GlassDoor has a pretty good explanation of what an accounting analyst does –
Accounting analysts work closely with the accounting department and other financial professionals within an organization to help evaluate an organization’s income and spending. This role often requires working collaboratively with others in the organization to provide detailed reports that include projections for profits and losses. Account analysts provide reports necessary for higher-level decision makers.GlassDoor.com
In India, account analysts are expected to obtain an undergraduate degree in either mathematics or business. A good knowledge of finance and commerce is also essential to make it in this profession. Important point: Don’t confuse accounting analysts with CAs (Chartered Accountants) or CFAs (Chartered Financial Analyst). These are specialized jobs which require you to clear one or multiple entrance exams.
You don’t need to clear an entrance exam or get certification in order to become an accounting analyst. Accounts analyst usually work under and assist CAs, CFAs and finance managers of the company. Successful accounting analysts are highly organized with exceptionally strong technical and math skills.
Job Profile (A Day in the life of an Accounting Analyst)
Some companies require their accounting analysts to have complete knowledge of Microsoft Excel and other similar databases such as MS-Access, MySQL, Oracle database 11g, MS-SQL. But generally speaking, a command over Excel, apart from basic financial know-how, is enough to get a job in this field. If companies would want you to use some other database, they would provide on-the-job training for the same.
An MBA would be a great option for getting a higher-paying job in this field in India. The work-life balance is great, with off on weekends being the norm. Most of the work is done as part of a team. Growth opportunities are great, especially if you also do an MBA.
Most of the work is done under a financial manager, and there is the occasional pressure to meet deadlines. But in general, the environment is pretty relaxed in most companies. However, one downside is that not a lot of creativity is asked of the employees, especially at a beginner or entry level.
Salary of an Accounting Analyst in India
Starting salary is roughly 25,000 rupees per month. The salary is bound to increase as you get experience, and the money becomes really good at the managerial level.
Yes, a degree is required to enter this profession. Go for a BBA/B.Com degree. After a few years of working, you would have to go for an MBA if you want further career growth.
One thing to love about being an Accounting Analyst
“Challenges, numbers and stability.”
One thing to hate about being an Accounting Analyst
“Sitting in front of a computer all day.”
Christ University, IPU, Delhi University, Symbiosis university (Pune)
Resources and Tips
- Check out this website for learning Modeling in Excel.
- For VBA (basically scripting in Excel), check out this YouTube Channel.
- Read a financial newspaper (such as The Mint) everyday to be updated with current events in the world of finance.
- Some employers require you to be proficient with Tally (an accounting software). Here’s a good resource to get you started.
Step-by-step guide to becoming a Accounting Analyst
- Take commerce stream in 11th standard.
- Score good marks in class 12th board exams, as many colleges take them into consideration when giving admissions.
- As you pursue your undergraduate degree (BCom/BBA), try to do as many internships as you can. This will add weight to your CV and give you some real-life experience. Join the commerce society of your college.
- Focus a lot on networking. If campus placements aren’t there in your college or you are not recruited; it is your network that is going to help you get a job.
- LinkedIn is your best friend! Dozens of Accounts Analyst/ Accounting Analyst/ Financial Analyst are added on that website daily.
Accountant, Actuaries, CFA, CS
Thanks a lot to Kunal Piryani for providing us with this valuable information.