How to Become an Accountant: Career Guide, Courses, After 12th, Jobs, Scope, Salary

An Accountant is a professional expert who maintains the book of accounts of both small or medium scale business. They are responsible for making and maintaining ledger or other details of bookkeeping, preparing financial documents, profit and loss statements and balance sheets. They analyze and maintain the financial records of the company or other financial activities. As per a report by the Times of India, “there has been 37% increase in the demand for accountants in the year 2020. The growth rate of the accountant in India is 8% with an estimated value of $20.0 Billion by 2025.

In order to be an Accountant in India, aspiring candidates can pursue various undergraduate or postgraduate Accounting Courses such as B.Com (Hons.), Bachelor of Business Administration (BBA) in Banking and Insurance, BBA in Finance, B.Com, M.Com, MBA, etc. from top accountancy colleges in India. To get admission in these courses, candidates are required to clear Commerce Entrance Exams such as AMUEE, DUET, JMIEEE, CUEE, SET, etc. CheckBCom Accounting and Finance Colleges

After completion of the course, candidates can either opt to pursue higher education such as M.Com , MBA etc or they can choose to start an entry level job as accountants, clerks, analyst, Tax Accountant, accounting clerks etc in the top accounting firms such as Genpact, Accenture, Ernst & Young etc. The average salary of an Accountant is around INR 3.94 LPA depending upon number of factors such as knowledge, experience, skills etc. 

How to Become an Accountant: Quick Facts

Industry Finance
Eligibility Candidate must have completed 10+2 with a minimum aggregate of 50% or above from a recognized institute
Candidates must have accounts , economics, mathematics as their preferred subjects.
Top Recruiters Ernst & Young
Mahindra & Mahindra
Accenture
Wipro
Related Industries Public Accounting
Audit
Tax
Budget Analysis
Financial
Management Accounting
Required Skills Communication Skills
Organizational Skills
Knowledge of Mathematics & Accounts
Average Starting Salary INR 2.86 LPA
Highest Salary INR 14 LPA

Qualifications Required to Become an Accountant

Being an Accountant requires the candidate to possess educational qualifications as well as necessary skills in order to excel in the profession. To be an Accountant, candidates are required to fulfill certain eligibility criteria without which candidates cannot practice accountancy professionally. Some of the essential qualifications are provided below for your reference, 

  • Candidates must complete 10+2 board exams with a minimum aggregate of 60% or above from a recognized institute.
  • Candidates must complete 10+2 board exams with accounts , economics, mathematics being the compulsory subjects. Usually candidates from commerce stream are preferred.
  • Candidates must have a bachelor's degree like B.Com, B.Com(hons), BBA Finance and BBA Accountancy. 
  • Candidates must have necessary skills like the knowledge of Tally, SAP etc 

Types of Accountants

Accountants are broadly classified on the basis of their area of specialization as well as their qualifications. Tabulated below are some of the different types of Accountant roles available.

Investment Accountant

Definition Investment accountants are responsible for accounting investments at firms. They also monitor third-party activities, keep track of rising stock prices, tax documents and provide financial advice regarding investments.
Average Annual Salary 9.25 LPA

Tax Accountant

Definition Tax accountants are professionals who specialize in laws, rules and regulation, and calculation of taxes of an individual, organization or firm.
Average Annual Salary 3.1 LPA

Chief Financial Officer

Definition A Chief Financial Officer is a senior executive in an organization or firm that is responsible for managing and overseeing all the financial actions of the organization including budgeting, investments, liabilities, day-to-day transactions, cash flow, etc.
Average Annual Salary INR 40 LPA

Chartered Accountant

Definition Chartered accountants are responsible for providing financial services to businesses like auditing, taxation, financial consultation, risk management, etc.
Average Annual Salary INR 7 LPA

Steps to Become an Accountant

The below-mentioned steps would help students to know what needs to be done to become an Accountant. 

Complete Senior Secondary School Candidates planning to have a career in finance and accounting should choose commerce stream in their class 12th. Choosing the stream allows the candidates to study subjects like accountancy, economics, business and mathematics etc with a minimum aggregate of 55% or above. This will help candidates to get into top colleges.
Earn Bachelor’s Degree In order to be an accountant, candidates are required to pursue a 3 year undergraduate program in commerce such as B.Com (Hons), BBA, etc from a recognized institute. Once enrolled in the course, candidates will have to study subjects like cost accounting, corporate accounting, tax, business management etc to understand the principles of accounting.
Get into an Internship Having practical experience not only helps to boost your resume but also helps in landing a high paying job. Candidates can do internships, workshops , attend seminars etc to get the working knowledge of the profession and learn to apply theoretical approaches in practical life.
Choose Specialization Within accounting, there are several specializations which the candidate can choose depending upon their interest. Some of the top chosen specializations are financial accounting, auditing, tax accounting, management accounting etc.
Pursue higher education To be a successful accountant and earn greater opportunities to grow into the field, candidates can opt to go for masters degree or other relevant certifications.
Stay Updated about the financial laws Although it is not a requirement, it would be very helpful for the candidate to have awareness about the financial changes in the country. This will act as an added benefit.

How to Become an Accountant in India

To be an Accountant in India, candidates must start preparing for it from school level. They should first decide what kind of accountants they want to be and then accordingly choose their course. Candidates must also complete their 10+2 with commerce stream to pursue accountancy course. There are several undergraduate or postgraduate courses in India for the candidates to choose from such as Bachelor of Commerce (B.Com hons.), BBA in Finance, M.Com, MBA in Finance and Accounting and many more. There are several other short courses available such as certification, diploma courses for gaining additional knowledge and skills.

School Level Preparation: In order to become an Accountant the steps that are to be followed are mentioned

  • Candidates must have cleared 10+2 from a recognized board with Accounts, Commerce, Economics, Mathematics etc. 
  • Candidates can start their preparations from class 10th only, some schools offer the subject choice from class 10th . So if the candidate wants to become an Accountant, they can start understanding the basics of Accounting and Economics right away.
  • Candidates can also choose which kind of accountant they want to be like Chartered Accountant, Cost Accountant etc. 
  • Candidates can take coaching and other study materials for the preparation of entrance tests to get into top colleges.

How to Become an Accountant After 12th

Undergraduate Preparations: Some of the crucial steps that must be followed in order to be an Accountant are as follows:

  • Some of the colleges go for entrance based admissions for the accountancy courses. So candidates must be prepared to appear in the entrance exam for getting enrolled in top colleges such as AMUEE, DUET, JMIEEE, CUEE, etc. 
  • Candidates must pursue relevant undergraduate courses such as Bachelor of Commerce (B.Com hons.), BBA in banking and insurance, BBA in Finance, etc.
  • The main purpose of pursuing an undergraduate program is to give a brief understanding about the principles of accounting.
  • Candidates must also choose what kind of accountant they want to be like Cost accounting, Chartered accountants etc. In order to apply for them candidates are required to appear for additional examinations and clear certain levels.

Post-Graduation Preparation: The key steps to be followed to become a after completing Undergraduate courses are,

  • Candidates are required to appear for the entrance exam in order to get a masters degree such as DUET, AMUEE etc.
  • Candidates can choose to pursue masters courses such as MBA Finance, MBA banking and Insurance, M.Com, etc. These courses will help candidates get a better knowledge about the course and the profession.
  • Candidates can choose their specialization such as finance, accounting, banking and insurance, taxation etc. These specializations can be chosen depending on their experience and knowledge.
  • Candidates can also choose to pursue entry level jobs such as accountants, clerks, analysts, assistants, accounting clerks etc.
  • After gaining some years of experience, candidates can also pursue higher degree such as a PhD program to get a doctorate degree. 

Accountant Courses

Some of the top courses that can be pursued in order to become an Accountant are tabulated below for your reference, 

Parameters Bachelor of commerce (B.Com (Hons.) BBA in Accounting an dFinance Masters in Commerce (M.Com)
Duration 3 years 3 years 2 years
Eligibility Candidates must have completed 10+2 in commerce stream from recognized institute
Candidate must have secured a minimum aggregate of 55% marks or above
Candidates must have completed 10+2 in commerce stream from recognized institute
Candidate must have secured a minimum aggregate of 55% marks or above
Candidates must have a bachelor's degree in Commerce or equivalent degree from a recognized institute.
Candidates must have scored a minimum aggregate of 50% in bachelor degree.
Top Colleges Shri Ram college of Commerce
Loyola College
Miranda College
Indraprastha university
Universal Business School
Amity University
Xavier University
Lovely Professional University
University of Delhi
Aligarh Muslim University
Christ University
Jadavpur University
Entrance Exams DU JAT
NPAT
SET
MHT CET
DU JAT
IPU CET
NPAT
SET
BHU PET
IPU CET
DUET
Average course fees INR 10,000 - 50,000 INR 20,000 - 80,000 INR 8000 - 40,000
Average Salary INR 2,50,000 - 4,00,000 INR 3,00,000 - 4,50,000 INR 4,00,000 - 7,00,000

Entrance Exams

Admission to Accountancy or commerce courses is usually based on the entrance exam. Provided below is the list of Entrance Exams along with their important dates, that are conducted round the year in order to enroll students for courses to become an Accountant are tabulated below for your reference, 

Entrance Exams Registration Dates Registration Deadlines Exam Dates Result Dates
CUET 1st week of march 2023 (Expected) May 31, 2023

May 21, 2023 – May 31, 2023 (UG)

June 1, 2023 – June 10, 2023 (PG)

To be Announced
NPAT December 1, 2023 May 21, 2023 January 4, 2023 – May 31, 2023 To be Announced
IPU CET 1st week of march 2023 (Expected) 4th week of may 2023 (Expected) June 2023 (Expected) To be Announced
SET December 16, 2023  April 12, 2023 May 6, 2023 – May 14, 2023 May 24, 2023

How to Become an Accountant Abroad

Being an Accountant is considered to be a well-respected profession not only in India but also abroad. There are several countries like the USA, UK, Canada and Australia that offer various top accountancy courses as well offer wide career opportunities. But candidates must also ensure that they check the eligibility criteria before applying for the course as it might differ from country to country. 

Discussed below are some of the important eligibility criteria to get admission in Abroad. Some of them are provided below for your reference, 

  • In case of applying for undergraduate program, candidate must have completed 10+2 with minimum aggregate of 65% or above from a recognized institute,
  • The candidates are required to clear the English Proficiency tests such as TOEFL and IELTS.
  • Candidates must have scored a minimum of 70 in TOEFL or 6.5 Score in IELTS
  • In case of applying for post graduation, candidates must have cleared graduation with an aggregate of 60 % or above from the recognized university. 
  • The candidate needs to appear for the entrance exam as GMAT or GRE or any other university entrance exam.
  • Candidates are also required to submit letter of recommendation and reference letters in the university applying from the previous college attended.
  • Candidates are also required to submit a Statement of Purpose specifying academic achievements along with reasons describing choosing the university.

Top Accountancy Colleges

India is home to more than 1200 accounting colleges and more than 10,500 commerce colleges. The top colleges in India for accounting are Shri Ram College of Commerce, Gargi College, Lady shri ram College, etc. about 20 % of the universities are public while the rest are private or private - deemed. Accountancy is also popular abroad as well. Most of the top colleges are in the USA, UK, Canada and Australia. Some of the top colleges include Toronto University, McGill University, etc.

Discussed below are some of the top colleges in India as well as abroad for your better reference, 

India

Name of the Colleges Location Average Course Fees (INR)
Loyola College Tamil Nadu 12,650
Madras Christianm College Tamil Nadu 6700
Amity University Uttar Pradesh 70,000
Christ University Karnataka 60,000
Narsee Monjee College of Commerce and Economics Maharashtra 35000
Stella Maris College Tamil Nadu 29,645
Shri Ram college of Commerce Delhi 13,400
Banaras Hindu University Uttar Pradesh 2407
Aligarh Muslim University Uttar Pradesh 1,62,945
Savitribai Phule Pune University Maharashtra 7000

Abroad

Name of the Colleges Location Average Annual Fees (INR)
University of Toronto Canada 33.91 L
University of British Columbia Canada 31.67 L
McGill University Canada 33.62 L
Columbia University United States of America 37.53 L
University of Chicago United States of America 48.17 L
University of Pennsylvania United States of America 53.74 L
University of Manchester United Kingdom 29.72 L
University of Leeds United Kingdom 26.26 L
University of Essex United Kingdom 17.12 L
California State University United States of America 19.73 L

Accounts Industry

The Accounts industry in India is growing at a very rapid pace. With the establishment of more and more industries, expansion of markets, and increased cash inflow in the country, the need for financial documentation and tax filing has increased. Moreover, people prefer to work in this industry more because of the stability it offers both in the public and private sectors. According to a survey, the employment and recruitment of accountants and auditors is expected to grow by 6% in 2030. An increased demand for accountants and auditors is expected as an increased number of people are now entering into business. Moreover, it is still regarded as one of the highest paying and reputed professions in India in the public and private sectors.

Skills Required to become an Accountant

In order to make a career as an Accountant, candidates are required to possess some essential skills in order to understand the job better. Some of the most essential skill sets that are required to become an Accountant in India are tabulated below for your reference, 

Adaptability Leadership Organizational skills
Accounting Accounts Payable Bank Reconciliation
Tally ERP MS Office Communication skills

Pros & Cons of Becoming an Accountant

Pros of Becoming an Accountant

  • Stability- The financial industry is a pretty stable one since financial professionals are required everywhere in all organizations whether public or private. Also, financial professionals have a lot of scope for growth.
  • Competitive Salary- The salaries in the financial sector are very competitive because the demand for skilled accountants and professionals is very high.
  • Wide Range of Job Opportunities- After completing graduation in accounting, the aspirant has a wide range of jobs to choose from. They can choose to become an auditor, financial analyst, tax accountant, chief financial officer, etc. There are many job opportunities and a wide range of fields to choose from. 

Cons of Becoming an Accountant

  • Stressful Job- Being an accountant is full of challenges. Those working in the accountancy field have to be very vigilant and attentive because a single mistake can cause them huge losses. Also they have to take responsibility for filing taxes by the end of the year and also see to the closure of books by the end of a financial year. 
  • Sedentary Work- The job of accountant is mostly office based. So for those who like to go out and work, it could be very monotonous. 
  • ‘Boring’ Reputation- Since accountants deal mostly with numbers and figures and always seem to sit behind the desk, their job is considered somewhat ‘boring’. 

Top Recruiters for Accountants

Accountants are required in both the private as well as public sector. Accountants are employed in various areas such as public accounting, audit, taxation , budget analysis , management accounting etc. Some of the top companies are tabulated below who hire fresh as well as experienced candidates, 

Infosys BPM Genpact Accenture
Larsen & Tourbro Limited Tata Consultancy Services ABC Consultants
Tata Motors Mahindra & Mahindra Wipro
Kotak Mahindra Bank IBM Metriqe Solutions

Salary of an Accountant

The average salary of an Accountant across various companies are tabulated below for your reference,

Specialization Average Annual Salary
Certified Public Accountant INR 6.99 L
Forensic Accountant INR 8.78 L
Management Accountant INR 4.34 L
Cost Accountant INR 5.88 L
Government Accountant INR 2.48 L
Project Accountant INR 14 L

How to Become an Accountant: FAQs

Ques. Who are Accountants?

Ans. Accountants are professionals who record business transactions and are responsible for bookkeeping. They analyze the organization’s performance on monetary terms and determine the financial standing of a firm. 

Ques. What are the options after completing a course to become an Accountant?

Ans.  The career options after completing a course to become an Accountant are:

  • Banker
  • Financial Manager
  • Chief Financial Officer
  • Chartered Accountant

Ques. What is the salary of an Accountant after completing Master’s?

Ans. After completion of master’s course, candidates will obviously get a higher pay than they got in undergraduate. The average salary of an accountant starts from INR 2.6 LPA and can go upto INR 7-8 LPA. 

Ques. What are the Skills required to be an Accountant?

Ans. The main skills required to be a successful Accountant are:

  • Knowledge of accounting practices
  • Analytical and logical thinking
  • Problem-solving ability
  • Business acumen

Ques. What are the certificate courses required to be an Accountant?

Ans. The certificate courses required to be an Accountant are:

  • Certified Public Accountant
  • Certified Financial Analyst
  • Certified Fraud Examiner
  • Certified Internal Auditor

Ques. What is the highest salary of an Accountant?

Ans. According to Glassdoor, the highest salary of an Accountant is around INR 8 LPA. 

Ques. How many semesters are there in BBA Accounting and Finance?

Ans. BBA Accounting and Finance is a 3 year undergraduate course divided into 6 semesters.

Ques. What entrance should an Accounting aspirant take?

Ans.  There are number of Entrance Exam to get into an accounting college in India are:

  • CUET
  • JMIEEE
  • NMIMS-NPAT
  • SET

Ques. Is an Accountant a good job? 

Ans. Yes, being an Accountant is a very respected profession in India because it requires a lot of mental agility to clear all exams and become an accountant. Also, to be an accountant one must be sharp and very vigilant to catch even the slightest of errors. 

Ques. Do Accountants have a scope in the Government sector?

Ans. Yes, accountants do have a scope in the Government sector as there are many jobs available like accounts officers, bank probationary officer, accounts executive, chartered accountant, etc. 

Bachelor of Commerce [B.Com] (Accounting and Finance) : 13 answered questions

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Ques. What is the expected cutoff for a B.Com (Hons) in Goenka College of Commerce and Business Administration?

● Top Answer By Arijita Patel on 23 Jun 21

Ans. For getting into the admission process of Goenka College of Commerce and Business Administration, you are supposed to score 90% or above in your best four subjects in the 12th examination. However, for admission in the morning slot, you are expected to score 93% or above in the best subjects, while for the day section slot, it is about 85% to 93% in the best four electives. This is the case for the general category. You can however check and do your own research on the same for updated information.Read more
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Ques. Is it worth doing bcom accounting and finance in SRM institute of science and technology Chennai. What's the scope and could you please give me full details like exams we should persuade, college etc.

● Top Answer By Kashish Yaduvanshi on 31 Mar 23

Ans. Some basic details of the BCom program from SRM Institute of Science and Technology are  Particulars  Data Duration 3 years Course Level UG Degree Total Tuition Fees INR 3.90 Lakh Total Seats 130 Qualification  12th CBSE Entry Criteria 50%  Candidates must have passed in 10+2 (Accountancy & Commerce Mandatory) with mentioned marks from any recognised board. Median CTC  INR 2.5 Lakh Highest CTC  INR 41.6 Lakh Top Recruiters  ACCENTURE | Biocon | canon | DATA PATTERNS | GODREJ | HONEYWELL | just dial | Samsung | Tech Mahindra Some more details about the University are Infrastructure : The college has decent infrastructural facilities with great importance to sports and extracurricular activities Academics : Honestly, this is where the Institute lacks. The staff delivers robotic knowledge without any lively classroom discussions making the learning experience monotonous. Placements : The placement cell of the college works pretty hard to maintain a decent placement scenario and students with good academic performance usually get good packages.  ROI: Another aspect I feel one should consider is the ROI which is low in case of SRM. The fees are extremely high in comparison to the academic standards but the surety of placements makes people choose it anyway. Campus Life : You get to experience amazing college life with lots of creative activities and new things to learn. Ultimately it’s you who decides whether a certain college is right for you or not, so do your part of the research and make a wise decision.Read more
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Ques. What is the minimum pass marks in IGNOU for a BCom at A F?

● Top Answer By Narendra Kumar on 19 Oct 22

Ans. The passing marks in IGNOU for any subject are as follows: Theory - 35 out of 100; 18 out of 50 Assignments - more than 50% ( 50 out of 100) If you get 35 marks in theory out of 100, this means you have passed in that particular subject and don't have to appear for exams again. But if you score below 50 in assignments, then you have failed and will have to resubmit your assignments.Read more
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Ques. Which is better for a B.Com with ACCA St. Joseph Bangalore or Loyola College Chennai?

● Top Answer By Sayanti Shome, on 22 Oct 21

Ans. Both St. Joseph’s Bangalore and Loyola College Chennai are notable institutions. They are autonomous and affiliated with their regional state universities. Both are sister institutions as they are managed by Jesuits.  One of the factors you should keep in mind before choosing a college is its location. Transportation facilities are easy and frequent. Consider infrastructure, faculty, placements, alumni network, fees, before selecting a college. Categories B.Com at St. Joseph’s College Bangalore B.Com at Loyola College Chennai Course Fee INR 3.18 lakh INR 37,950 Course Duration 3 years 3 years Highest CTC 10 LPA 8 LPA Average CTC 3 LPA 3 LPA Recruiting Companies EY, Grant Thornton, KPMG, Wipro, etc. Deloitte, Aditya Birla, TCS, Cognizant, etc.  Ultimately it is your decision whether to go for St. Joseph’s or Loyola College. Analyze every factor and check what suits your requirements, then go for it.Read more
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Ques. How does it feel to do both B.Com with ACCA in St Joseph College Bangalore?

● Top Answer By Jayati Bose, on 10 Nov 21

Ans. One of my friends studied at St. Joseph College Bangalore. According to him, it is a very green and safe campus. Here are some facts about it: Classes start here at 6:30 AM, this gives time to do internships later in the day. St, Joseph Bangalore is a bit expensive compared to other courses but the global exposure offered is beneficial for your career.  The placements are conducted at the end of the year and various companies recruit students from this campus.  Admission process starts with a written aptitude test followed by an interview.  The hostels in St. Joseph’s College are affordable compared to others. They do not provide food as there are almost 10 food joints around the campus.  The faculty is highly experienced. Most of them are visiting faculty.  This course gives students a global aspect of accounting. It includes various fields of the business like entrepreneurship and finance specialization. The exam structure is divided equally between end-semester papers, CIAs, and mid-semester papers. Cultural fests and Inter-College competitions are also conducted which provides enough exposure.Read more
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Bachelor of Commerce [B.Com] (Accounting and Finance) Colleges IN INDIA

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