A question that often confuses BBA students in their undergrad life is the choice of their major. Though it seems a mere decision to some but some are scared to death to take this decision.
There are plenty of options for students but the dilemma always comes between Accounting or Finance in our country.
So are you confused? Or are you sceptical? But more than that, how do you decide which major is best suited for you? .How can the students take the decision rationally? What should be taken into consideration:interest or peer pressure? Let us help in choosing one.
Accounting
Accounting Is often regarded as the backbone of any business. It involves the systematic recording, reporting, and analysis of financial transactions. In Bangladesh, the demand for skilled accountants is high. This demand stems from several factors:
1. Regulatory compliance: As businesses grow, so does the complexity of regulatory requirements. Accountants ensure that companies comply with national and international standards, such as the International Financial Reporting Standards (IFRS).
2. Transparency and accountability: With increasing scrutiny from stakeholders, companies need transparent financial reporting. Accountants play a key role in maintaining trust through accurate and reliable financial information.
3. Audit services: The growth of businesses has led to a rise in the need for audit services. Both internal and external audits are crucial for ensuring the integrity of financial information.
4. Public sector and Non-Governmental Organisations (NGOs): The public sector and NGOs in Bangladesh also require skilled accountants to manage funds and ensure efficient use of resources.
Hold on. The finance sector in Bangladesh is not lagging behind either.
Reason behind this expansion are :
1. Investment growth : With the rise in economic activities, there is an increased need for investment analysis and portfolio management. Finance professionals help in making informed investment decisions, crucial for individual and corporate growth.
2. Banking and financial services : The banking sector in Bangladesh is one of the fastest-growing sectors. Finance professionals are essential in managing banking operations, risk assessment, and developing financial products.
3. Corporate finance: Businesses need finance experts for strategic planning, mergers and acquisitions, capital budgeting, and financial risk management.
4. Stock market: The Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) are growing, and there is a rising need for financial analysts, brokers, and portfolio managers.
The professional career that awaits students by choosing any of the majors is vast.
Accounting careers:
Accountants can pursue careers in various sectors, including public accounting firms, corporate accounting departments, government agencies, and nonprofits. Common roles include auditor, tax advisor, financial accountant, and management accountant.
Finance careers:
Finance professionals have opportunities in investment banking, asset management, financial consulting, corporate finance, and financial planning. Common roles include financial analyst, investment banker, portfolio manager, risk manager, and financial consultant.
Now comes the real deal of how to choose between such tempting options. The point to notice are:
1. Interest in detail and compliance: If you have a knack for detail-oriented work, enjoy working with numbers, and are interested in regulatory compliance, accounting might be the right fit.
2. Strategic and analytical thinking: If you are drawn to strategic thinking, market analysis, and enjoy forecasting future trends, finance could be more suitable.
3. Job stability and demand: Both fields offer stability, but accounting may provide more consistent demand across various industries due to regulatory requirements.
4. Growth and earnings potential: Finance roles often come with higher earning potential, especially in investment banking and portfolio management, but they may also come with higher stress levels and competition.
5.Corporate sector: In large corporations like Grameenphone or Square Pharmaceuticals, accountants are crucial for managing financial records, while finance professionals drive strategic initiatives and investment decisions.
6.Banking sector: Banks such as BRAC Bank and Dutch-Bangla Bank heavily rely on finance professionals for risk management and product development, while accountants ensure accurate financial reporting and compliance.
7.Public sector and NGOs: Organisations like BRAC and the Bangladesh Rural Electrification Board (BREB) require accountants for fund management and financial reporting, while finance professionals work on financial planning and sustainability projects.
The battle between accounting and finance majors in Bangladesh is not about choosing one over the other. Rather aspiring students should consider their personal interests, career goals, and the evolving economic landscape of Bangladesh when making their decision. Lastly, like the heart and mind, accounting and finance must work together to drive the economic engine of Bangladesh forward.