Accounts Project New

8/6/2019 Accounts Project New

1/50

What Is Meaning Of Accounting

If you think accounting, you usually think of smartly dressed

business men who are employed by equally smartly dressedmen to manage their money and balance up their finances.But, this is only one side of the definition of accounting.

The dictionary definition of accounting is the theory andsystem of setting up, maintaining, and auditing the books of afirm; the art of analyzing the financial position and operating

results of a business house from a study of its sales,purchases, overheads etc.

In simpler terms, accounting is the way in which companies oreven individuals keep up to date with their finances so thatthey are aware of their money and how it is being spent orsaved. Accounting is not just for the professional businessmenof the financial world, it can also mean when an individual iskeeping track of his or her finances through recording theirincomings and outgoings. This could be in a book especiallydesigned to record figures, on a spreadsheet on the computeror simply in a notebook.

When it comes to companys finances, accounting becomesquite a structured, strict business. From time to timecompanies have auditors visiting to check if their accounts areup to date, accurate and reliable. This makes sure thecompany are not trying to commit tax evasion or fraud.


2/50

The word accounting dates back to the 14th century when theword meant reckoning of number which is basically a

simplified definition of the modern day meaning.

"The art of recording , classifying and summarizing , in asignificant manner and in terms of money , transaction andevents which are, in part at least, of financial character, andinterpreting the result thereof."

The three important aspects of accounts have beenhighlighted by the above definition.

1. Account as an Art & science.

2. Accounting is done for Business transaction.

3. Accounting is a system.

Personal accounts --> Debit the benefit receiver, credit thebenefit giver.

Real accounts --> Debit what comes in, credit what goes out

Nominal Accounts --> Debit all expenses and losses, credit allincomes and gains.


3/50

Careers in Financial Markets

Financial Markets are also emerging as the largestemployment generator, harnessing the country's distinctadvantage in the growth of the service industry.

In this context, trained and qualified professionals with anappreciation of interlinkages amongst the asset classes andinsight into the global financial markets are in demand. The

genesis of the programme is to develop a talent pool formeeting the growing demand for professionals withinterdisciplinary understanding of financial and commoditymarkets.

The programme is designed in extensive consultation withmarket professionals and practitioners to provide a wide rage

of perspective on financial and commodity markets practicesand policies.

The programme shall offers a couple of career options to

the enrolled students with the segments and constituencies

likeBanks

Financial InstitutionsInvestment BanksMutual FundsInsuranceExchanges


4/50

Warehouse, Supply Chainand LogisticsData and Information VendorsCorporates

Agro-based IndustryBrokerage and IntermediationConsultingFMCG and RetailNewspapers and PublicationRegulators and Policy Makers

Profiles

AnalystRisk managerFund managerWealth managerRelationship mangerCorporate financeProcurement personnel

DealerOperationCompliance managerCommodity expertsTesting and quality controlCreative and client relationsJournalists / PRConsultantsSelf employmentPages from india


5/50

Career Option in Institute ofCost and Works

Accountants of IndiaA.Field description:

The Institute of Cost and Works Accountants of India wasestablished by an Act of Parliament in the year 1959, thoughthe same was in existence as a company since 1944. The headoffice is situated at 12, Sudder Street, Kolkata 700 016. It isthe professional body in India which specializes in the field ofCost and management Accountancy. It imparts coaching and

trains the candidates in the subject of Cost & ManagementAccountancy. The Institute has established four Regionalcouncils in the Metropolitan cities. Every year, it churns outthousands of Cost and Accounts professionals in the country,who manage the cost and audit of the country's vast industrialsectors.

B.Education GuideEducation Details & Eligibility:The eligibility procedure is simple for the course. Thecandidates are eligible for the course after qualifying theFoundation Course examination of the Institute. ForFoundation course the candidate with 10+2 are eligible. Afterclearing foundation candidates can join the Institute's

Intermediate course. Those who are waiting for 10+2examination results can also appear for the Foundation Courseexamination. Similarly students awaiting result of Graduationexamination can even opt for provisional registration. Direct


6/50

Registration without appearing for the Foundation course isopen to Graduates of any discipline.

C)Course Duration:The course is divided into Intermediate and Final with eightpapers each. Both have two Stages with 4 papers each.According to the revised syllabus, along with the 8 papers inthe Intermediate, two group discussions, two seminars andalso Computer Hours (50) has been included.

After one clears all the eight papers in the Intermediate, onecan go in for the final. In the final along with the 8 papers;Dissertation (5000 words), Computer (100 hours), Modulartraining (15 days), Audit / Industrial training (6 months) isincluded. 10+2 candidates have to complete the FoundationCourse of the institute to join the Intermediate course.


7/50

CAREERS IN QUALITY ASSURANCE

MANAGEMENT

INTRODUCTION

Quality assurance management can be defined as themanagement of all quality related project activities. The term'quality assurance' is often used as equivalent to qualitycontrol, which is totally based on the quality of a product.Under the project activities, there are four QA processes -

definition, planning, execution and control. The main work of aquality assurance manager or a project manager is to makesure that the quality plan is implemented according to the planas well as to check whether all the objectives of the projecthave been achieved or not. Although project manager plays animportant role in all quality assurance activities, the mainresponsibility lies on all the team members of the project for

producing a quality product for the consumers. The chiefprinciples of quality assurance management Quality assurancemanagement can be defined as the management of all qualityrelated project activities. The term 'quality assurance' isoften used as equivalent to quality control, which is totallybased on the quality of a product. Under the projectactivities, there are four QA processes - definition, planning,

execution and control. The main work of a quality assurancemanager or a project manager is to make sure that the qualityplan is implemented according to the plan as well as to checkwhether all the objectives of the project have been achievedor not. Although project manager plays an important role in all


8/50

quality assurance activities, the main responsibility lies on allthe team members of the project for producing a qualityproduct for the consumers. The chief principles of quality

assurance are fulfillment of adequate technical needs, qualityof suppliers, check the product for its quality, performance,safety, and reliability standards, proper usage of materials,surety of product's technicality, reliability, maintainabilityand performance requirements. The need of talented qualityassurance managers is on a rise, which also brings many jobopportunities for the students. To serve the purpose, a

number of management institutes in India have includedcourses in quality assurance management.

COURSE

Generally, courses in the field of quality assurancemanagement are conducted at the undergraduate, diploma,postgraduate degree and diploma level. The purpose of the

courses is to make the students familiar with all theimportant aspects of quality assurance management. To beeligible for the UG courses, the students must have passed in10+2 examination in any stream, from a recognized Board. ForPG courses, graduation in relevant stream should be completedby the candidates from any recognized University.

CAREERThe scope of quality assurance management has widened invarious companies. Many organizations are looking for talentedproject managers, who can develop and operate quality controlsystems, analysis and inspection processes. One should be able


9/50

to correct all the faults in the quality of a product. Afterstudy, the job seekers may work as quality assurancemanagers, quality analysts, quality control inspectors, quality

assurance officers, quality control supervisor, qualityassurance technician, quality surveyors eINSTITUTESA number of management institutes conduct courses in qualityassurance management. Some of the prominent institutes areIndian Institute of Quality Assurance (Tiruchirapalli), IndianInstitute of Quality Management (Jaipur), National Institute

of Labour Education And Management (Chennai), AsianInstitute of Quality Management (Maharashtra) etc.

REMUNERATIONAt the fresher level, one can earn around Rs 10000 - 15000per month. After three or four year experience, the person

may get between Rs 20000 and 25000 per month. The salaryof well experienced quality assurance manager can be morethan Rs 50000 per month


10/50

Financial The rundown:

Financial advisers provide a broad range of budgeting, tax,investment, and estate advice. There are many careerpathways, including working for large financial services firms,boutique advisory practices, and as solo practitioners. Yourearnings will generally reflect the sophistication of theservices you provide, your clients, and your level ofexperience. Many advisers develop specialized skills over time

and tailor their practices accordingly, particularly in theinsurance, tax, and estate fields. If that appeals to you, youmay work closely with lawyers and accountants who havesimilar specializations. Also note that lawyers and, especially,accountants often obtain professional certification asfinancial advisersThe outlook:This is expected to be one of the faster-growing occupations

over the next decade, with a projected growth rate of morethan 30 percent between 2008 and 2018, according to theLabor Department. In 2008, financial advisers held about208,400 jobs, and about one-third of those were self-employed. The impending retirements of 78 million babyboomers is expected to create strong demand for advisoryservices. However, two other trends could complicate the

forecast. The sustained decline in securities prices during2007 and 2008 was not foreseen by most advisers, and thevalue of their counsel has been questioned by many investors.At the same time, many Internet sites have developed


11/50

increasingly powerful advisory tools that may meet consumers'needs.. Money:

Median annual wages were $68,200 in 2009, with the lowest-paid 10 percent earning less than $33,790 and the highest-paid 10 percent earning more than $166,400. Many advisersalso earned substantial bonuses, which are not included in thiswage data.Upward mobility:Several career tracks could lead to more responsibility and

higher pay. Within larger organizations, experience andseniority can lead to promotions. Developing specialized skillsalso can raise income substantially. Setting up one's ownpractice is an attractive career path for many advisersroughly 30 percent of financial advisers work for themselves.Activity level:Varied. As with other professions, there is a very high ceiling

on the income potential of a financial adviserand the hours ittakes to realize that potential. When advisers set up theirown practices, they become owners of a small business andassume many related responsibilities, including the oftenextensive efforts to attract new clients. On the other hand,advisers who work within larger organizations can avoid 80-hour weeks but will usually forgo the higher incomes that tendto correspond with such heavy workloads.Stress level:Up there. Financial advisers deal with people's money,investments, and livelihoods. Few things can be of greaterimport to customers. You will often sit down with clients and


12/50

deliver news they don't want to hearwhether you're talkingabout underperforming investments, the need for them torein in spending, or other adverse developments. Even in good

times, your clients' expectations can easily outpaceperformance.Education and preparation:Advisers must develop and maintain sophisticated skill sets.Expertise is central to an adviser's appeal to potential clients.A bachelor's degree is necessary, and an advanced degree canbe an effective marketing tool. Obtaining and maintaining the

certified financial planner designation is recommended, as ismembership in the Financial Planning Association or otherindustry groups. Advisers often obtain securities licenses andmay earn substantial portions of their income throughinvestment fees. Many advisers also sell insurance products,which requires state licensure and professional certification.Real advice from real people about landing a job as a financial

adviser:Communication skills are essential to this job. After all,financial advisors talk to people about intimate details oftheir lives, such as marriage, divorce, and death."Interpersonal skills as well as analytical skills to help peoplecome up with solutions to their problems are important," saysKaren Klugh of the American Financial Services Association.: Branch Financial Advisor jobs | Tax Administrator jobs |Financial Planner jobs | Financial Analyst jobs | MortgageOrigination Loan Officer jobs | Registered Broker jobs |Senior Financal Analyst jobs | Business Analyst jobsAccountant


13/50

The rundown:This profession is the epitome of left-brain thinking. Logicand thoroughness are two of the most important skills you'll

need. But there is also passion involved: To enjoy the job, youmust love numbers, particularly the practical application ofnumbers. Most accountants work as public accountantscharged with financial recordkeeping and tax services for arange of clients. Public accountants are typically employed bylarge accounting firms, but many have individual practices.There are also management accountants, who work for large

companies and other organizations.The outlook:The Bureau of Labor Statistics projects accountant andauditor employment growth of 22 percent between 2008 and2018, adding 279,400 more positions to the 1.29 millionalready-existing jobs. The accounting profession is often tiedto the growth of the economy. More business creation means

more clients. Despite the recession, the Bureau of LaborStatistics expects the number of accountants to grow fasterthan the national average for job growth. Demand foraccountants has increased because of more complicatedfinancial regulations, such as the Sarbanes-Oxley Act of2002. The likely prospect of tax increases also means thatpeople will turn to accountants.Money:In 2009, the median annual wage for accountants and auditorswas $60,340, according to the Bureau of Labor Statistics.The best-paid 10 percent of accountants made more than$104,450, while the bottom 10 percent made less than


14/50

$37,690. The best-paid accountants reside in New York, NewJersey, and the District of Columbia.Upward mobility:

There is significant room for advancement for a startingaccountant. A public accountant might begin at the bottom ofthe totem pole at his or her firm, then after a few years riseto a managerial position, and eventually become a partner atthe firm. Others might choose to start their own firms.Activity level:Accounting is not known as an adventurous career. The work is

deadline-oriented, however, so you may feel more active thanyou would at a typical job.Stress level:Moderate to high. Many accountants work more than 40 hoursa weekespecially tax accountants during tax season.Education and preparation:A bachelor's degree is the first prerequisite. To work as a

public accountant, you will probably need to become acertified public accountant. That means taking a uniform examset by the American Institute of Certified PublicAccountants. Like passing the bar to practice law in a certainstate, you will probably need to take the exam in the state inwhich you wish to work. Most states require at least 150 hoursof related of coursework before you become eligible to takethe exam. That's one reason why many aspiring accountantschoose to get a master's degree in accounting. There areother certifications. For example, the Institute ofManagement Accountants offers a Certified ManagementAccountant designation, which requires a bachelor's degree,


15/50

two years of work in management accounting, and passing anexam. It is possible to do accounting work without thesecertifications. In that case, you would probably be working

under a certified accountant.Real advice from real people about landing a job as anaccountant:An accounting degree, along with a well-rounded education, canincrease your chances of success in this field. "Along withlearning the technical skills, students should takecommunications courses and begin developing their leadership

skills to prepare them for their future careers," says VivianMoller, president of the American Society of WomenAccountants. "Also, it's never too soon to begin building yournetwork, which may lead to a future job or client." Shesuggests joining a professional organization after graduationto network, and considering continuing educationopportunities.

Senior Accountant jobs | Staff Accountant jobs | CostAccountant jobs | Tax Accountant jobs | AssociateAccountant jobs | Senior Staff Accountant jobs | Sr.Accountant jobs | Accounting Manager jobs

ActuaryThe rundown:If you studied the role Ben Stiller played in Along Came Polly,

you might think the main requirements for a career as anactuary are to be square, safe, and boring. Not so much.Actuaries evaluate the likelihood and consequences of risk. Asan actuary, you will most likely work for an insurance provider.


16/50

Your job is to use statistics and mathematics to estimate thelikelihood and cost of claims related to death, illness, injury,or property damage so the insurance company can cover its

expenses and stay profitable. Some actuaries work for publicor private employers to manage risk for pension plans andprograms like Social Security. You might end up helpingmanage company plans or overseeing risk reductions foremployers.The outlook:Employment opportunities for actuaries should climb quickly

over the next decade. Actuaries held 19,700 jobs in 2008, andthat figure should grow by 4,200, or more than 21 percent,over the next decade. Insurance industry needs will remainstable, and healthcare and consulting firms will increasinglyrely on the skills actuaries possess.Money:Median pay for actuaries was about $87,210 in 2009,

according to the Labor Department. The lowest-paid 10percent made less than $51,950, while the highest-paid 10percent made more than $158,240. New graduates withbachelor's degree in actuarial science can expect startingsalaries around $56,000.Upward mobility:Actuaries aren't condemned to boring desk jobs. More andmore companies are hiring actuaries for management positionsand even moving them into executive-level roles, such as chieffinancial officer.Activity level:Pretty low. But your brain will undergo some serious exercises.


17/50

Stress level:Low. Once you get past the anxiety of certificate exams, your

job-related tension tends to be pretty minimal.

Education and preparation:You'll need to have a bachelor's degree with a strong financeor math concentration. Consider majors in mathematics,statistics, economics, or even a degree in actuarial science,which is offered by about 100 schools. Certification programsoffered by the Casualty Actuarial Society and the Society ofActuaries may be covered by employers, and if you pass your

exams, it often leads to a pay raise. There is some datasuggesting that more employers are now looking for employeeswho have already passed an initial exam.Real advice from real people about landing a job as an actuary:As with many other financial jobs, communications skills arealmost as important as mathematical savvy. "Students planningan actuarial career can choose a school that offers an

actuarial science major, or if that is not available, takeappropriate courses in calculus, probability, statistics,accounting, economics, and finance to be prepared to learnactuarial techniques and applications. In addition, leadershipand communication skills are essential for success," saysStuart Klugman, a staff fellow in education at the Society ofActuaries.Actuarial Analyst jobs | Associate Actuary jobs | SeniorActuarial Analyst jobs | Life Actuary jobsThe rundown:Poring over financial earnings statements and scrutinizingcompanies to their core is how you'll spend much of your time


18/50

as a financial analyst. You'll most likely be employed by aninvestment bank, insurance company, mutual fund, pensionfund, or securities firm, and your job will be to gauge the

performance, health, and value of companies in which thecompany may want to invest. Analysts generally developexpertise in a particular slice of the economy, be it anindustry, country, or asset class such as bonds. You may workon the "buy side," for heavyweights such as hedge funds oruniversities with hefty endowments and plenty of money toinvest, or the "sell side," advising a brokerage on whether to,

in turn, tell its clients to buy, hold, or sell a stock.

IntroductionChartered Accountancy as a profession is attracting a lot of

young and witnessing a rapid growth, thanks to the growingcorporate sector. Chartered Accountants usually occupy high

and respectable posts in a given organisation. They are theones responsible for handling accounts and finance relatedmatters, deal with money management, prepare, analyse andaudit accounts alongwith providing financial advice.Only members of the Institute of Chartered Accountants cancall themselves Chartered Accountants, upon attaining thecertificate from the Institute. Legally only qualifiedChartered Accountants are authorized to audit and certify acompany's books of accounts. They ensure that the financialtransactions of an organisation are maintained as per theguidelines laid down by the law. The accounting departmentprepares, analyses financial reports and documents of an


19/50

organisation. Also they keep track of cost of management ofthe company and manage tax matters. Later these figures andstatements are examined, verified and then certified by

auditors.Nature of WorkChartered Accountants are generally found to be workingeither as employees in a firm or they indulge in their privatepractice. The range of work in both the cases depends on thesize of practice. Some of the areas suited to the services ofChartered Accounts are as follows

1. FINANCIAL ACCOUNTING: Maintaing financial recordsof an organisation is of utmost importance. Financialaccounting is a branch of accounting which deals maintainingthe financial records. It involves operating accounts,interpreting, supervising, controlling and organising income andexpenditure, doing internal audits, dealing with wages andsalaries, paying accounts and sending out invoices, and coping

with taxes etc.2. AUDITING: One of the important tasks performed byChartered Accounts is auditing. It is the methodicalexamination and review of the accounts. Chartered Accountsexamine and verify the books of accounts and other necessarydocuments of their employers or clients. On satisfaction, theyissue a certificate about the company's financial state.Auditing can be further classified into sub-categories.o Statutory audito Internal audito Compulsory tax audito Certification and audit


20/50

3. COST ACCOUNTING: Cost accounting deals with workingout the cost of a particular operation or job, taking intoaccount relevant overheads. It is quite a complex task usually

undertaken for monitoring expenditure, preventing it fromover-shooting, minimizing costs, forecasting future needs andproviding reports for management accounting etc. It alsohelps in drawing comparisions, analysing costs and explainingfinancial information.4. TAX MANAGEMENT: Sometimes Chartered Accountantsspecialize in tax management. Their job is to legally ensure

minimum incidence of tax. In doing so they have to cope withtaxation laws and policies on national as well as internationalscale depending on the kind of company they work for. Taxmanagement relates not only to direct taxes e.g. income taxbut to indirect taxes like sales tax, excise tax, agriculturalincome tax etc.5. CONSULTANCY: The changing scenario in the business

world has opened promising and challenging careeropportunities for the aspiring young. Consulting services is onesuch opportunity which has drawn a lot of attention thesedays. Chartered Accounts often indulge in providing theseservices in the fields related to finance and accounts. Theycan effeciently provide services in areas like corporate lawadvice, project planning and finance, investigations relating toshare valuation for takeovers, amalgamation, business advice,secretarial work etc.PersonalityAccountants must have good numerical ability and analyticalmind to interpret facts and figures correctly. They should


21/50

have logical and methodical approach. Concentration andattention to detail are critical. As their work often relates todiscussing financial matters with number of people, sometimes

with people who don't have background in finance, they shouldbe able to express themselves clearly. This makes itimperative to have good understanding of the subject withequally good verbal and written skills. Sometimes the work canbe extremely strenuous and exhausting especially duringfinancial year closing, so stamina both physical and mentalwith patience to handle such situation are of added advantage.

For accountants practicing privately, it is important to havenecessary business skills and shrewdness to generateclientele.Professional CoursesChartered Accountancy can be pursued after 10+2 orgraduation. The whole course can be divided into three stagesi.e. Foundation. Intermediate and Final. The following section

gives information about them.1. FOUNDATION: The Institute of Chartered Accountantsof India offers CA foundation course to students passing 10+2in any subject. The duration of the course is one year. Onregistration with the institute, students are provided with thestudy material by the Board of Studies. Students have tocomplete their study and clear the test papers under thepostal tuition scheme. They also have an option to attendcontact classes organised by accredited institutions. Studentsopting for these classes are exempted from taking the testpapers under the postal tuition scheme.


22/50


23/50

Mercantile Law) are exempted from taking the entrance test.Other graduates with 55% marks are also exempted from theentrance test. Rest all is same as those who have taken the

Foundation Course.2. INTERMEDIATE EXAMINATION: Registered studentswho have completed 9 months of training as articled or auditclerks and have completed the oral/postal tuition schemeimparted by the Board of Studies, are eligible to take theIntermediate Examination. The Examination has the followingsubjects.

GROUP I: Accounting, Law, and AuditingGROUP II: Cost accounting, Income-Tax & Central Sales Tax,and Oganisation&Management and Fundamentals Of ElectronicData Processing3. FINAL EXAMINATION: Students who successfully clearboth the groups of Intermediate Examination of the Instituteand complete the prescribed period of practical training

(3years) or have yet to serve a period not more than 9 monthsof such services can take the Final Examination. TheExamination has the following groups.GROUP I: This group consist of the following subjects;Advance Accounting, Management Accounting, Auditing andCompany LawGROUP II: This group consist of the following subjects;o Direct Tax Laws,o Corporate Management, Secretarial Practice, ManagerialEconomics and National Accountingo Operational Research and Statistical Analysis, SystemAnalysis and Data Processing, Costs Systems and Cost Control


24/50

o Management Information and Control Systems, TaxPlanning and Tax Management, Management and OperationalAudit.

InstitutionInstitute ofChartered Accountants of India

The Institute of Chartered Accountants of India was formedfor the purpose of regulating the profession of CharteredAccountants in India. The headquaters of the Institute is atNew Delhi and 5 regional offices at Mumbai, Chennai, Calcutta,Kanpur and New Delhi. Apart from these their are 87

branches located in different parts of the country. TheInstitute also has 9 Chapters outside the country. Thefunctions of the Institute are enrolment of eligible members,engagement and training of articled/audit clerks, conductingexaminations, granting or refusal of Certificate of Practiceetc.SpecializationCareer ProspectsThe profession of Chartered Accountancy is one of the mostrespectable profession amongst the various others present inthe commerce field, particularly finance. A career in financepromises a challenging and extremely rewarding professionallife. On attaining qualification of a Chartered Accountants,

ample of opportunities open up. Whether they work in a firmor they carry on with their own private practice, there is somuch to do. Some of the opportunities available for CharteredAccountants are in capital markets, business houses andindustry, consultancy firms etc. They are also engaged in


25/50

activities like preparing project reports, markets research,management accounting, cost analysis, budget planning,working capital management, inventory control, policy planning,

securities consultancy, registrar of issues of securities,auditing etc. With the country liberalizing its policies andapproach, opportunities are expected to grow further.IntroductionIndia is witnessing a phenomenal growth and expansion in thecorporate sector resulting from its exposure toindustrialisation. The growing demand for specialists in almost

every sphere of the corporate functions has led to emergenceof professionals who can perform specialized skills with nearperfection in their respective fields. A company secretary isone such professional who is responsible for efficientmanagement of the corporate sector. He co-ordinates andassists various departments of the organisation, ensurescompliance of company legislations and advises directors on

statutory requirements of the company. Apart from carryingout these functions he also looks after finance, accounts,legal, personnel and administrative functions.Nature of WorkThe rapid corporatisation which began in the wake of theliberalisation of the economy, has brought drastic changes inthe role and profile of a company secretary. In essence, acompany secretary is a specially designated officer whoseduty is to ensure compliance of various legislations. By variousenactments, he has been recognised as one of the principalofficers of the company.


26/50

Company secretaries, with their multidisciplinary backgroundand rigorous training attained in law, management and finance,are involved in major decisions such as formulating long and

short term corporate policies and programmes, accounting andfinance functions. For this reason, they are regarded ascorporate development planners. Their other responsibilitiesinclude incorporation, manage public issues, act as internallegal advisor and representative, process intercorporate loansand investments, maintain company's records, take care ofcompany's tax planning, tax management, tax returns, explore

expansion opportunities, arrange collaborations,amalgamations, acquitions, joint ventures within and outsideIndia etc. They are required to understand relevant aspectsof laws, update themselves with the changes to ensure propercompliance of legislations. The job also involves arrangingcompany meetings, collecting and compiling information andrecording the decisions. They act as confidants of board of

directors and provide a link between the management andshareholders. In many companies, company secretaries play animportant role in legal and financial functions. Nowadays, theyare even foraying in capital markets and financial servicesindustry. Their assistance in administration, management,planning and general running of the company makes them thecompany's chief administrator.PersonalityCompany secretaries have to be very disciplined and organisedas they hold key positions. They are expected to havethorough knowledge and understanding of their subject asthey may have to deal with complex legal situation. Excellent


27/50

command over english, both written and oral is important. Atthe same time ability to understand, analyse complex andtechnical issues and exercise accordingly with tact and

intelligence are other essentials. Associated with the top levelmanagement and being aware of top level plans and importantsecrets, it becomes a moral resposibility of companysecretaries to be loyal to their organisation.Professional Courses

Institute ofCompany Secretaries of IndiaIt is the only recognisedorganisation offering this course. The

course consists of three stages.These are as follow.1. FOUNDATION: The institute offers foundation coursefor senior secondary(10+2) pass students willing to joinCompany Secretaryship Course. Earlier admission was open toonly those candidates possessing minimum graduate degree.2. INTERMEDIATE: Students enrolled in the companysecretaries course have to appear for the intermediateexamination after successfully passing the foundation course.All gradutes, post-gradutes (excluding fine arts) and pass inthe final examination of the ICWAI or ICAI or of any otheraccountancy Institution in India or abroad recognised by theCouncil of the Institute are exempted from passing thefoundation examination and can directly enroll in the

intermediate course on payment of such exemption fee.3. FINAL: On successfully completing the IntermediateExamination, students qualify to appear for the FinalExamination which can be pursued after 18 months of enrolling


28/50

in the course and having undergone satisfactory postal or oraltuition for a particular group of final examination.One of the prescribed qualifications for a company secretary

is the membership of the Institute of Company Secretaries.Candidates desiring for the membership of the institute arerequired to successfully clear the Foundation, Intermediateand the Final examinations conducted by the Institute.Further they are required to possess practical experience andundergo practical training to become eligible for themembership.

Colleges, Institutions and UniversitiesThe Institute of Company Secretaries of India is a recognisedprofessional body formed to develop and regulate theprofession of Company Secretaries. It is the only institutewhich offers this course and awards the certificate bestowingthe designation of Company Secretary to a candidatequalifying for membership of the institute. The institute has

its headquarters at New Delhi and has four regional offices atCalcutta, Delhi, Chennai and Mumbai. In addition their are 36chapters and 10 satellite chapters located all over thecountry.Specialization, Career Prospects, Exposure to detailed studyand practical training in various fields adds to versatility of acompany secretary. A qualified company secretary is acompetent enough to take up wide range of responsibilities inlegal, secretarial, finance, accounts, personnel andadministrative departments of companies or otherorganizations in the private and the public sector. Almostevery kind of organization whose affairs are controlled by


29/50

boards or councils and other corporate structures be it a co-operative society, association, federation or statutoryauthority, finds it beneficial to appoint a qualified company

secretary. Initially the career may begin with designation of aJunior Secretarial Officer. Depending upon the experienceand hard work it can raiseup to senior level positions ofCompany Secretary and even Finance Advisor.


30/50

CAREER OPPORTUNITIES IN FINANCEDepartment of Finance, Real Estate, and InsurancePURPOSE OF THE ACADEMIC MAJORSThe Bachelor of Science in Business Administration at CSUNoffers options in Finance, Real Estate orFinancial Services.The option in Finance emphasizes the development of

theoretical and practical approaches to financialmanagement, security analysis, and portfolio management.The option in Finance also involves theanalytical study of money markets, options and futures, realestate, insurance, and financial institutions.The program prepares the student for careers in financial andnon-financial institutions, government and

its agencies, and for graduate study in finance and business.The option in Real Estate prepares students for careers inreal estate brokerage, real estate valuation, realestate law, mortgage lending, real estate appraisal, and otherrelated fields. The Real Estate option coversvarious aspects of law, brokerage, real estate finance,appraisal, and real estate investment.

The Financial Services option prepares our graduates for awide variety of analytical, managerial, or salescareers in the financial services industry. Analytical careersinclude employment in banking, insurance,


31/50

investments, and personal financial planning. Sales careersinclude employment in insurance, securities,and mutual fund sales. Managerial careers include managerial

employment in the financial servicesindustry. The program also provides a solid foundation for acareer in personal financial planning.The career fields related to finance, real estate and financialservices offer a wide range of opportunities invirtually all industries and sectors of the economy. Theindividual working in these fields should possess

strong analytical, quantitative, computer, and communicationskills. The Finance, Real Estate andFinancial Services options at CSUN provide sound academicpreparation for the student pursuing a careerin finance and business.EMPLOYMENT OUTLOOK AND REQUIREMENTSA major in Business Administration with an option in Finance,

Financial Services or Real Estate is one ofthe more sought after academic backgrounds to enter the

job market. Some positions may require anadvanced graduate degree. Studies from the Department ofLabor indicate moderate to strong growth forfuture employment in finance is expected based upon thesteady growing economy.Employers generally seek graduates with strong work ethic,excellent written and verbal communicationskills, and an ability to work well with others.WHAT ARE THE JOBS?


32/50

There are two basic career paths in finance. The first ismanagerial finance, which involves managing thefinance function for businesses in the manufacturing and

trade industries. These industries make and sellconsumer and commercial products. The second is a career inthe financial services industry, whichcreates and sells financial products or services. Banking,securities, real estate, and insurance are allfinancial service industries.The job descriptions that follow are divided into two career

paths: managerial finance and financialservices. Typical entry-level positions available to recentcollege graduates are presented. Some 2advanced positions available after a number of years of workexperience and/or an advanced degree arealso described. Although many of the top positions in financeare not available to recent graduates, firms

frequently hire new graduates as assistants to thesepositions.Please note that in the following job descriptions, one asterisk(*) designates an entry-level position andtwo asterisks (**) designate an advanced position. A review ofthe job descriptions below should helpstudents understand the many exciting career opportunitiesavailable in finance. 3CAREER PATH 1:MANAGERIAL FINANCEA career in managerial finance can lead to the highest levelsof the firm. Studies of chief executive


33/50

officers (CEOs) of the nations largest businesses show thatthe finance/accounting route is still the mostcommon career path to the executive suite. The majority of

CEOs has risen to the top after an average of15 years in various financial management positions in the firm.One reason that many CEOs are chosenfrom financial management may be that the language ofbusiness is dollars, and people managing dollarsgenerally have the attention of a firms top management.Exposure to these top policy makers can speed

an effective financial managers climb in the organization.Todays chief financial officers often rankthird in the corporate hierarchy. Their responsibilities haveexpanded beyond their traditional finance andaccounting functions to include strategic planning, mergers,takeover defense, financing internationaltrade and facilities expansion, and corporate restructuring.

As a result of rapid changes in andglobalization of the business environment, careers inmanagerial finance are more intellectuallychallenging than ever before. Many of the positions describedbelow are part of a firms treasuryfunction.

Capital Budgeting Analyst/Manager**The capital budgeting analyst/manager is responsible for theevaluation and selection of proposed projects


34/50

and for the allocation of funds for these projects. In theevaluation process, the analyst compiles relevantdata and makes cash flow projections about proposed

projects. The analyst evaluates the projectsacceptability based on the firms asset structure. Uponselection of acceptable projects, theanalyst/manager oversees the financial aspects of theimplementation of the projects. This job sometimesincludes analyzing and arranging the necessary financing.Cash Manager**

The cash manager is responsible for maintaining andcontrolling the daily cash balances of the firm. In alarge company this may involve managing foreign currency riskand coordinating national or internationalbanking relationships, compensating balances, lockboxarrangements, and cash transfers. Anunderstanding of the business and cash cycles of the firm is

essential in projecting the firms daily cashsurplus or deficit. The cash manager is responsible forinvesting surplus funds in short-term marketablesecurities or, in the case of a deficit, arranging necessaryshort-term financing through trade credit, banknotes, accounts receivable or inventory, commercial paper, orother sources.Credit Manager*The credit manager administers the firms credit policy byanalyzing or managing two basic activities: theevaluation of credit applications and the collection of accountsreceivable. Routine duties involve


35/50

analyzing the financial condition of applicants, checking credithistories, and determining the appropriateamount of credit and credit terms to offer. The manager also

supervises the collection of current and pastdue accounts receivable. This job requires knowledge of thecustomer and ability to analyze accountingstatements.Financial Analyst*A financial analyst may be responsible for a variety offinancial tasks. Primarily, the analyst is involved

in preparing and analyzing the firms financial plans andbudgets. This function requires a close workingrelationship with the accounting department. Other dutiesmay include financial forecasting, assisting in 4preparation of pro forma statements, and analyzing otheraspects of the firm such as its liquidity, shortterm borrowing,fixed assets, and capital structure. The degree of

specialization of the analysts duties isgenerally dependent upon the size of the firm. Larger firmstend to have specialized analysts, whereassmaller firms assign the analyst a number of areas ofresponsibility.Treasurer**Duties involve supervision of the Treasury department whichis involved in financial planning, raisingfunds, cash management and acquiring and disposing of assets.This is an upper management job whichrequires both analytical skill and the ability to manage andmotivate people.


36/50

Pension Fund Manager**The pension fund manager is responsible for coordinating theassets and liabilities of the pension fund. A

few very large companies have in-house staff to invest theirpension fund assets. Most, however, utilizeoutside money managers. The pension fund manager developsoverall investment strategies to meet theactuarial needs of the fund, analyzes economic conditions andfinancial market trends, allocates fundsamong the asset types (bonds, equities, real estate), and

selects and monitors the performance ofinvestment managers.Benefits Officer*Duties involve managing pension fund assets, setting upemployee 401(k) plans, determining health carebenefits policies and working with human resources to set upcost-effective employee benefits. This job

requires a combination of finance knowledge, knowledge ofhuman resources management andunderstanding of organizational behavior.Project Finance Manager**The project finance manager position generally exists only atthe largest firms. Responsibilities includearranging financing for capital expenditures that meet thefirms capital-structure objectives. Themanager of project finance coordinates the activities ofconsultants, investment bankers, and legalcounsel. An essential skill of this manager is the ability toevaluate and forecast financial market


37/50

conditions and to assess their impact on future projectfinancing.Property Manager [Corporate]**

A property manager is responsible for maximum utilization ofthe real estate owned or leased by acompany. He or she will determine whether surplus or underutilized property should be developed,expanded, upgraded, or sold. Requirements for new office,manufacturing, or warehouse space will bearranged by the property manager, who will lease, develop, or

acquire the additional space. The propertymanagers position has become increasingly important in recent

years and is now found at most companieswith sales over $100 million. 5CAREER PATH 2:FINANCIAL SERVICESThe financial services industry is the fastest-growing area in

finance. It offers career opportunities inbanking, securities, real estate, and insurance. Most of the

jobs in the financial services industry can beobtained by qualified candidates upon graduation from college.To be successful in financial services, thegraduate must understand the key aspects of financialproducts and services and also be able to sell themto a wide range of customers. The majority of entry-levelpositions in this career path are sales-oriented.

BANKING


38/50

The outlook for future employment in the banking industryseems favorable over the next decade. Banksare hiring graduates with degrees in finance or accounting

with a marketing emphasis as well as financegraduates with a technical background in managementinformation systems and computers. Many bankshave management-training programs that provide the entry-level trainee with experience in commerciallending, operations, and retail banking. Bank-trainee positionsrank among the top entry-level jobs in

terms of ultimate salary potential and the number of openingsexpected in the coming decade.Loan Officer**A loan officer evaluates the credit of personal and businessloan applicants. Loan officers may specializein commercial, consumer, or real estate loans. The commercialloan officer develops and monitors the

credit relationship between the business customer and thebank. Responsibilities include evaluation of thecredit worthiness of the business, negotiating credit terms,monitoring the firms financial condition, crossselling the banksother corporate services, and acting as a financial adviser toindividuals and small firms.Credit Analyst*This is a common entry level job which requires the creditanalyst to evaluate business and consumer loanapplications made to the bank. The analysts duties includeprojecting a companys future cash flows,


39/50

evaluating its current financial soundness, visiting andinteracting with financial people at businesses anddealing with lenders. He or she will learn a lot about business

in this job. Success in this job will dependon ones orientation towards detail, knowledge of accountingand the ability to communicate.Trust Officer**Trust officers manage portfolios of investments forindividuals, foundations, institutions, and corporatepension and profit-sharing plans. The trust officer and his or

her staff research, analyze, and monitor bothcurrently held and potential investment vehicles for retentionor inclusion in the portfolios they manage.Branch Manager**The branch manager would be responsible for overseeing allactivities at the banks branch office,including opening new accounts, loan origination, solving

customer problems, foreign exchange and safedeposit boxes. The branch manager supervises the programsoffered by the bank to its customers installment loans, mortgages, checking, savings, retirementaccounts, and other financial products. Mostimportantly, the branch manager is responsible forestablishing relations with customers. This job can bevery satisfying, is never boring and requires one to be hands-on. This is one of the fastest growing areasin the banking industry. Many bank managers start as tellersor customer service representatives. Key


40/50

things to have for this position are customer service skills,empathy, quantitative ability, strong work 6ethic, organization and a solid understanding of banking. One

can move up to be a market manager andoversee branches in a market.SECURITIESThe securities industry has experienced many changes inrecent years due to mergers among brokerageand investment banking firms. Although the growth ofemployment opportunities is not expected to be as

large as in the mid-to-late 1980s, there are still manypositions available for finance graduates.Financial Planner*The financial planning industry has grown rapidly in recent

years as more people seek professional adviceon managing their personal finances. The planner advisers theclient on budgeting, securities, insurance,

real estate, taxes, retirement, and estate planning and thendevises a comprehensive financial plan to meetthe clients objectives. There are two major certificationprograms for financial planners, each requiringapproximately two years of study and several examinations:the Certified Financial Planner (CFP)credential of the International Board of Certified FinancialPlanners, and the Consultant (ChFC)credential of The American College.Investment Banker**An investment banker acts as a middleman between issuersand buyers of newly issued stocks and bonds.


41/50

Generally, the investment banker purchases the security issueand then markets it to the public(underwriting). Advising clients about the various financing

strategies available to the firm anddeveloping new financing vehicles are important aspects of aninvestment bankers role. Considerableexperience and expertise are necessary to land a job in a WallStreet investment banking firm, but manyconsider the reward worth the effort.

Securities Analyst**Securities analysts are the financial experts on Wall Streetwho study stocks and bonds, usually in specificindustries. They are specialists with respect to a particularfirm or industry and understand the economicimpact of changes in the competitive, financial, and foreignmarkets on that firm or industry. They are

employed by and act as advisers to securities firms and theircustomers, fund managers, and insurancecompanies.Stockbroker*Stockbrokers or account executives act as agents for peoplewho wish to buy and sell securities. Theyprovide advice to customers on financial matters, supplyingthe latest stock and bond quotations and latestanalyst reports, and responding to customer inquiries. Inaddition to knowledge of financial analysis andinvestments, good sales and interpersonal skills are criticalfor success in this field. Stockbrokers are


42/50

usually hired by brokerage firms, investment banks, mutualfunds, and insurance companies. Jobopportunities for brokers are also emerging in traditional

financial institutions such as banks and savingsand loans. Most brokerage firms offer a training program atthe entry level that prepares the stockbrokerfor the required standardized licensing examinations. 7REAL ESTATEThe real estate field offers a variety of positions to thefinance and real estate graduate. During the past

decade, commercial real estate projects have increased insize, and real estate has become a desirableinvestment alternative. Institutional investors such asinsurance companies and pension funds havebecome major factors in the industry. Many major real estatedevelopers, operators, and financialinstitutions with real estate lending departments offer

training programs. The outlook for positions in thisfield is good. However, the real estate market is very cyclical,and opportunities will vary depending onregions of the country.Mortgage Banker*Mortgage bankers arrange financing for real estate projects,bringing together the propertyowner/developer and financing sources. Lenders includeinsurance companies, pension funds, banks,savings and loans, and major credit companies. The mortgagebanker works closely with the borrower to


43/50

structure the terms of the financing and acts as theborrowers agent to negotiate the financing. Themortgage banker maintains relationships with a large group of

financial institutions so that he or she canmatch each project with an appropriate lender. Mortgagebanking companies are generally eitherprivately owned or subsidiaries of bank holding companies.Real Estate Lender*Real estate lenders generally fall into two categories:construction lenders and permanent lenders. Real

estate lending officers focus on lending funds forconstruction work. Many banks also provideintermediate-term financing and bridge loans (to cover theperiod between the end of construction andpermanent mortgage financing). Permanent lenders providelong-term mortgage financing, which repaysthe construction lender, for major real estate projects when

construction is complete and certain leasinggoals have been reached. All major insurance companies havereal estate lending departments.Real Estate Agent*/Broker* (Residential and Commercial)Most properties are sold or leased with the aid of real estateagents who are employed by brokers. InCalifornia, real estate agents and brokers must be licensed bythe Department of Real Estate. Some of theduties of agents and brokers include finding potential buyersand lessees for listed property, showingproperty, and negotiating sale or lease terms agreeable toboth parties. Agents generally specialize in


44/50

either residential or commercial properties. Commercialbrokers work with corporations looking to buyor lease facilities as well as anyone wishing to buy investment

properties. Commercial agents analyzeproperty values, income-producing capabilities, and othermarket conditions to structure acceptable leaseor purchase terms. Because many areas of the country have asurplus of office space, demand is strongfor successful marketing/leasing agents with a track recordof filling vacant space. The demand for

commercial and residential real estate brokers is expected toincrease in economically developing regionsof the country.Real Estate Appraiser*Appraisers estimate the market value for all types ofproperties, ranging from small residential parcels tolarge commercial properties. They may also prepare cost

analyses and feasibility studies for proposedprojects. While appraisers may work for banks, specializedappraisal firms, insurance companies, andreal estate developers, many are independent practitioners.Specialized education is required to becomean appraiser. The major credential is the MAI (MemberAppraisal Institute) designation, given by the 8American Institute of Real Estate. The demand for skilledappraisers, particularly with the MAIdesignation, is increasing significantly as companies pensionfunds and financial institutions with largereal estate holdings require current appraisals of asset values.


45/50

Property Real Estate Asset Manager*Property managers and real estate asset managers areemployed by major owners of commercial real

estate properties. A property managers objective is toachieve maximum returns on real estate byhandling the day-to-day operations of the firms real estateassets, including negotiating leases withtenants, planning and implementing capital improvementprograms, and controlling operating expenses.The real estate asset manager is responsible for one or more

portfolios of real estate, overseeing theproperty managers, and determining the optimum time to sellor refinance.INSURANCEInsurance companies have begun offering more sophisticatedfinancial products, and many consider theiragents to be financial planners, providing advice on a broad

range of products. Most major insurancecompanies have comprehensive training programs and requirecontinuing education to keep abreast ofnew products.Insurance Agent*/Broker*Insurance agents and brokers develop programs to fitcustomers needs, interview insurance prospects,help with claims and settlements, and collect premiums. Anagent is usually employed by a singleinsurance company, whereas a broker is independent andrepresents no particular company but can sellpolicies from many insurance companies.


46/50


47/50


48/50

Difference Between Full-time and Part-time

Student

A candidate has the choiceofstudying fulltimeand part

time. A part-timestudent isone who may have a job or

engaged inother activities and who is not able to visit the

regular colleges. A full-timestudent can be also called a

regularstudent.

Oneof the main differences between the two is related to

the credit hours. A full-time

student will be c

ompletingthe total credit hours that a university or a college has

required The full-timestudents attend a full courseof

study. Generally, the total credit hours for a full-time

student to complete asemester are 12 to 14 hours. If

the credit hours are less than these credit hours, then

thestudent is pursuing a part-time course.

Another important difference is in the financial aid. Afull-timestudent usually getsmore financial aid than a

part-timestudent. Moreover, if a full-timestudent

converts to part time, they might be asked to repay

thefunds that they got at the beginningof their courses.

Both the full-timestudents and the part-timestudents

are eligible fortax concessions. In the caseof a full-time

student, he getsmore tax benefits than a part-timestudent. In case a full-timestudent converts to part-time

coursework, there is a possibility that heorshemay not

get complete tax benefits.


49/50

A full-timestudentalso getsother benefitssuchas

dormitory facilities. Buta part-timestudent isnoteligible

forsuch dormitory facilities. When talkingaboutotherbenefits,afull-timestudent has the benefitof

many insurance policieslike health insurance. A full-time

student has the benefitoflow premiums whencompared to

the high premiums that have to be paid by the part-time

student.

Summary:

1.The totalcredit hoursforafull-timestudent tocompleteasemesterare 12 to 14 hours. If thecredit

hoursareless than thesecredit hours, then thestudent is

pursuinga part-timecourse.

2.A full-timestudent usually gets morefinancialaid than

a part-timestudent. Ifafull-timestudentconverts to

part time, they might beasked torepay thefunds that

they gotat the beginningof theircourses.3.In thecaseofafull-timestudent, hegets more tax

benefits thana part-timestudent.

4.A full-timestudentalsogetsother benefitssuchas

dormitory facilities. Buta part-timestudent isnoteligible

forsuch dormitory facilities


50/50

Differencebetweena Full Timeanda Part

TimeMBA studentA FullTimestudenttakesaminimumof3 classeswhileaPartTimestudenttakesnomorethan2 classespersemester.UponacceptanceintotheMBA programastudentmustdeclaretheirintentiontobeaFullTimeorPartTimestudent.Eachstudentwillbecodedassuch,howeverastudentcan

switchfromoneprogramtotheotherby notifyingtheUniversitygraduateofficeandtheMBA officeaswell.InternationalstudentsareacceptedintotheMBA programFullTimeonlyandmustmaintainFullTimeStudentstatusforstudentvisapurposes.

Date post:	07-Apr-2018
Category:	Documents
Upload:	amar-itagi
View:	227 times
Download:	0 times

Accounts Project New

Documents