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What Is Meaning Of Accounting

If you think accounting, you usually think of smartly dressed business men who are employed by equally smartly dressed men 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 and system of setting up, maintaining, and auditing the books of a firm; 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 or even individuals keep up to date with their finances so that they are aware of their money and how it is being spent or saved. Accounting is not just for the professional businessmen of the financial world, it can also mean when an individual is keeping track of his or her finances through recording their incomings and outgoings. This could be in a book especially designed to record figures, on a spreadsheet on the computer or simply in a notebook. When it comes to companys finances, accounting becomes quite a structured, strict business. From time to time companies have auditors visiting to check if their accounts are up to date, accurate and reliable. This makes sure the company are not trying to commit tax evasion or fraud.

The word accounting dates back to the 14th century when the word meant reckoning of number which is basically a simplified definition of the modern day meaning. "The art of recording , classifying and summarizing , in a significant manner and in terms of money , transaction and events which are, in part at least, of financial character, and interpreting the result thereof." The three important aspects of accounts have been highlighted 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 the benefit giver. Real accounts --> Debit what comes in, credit what goes out Nominal Accounts --> Debit all expenses and losses, credit all incomes and gains.

Careers in Financial Markets

Financial Markets are also emerging as the largest employment generator, harnessing the country's distinct advantage in the growth of the service industry. In this context, trained and qualified professionals with an appreciation of interlinkages amongst the asset classes and insight into the global financial markets are in demand. The genesis of the programme is to develop a talent pool for meeting the growing demand for professionals with interdisciplinary understanding of financial and commodity markets. The programme is designed in extensive consultation with market professionals and practitioners to provide a wide rage of perspective on financial and commodity markets practices and policies. The programme shall offers a couple of career options to the enrolled students with the segments and constituencies like Banks Financial Institutions Investment Banks Mutual Funds Insurance Exchanges

Warehouse, Supply Chain and Logistics Data and Information Vendors Corporates Agro-based Industry Brokerage and Intermediation Consulting FMCG and Retail Newspapers and Publication Regulators and Policy Makers Profiles Analyst Risk manager Fund manager Wealth manager Relationship manger Corporate finance Procurement personnel Dealer Operation Compliance manager Commodity experts Testing and quality control Creative and client relations Journalists / PR Consultants Self employment Pages from india

Career Option in Institute of Cost and Works Accountants of India

A.Field description: The Institute of Cost and Works Accountants of India was established by an Act of Parliament in the year 1959, though the same was in existence as a company since 1944. The head office is situated at 12, Sudder Street, Kolkata 700 016. It is the professional body in India which specializes in the field of Cost and management Accountancy. It imparts coaching and trains the candidates in the subject of Cost & Management Accountancy. The Institute has established four Regional councils in the Metropolitan cities. Every year, it churns out thousands of Cost and Accounts professionals in the country, who manage the cost and audit of the country's vast industrial sectors. B.Education Guide Education Details & Eligibility: The eligibility procedure is simple for the course. The candidates are eligible for the course after qualifying the Foundation Course examination of the Institute. For Foundation course the candidate with 10+2 are eligible. After clearing foundation candidates can join the Institute's Intermediate course. Those who are waiting for 10+2 examination results can also appear for the Foundation Course examination. Similarly students awaiting result of Graduation examination can even opt for provisional registration. Direct

Registration without appearing for the Foundation course is open to Graduates of any discipline. C)Course Duration: The course is divided into Intermediate and Final with eight papers each. Both have two Stages with 4 papers each. According to the revised syllabus, along with the 8 papers in the Intermediate, two group discussions, two seminars and also Computer Hours (50) has been included. After one clears all the eight papers in the Intermediate, one can go in for the final. In the final along with the 8 papers; Dissertation (5000 words), Computer (100 hours), Modular training (15 days), Audit / Industrial training (6 months) is included. 10+2 candidates have to complete the Foundation Course of the institute to join the Intermediate course.


INTRODUCTION Quality assurance management can be defined as the management of all quality related project activities. The term 'quality assurance' is often used as equivalent to quality control, 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 a quality assurance manager or a project manager is to make sure that the quality plan is implemented according to the plan as well as to check whether all the objectives of the project have been achieved or not. Although project manager plays an important role in all quality assurance activities, the main responsibility lies on all the team members of the project for producing a quality product for the consumers. The chief principles of quality assurance management Quality assurance management can be defined as the management of all quality related project activities. The term 'quality assurance' is often used as equivalent to quality control, 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 a quality assurance manager or a project manager is to make sure that the quality plan is implemented according to the plan as well as to check whether all the objectives of the project have been achieved or not. Although project manager plays an important role in all

quality assurance activities, the main responsibility lies on all the team members of the project for producing a quality product for the consumers. The chief principles of quality assurance are fulfillment of adequate technical needs, quality of suppliers, check the product for its quality, performance, safety, and reliability standards, proper usage of materials, surety of product's technicality, reliability, maintainability and performance requirements. The need of talented quality assurance managers is on a rise, which also brings many job opportunities for the students. To serve the purpose, a number of management institutes in India have included courses in quality assurance management. COURSE Generally, courses in the field of quality assurance management are conducted at the undergraduate, diploma, postgraduate degree and diploma level. The purpose of the courses is to make the students familiar with all the important aspects of quality assurance management. To be eligible for the UG courses, the students must have passed in 10+2 examination in any stream, from a recognized Board. For PG courses, graduation in relevant stream should be completed by the candidates from any recognized University. CAREER The scope of quality assurance management has widened in various companies. Many organizations are looking for talented project managers, who can develop and operate quality control systems, analysis and inspection processes. One should be able

to correct all the faults in the quality of a product. After study, the job seekers may work as quality assurance managers, quality analysts, quality control inspectors, quality assurance officers, quality control supervisor, quality assurance technician, quality surveyors e INSTITUTES A number of management institutes conduct courses in quality assurance management. Some of the prominent institutes are Indian Institute of Quality Assurance (Tiruchirapalli), Indian Institute of Quality Management (Jaipur), National Institute of Labour Education And Management (Chennai), Asian Institute of Quality Management (Maharashtra) etc.

REMUNERATION At the fresher level, one can earn around Rs 10000 - 15000 per month. After three or four year experience, the person may get between Rs 20000 and 25000 per month. The salary of well experienced quality assurance manager can be more than Rs 50000 per month

Financial The rundown:

Financial advisers provide a broad range of budgeting, tax, investment, and estate advice. There are many career pathways, including working for large financial services firms, boutique advisory practices, and as solo practitioners. Your earnings will generally reflect the sophistication of the services you provide, your clients, and your level of experience. Many advisers develop specialized skills over time and tailor their practices accordingly, particularly in the insurance, tax, and estate fields. If that appeals to you, you may work closely with lawyers and accountants who have similar specializations. Also note that lawyers and, especially, accountants often obtain professional certification as financial advisersThe outlook: This is expected to be one of the faster-growing occupations over the next decade, with a projected growth rate of more than 30 percent between 2008 and 2018, according to the Labor Department. In 2008, financial advisers held about 208,400 jobs, and about one-third of those were selfemployed. The impending retirements of 78 million baby boomers is expected to create strong demand for advisory services. However, two other trends could complicate the forecast. The sustained decline in securities prices during 2007 and 2008 was not foreseen by most advisers, and the value of their counsel has been questioned by many investors. At the same time, many Internet sites have developed

increasingly powerful advisory tools that may meet consumers' needs. . Money: Median annual wages were $68,200 in 2009, with the lowestpaid 10 percent earning less than $33,790 and the highestpaid 10 percent earning more than $166,400. Many advisers also earned substantial bonuses, which are not included in this wage data. Upward mobility: Several career tracks could lead to more responsibility and higher pay. Within larger organizations, experience and seniority can lead to promotions. Developing specialized skills also can raise income substantially. Setting up one's own practice is an attractive career path for many advisers roughly 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 it takes to realize that potential. When advisers set up their own practices, they become owners of a small business and assume many related responsibilities, including the often extensive efforts to attract new clients. On the other hand, advisers who work within larger organizations can avoid 80hour weeks but will usually forgo the higher incomes that tend to correspond with such heavy workloads. Stress level: Up there. Financial advisers deal with people's money, investments, and livelihoods. Few things can be of greater import to customers. You will often sit down with clients and

deliver news they don't want to hearwhether you're talking about underperforming investments, the need for them to rein in spending, or other adverse developments. Even in good times, your clients' expectations can easily outpace performance. 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 can be an effective marketing tool. Obtaining and maintaining the certified financial planner designation is recommended, as is membership in the Financial Planning Association or other industry groups. Advisers often obtain securities licenses and may earn substantial portions of their income through investment 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 of their lives, such as marriage, divorce, and death. "Interpersonal skills as well as analytical skills to help people come up with solutions to their problems are important," says Karen Klugh of the American Financial Services Association. : Branch Financial Advisor jobs | Tax Administrator jobs | Financial Planner jobs | Financial Analyst jobs | Mortgage Origination Loan Officer jobs | Registered Broker jobs | Senior Financal Analyst jobs | Business Analyst jobs Accountant

The rundown: This profession is the epitome of left-brain thinking. Logic and thoroughness are two of the most important skills you'll need. But there is also passion involved: To enjoy the job, you must love numbers, particularly the practical application of numbers. Most accountants work as public accountants charged with financial recordkeeping and tax services for a range of clients. Public accountants are typically employed by large 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 and auditor employment growth of 22 percent between 2008 and 2018, adding 279,400 more positions to the 1.29 million already-existing jobs. The accounting profession is often tied to the growth of the economy. More business creation means more clients. Despite the recession, the Bureau of Labor Statistics expects the number of accountants to grow faster than the national average for job growth. Demand for accountants has increased because of more complicated financial regulations, such as the Sarbanes-Oxley Act of 2002. The likely prospect of tax increases also means that people will turn to accountants. Money: In 2009, the median annual wage for accountants and auditors was $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

$37,690. The best-paid accountants reside in New York, New Jersey, and the District of Columbia. Upward mobility: There is significant room for advancement for a starting accountant. A public accountant might begin at the bottom of the totem pole at his or her firm, then after a few years rise to a managerial position, and eventually become a partner at the 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 than you would at a typical job. Stress level: Moderate to high. Many accountants work more than 40 hours a 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 a certified public accountant. That means taking a uniform exam set by the American Institute of Certified Public Accountants. Like passing the bar to practice law in a certain state, you will probably need to take the exam in the state in which you wish to work. Most states require at least 150 hours of related of coursework before you become eligible to take the exam. That's one reason why many aspiring accountants choose to get a master's degree in accounting. There are other certifications. For example, the Institute of Management Accountants offers a Certified Management Accountant designation, which requires a bachelor's degree,

two years of work in management accounting, and passing an exam. It is possible to do accounting work without these certifications. In that case, you would probably be working under a certified accountant. Real advice from real people about landing a job as an accountant: An accounting degree, along with a well-rounded education, can increase your chances of success in this field. "Along with learning the technical skills, students should take communications courses and begin developing their leadership skills to prepare them for their future careers," says Vivian Moller, president of the American Society of Women Accountants. "Also, it's never too soon to begin building your network, which may lead to a future job or client." She suggests joining a professional organization after graduation to network, and considering continuing education opportunities. Senior Accountant jobs | Staff Accountant jobs | Cost Accountant jobs | Tax Accountant jobs | Associate Accountant jobs | Senior Staff Accountant jobs | Sr. Accountant jobs | Accounting Manager jobs Actuary The rundown: If you studied the role Ben Stiller played in Along Came Polly, you might think the main requirements for a career as an actuary are to be square, safe, and boring. Not so much. Actuaries evaluate the likelihood and consequences of risk. As an actuary, you will most likely work for an insurance provider.

Your job is to use statistics and mathematics to estimate the likelihood 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 public or private employers to manage risk for pension plans and programs like Social Security. You might end up helping manage company plans or overseeing risk reductions for employers. The outlook: Employment opportunities for actuaries should climb quickly over the next decade. Actuaries held 19,700 jobs in 2008, and that figure should grow by 4,200, or more than 21 percent, over the next decade. Insurance industry needs will remain stable, and healthcare and consulting firms will increasingly rely on the skills actuaries possess. Money: Median pay for actuaries was about $87,210 in 2009, according to the Labor Department. The lowest-paid 10 percent made less than $51,950, while the highest-paid 10 percent made more than $158,240. New graduates with bachelor's degree in actuarial science can expect starting salaries around $56,000. Upward mobility: Actuaries aren't condemned to boring desk jobs. More and more companies are hiring actuaries for management positions and even moving them into executive-level roles, such as chief financial officer. Activity level: Pretty low. But your brain will undergo some serious exercises.

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 finance or math concentration. Consider majors in mathematics, statistics, economics, or even a degree in actuarial science, which is offered by about 100 schools. Certification programs offered by the Casualty Actuarial Society and the Society of Actuaries may be covered by employers, and if you pass your exams, it often leads to a pay raise. There is some data suggesting that more employers are now looking for employees who 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 are almost as important as mathematical savvy. "Students planning an actuarial career can choose a school that offers an actuarial science major, or if that is not available, take appropriate courses in calculus, probability, statistics, accounting, economics, and finance to be prepared to learn actuarial techniques and applications. In addition, leadership and communication skills are essential for success," says Stuart Klugman, a staff fellow in education at the Society of Actuaries. Actuarial Analyst jobs | Associate Actuary jobs | Senior Actuarial Analyst jobs | Life Actuary jobs The rundown: Poring over financial earnings statements and scrutinizing companies to their core is how you'll spend much of your time

as a financial analyst. You'll most likely be employed by an investment bank, insurance company, mutual fund, pension fund, or securities firm, and your job will be to gauge the performance, health, and value of companies in which the company may want to invest. Analysts generally develop expertise in a particular slice of the economy, be it an industry, country, or asset class such as bonds. You may work on the "buy side," for heavyweights such as hedge funds or universities with hefty endowments and plenty of money to invest, or the "sell side," advising a brokerage on whether to, in turn, tell its clients to buy, hold, or sell a stock.

Introduction Chartered Accountancy as a profession is attracting a lot of young and witnessing a rapid growth, thanks to the growing corporate sector. Chartered Accountants usually occupy high and respectable posts in a given organisation. They are the ones responsible for handling accounts and finance related matters, deal with money management, prepare, analyse and audit accounts alongwith providing financial advice. Only members of the Institute of Chartered Accountants can call themselves Chartered Accountants, upon attaining the certificate from the Institute. Legally only qualified Chartered Accountants are authorized to audit and certify a company's books of accounts. They ensure that the financial transactions of an organisation are maintained as per the guidelines laid down by the law. The accounting department prepares, analyses financial reports and documents of an

organisation. Also they keep track of cost of management of the company and manage tax matters. Later these figures and statements are examined, verified and then certified by auditors. Nature of Work Chartered Accountants are generally found to be working either as employees in a firm or they indulge in their private practice. The range of work in both the cases depends on the size of practice. Some of the areas suited to the services of Chartered Accounts are as follows 1. FINANCIAL ACCOUNTING: Maintaing financial records of an organisation is of utmost importance. Financial accounting is a branch of accounting which deals maintaining the financial records. It involves operating accounts, interpreting, supervising, controlling and organising income and expenditure, doing internal audits, dealing with wages and salaries, paying accounts and sending out invoices, and coping with taxes etc. 2. AUDITING: One of the important tasks performed by Chartered Accounts is auditing. It is the methodical examination and review of the accounts. Chartered Accounts examine and verify the books of accounts and other necessary documents of their employers or clients. On satisfaction, they issue a certificate about the company's financial state. Auditing can be further classified into sub-categories. o Statutory audit o Internal audit o Compulsory tax audit o Certification and audit

3. COST ACCOUNTING: Cost accounting deals with working out the cost of a particular operation or job, taking into account relevant overheads. It is quite a complex task usually undertaken for monitoring expenditure, preventing it from over-shooting, minimizing costs, forecasting future needs and providing reports for management accounting etc. It also helps in drawing comparisions, analysing costs and explaining financial information. 4. TAX MANAGEMENT: Sometimes Chartered Accountants specialize in tax management. Their job is to legally ensure minimum incidence of tax. In doing so they have to cope with taxation laws and policies on national as well as international scale depending on the kind of company they work for. Tax management relates not only to direct taxes e.g. income tax but to indirect taxes like sales tax, excise tax, agricultural income tax etc. 5. CONSULTANCY: The changing scenario in the business world has opened promising and challenging career opportunities for the aspiring young. Consulting services is one such opportunity which has drawn a lot of attention these days. Chartered Accounts often indulge in providing these services in the fields related to finance and accounts. They can effeciently provide services in areas like corporate law advice, project planning and finance, investigations relating to share valuation for takeovers, amalgamation, business advice, secretarial work etc. Personality Accountants must have good numerical ability and analytical mind to interpret facts and figures correctly. They should

have logical and methodical approach. Concentration and attention to detail are critical. As their work often relates to discussing financial matters with number of people, sometimes with people who don't have background in finance, they should be able to express themselves clearly. This makes it imperative to have good understanding of the subject with equally good verbal and written skills. Sometimes the work can be extremely strenuous and exhausting especially during financial year closing, so stamina both physical and mental with patience to handle such situation are of added advantage. For accountants practicing privately, it is important to have necessary business skills and shrewdness to generate clientele. Professional Courses Chartered Accountancy can be pursued after 10+2 or graduation. The whole course can be divided into three stages i.e. Foundation. Intermediate and Final. The following section gives information about them. 1. FOUNDATION: The Institute of Chartered Accountants of India offers CA foundation course to students passing 10+2 in any subject. The duration of the course is one year. On registration with the institute, students are provided with the study material by the Board of Studies. Students have to complete their study and clear the test papers under the postal tuition scheme. They also have an option to attend contact classes organised by accredited institutions. Students opting for these classes are exempted from taking the test papers under the postal tuition scheme.

After 12 months of registration and satisfactory compliance with the requirement of the Board of Studies, the Foundation examination can be taken up. The examination is conducted twice every year i.e. in the months of May and November. The course has four papers in the following subjects. o Fundamentals of Accounting o Mathematics and Statistics o Economics o Mercantile Law After clearing the papers of the foundation course, candidates can register for articleship (apprenticeship) under the practicing CAs or CA firms. Articleship has to be done for a period of over 3 years. The training begins under close supervision and later on, articles can manage bigger assignments. The purpose of articleship is to impart practical training and exposure of the profession. During the articleship, after 12 months, the articles can take up intermediate examination. Articleship also includes a year of industrial training which can be done in the last year after clearing Intermediate examination. After completing articleship, seeking membership of the Institute is essential for practicing as a Chartered Accountant. After 5 years of membership fellowship of the Institute can be taken. Many students prefer to pursue Chartered Accountancy professional training and course after graduating. These students have to take entrance test in 4 subjects (Elements of Accounting, English, Mathematics and General commercial knowledge and Economics). Graduates who have secured 50% marks in subjects (Accounting, Auditing and Commercial or

Mercantile Law) are exempted from taking the entrance test. Other graduates with 55% marks are also exempted from the entrance test. Rest all is same as those who have taken the Foundation Course. 2. INTERMEDIATE EXAMINATION: Registered students who have completed 9 months of training as articled or audit clerks and have completed the oral/postal tuition scheme imparted by the Board of Studies, are eligible to take the Intermediate Examination. The Examination has the following subjects. GROUP I: Accounting, Law, and Auditing GROUP II: Cost accounting, Income-Tax & Central Sales Tax, and Oganisation&Management and Fundamentals Of Electronic Data Processing 3. FINAL EXAMINATION: Students who successfully clear both the groups of Intermediate Examination of the Institute and complete the prescribed period of practical training (3years) or have yet to serve a period not more than 9 months of such services can take the Final Examination. The Examination has the following groups. GROUP I: This group consist of the following subjects; Advance Accounting, Management Accounting, Auditing and Company Law GROUP II: This group consist of the following subjects; o Direct Tax Laws, o Corporate Management, Secretarial Practice, Managerial Economics and National Accounting o Operational Research and Statistical Analysis, System Analysis and Data Processing, Costs Systems and Cost Control

o Management Information and Control Systems, Tax Planning and Tax Management, Management and Operational Audit. Institution

Institute of Chartered Accountants of India

The Institute of Chartered Accountants of India was formed for the purpose of regulating the profession of Chartered Accountants in India. The headquaters of the Institute is at New 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. The Institute also has 9 Chapters outside the country. The functions of the Institute are enrolment of eligible members, engagement and training of articled/audit clerks, conducting examinations, granting or refusal of Certificate of Practice etc. Specialization Career Prospects The profession of Chartered Accountancy is one of the most respectable profession amongst the various others present in the commerce field, particularly finance. A career in finance promises a challenging and extremely rewarding professional life. On attaining qualification of a Chartered Accountants, ample of opportunities open up. Whether they work in a firm or they carry on with their own private practice, there is so much to do. Some of the opportunities available for Chartered Accountants are in capital markets, business houses and industry, consultancy firms etc. They are also engaged in

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 and approach, opportunities are expected to grow further. Introduction India is witnessing a phenomenal growth and expansion in the corporate sector resulting from its exposure to industrialisation. The growing demand for specialists in almost every sphere of the corporate functions has led to emergence of professionals who can perform specialized skills with near perfection in their respective fields. A company secretary is one such professional who is responsible for efficient management of the corporate sector. He co-ordinates and assists various departments of the organisation, ensures compliance of company legislations and advises directors on statutory requirements of the company. Apart from carrying out these functions he also looks after finance, accounts, legal, personnel and administrative functions. Nature of Work The rapid corporatisation which began in the wake of the liberalisation of the economy, has brought drastic changes in the role and profile of a company secretary. In essence, a company secretary is a specially designated officer whose duty is to ensure compliance of various legislations. By various enactments, he has been recognised as one of the principal officers of the company.

Company secretaries, with their multidisciplinary background and 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 and finance functions. For this reason, they are regarded as corporate development planners. Their other responsibilities include incorporation, manage public issues, act as internal legal advisor and representative, process intercorporate loans and investments, maintain company's records, take care of company's tax planning, tax management, tax returns, explore expansion opportunities, arrange collaborations, amalgamations, acquitions, joint ventures within and outside India etc. They are required to understand relevant aspects of laws, update themselves with the changes to ensure proper compliance of legislations. The job also involves arranging company meetings, collecting and compiling information and recording the decisions. They act as confidants of board of directors and provide a link between the management and shareholders. In many companies, company secretaries play an important role in legal and financial functions. Nowadays, they are even foraying in capital markets and financial services industry. Their assistance in administration, management, planning and general running of the company makes them the company's chief administrator. Personality Company secretaries have to be very disciplined and organised as they hold key positions. They are expected to have thorough knowledge and understanding of their subject as they may have to deal with complex legal situation. Excellent

command over english, both written and oral is important. At the same time ability to understand, analyse complex and technical issues and exercise accordingly with tact and intelligence are other essentials. Associated with the top level management and being aware of top level plans and important secrets, it becomes a moral resposibility of company secretaries to be loyal to their organisation. Professional Courses

Institute of Company Secretaries of India

It is the only recognisedorganisation offering this course. The course consists of three stages.These are as follow. 1. FOUNDATION: The institute offers foundation course for senior secondary(10+2) pass students willing to join Company Secretaryship Course. Earlier admission was open to only those candidates possessing minimum graduate degree. 2. INTERMEDIATE: Students enrolled in the company secretaries course have to appear for the intermediate examination after successfully passing the foundation course. All gradutes, post-gradutes (excluding fine arts) and pass in the final examination of the ICWAI or ICAI or of any other accountancy Institution in India or abroad recognised by the Council of the Institute are exempted from passing the foundation examination and can directly enroll in the intermediate course on payment of such exemption fee. 3. FINAL: On successfully completing the Intermediate Examination, students qualify to appear for the Final Examination which can be pursued after 18 months of enrolling

in the course and having undergone satisfactory postal or oral tuition 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 are required to successfully clear the Foundation, Intermediate and the Final examinations conducted by the Institute. Further they are required to possess practical experience and undergo practical training to become eligible for the membership. Colleges, Institutions and Universities The Institute of Company Secretaries of India is a recognised professional body formed to develop and regulate the profession of Company Secretaries. It is the only institute which offers this course and awards the certificate bestowing the designation of Company Secretary to a candidate qualifying for membership of the institute. The institute has its headquarters at New Delhi and has four regional offices at Calcutta, Delhi, Chennai and Mumbai. In addition their are 36 chapters and 10 satellite chapters located all over the country. Specialization, Career Prospects, Exposure to detailed study and practical training in various fields adds to versatility of a company secretary. A qualified company secretary is a competent enough to take up wide range of responsibilities in legal, secretarial, finance, accounts, personnel and administrative departments of companies or other organizations in the private and the public sector. Almost every kind of organization whose affairs are controlled by

boards or councils and other corporate structures be it a cooperative society, association, federation or statutory authority, finds it beneficial to appoint a qualified company secretary. Initially the career may begin with designation of a Junior Secretarial Officer. Depending upon the experience and hard work it can raiseup to senior level positions of Company Secretary and even Finance Advisor.


Department of Finance, Real Estate, and Insurance PURPOSE OF THE ACADEMIC MAJORS The Bachelor of Science in Business Administration at CSUN offers options in Finance, Real Estate or Financial Services. The option in Finance emphasizes the development of theoretical and practical approaches to financial management, security analysis, and portfolio management. The option in Finance also involves the analytical study of money markets, options and futures, real estate, insurance, and financial institutions. The program prepares the student for careers in financial and non-financial institutions, government and its agencies, and for graduate study in finance and business. The option in Real Estate prepares students for careers in real estate brokerage, real estate valuation, real estate law, mortgage lending, real estate appraisal, and other related fields. The Real Estate option covers various aspects of law, brokerage, real estate finance, appraisal, and real estate investment. The Financial Services option prepares our graduates for a wide variety of analytical, managerial, or sales careers in the financial services industry. Analytical careers include employment in banking, insurance,

investments, and personal financial planning. Sales careers include employment in insurance, securities, and mutual fund sales. Managerial careers include managerial employment in the financial services industry. The program also provides a solid foundation for a career in personal financial planning. The career fields related to finance, real estate and financial services offer a wide range of opportunities in virtually all industries and sectors of the economy. The individual working in these fields should possess strong analytical, quantitative, computer, and communication skills. The Finance, Real Estate and Financial Services options at CSUN provide sound academic preparation for the student pursuing a career in finance and business. EMPLOYMENT OUTLOOK AND REQUIREMENTS A major in Business Administration with an option in Finance, Financial Services or Real Estate is one of the more sought after academic backgrounds to enter the job market. Some positions may require an advanced graduate degree. Studies from the Department of Labor indicate moderate to strong growth for future employment in finance is expected based upon the steady growing economy. Employers generally seek graduates with strong work ethic, excellent written and verbal communication skills, and an ability to work well with others. WHAT ARE THE JOBS?

There are two basic career paths in finance. The first is managerial finance, which involves managing the finance function for businesses in the manufacturing and trade industries. These industries make and sell consumer and commercial products. The second is a career in the financial services industry, which creates and sells financial products or services. Banking, securities, real estate, and insurance are all financial service industries. The job descriptions that follow are divided into two career paths: managerial finance and financial services. Typical entry-level positions available to recent college graduates are presented. Some 2 advanced positions available after a number of years of work experience and/or an advanced degree are also described. Although many of the top positions in finance are not available to recent graduates, firms frequently hire new graduates as assistants to these positions. Please note that in the following job descriptions, one asterisk (*) designates an entry-level position and two asterisks (**) designate an advanced position. A review of the job descriptions below should help students understand the many exciting career opportunities available in finance. 3 CAREER PATH 1: MANAGERIAL FINANCE A career in managerial finance can lead to the highest levels of the firm. Studies of chief executive

officers (CEOs) of the nations largest businesses show that the finance/accounting route is still the most common career path to the executive suite. The majority of CEOs has risen to the top after an average of 15 years in various financial management positions in the firm. One reason that many CEOs are chosen from financial management may be that the language of business is dollars, and people managing dollars generally 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 rank third in the corporate hierarchy. Their responsibilities have expanded beyond their traditional finance and accounting functions to include strategic planning, mergers, takeover defense, financing international trade and facilities expansion, and corporate restructuring. As a result of rapid changes in and globalization of the business environment, careers in managerial finance are more intellectually challenging than ever before. Many of the positions described below are part of a firms treasury function.

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

and for the allocation of funds for these projects. In the evaluation process, the analyst compiles relevant data and makes cash flow projections about proposed projects. The analyst evaluates the projects acceptability based on the firms asset structure. Upon selection of acceptable projects, the analyst/manager oversees the financial aspects of the implementation of the projects. This job sometimes includes analyzing and arranging the necessary financing. Cash Manager** The cash manager is responsible for maintaining and controlling the daily cash balances of the firm. In a large company this may involve managing foreign currency risk and coordinating national or international banking relationships, compensating balances, lockbox arrangements, and cash transfers. An understanding of the business and cash cycles of the firm is essential in projecting the firms daily cash surplus or deficit. The cash manager is responsible for investing surplus funds in short-term marketable securities or, in the case of a deficit, arranging necessary short-term financing through trade credit, bank notes, accounts receivable or inventory, commercial paper, or other sources. Credit Manager* The credit manager administers the firms credit policy by analyzing or managing two basic activities: the evaluation of credit applications and the collection of accounts receivable. Routine duties involve

analyzing the financial condition of applicants, checking credit histories, and determining the appropriate amount of credit and credit terms to offer. The manager also supervises the collection of current and past due accounts receivable. This job requires knowledge of the customer and ability to analyze accounting statements. Financial Analyst* A financial analyst may be responsible for a variety of financial tasks. Primarily, the analyst is involved in preparing and analyzing the firms financial plans and budgets. This function requires a close working relationship with the accounting department. Other duties may include financial forecasting, assisting in 4 preparation of pro forma statements, and analyzing other aspects of the firm such as its liquidity, shortterm borrowing, fixed assets, and capital structure. The degree of specialization of the analysts duties is generally dependent upon the size of the firm. Larger firms tend to have specialized analysts, whereas smaller firms assign the analyst a number of areas of responsibility. Treasurer** Duties involve supervision of the Treasury department which is involved in financial planning, raising funds, cash management and acquiring and disposing of assets. This is an upper management job which requires both analytical skill and the ability to manage and motivate people.

Pension Fund Manager** The pension fund manager is responsible for coordinating the assets and liabilities of the pension fund. A few very large companies have in-house staff to invest their pension fund assets. Most, however, utilize outside money managers. The pension fund manager develops overall investment strategies to meet the actuarial needs of the fund, analyzes economic conditions and financial market trends, allocates funds among the asset types (bonds, equities, real estate), and selects and monitors the performance of investment managers. Benefits Officer* Duties involve managing pension fund assets, setting up employee 401(k) plans, determining health care benefits policies and working with human resources to set up cost-effective employee benefits. This job requires a combination of finance knowledge, knowledge of human resources management and understanding of organizational behavior. Project Finance Manager** The project finance manager position generally exists only at the largest firms. Responsibilities include arranging financing for capital expenditures that meet the firms capital-structure objectives. The manager of project finance coordinates the activities of consultants, investment bankers, and legal counsel. An essential skill of this manager is the ability to evaluate and forecast financial market

conditions and to assess their impact on future project financing. Property Manager [Corporate]** A property manager is responsible for maximum utilization of the real estate owned or leased by a company. He or she will determine whether surplus or under utilized property should be developed, expanded, upgraded, or sold. Requirements for new office, manufacturing, or warehouse space will be arranged by the property manager, who will lease, develop, or acquire the additional space. The property managers position has become increasingly important in recent years and is now found at most companies with sales over $100 million. 5 CAREER PATH 2: FINANCIAL SERVICES The financial services industry is the fastest-growing area in finance. It offers career opportunities in banking, securities, real estate, and insurance. Most of the jobs in the financial services industry can be obtained by qualified candidates upon graduation from college. To be successful in financial services, the graduate must understand the key aspects of financial products and services and also be able to sell them to a wide range of customers. The majority of entry-level positions in this career path are sales-oriented. BANKING

The outlook for future employment in the banking industry seems favorable over the next decade. Banks are hiring graduates with degrees in finance or accounting with a marketing emphasis as well as finance graduates with a technical background in management information systems and computers. Many banks have management-training programs that provide the entrylevel trainee with experience in commercial lending, operations, and retail banking. Bank-trainee positions rank among the top entry-level jobs in terms of ultimate salary potential and the number of openings expected in the coming decade. Loan Officer** A loan officer evaluates the credit of personal and business loan applicants. Loan officers may specialize in commercial, consumer, or real estate loans. The commercial loan officer develops and monitors the credit relationship between the business customer and the bank. Responsibilities include evaluation of the credit worthiness of the business, negotiating credit terms, monitoring the firms financial condition, crossselling the banks other corporate services, and acting as a financial adviser to individuals and small firms. Credit Analyst* This is a common entry level job which requires the credit analyst to evaluate business and consumer loan applications made to the bank. The analysts duties include projecting a companys future cash flows,

evaluating its current financial soundness, visiting and interacting with financial people at businesses and dealing with lenders. He or she will learn a lot about business in this job. Success in this job will depend on ones orientation towards detail, knowledge of accounting and the ability to communicate. Trust Officer** Trust officers manage portfolios of investments for individuals, foundations, institutions, and corporate pension and profit-sharing plans. The trust officer and his or her staff research, analyze, and monitor both currently held and potential investment vehicles for retention or inclusion in the portfolios they manage. Branch Manager** The branch manager would be responsible for overseeing all activities at the banks branch office, including opening new accounts, loan origination, solving customer problems, foreign exchange and safe deposit boxes. The branch manager supervises the programs offered by the bank to its customers installment loans, mortgages, checking, savings, retirement accounts, and other financial products. Most importantly, the branch manager is responsible for establishing relations with customers. This job can be very satisfying, is never boring and requires one to be handson. This is one of the fastest growing areas in the banking industry. Many bank managers start as tellers or customer service representatives. Key

things to have for this position are customer service skills, empathy, quantitative ability, strong work 6 ethic, organization and a solid understanding of banking. One can move up to be a market manager and oversee branches in a market. SECURITIES The securities industry has experienced many changes in recent years due to mergers among brokerage and investment banking firms. Although the growth of employment opportunities is not expected to be as large as in the mid-to-late 1980s, there are still many positions available for finance graduates. Financial Planner* The financial planning industry has grown rapidly in recent years as more people seek professional advice on managing their personal finances. The planner advisers the client on budgeting, securities, insurance, real estate, taxes, retirement, and estate planning and then devises a comprehensive financial plan to meet the clients objectives. There are two major certification programs for financial planners, each requiring approximately two years of study and several examinations: the Certified Financial Planner (CFP) credential of the International Board of Certified Financial Planners, and the Consultant (ChFC) credential of The American College. Investment Banker** An investment banker acts as a middleman between issuers and buyers of newly issued stocks and bonds.

Generally, the investment banker purchases the security issue and then markets it to the public (underwriting). Advising clients about the various financing strategies available to the firm and developing new financing vehicles are important aspects of an investment bankers role. Considerable experience and expertise are necessary to land a job in a Wall Street investment banking firm, but many consider the reward worth the effort. Securities Analyst** Securities analysts are the financial experts on Wall Street who study stocks and bonds, usually in specific industries. They are specialists with respect to a particular firm or industry and understand the economic impact of changes in the competitive, financial, and foreign markets on that firm or industry. They are employed by and act as advisers to securities firms and their customers, fund managers, and insurance companies. Stockbroker* Stockbrokers or account executives act as agents for people who wish to buy and sell securities. They provide advice to customers on financial matters, supplying the latest stock and bond quotations and latest analyst reports, and responding to customer inquiries. In addition to knowledge of financial analysis and investments, good sales and interpersonal skills are critical for success in this field. Stockbrokers are

usually hired by brokerage firms, investment banks, mutual funds, and insurance companies. Job opportunities for brokers are also emerging in traditional financial institutions such as banks and savings and loans. Most brokerage firms offer a training program at the entry level that prepares the stockbroker for the required standardized licensing examinations. 7 REAL ESTATE The real estate field offers a variety of positions to the finance and real estate graduate. During the past decade, commercial real estate projects have increased in size, and real estate has become a desirable investment alternative. Institutional investors such as insurance companies and pension funds have become major factors in the industry. Many major real estate developers, operators, and financial institutions with real estate lending departments offer training programs. The outlook for positions in this field is good. However, the real estate market is very cyclical, and opportunities will vary depending on regions of the country. Mortgage Banker* Mortgage bankers arrange financing for real estate projects, bringing together the property owner/developer and financing sources. Lenders include insurance companies, pension funds, banks, savings and loans, and major credit companies. The mortgage banker works closely with the borrower to

structure the terms of the financing and acts as the borrowers agent to negotiate the financing. The mortgage banker maintains relationships with a large group of financial institutions so that he or she can match each project with an appropriate lender. Mortgage banking companies are generally either privately 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 for construction work. Many banks also provide intermediate-term financing and bridge loans (to cover the period between the end of construction and permanent mortgage financing). Permanent lenders provide long-term mortgage financing, which repays the construction lender, for major real estate projects when construction is complete and certain leasing goals have been reached. All major insurance companies have real estate lending departments. Real Estate Agent*/Broker* (Residential and Commercial) Most properties are sold or leased with the aid of real estate agents who are employed by brokers. In California, real estate agents and brokers must be licensed by the Department of Real Estate. Some of the duties of agents and brokers include finding potential buyers and lessees for listed property, showing property, and negotiating sale or lease terms agreeable to both parties. Agents generally specialize in

either residential or commercial properties. Commercial brokers work with corporations looking to buy or lease facilities as well as anyone wishing to buy investment properties. Commercial agents analyze property values, income-producing capabilities, and other market conditions to structure acceptable lease or purchase terms. Because many areas of the country have a surplus of office space, demand is strong for successful marketing/leasing agents with a track record of filling vacant space. The demand for commercial and residential real estate brokers is expected to increase in economically developing regions of the country. Real Estate Appraiser* Appraisers estimate the market value for all types of properties, ranging from small residential parcels to large commercial properties. They may also prepare cost analyses and feasibility studies for proposed projects. While appraisers may work for banks, specialized appraisal firms, insurance companies, and real estate developers, many are independent practitioners. Specialized education is required to become an appraiser. The major credential is the MAI (Member Appraisal Institute) designation, given by the 8 American Institute of Real Estate. The demand for skilled appraisers, particularly with the MAI designation, is increasing significantly as companies pension funds and financial institutions with large real estate holdings require current appraisals of asset values.

Property Real Estate Asset Manager* Property managers and real estate asset managers are employed by major owners of commercial real estate properties. A property managers objective is to achieve maximum returns on real estate by handling the day-to-day operations of the firms real estate assets, including negotiating leases with tenants, planning and implementing capital improvement programs, and controlling operating expenses. The real estate asset manager is responsible for one or more portfolios of real estate, overseeing the property managers, and determining the optimum time to sell or refinance. INSURANCE Insurance companies have begun offering more sophisticated financial products, and many consider their agents to be financial planners, providing advice on a broad range of products. Most major insurance companies have comprehensive training programs and require continuing education to keep abreast of new products. Insurance Agent*/Broker* Insurance agents and brokers develop programs to fit customers needs, interview insurance prospects, help with claims and settlements, and collect premiums. An agent is usually employed by a single insurance company, whereas a broker is independent and represents no particular company but can sell policies from many insurance companies.

Underwriter** Underwriters appraise and select the risks their company will insure. This includes the appraisal of the risks of individuals after analyzing insurance applications, reports from loss-control consultants, medical reports, and actuarial studies. Commercial underwriting involves insuring a firms major fixed assets, such as heavy equipment. When deciding whether an applicant is an acceptable risk, an underwriter many outline the terms of the contract, including the amount of the premium. Actuary** Actuaries use their analytical skills to predict the risk of writing insurance policies on property, businesses and people's lives and health. Actuaries are a crucial part of the insurance process because they use statistical and mathematical analysis to determine the risk of providing coverage. To perform effectively, actuaries must be informed about general societal trends and legislative developments which may affect risk. Actuaries can work either within insurance companies or for government, pension planning organizations or third-party advisors. Loss Control Specialist** A loss control specialists job is to help keep accident and losses to a minimum. The specialist will visit factories, shop floors and businesses to identify potential hazards and to help eliminate them. In the

health insurance area, one might work with an organization to promote preventive health care in the workplace or to limit exposure to certain types of ailments. This work requires an understanding of safety 9 management or engineering. A combination of a technical major and a business major would be outstanding preparation for this job. Risk Manager** A risk manager is employed by an organization to help identify the risks that it faces and to make recommendations for dealing with these risks. The recommendations may include the purchase of insurance, adoption of precautionary measures and presentations to upper management. Risk managers are involved in the management of employee benefit plans. Valuable skills include knowledge of the insurance industry and of business practice as well as skill in making presentations to upper management. Department of Finance, Real Estate, and Insurance College of Business and Economics.

Difference Between Full-time and Part-time Student

A candidate has the choice of studying full time and part time. A part-time student is one who may have a job or engaged in other activities and who is not able to visit the regular colleges. A full-time student can be also called a regular student. One of the main differences between the two is related to the credit hours. A full-time student will be completing the total credit hours that a university or a college has required The full-time students attend a full course of study. Generally, the total credit hours for a full-time student to complete a semester are 12 to 14 hours. If the credit hours are less than these credit hours, then the student is pursuing a part-time course. Another important difference is in the financial aid. A full-time student usually gets more financial aid than a part-time student. Moreover, if a full-time student converts to part time, they might be asked to repay the funds that they got at the beginning of their courses. Both the full-time students and the part-time students are eligible for tax concessions. In the case of a full-time student, he gets more tax benefits than a part-time student. In case a full-time student converts to part-time coursework, there is a possibility that he or she may not get complete tax benefits.

A full-time student also gets other benefits such as dormitory facilities. But a part-time student is not eligible for such dormitory facilities. When talking about other benefits, a full-time student has the benefit of many insurance policies like health insurance. A full-time student has the benefit of low premiums when compared to the high premiums that have to be paid by the part-time student. Summary: 1.The total credit hours for a full-time student to complete a semester are 12 to 14 hours. If the credit hours are less than these credit hours, then the student is pursuing a part-time course. 2.A full-time student usually gets more financial aid than a part-time student. If a full-time student converts to part time, they might be asked to repay the funds that they got at the beginning of their courses. 3.In the case of a full-time student, he gets more tax benefits than a part-time student. 4.A full-time student also gets other benefits such as dormitory facilities. But a part-time student is not eligible for such dormitory facilities

Difference between a Full Time and a Part Time MBA student

A Full Time student takes a minimum of 3 classes while a Part Time student takes no more than 2 classes per semester. Upon acceptance into the MBA program a student must declare their intention to be a Full Time or Part Time student. Each student will be coded as such, however a student can switch from one program to the other by notifying the University graduate office and the MBA office as well. International students are accepted into the MBA program Full Time only and must maintain Full Time Student status for student visa purposes.