Cost Accounting and financial accounting are branches of commerce. Cost accounting deals with the ascertainment of cost of a product or service. It involves processes to control the cost and decision making about cost. A Cost Accountant analytically evaluates the costs that are allied with manufacturing the product or distributing the service of the hiring organization. However, financial accounting deals with determining the financial performance and position of business enterprises. All dealings of money value come under financial accounting.

Cost Accounting and career opportunities

There are various Undergraduate, Postgraduate and research courses in cost accounting. Aspirants can do the courses in any of the recognized Universities or colleges. Those who have done the postgraduation courses like MBA or M Com in Cost Accounting have wide scope in India and abroad. They can seek out for career in public as well as private undertakings. On successful completion of the course, they can work as Cost Accountants or as auditors. Those who wish to work in teaching sector can get employed as lecturers in educational institutions.

Financial Accounting and career opportunities

Aspirants can pursue the financial accounting courses in any of the certified institutes across the country or overseas. A bachelors’ degree in the respective field is enough to get a career. Those who have completed the masters’ program in financial accounting can apply for better employments in financial institutions. They can work as financial accountants or in managerial positions in banks or in any other multi-national companies. They can also search out for jobs as Accounting Officers in public or private sector.

Key differentiators Cost Accounting and Financial Accounting

Shareholders, creditors, financial analysts, mostly use financial accounting and so on whereas internal management at various levels in an organization uses cost accounting. Financial accountants calculate the profit or loss of an organization. However, the cost accountants, by their different methods ascertain the cost of a particular product or service.