Do you have a love for numbers?
If you do, then the field of Accounting and Finance might be the right path for an aspirant as yourself. You have heard the saying money makes the world go round.
Just as it stands true so is the demand for financial professionals to build structure around it for its continuous growth. With the entry of mass technology, it will not only create new jobs but transform financial jobs as it scales up to a more interconnected market space.
Whether you are interested in taking it as a major or additional subject, it can lead to a lucrative and fulfilling working and personal life. Particularly in the United States, they offer traditional on-campus and online options either part-time or full-time made available.
The guide below details why you should and where to study Accounting and Finance in the United States.
What is Accouting and Finance?
Contrary to popular belief, Accounting and Finance are not synonymous to each other. Accounting is dealt with the in-and-out flow of money within an organization, whilst finance relates to the management of funds in the spectrum of growth.
Why study Accounting and Finance in United States?
US higher education institutions are widely recognized in the world. If you were go down the list of business schools, the top 10 are all around the board dominated by American universities.
One of many reasons applicants choose American universities is for its secure work employment after graduation. The education system is best at preparing students to be well versed not only in their choosing majors but other subjects as well.
According to US news, Accountant jobs are ranked third in one of the best business jobs. It is projected in the US market, accountants and auditors are going to grow 10 per cent between 2016 and 2016 compared to other occupations.
Global Financial Market
The US economy is one of the largest financial markets in the global scale. It stands within the ranks of worldly giants as China and Japan so much so that it has global effects developing countries. In this regard, any person seeking a financial job can grow their net worth at a positive, steady pace.
The market provides a strong salary count even with individuals with little experience in the industry.
What skills do I need to have?
You need to, realistically, have a specialized accounting and finance knowledge. It may call for some knowledge about best practices in handling and recording financial transactions and company statement. What’s more important is the ability of preforming corporate research and finding solutions to financial problems.
Candidates must demonstrate critical and analytical skill to approach financial information. They would need to understand basic principals of accounting and finance and how to identify and analyze data. Candidates need to approach data process with logic by being able to go more into the detail and if there are anomalies, be able to explain how and why there is.
Modern Technology has made it much easier to sort and process large amount of financial data to automation software with a single click. By knowing how to work around the technology, candidates will be better equipped. You would need at least know your way around at least a spreadsheet program.
What are the entry requirements and qualifications?
Applicants need to demonstrate a strong background in mathematics. For those who specialize in key topics in business and statistics will be seen as an added advantage.
Duration of study
Depending upon your program level, it may take the following time to complete:
A bachelor’s degree is generally around four years to complete. If you wish to take a postgraduate program in the same field, it would take an additional two years.
What would it cost me?
A huge part of planning is around financial expenses. Tuition fees can vary significantly between different types of institutions. At more private, prestigious universities, the fee structure is far more expensive although they do provide some forms of financial supports as scholarships and grants.
For public institutions, it is far more affordable on average. Now that for international students, accounting and finances in the United States tend to be expensive in comparison however, it will worth the educational investment considering the geographical culture.
As an international student, you can expect to fish out around RM206, 790 annually which includes housing cost and travel expenses. Find out more by searching up in the respective university website of your choice.
Where can you study Accounting and Finance in the United States?
Choosing where to study is just as important as choosing what to study. The list below are some of the institutions for you to consider to study Accounting and Finance in United States:
Massachusetts Institute of Technology
Established in 1861, the Massachusetts Institute of Technology (MIT) is a private research institution based in Cambridge, Massachusetts. MIT is home to over 11,000 undergraduate and graduate students with 1,000 faculty members. Its alumni have created an estimate 30,000 active companies, 4.6 million jobs and 1.9 trillion revenue yearly. It is ranked 4th by Bloomberg as one of the Best Business schools, 7th in FT Master in Finance Ranking 2018 and 2nd in QS Accounting and Finance Ranking.
Founded in 1885, Stanford University is private research university ranked known for its global top university. Stanford University has over 18 interdisciplinary research institutes and seven schools of thought. It enrolls students within the United States and from more than 90 other countries. It stands as the 7th in National Universities and Best Undergraduate Teaching.
Duke University is a private research university founded in 1938. It is one of the prestigious institutions in the United States and home to the top international graduates. It is positioned as the 7th in the US ranking and 18th in the World University rankings.
University of California, Berkeley
The University of California, Berkeley is one of the oldest and prestigious public research institutions. It was established in 1868 serving as one of the flagship research universities. For the year 2017 and 2018, it was placed 5th in the world by the Academic Ranking of World Universities (ARWU).
Founded in 1636, Harvard University is a private Ivy League institution in Cambridge, Massachusetts. It is home to about 6,700 undergraduate students and 15,250 postgraduate students. It is ranked second in the 2019 edition of Best Colleges.
Careers in Accounting and Finance
Accounting and Finance offers a variety of career options after graduation. See what are the job opportunities and scope there is in the market.
Chartered Accountants are responsible for checking and creating financial statements. They would use computer software to detect any irregular patterns in the statements due to mismanagement or fraud.
Stockbrokers are educated in the movements of stocks in the market and for that, clients seek trading advice from them of which times that are perfect to buy or sell.
Unlike popular belief, Data Analyst do a lot more than crunching numbers. They take huge chunks of numbers and determine how it can be used to learn about a business profile of a corporation. These insights are later to be communicated with key leaderships.
Economist studies the supply and demand of goods and services in society. They complete research and prepare reports based on the data and competitive trends of individuals and firms. They use database software and spreadsheets to aid statistical analysis in their research.
Retail bankers work in the front-line of banks. They act as the customer service role which includes assisting services as setting up new accounts, loan payments and money transfer.