There are quite a few service lines and business areas that an accountancy and financial management firm operates in. In most cases, you need to choose a specific area when you apply for a particular company. But do you know about all the options for the accountancy specialisations? How do you know which one is best for you?
Check out our guide below to see some of the most popular accountancy specialisations and details about these positions. We also help you out with some tips on choosing an accountancy specialisation at the end of the article.
Here is the list of the most popular accountancy specialisations
- What Do You Need To Do In Assurance? In assurance, you need to do reviews of financial records and procedures to ensure that the investments from the investors for a specific company are being used correctly. Also, in assurance, you can help customers to make a decision of whether to invest in a company or not by studying the company’s financial performance.
- What Does It Require? Most firms which offer an assurance position would require you to have a strong academic record, especially, you have to good at maths. The soft skills that you need to have include communication skills and self-confidence.
2. Forensic Accounting
- What Do You Need To Do In Forensic Accounting? Being a forensic accountant, you need to use your knowledge in finance and accounting to resolve fraud, disputes, along with other misconducts related to finance and accounting.
- What Does It Require? In order to spot any misconduct, you would need to have keen eyes like a detective. You also need to be able to make a sound judgment. Other skills which are required in a forensic accountant are numerical skills, logical skills, and communication skills.
- What Do You Need To Do In Tax? Basically, you have to deal with any task which involves taxation. You can work for a corporate or for a private client to ensure compliance and offer cost-effective tax solutions to your clients.
- What Does It Require? You need to practise discretion as well as analysing and solving problems. You need to be good at maths to do well in this job as well.
4. Corporate Finance
- What Do You Need To Do In Corporate Finance? This is one of the most sought-after accountancy specialisation. In corporate finance, you would help a business to do finance-related activities such as raising capital, controlling cash flow, doing reports for a buyout or merges and acquisitions.
- What Does It Require? For working in corporate finance, you need to have good teamwork skills and communication skills. Numeracy skills are also required. Working in corporate finance can offer you a lot of tangible and intangible benefits. However, coming with these benefits are long working hours and high level of pressure. Make sure you are able to work in these conditions.
5. Internal Audit
- What Do You Need To Do In Internal Audit? Internal audit is quite similar to an audit, with the main difference is that you will audit your own company. You need to check the accounting and financial activities of the company to see if there are any areas of the business where the operations and other activities are not effective. You also need to check if there is any misconduct and fraudulent as well.
- What Does It Require? An internal auditor needs to have a keen eye to spot any wrongdoing through a pile of papers. You need to understand the nature of the business and what they are supposed to do. Skills that you need are communications skills and problem-solving skills
6. Financial Accounting
- What Do You Need To Do In Financial Accounting? Being a financial accountant, you would be responsible for studying the financial reports in order to see if a business has good financial performance or not. You are also responsible for producing financial statements and reports for a company and help them communicate the financial factors with their investors. You will work in a wide range of industries and businesses.
- What Does It Require? You need to have analytical skills and numerical skills. Also, good communication skills are a must.
7. Management Accounting
- What Do You Need To Do In Management Accounting? A management accountant will deal with financial factors of a firm and help the managers to make decisions based on these pieces of information that you provide. The main difference between financial accounting and management accounting is that in management accounting, you report to the managers of the company that you work for. On the other hand, in financial accounting, you would report to investors and regulatory bodies.
- What Does It Require? You need to present your reports to the board of managers. Hence, you need to have good communication skills in order to explain a complex situation in an easy-to-understand way. Besides the knowledge in accounting and finance, you need to have knowledge of business, strategy, and planning.
8. Risk Assessment
- What Do You Need To Do In Risk Assessment? You need to help the company you work for to study about its risk in order to reduce the level of risk and manage it more effectively. When risks are effectively managed and reduced, you have helped the company to avoid any costly problem.
- What Does It Require? Among all of the accounting specialisations, this one is the one which requires the highest level of maths and numerical skills. You also need to be logical and has good skills in problem solving and communication.
9. Corporate Treasury
- What Do You Need To Do In Corporate Treasury? You need to ensure that the company has enough cash to pay its debtors or suppliers when the time is due. You also need to ensure that there is enough cash for the company to use when an opportunity for investment comes up.
- What Does It Require? You need to have sound knowledge of business and economics. Being able to work under pressure and communicate well with other people on your team will also help you to do well in corporate treasury.
- What Do You Need To Do In Investment Banking? It is one of the most attractive specifications with potential big salary and bonus. In investment banking, you work to raise capital for your company or other business. You also have to deal with mergers and acquisitions as well as investing in funds or indexes on a stock exchange. Mostly you will work in a bank and help other businesses in these practices.
- What Does It Require? Similar to Corporate Treasury specialisation, you need to have sound knowledge of business and economics especially in investment banking area. Ability to work well under pressure is also critical as it’s most likely that the job will involve long hours and lots of tensions.
How Can You Decide Which Accountancy Specialisation Is For You?
Even when you know about different accountancy specialisations and what you have to do in these positions, it is still challenging for you to decide which specification best suits you.
There are a few things you can do, though. First all of, you should consider the characteristics that an accountancy specialisation requires and your strengths and interests.
Secondly, you can seek more advice from other people, preferably someone who previously worked or is currently working in an accounting or financial management firm. They can provide you with more information on the current specialisation they are working on, more details about their job, and what they have to do every day. Their sharing of their career development could also help you to know where to start and how far you can go.
Also, go online and hit the official website of an accounting or financial management firm. On their website, you would be able to find more about the accountancy specialisations at their firm. Read their job descriptions, especially their requirements to see if you can fit in the position that they offer.
Overall, for some accounting specialisations, you don’t need to have a degree in accounting and finance to have a job. However, there are some areas which you need to at least demonstrate your maths capability. As you can see, besides your academic records and qualifications, all of the accountancy specialisations would need you to have a certain set of skills. Choosing which specialisation to go will greatly depend on how suitable your capabilities and skills are for these jobs.
I hope with all of the information above, you would be able to learn more about what opportunities that you can have in the accounting and financial management field. With sufficient information, you will surely be able to find the job that is most suitable and be prepared with all of the needed skills and capabilities.