What Is the Purpose of Becoming an Accounting Manager?
An accounting manager plays an active administrative role in the accounting department. After completing an undergraduate degree or acquiring an MBA in Finance, an accounting manager analyses and tracks important financial data for companies. Due to their extensive knowledge of company policies and in-depth analytical skills, they can help organisations avoid costly financial mistakes.
What are the Duties and Responsibilities of Accounting Managers?
The accounting manager’s job role is vast and includes many duties and responsibilities which are given below:
Duties of an Accounting Manager
The accounting manager works in a supervisory role and as an individual contributor to the company. They work with management on issues such as budget allocation, financial protocols, payroll, and expense limits. Accounting managers regularly work with vendors, clients, suppliers, banks, credit agencies, and customers.
The Responsibilities of an Accounting Manager
- Creating short-term and long-term financial recommendations for companies based on their business goals
- Monitoring daily accounting operations
- Generating monthly, quarterly, and annual financial reports for management
- Collaborating with external agencies for audits
- Maintaining updated accounting books for payroll, capital expenditure, cash receipts, and more
- Supervising accountants and the staff responsible for budget preparation, billing, sales, and collection
- Recruiting qualified members for the accounting department and training them in best practices
What are the Skills Required to Obtain an Accounting Manager Job?
The accounting manager’s performance directly impacts the company because they manage sensitive and confidential financial information. The skills required for this role include:
- Practising integrity while setting up a company’s financial policies and procedures
- Leadership qualities to guide and understand the accounting department team members
- Time management while creating a schedule for tax payments, rents, bonuses, dividends, and other important tasks
- Logical and persuasive communication that can resolve conflicts and present new viewpoints to different stakeholders
- Flexibility to adapt to new stakeholders, or the changing standards and regulations in the field of accounting and finance
The Benefits of Working as an Accounting Manager
An accounting manager job provides opportunities to mentor other employees. This experience provides the accounting manager with a way to motivate and guide team members. After completing an MBA in Banking and Finance, an accounting manager can work in a wide range of public or private sectors. There is a high demand from businesses requiring financial management.
Admission Process for Securing Accounting Manager Jobs
Students from any educational background can study to become accounting managers. Here are the admission criteria required at the undergraduate and postgraduate levels:
Candidates need to complete 10+2 with subjects such as economics, accounting, business studies, or sales and marketing. They need to secure a passing score in the required entrance test. It is also helpful to have basic knowledge about retail, sales, and marketing.
Candidates need to secure a minimum of 50% in undergraduate from a recognised university. It is useful to gain experience through internships or by working.
What are the Courses Required to Become an Accounting Manager?
There are many courses available that provide students with the necessary experience and training required for accounting manager jobs. Some of the courses are mentioned below:
1. Diploma in Sales and Marketing
This is a one-year full-time course that teaches students about marketing and business operations. Students develop a better understanding of customer behaviour and market research. There is no entrance test required for admission. The minimum educational qualification required is a Bachelor’s degree with a minimum score of 50%.
2. BBA in Sales and Marketing
This is a three-year full-time undergraduate course with six semesters. Students are taught about marketing steps and how to control, implement, and analyse new strategies. Candidates need to complete 10+2 with a minimum score of 50%, along with a university entrance test.
3. B.Com in Accounting
This is a three-year full-time undergraduate course. Students learn about accounting practices, commercial law, financial accounting, auditing, and business economics. It is compulsory to secure a minimum score of 45% in 10+2 along with passing marks in the university entrance exam.
4. BBA in Retail Management
This is a three-year full-time undergraduate programme with six semesters. Candidates are taught about human resource management, customer relationships, market analysis, and retail-based negotiation. Students need to complete 10+2 with commerce as their main subject and secure a minimum score of 50%.
5. Masters of Commerce (M.Com) in Accountancy and Finance
This is a two-year postgraduate course. Students are taught about finance management, trading, managing accounts, and business operations. Admission is based on a candidate’s qualifying marks at the undergraduate level.
6. Chartered Accountant (CA) Degree
This is a professional programme with three levels namely foundation, intermediate, and final. Candidates are required to clear all levels along with practical training provided during the course. Admission to the foundation level is based on the student’s 10+2 score. If a candidate has completed a Bachelors with a minimum score of 55% they can directly enrol in the intermediate level.
7. Master of Business Administration (MBA) in Accounting
MBA courses are two-year full-time programmes. The subjects in MBA Accounting include taxation, accounting, business management, and finance. Students can enrol in this course upon scoring a minimum of 50% in any undergraduate discipline.
8. Master of Business Administration (MBA) Finance
MBA in Finance is a two-year full-time course. This MBA syllabus teaches students about investing, portfolio management, valuation models, and financial analysis. Candidates can apply for an MBA in Finance after securing a passing score of 10+2 and any one entrance exam.
Accounting Manager Job Specialisations
Accounting managers can specialise in different areas of finance during their careers. Some of the specialisations include public accounting, MBA finance jobs, forensic accounting, auditing, and managerial accounting. Accounting managers need to understand how to review and prepare financial documents, uncover fraud, correct errors, and guide important business decisions.
Accounting Manager FAQs
1. What qualities should an accounting manager have?
Students can secure an accounting manager job by developing attention to detail, and leadership skills, and by being analytical.
2. What subjects are required to get an accounting manager job?
Accounting manager jobs require knowledge in subjects such as commerce, math, business, or accounting.
3. What are the different job roles of an accounting manager?
Accounting managers can work in sales management, research, business development, and leadership roles.
4. What is the full form of MBA in Finance?
MBA’s full form is Master of Business Administration. Candidates can apply for an MBA in Finance to become an accounting manager.
5. Which MBA courses can a student take to secure an accounting manager job?
Some of the MBA subjects that students can specialise in are MBA in Banking and Finance and MBA in Accounting.
6. What are some accounting manager interview questions?
Many interview questions for accounting manager jobs ask about the candidate’s experience and soft skills along with practical case studies.
7. What is an average accounting manager’s salary in India?
The average accounting manager’s salary is ₹6,76,021 lakh per annum.
8. What is the average MBA Finance salary in India?
The average MBA in Financial Management salary is ₹90,000 - ₹2,50,000 lakh per annum.
9. What are the average MBA fees for accounting and finance?
The average MBA fees for Accounting is ₹4,00,000 lakh - ₹10,00,000 lakh and for Finance is ₹4,00,000 lakh - ₹15,00,000 lakh.
Accounting Manager Course Fees
This is the average fee structure across universities for accounting manager courses:
Accounting Manager Scholarships
The Indian Society of Accounting and Management offers two types of scholarships to students who are pursuing commerce, management, and accounting. The scholarships are:
1. School Education Scholarship
2. High Education Scholarship
Students can apply for loans and other financial payment options if they do not qualify for scholarships. Companies such as Propelld offer 100% digitised and student-friendly loans. Click here to know more about this.