There is great demand for accountants in every industry, and no less so in the financial services sector. They are the people who have their finger on the financial pulse of organisations, ensuring that they manage their money as efficiently as possible, using their specialised financial acumen to help them invest and grow.
Thanks to the demand for their skills, qualified accountants are usually appointed to middle and senior management posts.
IN THIS ARTICLE:
- What is the financial services industry?
- Career opportunities in the financial sector
- How to become an accountant
- The accounting science degree designed for you
- Study modes that accommodate work
What is the financial services industry?
The financial services industry focuses on the management of money. It includes:
- Commercial banks, which handle banking;
- Investment banks, which focus on wealth management;
- Insurance companies;
- Brokerages, which handle transactions;
- Planning firms, which advise on and manage wealth; and
- Chartered professional accounting firms, which also which advise on and manage investments, taxes, and other financial matters for organisations and individuals.
(Michael Page, nd)
Career opportunities in the financial sector
The financial services industry offers many career paths for accounting graduates, some more lucrative than others. Among the top choices are:
- Accountants, who prepare and maintain the financial records of their institutions, and report on their financial performance;
- Financial advisors, who review the financial performance of their institutions’ client holdings and advise clients on adjustments where necessary; and
- Financial analysts, who assess the financial performance of companies and industries. They can work as portfolio managers, where they are responsible for investing on behalf of clients.
How to become an accountant
A Bachelor of Accounting Science degree (BCompt) is one of the most popular undergraduate degrees for accountants, providing the core accounting competencies required by internationally recognised accounting bodies, as well as the knowledge of business management required to become a professional.
You will be able to work as an accountant once you graduate. Various professional designations are open to accounting science graduates through the Southern African Institute for Business Accountants membership.
To become a chartered accountant, once you complete your BCompt, you can pursue a Postgraduate Diploma in Accounting to prepare for South African Institute of Chartered Accountants exams.
The accounting science degree designed for you
Regenesys’ Bachelor of Accounting Science degree opens up career opportunities in financial services, laying a sound foundation for any of the jobs mentioned in this article. Like every Regenesys degree, it is designed around the quintuple bottom line, inculcating a holistic outlook that takes into account purpose, people, planet, profit, and the ability to pivot, adjusting operations rapidly in response to environmental change. All of these factors are at the heart of responsible accounting.
Alongside the core subjects of financial, cost and management accounting, tax, auditing, and risk management, you will study subjects that give context to the environment in which organisations operate, as well as those that will help you build vital workplace skills:
- Mathematics and statistical analysis
- Computer skills
- Business communication
- Business management
- Economics
- Corporate governance
- Commercial and company law
On completing the Bachelor of Accounting Science you will have a robust understanding of the International Financial Reporting Standards (IFRS) – accounting rules for the financial statements of public companies, intended to make their financial reporting consistent, transparent, and easily comparable around the world – as well as the International Auditing Standards (IAS), which are critical for all accountants.
Study modes that accommodate work
You can study your BCompt through contact classes, or online, over three to five years. This will allow you to work part time, despite the demanding nature of your studies.
Need more information about this qualification? You’ll find it here.
Reference
- Michael Page. (nd). 11 Types of Financial Services and Institutions.
Facilitator | Regenesys Business School
- Can accountants work in the financial services industry? - February 27, 2023
