The demand for finance and accounting professionals, including BSc Accounting and Finance graduates, is growing all the time. As more businesses continue to spring up, including the expansive need for accounting related tasks, the need for accounting professionals continues to grow. In 2018, the Financial Reporting Council calculated the number of accountancy students worldwide at around 590,000 and recorded a 2.4% increase in student numbers from 2016-17.
While this may seem interesting, a report by a global technology firm Atherton Research has warned that by 2020, accounting, tax, payroll, auditing and banking tasks will likely be fully automated. Artificial Intelligence-based technologies will play a major role in the execution of these tasks. It will likely disrupt the accounting industry in ways never seen for at least half a century.
Going by this, it may require accounting professionals to deeply familiarise themselves with various accounting software and technologies. This is to enable them to stay relevant within the phases of this evolution. Students seeking a BSc in Accounting and Finance should consider institutions delivering top-quality accounting courses. A key factor for consideration would be institutions where various key accounting tools are taught.
In today’s rapidly evolving digital world, academic institutions across the globe are beginning to adopt various state-of-the-art technologies to meet the labour market demands. While the quality of the institution may be a major factor in determining where to study, the quality of the programme as well as a critical factor for concern. Many institutions today still teach based outdated practices in most of their programmes. This leaves their students with a large gap to cover upon completing their studies. Students who can enrol for a top-quality accounting programme in a good quality institution will have an edge in the global market.
Let’s explore the current situation
For international organisations seeking accounting and finance students, the quality of the institution matters a lot to them. This is in addition to the quality of other qualifications obtained. Students who have been taught about the use of various accounting software like Sage Accounting, QuickBooks and Sage300 Cloud will become more employable than students who are yet to familiarise with these tools. With the rapidly digital evolving world, these tools and many more to come are the future of accounting.
International Institutions now go as far as seeking external accreditations from professional bodies. This is a way to help boost the quality and validity of their programmes. For instance, the BSc Accounting and Finance offered by Unicaf University is approved by the Association of Chartered Certified Accountants (ACCA). Also, graduates from the institution will get 9 exemptions from the ACCA qualification upon graduating from the Unicaf University BSc Accounting and Finance. This qualifies them for 9 exemptions in access the professional title of Chartered Certified Accountant which is globally recognised.
ACCA certification is a major milestone accounting profession, it is the global body for professional accountants. Students who have earned a degree in accounting and finance and also an ACCA certification will be suitable for international jobs. They will also be more suitable for jobs in multinationals operating in their home countries. With a BSc degree in accounting and finance from Unicaf University or a university which offers ACCA exemptions, they can easily access ACCA certifications and rapidly accelerate their career in the accounting and finance World.
Benefits of having a BSc Accounting and Finance degree
Let’s closely examine some of the key benefits of an accounting and finance degree. Most especially, when obtained from a recognised international institution.
- Employment Prospects. All businesses, including government organisations and non-governmental organisations who engage in financial dealings, require a professional accountant to help them manage their books. As a result, the employment prospects are limitless.
- Specialisation. This will help to increase the prospects in their areas of specialisation. Some of the areas in which accounting and finance professionals can specialise include managerial accounting, financial accounting, taxation, auditing, etc.
- Independent Consultant. Accounting professionals, most especially those who have obtained additional qualifications from recognised bodies may decide to become an independent consultant. They can provide services to start-ups and SMEs. They can also provide other freelance services through major freelance platforms and other direct sources. Many small businesses require services of auditors, tax consultants, bookkeepers, among others. Depending on your level of experience, some bigger organisations, including government agencies and multinationals may require your services.
- Competitive Remuneration. The salary structure of accounting and finance professionals is highly competitive in the scheme of salary structure. This is because of the immense importance of services in the survival of businesses.
The benefit of Studying Accounting and Finance from an Institution approved by ACCA
Studying a BSc in Accounting and Finance is a good foundation to start your journey in the World of accounting. However, a professional qualification will help you stay relevant. ACCA is one of the most popular professional qualifications for accounting and finance professionals. Interestingly, many international universities are now obtaining approval from ACCA, This is to enable them to offer their graduates more value to their degrees. Besides, graduates who have obtained an Accounting and Finance degree from an approved ACCA institution will qualify for certain levels of exemptions in ACCA qualification exams. As a result, this will help reduce their journey in obtaining an ACCA qualification.
A recommended international institution approved by ACCA is Unicaf University. By obtaining a BSc from Unicaf University, you automatically qualify for 9 exemptions from the ACCA qualification. Although ACCA is not compulsory, it comes with many benefits for accounting and finance professionals. Let’s briefly examine some of these benefits below.
The benefit of Obtaining an ACCA Qualification
First, to be a member of the ACCA, you are required to pass several examinations. The ACCA qualification is recognised all over the world and a large number of countries treat it as equivalent to local accountancy studies.
- Worldwide recognition. The Association of Chartered Certified Accountants (ACCA) is a leading accountancy body globally. ACCA Qualification is recognised all over the world. Therefore, accounting professionals with an eye for international jobs, including having the interest to rise to the pinnacle of their profession locally are advised to ACCA qualification.
- International standards. ACCA qualification is based on international accounting and auditing standards. A large number of local and international organisations accept ACCA standards. Certain organisations may not accept accounting professionals who do not possess an ACCA qualification.
- Knowledge and accounting skills. ACCA qualification helps you to master the technical and management skill required to become a proficient chartered accountant. During the course of an ACCA qualification, its syllabus covers all relevant accounting fields. Some of these fields include taxation, auditing, law, business studies, professional and ethical issues, financial management. Other fields include financial reporting, and management accounting, among others.
The benefits of obtaining an ACCA qualification are too numerous to mention, but I have only highlighted these key benefits.
More About Unicaf University, application process and Unicaf scholarships
Unicaf University (UU) is a pan-African independent university with a presence in 11 African countries. Furthermore, the institution offers internationally recognised degrees through an online and on-campus study system. Therefore, the study system is one of the most flexible education study systems available at the moment.
Also worthy to note, Unicaf University is a member of United Nations Academic Impact (UNAI), and also a member of the Southern African Regional Universities Association (SARUA). The institution offers undergraduate and postgraduate degree programmes of top quality. In addition, the educational system of UU provides the opportunity for students in Africa and other parts of the world to obtain an internationally recognised degree in finance and other subject areas.
African students with an interest in Unicaf University’s programmes can apply by visiting the application page here. They can fill out the application form to express interest in the programme, while they await further directive from a Unicaf Student Adviser who will contact and direct them on next steps.
Scholarships by Unicaf University
Unicaf University offers a partial scholarship to African students seeking higher international education. Candidates applying for BSc Accounting and Finance also qualify for this scholarship. Unicaf and its academic delivery partners have served over 25,000 students across Africa, who have benefited from the partial scholarships. You can apply here
Okeke Vincent Chidozie (Entrepreneur, Writer & Digital Education Consultant - Africa)