Accounting is a discipline that is made up of widely diverse fields and an exciting career path. Accounting offers a multitude of job opportunities and career types and the list keeps growing time after time. Accounting makes do with a lot of mathematics but to succeed in the accounting field, one needs to be motivated, organized and determined. Studying accounting also requires smart work and for those who are willing to take the chance, studying accounting can be very rewarding. This article provides information on Accounting, UTME subject combination and what it takes in order to gain admission into Accounting. If you are looking to study Accounting, you are in the right place. Read on below:
About the program
Accounting is a four-year bachelor’s degree program and graduates of this course have a wide range of career opportunities to pick from other than just being an accountant
Accounting can be regarded as one of the oldest professions in history, and one of the most innovative industries you can find in the twenty-first century. It is believed that the oldest known written documents, from Mesopotamia, are trade records. This, of course, is accounting. In recent years, job market demand for accounts has gone up. Moreover, accounting is one of the top careers that has adapted to the rise in technology; think of cloud computing to blockchain technology. Accounting has proven to be way more than counting money. Students of Accounting are taught the many ways of communicating the financial health of a business or an organization to any and all interested parties. Accounting has to do with the assessments of assets, liabilities, cash flow and even the future of an entity for all current and future investors. Accounting is needed for all businesses since all types of businesses have basic information that is recorded for assessment and evaluation.
JAMB UTME Subject Combination for Accounting
Admission requirements for Accounting
Accounting is a four-year degree programme. In order to be admitted into Accounting, applicants are expected to have taken English Language, Mathematics, Economics and any other social science subjects in the annual UTME examination.
JAMB subject combination for Business Administration
The JAMB subject combination for Accounting is:
Commerce or any other social science subject
Below is the UTME requirement for Accounting (UTME candidates)
- Candidates who wish to gain admission to study Accounting must have five credit passes at SSCE/NECO/O’level or their equivalent. These credit passes must include English Language, Mathematics, Economics and two other subjects relevant to the proposed course of study.
- For NBC holders, the other two relevant subjects could be from any of the following: Accounting, Principles of Accounts, Commerce, Office Practice and Secretarial Duties.
Direct Entry Requirement
Students who are admitted via direct entry begin their study in 200 level. Such are to have any of the following qualifications:
- Two ‘A’ level passes chosen from any of the following: Economics, Accounting, Business Management, Government and Geography.
- Diploma level, Ordinary National Diploma (ND)/ Higher National Diploma (HND). Candidates applying via either of the options above must have obtained a minimum of lower credit from a recognized institution in fields related to Accounting such as Economics, Business Administration, Finance, Marketing, Statistics, Actuarial science/Insurance, Psychology, etc.
Below are the various career options available for students of accounting. These are jobs directly related to Accounting:
- Chartered accountant
- Chartered certified accountant
- Chartered management accountant
- Chartered public finance accountant
- Company secretary
- External auditor
- Forensic accountant
Accounting is not streamlined. It does not entail just one thing. In a corporation or business, there are many types or layers of accounting. In very large companies and corporations, each of those types might have its own department, with many accountants all taking care of one small part.
In small businesses, only one accountant is given the job of all of these layers of accounting. Specializations in accounting comprise of the several subfields or subject areas, which are:
Accounting information systems
- Taxes –Every business has to pay taxes. It is the job of a good accountant to take care of the tax payment of a business or company. These include ensuring the business pays as little in taxes as they have to.
- Payroll – Every business and company has to pay its staff and employees. Aspects on payroll include taxes, social security, retirement, workman’s comp, and so on. Payroll accountants are in charge of these.
- Accounts Payable and Accounts Receivable – These include bills that need to be paid to those the company interacts with. For example, contractors, vendors, suppliers and other payments that come into the company; from clients, from customers and other services. All these have to be processed. Also if payments don’t come in at the right time, someone has to alert collections; as well as if payments don’t go out, someone has to be responsible. These are the roles of an accountant.
- Bookkeeping – A bookkeeper makes sure every little transaction is recorded. Inflow goes in one column, outflow goes in another. The bookkeeper makes sure these two columns are balanced, if they don’t, the business goes bankrupt. Other aspects of Accounting are:
- Budget analysis
- Business strategy
- Financial accounting
- Financial reporting
- Forensic accounting
- Information systems
- International accounting
- Management accounting
- Professional standards and ethics
- Quantitative analysis
- Risk management
Accounting provides a route into financial professions. However, a degree in accountancy and finance develops skills that are useful in a range of other sectors.
Jobs where Accounting would be useful include:
- Business development manager
- Data analyst
- Licensed conveyancer
- Management consultant
- Mortgage adviser
- Purchasing manager
- Retail banker
- Tax adviser
Typical employers of accounting graduates are:
- Accountancy firms
- Building societies
- High street banks
- Insurance companies
- Investment banks
- Management consultancies
- Public sector employers