There are many degrees available within the field of accounting and finance. They are comprised of some of the major fields in this discipline. Check a few of them out:
1. Management accounting
This field of accounting urges students to search for information for managing system development. Management accounting includes organizing, aiming, controlling money, cost and revenue management, and performance measurement.
Ethics and standards are an important section for accounting students to learn. Ethics ensures trust from the public in financial management and business practices.
The subject is an aspect of accounting for students to learn. Macroeconomics focuses on the bigger picture of the economy. Unemployment, Gross Domestic Product (GDP) and inflation are some of the key aspects in Macroeconomics which students will learn.
4. Financial management
In this aspect of finance, financial management looks at organizing, directing, and controlling monetary funds for a company.
5. Corporate finance
Students studying corporate finance will know that the subject refers to managing finance and making investment decisions. The subject focuses on elevating shareholder value through long-term and short-term financial activities using multiple methods. Corporate finance also includes investment banking.
What are the important skills do I need in this field?
Having the necessary skills are essential in the field. Invest time in honing skills which you may not have and focus on the skills that you already have. The field of accounting and finance requires specific skills that you should have in order to succeed in the industry.
1.Pay attention to details
Students should pay attention to details. Although it’s a small factor, the method whereby the prospective worker manages details plays a significant role in the company. In this field, a mistake of entering one digit normally demands hours of research to identify and amend.
2.Excellent grasp on numbers
Students should pay attention to numeracy skills in the field. This skill refers to fundamental mathematic functions which comprise of understanding and managing calculations, hence to make decisions correctly. An accountant should interpret connections between numbers, plan information, perform logical reasoning, have a calculation edge and measure data performance.
3. Organization skills
Organization skills are another important expertise to hone as an accountant. Organization skills include focusing on oriented ability, prioritization, and multi-tasking ability.
Before applying to study a course in accounting and finance, you need to tick off a few minimum entry requirements based on your current qualification. The requirements below are general and therefore, you need to refer to the university or institution that you are applying to for more details.
Check out some of the requirements below:
|Foundation or diploma||A student should pass high school education or equivalent with good results|
Canadian Grade 12 certificate is required
IELTS 6.0 (no individual band lower than 5.5)
Future applicants must additionally prepare a resume stating curricular achievements, any kind of volunteer and work experience. The applicant must also prepare a Letter of Intent (LOI) stating reasons for applying to the university in Canada and how would the student achieve academically.
|Master’s degree||Relevant undergraduate degree, or it's equivalent, with a penultimate year average of minimum, mid-B from a recognized university.|
There are many courses in the field of accounting and finance. However, different institutions offer their own study durations. Below is the general study duration for the field. Alternatively, you may contact your institution or do your own research about the course at your university.
How long will I be studying in this program?
|Foundation or diploma||Two years (or four to six full-time semesters)|
|Bachelor’s degree||Four years (intake months: January, May and September) to five years (or eight or more full-time semesters)|
|Master’s degree||One to three years (or three to nine full-time semesters)|
How much does it cost to study Accounting and Finance?
When it comes to the average tuition fees of courses in accounting and finance, in general, it can vary depending on the courses and institutions in which they are offered. See below for the estimated fees:
|Foundation or diploma||CAD$19,500|
|Bachelor’s degree||CAD$ 26,395|
|Master’s degree||CAD$ 22,442|
As a student, there are additional expenses alongside the tuition fee. Accomodation, food, and travel expenses are some of the staple expenses.
Universities in Canada offering Accounting and Finance Program
Many universities and colleges offer such courses to meet the demands of students and the industry. Here are just a few numbers of institutions in Canada you can check out that has courses in this discipline:
What are the job opportunities?
Are you an individual that cherishes a balanced set of books? Do you see success with financial management? Do you see numbers as truth conveying it’s messages to business practices?
If this resonates with you, finance and accounting could be ideal for you! Whether you are looking up for your next career, we can assist you to search for rewarding and latest plethora of career options.
And many, many more!