Accounts and Finance are the most significant departments of any business. A small mistake may lead to very complex issues like tax litigations, financial loss, loss of reputation, loss of customers, loss of suppliers etc. Therefore, no business would like to take a risk in the activities related to accounting and finance.
The accounts and finance department is supposed to be one of the most reliable departments in any business. Because, their input like financial statements, budgets etc. is used as a base for many managerial decisions.
Irrespective of the size or volume of business, everyone would like to onboard experienced resources in the accounts and finance department. But there is a usual question from all commerce students that, without having our first job, how can we get experienced? It is a very relevant and important question. Most of the graduation courses and post-graduation courses are not providing practical classes as part of their curriculum. Unlike Science students, commerce students are not having a practical lab to test their knowledge. They have enough theoretical knowledge, accumulated for 3-7 years of their graduation to post-graduation period. But, unfortunately, no chance to apply such knowledge to prove themselves.
Students after getting their graduation certificate or post-graduation certificate and attending job interviews, the question of experience is a big challenge in front of them and many a time they lose their job due to lack of work experience. We can understand the expectation of a post-graduation certificate holder about their job. But after attending multiple job interviews, they realise that whatever they studied, till date, is not enough to start their career as they expected. This situation could have been faced by almost all the candidates.
How they can overcome this situation?
They have two options to overcome this situation. One option is to work as a trainee for some time and get a minimum level of knowledge to work in the accounts and finance matters including taxation. This may take time, maybe more than a year. This option will not financially benefit students. Trainees may not be paid well until they have completed a reasonable time, say one year, and proved their calibre. Therefore, this is to be considered an investment, that is Investment in time. This may be benefitted by way of a good job in future.
The second option is to undergo any Industry Integration Programme (IIP). Industry Integration programmes, like Accounts Executive programme AEP), Tax Management Programme (TMP), Accounting and Taxation Programme (TMP) conducting by NSKL will help you to understand both concepts and their applications. In these training and skill development programmes, they will take you into the theoretical part and at the same time, they will also give you case studies to get experienced in various practical situations. With this training, both, the employer and the candidates will be more confident to work together. The employer is having the advantage that employees will take lesser time in learning new things. Employers will also be benefitted from lesser investment in training employees to suit the working environment of the organisation. On the other hand, the employee can make a valuable contribution by reducing errors and mistakes in their workings, to the company than a fresher employee. Not only that, with the valuable contribution from employees within a short span of time to the business, the management should not have any hesitation to give better monitory benefits to employees.
Moreover, here we need only lesser time to get trained as compared to a trainee. In addition to that, this training gives a more focused and inclusive way of all practical situations in accounts and finance. This may not be possible when you are working as a trainee. Because trainees will get an opportunity, only when such work is available in that particular company or firm and permitted by the team leaders. That means the opportunity for a trainee is mostly at the mercy of team leaders or managers. But when you are going for Industrial Integration Programme, like Accounts executive Programme (AEP), Accounts and Taxation Programme (ATP) or Tax Management Programme (TMP), you have the opportunity to understand many things in a short span of time. So, undergoing an Industrial Integration Program should be more effective than working as a trainee. With this special training, you can save valuable time and on successful completion, you can possess a course completion certificate which you can add to your Curriculum Vitae.
Now it is evident that experience is a must to quickly reach your career goals. The best choice will be to undergo an Industry Integration Programme (IIP) to overcome the question of “Experience” while attending job interviews.