Brief description of Finance and Accounting
Finance
Finance is a broad term that describes activities associated with banking leverage of debt, credit, capital markets, money and investments. Basically, finance represents money management and the process of acquiring needed funds. Finance also encompasses the oversight creating and study of money, banking, credit, investments, assets and liabilities to make up financial systems.
Accounting
Accounting is the process of recording financial transactions, pertaining to a business. The accounting process includes summering, analysing and reporting these transactions to oversight agencies, regulators and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarising a company’s operations, financial positions and cash flows.
Few lines about Master of Finance & Accounting (MFA)
Master of Finance & Accounting (MFA) is a postgraduate course that is divided into 4-semesters. The course is designed to target the demand for skilled professionals in the field of accountancy and finance. The course has been designed to primarily focus on the concepts and principles of finance and accounting in different scenarios.
The course primarily trains the students to account, manage and plan finances in different settings through different methodologies.
Eligibility for Master of Finance and Accounting (MFA)
The students who have completed their undergraduate in B.Com/BBM/BBA with 50% aggregate from recognised university are eligible to apply for MFA course.
Admission Procedures
The students with relevant degrees can get admission to MFA courses by two modes of admission. The first one is merit admissions and 2nd one is direct admissions.
1. Merit Admissions
There are certain government registered bodies that conduct entrance exams for MFA students. There are also certain top institutes that conduct entrance exams for students for offering admissions to MFA. The students who are confident about their capabilities can apply to these entrance exams and clear them with high marks. This mode of admission is called a merit admissions procedure. The probability of getting merit seats is very less due to increased competition for available limited seats in colleges and universities. So, admission is not guaranteed under merit admission procedure. The fees are also reasonable for merit admissions.
2. Direct Admissions
The students are also having another mode of admission that is called direct admissions. Under this process the students can get admissions to MFA through direct mode under management quota. The main advantage of this mode is that the students can get their seats confirmed without any entrance exams. The students under direct admissions are given special privileges and are exempted from appearing for any entrance exams. Another, important thing in direct admission is that the students can book and confirm their seats even before the commencement of the academic year in their desired colleges. The interested students can contact the government registered educational advisory centres like Galaxy Educational Services and get their seats confirmed through direct admission procedures.
Course Curriculum for MFA
The students of MFA will be studying the following subjects during their course duration
| Sl No | Subjects of Study |
|---|---|
| 1 | Accounting for Business Decisions |
| 2 | Accounting Theory and Standards |
| 3 | Advanced Corporate Accounting |
| 4 | Advanced Financial Accounting |
| 5 | Applied Cost Accounting |
| 6 | Business Research Methods |
| 7 | Computerized Accounting with Tally |
| 8 | Communicative Skills |
| 9 | Cost Control Techniques |
| 10 | Costing Methods |
| 11 | Direct Taxes |
| 12 | E-Commerce |
| 13 | Enterprise Resource Planning |
| 14 | Financial Accounting |
| 15 | Financial Markets and Institutions |
| 16 | Financial Management |
| 17 | Financial Services |
| 18 | Human Resource Management |
| 19 | Indirect Taxation |
| 20 | Insurance and Risk Management |
| 21 | International Financial Management |
| 22 | Investments & Portfolio Management |
| 23 | Management Accounting |
| 24 | Management Information Systems |
| 25 | Management of Financial Services |
| 26 | Managerial Finance |
| 27 | Modern Banking |
| 28 | Principles of Accounting |
| 29 | Principles of Insurance Management |
| 30 | Principles of Modern Banking |
| 31 | Principles of Personal Finance |
| 32 | Quantitative Techniques for Finance |
| 33 | Security Analysis and Portfolio Management |
Career and Scope
The MFA students can find a wider range of career options and job prospects available to them. They are hired in many financial and accounting organisations like Banks, Financial institutions, insurance companies, etc. They are also hired in public sector banks and organisations.
Job Roles available after MFA
Some of the job roles available after MFA are:
- Accountant
- Assistant accountant
- Financial Analyst
- Operations manager
- Marketing and Money Manager
- Investment Banker
- Market Analyst
Salary and Emoluments
The fresh MFA students will be earning around 5 lakhs to 7 lakhs per annum. The experienced professionals will be earning around 7 lakhs to 9 lakhs per annum.
Top Organisations hiring MFA students
Some of the important organisations hiring MFA students are:
- Finance & Commerce Sectors
- Banking Industry
- Insurance Industry
- Investment Sector
- Consultancy Services
- Banks
- Educational Institutions
Final Lines
The demand for MFA students is growing day by day, the last decade saw huge demand for MFA students across various sectors. The MFA students are skilled professionals and are basically hired in many financial institutions. The MFA students are also paid well and are also given excellent career growth opportunities in the field.
The eligible students with a passion towards finance and accountancy can join the MFA course.