Finance Career

An Enrolled Agent (EA) is a skilled tax professional licensed by the federal government Of USA under the umbrella of Internal Revenue Services (IRS). EAs can handle and represent all tax related issues on behalf of an individual or a corporate in any US state or across the globe which comes under the purview of IRS regulated taxation. Moreover, EAs have unlimited practice right across the US territories.

However, to be an EA, one has to pass the 3-part EA exam more classically known as the Special Enrollment examination (SEE). This online exam is conducted by the IRS through Prometric centers located all over the globe in most of the countries. Since, the major criterion for EAs to clear the SEE, here we will discuss certain strategies which can help the aspirants to clear the exam at first attempt.

Know the Exam-the Exam Window

After registration with the IRS, you have 2 years to pass all three parts of the EA exam, however, this year it has been extended to 3 years due to covid situation. Each year, the exam window remains open throughout the year except the March-April months for incorporation of tax changes/reforms/amendments, if any.

(Source: Gleim)

Know the Exam- the Structure

The exam consists of the following three parts:

       1.  Part 1 – Individuals

       2. Part 2 – Businesses

       3. Part 3 – Representation, Practice, and Procedure

Each part consists of 100 multiple-choice questions (MCQs). The duration of each part is 3.5 hours, with an additional 30 min provided for a computer pre tutorial and post exam survey. The exam score provides a grade of 40-130 on which one has to get a grade of 105 to pass each part of the exam. Each part of the exam can be taken separately and on different dates. The MCQs follow 3 distinct patterns- the question stem or body, choose the best answer from the options and the distractors.

Know the Exam-the MCQs

1. Direct Questions

Here you will get a straightforward question with 4 options from which you have to select the correct one.

2. Incomplete Sentences

In this section, you have to pick up the correct answer from the given options which makes the sentence complete most appropriately.

3. Negative Questions

Here comes the distractors like all of the following EXCEPT or NOT words are part and parcel of the question stem. Therefore, close attention is needed when you find these kinds of words in the question itself.

Write the Exam- Tips to Tackle MCQs

1. Careful Reading of the Question Stem

This is the most important part before looking into the options. By doing this, you can figure out the precise part which has been asked specifically.

2. Selection of Answer by Elimination

Use elimination process for selecting/guessing the correct answer. Eliminating one distractor from 4 options will increase your credibility to tick the right one.

3. Use of Educated Guess

Since there are no negative marking for wrong answers, narrow down the options and make your decision on the remaining options which appear most logical upon educated guessing. Answer every question.

4. Time Management

Since the actual exam time is 3.5 hours, there is no need to hurry. Read the questions carefully and take an average of 1.5 minutes to answer each question. In this process, you can flag the questions which require guessing to take it later.

Relevant IRS Publications for Each Part (Free Resources)

Part 1: Individual- Form W-12 and Publication 17.

Part 2: Business– Publication 15 (Circular E).

Part 3: Representation, Practices and Procedures- Circular 230 and EA exam study materials provided by the IRS.

Know the Exam-The Average Study Time

Preamble to begin your studies, create a plan on study schedule and strategy. Creating a study schedule will help to build your consistency, and implementing a study strategy will make your study sessions more effective as well as productive. An average study plan for each part of the EA exam is given below as a guideline which can be customized according to the need and compliance. Here you can see that part 2 requires more study time than other parts because of its depth and diversity.

Average Study Time for Each Part of The EA Exam

Part 1	85 hours
Part 2	125 hours
Part 3	55 hours

(Source-Gleim)

Summary

It is evident that with a dedicated study plan, strategy and a positive attitude, you can effectively clear all parts of the EA exam (SEE) by a maximum span of 6 months. In this journey, you need good review materials and mentoring support. Practicing MCQs in real type format along with the mock tests will increase your confidence to take the test. All these supports are available with Uplift Professionals in an affordable and user friendly manner. Above tips will be the icing on the cake for the actual EA exam. Hope for the best. Happy EA journey.

For further information/assistance, contact:

www.upliftprofessionals.in/Enrolled_Agents

It is quite well known that majority of general accounting work pattern involve transactional and repetitive on day, month and year bases. Every month, the same entries are prepared and same procedures required to apply. Here, the procedures remain same, perhaps the numbers might vary. Hence, conventional accountants are quite comfortable with structure and routine.

While the status quo has been maintained so far, with the developmental surge in technology such as use of automation along with  Artificial Intelligence(AI) and machine learning processes there are upcoming huge changes. It appears that technology,  apart from its benefit, can disrupt the future of  accountants in job market in ways we can’t even predict.

The Threat

The website tool developed by Deloitte and Oxford University, perhaps depict the most permissive view of the future of accounting jobs. It indicates that accountants have a 95% chance of loosing their jobs to robots.

More precisely, a study by the Brooking Institute, have the prediction that accounting jobs having a higher percentage of repetitive tasks may be at a higher risk of replacement by automation. Moreover, the study further indicated that tremendous advancements in AI may make better paid accountants doing such repetitive tasks more vulnerable to replacement.

Since one can’t stop the entry of new technologies, at the same time, one can’t allow the job of accountants to become endangered towards extinction. Let’s have a look on the impact of technology on the job of an accountant and how to get rid of that scenario.

1. Basic Automation

Introduction of automated accounting work flow over the classical double entry book keeping and insertion of Quick Books in early 1990s, reduced the work and time in data entry. Automations helped to streamline processes regarding conversion of human error-prone exhaustive processes into error free efficient processes having little human intervention.

2. Introduction of Application Programming Interface(API)

Development of API made accounting processes much easier due to its capability of interacting with different software’s in the accounting system. API thus, replace coding for connecting two systems rather created a quick automated accounting work flow.

APIs also being applied in bank feeds so that transaction from accounts/cards can be directly downloaded in to the accounting system. The graphical representation from McKinsey(Figure below), shows the different accounting tasks that can be replaced by automation.

3. Robotic Process Automation(RPA)

RPA is a rule based program such as the Order to Cash software for example. It can collect order from customer portal enroute to to the specific site for fulfillment of the order and followed by making invoices and collection of payment at one go, thus, reducing the man power.

4. AI and Machine Learning

The AI and Machine Learning is expanding now a days expanding their functionality over the programmed rules. They provide access to a larger database of accounting transactions. By detecting the inherent data pattern, they help to improve the decision making avoiding human errors- a replacement for manual repetitive tasks.

5. Replacement of Accountants by Robots?

Though it is still far away, but possibility exist particularly for the accountants associated with low value repetitive works. It is apparent that automation is ideal for the kinds of exhaustive, drudging repetitive tasks where a classified accountant is no longer required.

6.  The Way In is Way Out

The measures to be taken to prevent the threat of extinction, an accountant has to convert the low value work to a high value work pattern. This means amalgation of advancing technologies and the upgraded professional accounting knowledge.

Combining accounting information with data from various segments of the business and simultaneous application of data analytics help to unravel the hidden patterns unseen by human eyes. This is the kind of high value work associated with decision making processes and providing foresight for shifting the business strategy. Due to this, today’s business leaders are more akin to hire such accountants accustomed to such kind of work having actionable insights.

According to  study by Grant Thornton(2020 survey of CFOs), about 90% of finance functions are going to be fully automated within 5 years. This is highly suggestive that to cope with the changing parameters, accountants are required to upgrade their professional skills, knowledge and should learn to use different tools.

To rule out the notion that accounting is going to be a dying profession one can take help by pursuing the following courses at their respective capacity.

6.1 US CMA Course

US CMA course is an internationally recognized professional accounting course in the management accounting and strategic financial management. This certification imparts knowledge of financial planning, analysis, control, decision support etc.

Plan for US CMA course in 2022- Jobs & Salary |Eligibility| Course fees |Syllabus| Duration | :- Earning the US CMA can give you the career boost as they have an excellent rate of absorption all over the world. Currently, US CMA has marked its presence in over 100 countries including the United States (US)…...continue reading…

6.2 US CPA Course

CPA US course is another high value top most accounting qualification in global perspective. The CPA stands ultimate in the field of internal auditing in its merit and paves the way for a fast track global accounting career.

CPA US Course Certification: How to be a Certified Public Accountant? :- The question might be raised why an accounting professional will seek CPA US course certification? To answer , we have to consider appropriate reasons like increased job opportunities, higher salary and finally…..continue reading….

Conclusion

Summing up, it can be stated that there are signals in the horizon which indicate the possibility of replacenent of accountants doing low value repetitive jobs by automation. This is happening by continuous introduction of various accounting softwares, AI and Machine Learning procedures.

To prevent the extinction, accountants need to upskill themselves by combining technology with the professional knowledge and skill sets. In this respect, the two courses mentioned above (US CMA course, CPA US course) are very much useful for an accountant to get a high value job or to transform from a low value job profile to a high one in global perspective.

Choose the best US CPA and US CMA institute in India, Africa, and Middle East – Uplift Pro

Uplift Pro is one of the top training institutes for the US CMA, US CPA US course, US CIA course in India, Africa, and Middle East. Uplift Pro is also an Indian partner of GLEIM, US and an IMA US authorized CMA US study center. Our team consists of seasoned professionals and entrepreneurs from IIEST, IITs, London Business School, and ULCA who have decided to provide a strong backup to young ambitious students and professionals to reach their desired career destinations in an organized way.

Some of the exclusive features include –

A. Authorized partner of IMA and Gleim in India

B. High pass rate of 85 %

C. Live online classes ensuring that the regular office working hours is least impacted

D. 1:1 personal support from our 30 plus years of experienced US CMA and CPA US course certified faculties

E. Affordable course fees

F. “Till you pass” guarantee assuring that you may attend our live online classes at no extra cost until you pass

G. 100 % placement assistance for jobs

Request for Live Demo class / contact at +91-8787088850 to book your seats now. 

Time is ticking for students and working individuals of finance and accounting to hone for a more professional approach (US CMA or US CPA ) by breaking the cocoon of their academic acumen. In line with the continuous changes happening in the style of management, culture, technology and work environment, conventional accounting processes are vulnerable to the threat of future viability. There are three major confrontations which one has to overcome, namely, the attraction towards the field, relevance in the job market and finally the challenge of changing scenario. Let’s discuss the pitfalls and how to tackle the challenges.

A. The Attraction

This incorporates the fact that selection of accountancy as major subject is still less than the desired number of accountants to take it up professionally. The diminishing career choice of accountancy over other career paths can be a threat to the supply line of competent accountants in future.

B. The Relevance

This is associated with with the myth that accountants are in less demand because of the integration of automation and technological infiltrations. Relevance is obviously there if the accountants have required upgraded professional skill and competence.

C. The Threat of Change

This is the most crucial challenge that deals with the notion that conventional accountants will become obsolete due to changing economic changes, hence, need to be continuously updated. It means that having a highest academic degree in accounting may not be “future proof” as long as job availability and security is concerned. These three confrontations result in a transference in academic path and career options towards the domain of professional accounting.

How to tackle these challenges: The following steps can be explored

1. Creation of Accounting Space

The most important step is the transformation from accountant by academic degree to the accountant by professional skills and training Such transformation is vital to open the door of a larger field of employment not only in the strategic management accounting and financial expertise in the arena of public practice too. This creates the space for professional accountants to remain relevant for employment in future.

2.   Capsizing the Model

It is evident that emphasizing more on theoretical accounting knowledge in our academic curriculum has created shortage of business skills and talents. This is more important than the technical skills alone to develop shortage of professional accountants. Incorporation of professional accounting courses in our academic curriculum can be effective to meet up this gap.

3.   Breaking the Border

This can be achieved by encouraging the students to cross the border of narrower academic degree towards the broader spectrum of professional certification in addition.

4.  Utility of Professional Courses

To combat the challenges in the backdrop, it is essential for the academic accountants to not to rely on decade old repetitive tasks only. Having a basic academic qualification in accounting may not suffice to compete in the ongoing challenging work scenarios. Hence, until unless application based skills and knowledges are integrated in the academic programs this conflict remains. Thus, it is wise and advisable to grab a professional certification which are  of increasing demand in various organizations i.e. from service to manufacturing industries, from private to public sectors as well as in MNCs in India and abroad. So, the gist of the above discussion suggest one to be an internationally recognized professional accountant.

5.  Actions required to be “Future-Proof”

Based on above fact, the present and would be accountants need to upgrade themselves. Instead of automated repetitive task based jobs, the need of the hour is to pursue some international professional courses in accounting and finance. Two of such courses are listed below.

a)      US CMA Course

The Certified Management Accountant(CMA) is a professional certification in the management accounting and financial management field conducted by IMA. This certification signifies that US CMA holders possesses knowledge at the areas of financial planning, analysis, control, decision support and professional ethics.

b)      US CPA course

The Certified Public Accountant(CPA) course is one of the top most accounting qualification in the world conducted by AICPA,USA. The US CPA mire or less equivalent to Indian CAs but having global credibility. So, if you wish to fast track your international career in accounting field, with inclination towards internal auditing, the CPA US course for you.

Summary

To sum up, as 2022 is knocking the door, the industry is getting more dependent on Artificial Intelligence(AI) based repetitive accounting jobs, threat of job -cuts for conventional accountants will be on the rise. To get rid of this, you have to break the shackle and cope with the challenging situations of globalisation. Hope, you understand the worth of being a Professional Accountant of International level to win over the situation.

Choose the best US CPA and US CMA institute in India, Africa, and Middle East – Uplift Pro

Uplift Pro is one of the top training institutes for the US CMA, US CPA US CIA courses in India, Africa, and Middle East. Uplift Pro is also an Indian partner of GLEIM, US and an IMA US authorized CMA US study center. Our team consists of seasoned professionals and entrepreneurs from IIEST, IITs, London Business School, and ULCA who have decided to provide a strong backup to young ambitious students and professionals to reach their desired career destinations in an organized way.

Some of the exclusive features include –

A. Authorized partner of IMA and Gleim in India

B. High pass rate of 85 %

C. Live online classes ensuring that the regular office working hours is least impacted

D. 1:1 personal support from our 30 plus years of experienced CMA and CPA certified faculties

E. Affordable course fees

F. “Till you pass” guarantee assuring that you may attend our live online classes at no extra cost until you pass

G. 100 % placement assistance for jobs

Request for Live Demo class / contact at +91-8787088850 to book your seats now. 

Finance is a critical part of our day to day life. Whether we are fulfilling our professional commitments or personal, finance finds its way into it. The importance of finance in a company is to make sure the business operates smoothly and to secure funds for the long-term goal. Finance professional’s play a vital role in any business. They analyse revenue and expenses in order to make an effective use of the company’s capital. They also provide advice to the management about project investment, planning the company’s budget and structure acquisitions to help companies grow.

Now, let us look at the common areas/ positions of Finance: Finance Analyst, Finance Executive, Chief Financial Officer, Finance Manager, Risk Analyst, Finance Director. 

Among all the Financial positions, “Financial Analyst” is the most popular career path. A financial analyst can work in junior as well as senior position within a company.

Who is a Financial Analyst?

A financial analyst runs a business on the basis of analysis. Being an analyst, they interpret data and recommend strategic decisions to the management on the basis of the data collected by them.  They also create a financial model to predict the outcome of the business decisions. The role of a financial analyst differs depending where it works. For an example within an investment bank, a financial analyst focuses more on business collaboration. The day to day activities of a financial analyst depends on the company where he or she chooses to work.  A financial analyst needs to be aware of the latest improvements and prepare financial models considering the developments in order to predict the present and future economic conditions.

Education required to become a Financial Analyst

A minimum bachelor degree preferably in finance is required for a financial analyst. One needs to have a strong understanding on subjects like: accounting, economics and statistics. Analyst who wants to earn a lucrative package and wants to enjoy greater opportunities might consider pursuing a professional accounting certification like : MBA, CFA or the US CMA. Advanced learning makes them more potential and mobile.

To become a successful financial analyst, one has to be motivated and must have confidence in their judgment.

Financial Analyst: Career Path

Working as a financial analyst is a very exciting career. As analysts they need to perform detailed financial modelling and work closely with the CFO to execute effective decision-making. A financial analyst enjoys faster growth than an average finance professional.

A career as a financial analyst offers job security, potential to earn more and opportunity to define the finance industry. The average financial analyst pay scale starts from INR 5 lakhs per annum plus perks and other benefits. With experience, when an analyst moves to a senior position the pay scale increases to INR 8 – 25 lakhs .