Career Advice Detail South Asia

Accounting and Finance

Overview:

Looking for finance and accounting jobs in Bangladesh?

Accountant and finance specialists are needed in every industry in the country, from retail to service companies, to banking and tourism. Almost any industry you can think of will require either an accounts or finance department to manage to books. As the economy of Bangladesh continues to develop, so will the number of job opportunities available to accountants and finance managers. The scope of employment opportunities in Bangladesh is not limited to local companies; international companies operating in Bangladesh will also require the services of finance professionals, which can include: finance specialists, tax advisers, bookkeepers and advisors to help manage the finance side of the business. As Bangladesh has specific accounting rules, local accountants will be highly sought after working for large international companies.

source: www.everjobs.com.bd/en/jobs-bd/accounting-finance/

In the twenty first century Chartered Accountancy (CA) has emerged as a unique Profession of paramount importance and is now discussed at various economic seminars, capital markets, investments and such other forums. To cope with the increasing demand in the field of economy, innovative financial instruments are being constantly introduced and the profession world-wide, apart from accounting, taxation, financial management and other financial consultancy is in the forefront in launching these financial products.

In today's free globalized world, Chartered Accountants are in public practice, in all sizes of accounting firm from sole practitioners to affiliates of large international firms. They are also employed in industries, finance and commerce playing a wide variety of financial, management and senior policy making roles both at home and abroad. The members of the Institute of Chartered Accountants of Bangladesh are known as the Chartered Accountants of Bangladesh.

Accountant Jobs – What are they?

Chartered accountants primarily work to create financial reporting procedures. Their role involves analysis and understanding of various financial inputs and the tracking of these.Positions are often split into two different areas: financial and management accounting.

One of the better known functions of a financial accountant is the tracking of inputs and outputs, otherwise known as accounts receivable and accounts payable. This information is tracked and presented in what is known as an income statement, or historically, as a profit / loss sheet. Keeping track of the budget is incredibly important to businesses. The livelihood of any business is based on their ability to cover their operating costs. This means, they must bring in enough revenue to at least cover their costs. The point at which revenue equals costs is known as the ‘break-even’ point. When revenue is greater than costs, a profit is made. When calculating this sheet, accountants also need to consider other costs the organisation might incur, including tax.

Another important accounting statement is the ‘balance sheet’, known now as the ‘statement of financial position’. This examines three factors: assets, liabilities and equity. Assets are what the organisation owns, with examples including workforce, machinery and inventory. Liabilities are what it owes (payables) and, in the longer term, debts. The third factor, equity, is what is invested in the business. The name comes from the fact that assets must be equal to liabilities plus equity.

Management accounting is more concerned with the future. It looks at how organisations are managing their costs and accounts for any asset depreciation. This means management accounting involves forecasting, planning, and taking a more strategic function in the accounting process. In the modern economy where companies operating in sectors such as IT are facing high costs, management accounting is especially useful in examining these costs and looking for ways in which they can be strategically reduced whilst maintaining product or service quality.

Auditing is also an essential component of accounting. This is the process of assessing accounts of a company to provide third-party validation of their accuracy and contents. This process may be considered within the job role but can also be found more specifically under the Internal Auditor position.

As so many sectors and organisations financial administration, accountant vacancies exist in a wide variety of areas. This includes charities, NGOs, small and medium businesses, multinational corporations, and many more. Jobs also exist working as a government accountant. Accountants play a very important role in organisations and therefore offer excellent career development opportunities. It is normal to start out in a graduate accounting position whilst undertaking formal training for the role. After fulfilling this training and receiving ‘chartered’ status, you can move up the career ladder by gaining experience and illustrating your competence in the role. The Chief Financial Officer (CFO) – one of the top positions in a company – has a finance or accounting background, showing ample room for career development. Some accountants also move over to　Banking　where the pay is particularly high. Hours are usually routine but may require extra shifts during particular times of the year when key data needs to be published. Salaries are normally good and provide solid remuneration for the work. Roles exist within accounting divisions of companies, in addition to organisations that specialise in the function. You can also work on a freelance basis on an ad-hoc client basis.

Demand for accountant jobs exist not only in Bangladesh, but worldwide. The skillset is internationally applicable meaning that taking this career path may help you to land an overseas job.

What responsibilities does the job have?

The tasks involved vary given the divergent roles in both areas of finance and management, discussed above. Despite this, there are a number of general tasks and responsibilities common to the role:
•Manage the organisational payroll
•Conduct financial audits
•Provide financial advice
•Document transactions
•Track financial inputs and outputs
•Prepare financial reports
•Prepare financial statements
•Validate business plans
•Comply with legal accounting regulations
•Assess accounts for merger and acquisition work

What jobs will you find in finance and accounting?

There is a wide variety of jobs available for people who work in either finance or accounting. Some of them are related in their qualification requirements or job descriptions. Whilst others require a unique set of skills and education. Some of the most common fields you’ll find in this industry are listed out below.

Financial services involve many different job descriptions.
•Financial analysts gather data about markets, companies and industries. They then compile this data, decipher it and offer relevant insights about current market trends.
•Risk managers identify and analyse a potential area of risk threatening a company’s earning capacity, assets or overall success.
•Money advisers help individual people manage their income and reduce their debts.
•Investment management is primarily concerned with the professional management of a company’s assets, securities, etc. in order to meet specified targets or investment goals for both the company and any other investor.
•Asset managers will take care of the company’s property, whilea credit manager will help collect the customer’s payments. In this category you’ll also find　pension managers　and　administrators all of whom have very different job roles and provide very different skills.
•Tax advisers help a company make the best choices regarding the taxes they pay, and payroll managers　take care of the salary distribution within a company. Finally, accountants　manage the accounting data of a company. A position as senior accountant or chief accountant usually guarantees a high remuneration.　

Source: www.everjobs.com.bd/en/jobs-bd/accounting-finance/

Advice:

Which qualifications and skills do you need for finance or accounting job?

In order to succeed as an accountant or finance manager you’ll need to pay attention to detail, be a focused individual and have excellent analytical thinking skills. It will also be very advantageous to have a passion for numbers and be skilled with all things mathematics. If you’re the kind of person who fits this description, you might find a career in accounting or finance rewarding. However, you need to keep in mind that in order to be considered for almost any position in a finance or accounting role, you need to have completed the proper education qualifications and licensing credentials. Many of the institutions hiring in Bangladesh will only consider job applicants who have a degree in finance, business or accounting, or even a combination of any of these. Many companies in this industry will offer new graduates opportunities to complete an internship or work in their cadet program. Completing one of these programs will either lead to a full time job within the organisation or will give you an excellent　stepping stone to another.

Source: www.everjobs.com.bd/en/jobs-bd/accounting-finance/

What do I need to fill an accountant vacancy?

The role normally requires a bachelor’s level degree, in addition to supplementary training to achieve chartered status. Whilst this additional study can be conducted independently, it is common to seek sponsorship from a company where you will work and study simultaneously – so you can pass the qualification and gain valuable experience in the role. This study is based on learning various accounting principles and regulations of the field and gaining a general understanding of how the role fits into the business landscape. Working and studying at the same time can be tough – expect late nights and early starts to manage both and usually lasts a couple of years until you are qualified.

The role is heavily number-orientated so mathematical proficiency is a must. It is important that you are comfortable dealing with numeric information so that you can gain the necessary conclusions from it. You must also be comfortable writing reports, as much of the information calculated in accounting must be summarised in these. This information must also be communicated in a way that can be assessed by a number of stakeholders including management and prospective investors. The role requires excellent attention to detail as even the smallest mistake in accounting can lead to large problems and potentially violate regulations.

Source: https://www.everjobs.com.bd/en/jobs-bd/role-accountant/

Some accountancy firms in Bangladesh:

•Zoha Zaman Kabir Rashid & Co. Chartered Accountants www.zzkrca.com
•ACNABIN Chartered Accountants www.acnabin.com
•A. B. Saha & Co. Chartered Accountants: absahaco@gmail.com, absaha415@gmail.com
•A.B.S. Chowdhury & Co. chowdhuryabs@gmail.com, chowdhuryabs@yahoo.com
•A Hoque & Co. Chartered Accountants: a.hoquecompany@gmail.com
•Source: http://www.icab.org.bd/
•List of some Finance company in Bangladesh:
•Prime Finance & Investment Limited http://www.primefinancebd.com/
•Uttara Finance and Investments Limited http://www.uttarafinance.biz/
•Industrial Promotion and Development Company of Bangladesh Limited (IPDC) http://www.ipdcbd.com/

Institutes:

Institute of Chartered Accountants of Bangladesh (ICAB) (www.icab.org.bd/) is a professional organization in Bangladesh supporting over 1,200 chartered accountants & 20,000 students. The Institute provides insight and leadership to the accountancy and finance profession in Bangladesh as well as globally.

Source: www.icab.org.bd/index.php?option=com_content

Institute of Cost and Management Accountants of Bangladesh (ICMAB) is the national body of the professional Cost and Management Accountants of Bangladesh. Established with the prime objective of promoting and regulating the Cost and Management Accounting profession in the country, the Institute offers education and training to the students interested to pursue career in this field and provides highly recognized CMA degree on fulfillment of requisite qualification. The Institute undertakes research in relevant fields and is the sole authority to issue practicing license to its members. (www.icmab.org.bd/index.php/the-institute)