Due to the growing connectedness of the economies of different countries, and the continuous development of the world market, courses related to finance and business remain as popular as ever.Be it in the local or global scene, the need for employment in the aforementioned sectors continues to rise.
With the major involvement of monetary resources in almost all institutions, the degree of Bachelor of Science in Accountancy continues to be one of the most important courses college institutions offer. This program educates students in the practice of accounting, which is defined as the measuring, processing, and communication of financial information of economic enterprises.
In the Philippines, the usual BS Accountancy curriculum, which takes around five years to complete, includes subjects in accounting, audit, administration, business laws, and taxation. After completing the program and the roughly 150-240 hours of on-the-job training, graduates are required to take a licensure exam administered by the Professional Regulatory Commission in order for them to practice as a certified public accountant. This exam not only gauges the students’ mastery of the subject, but also the performance of accountancy students across the country.
To be considered as one of the best business schools in the philippines, an institution must be able to produce graduates who have strong educational foundation, practical knowledge and exceptional skills in this field. In order for these schools to be declared as such, there are criteria to consider, and among them is the passing rate of their students in the CPA Board Exam. Recently, finduniversity.ph released a report that listed the top fifty accountancy schools according to board exam results. Included in the list is Lyceum of the Philippines University Laguna at No. 15 with a 77% passing rate.
Lyceum of the Philippines Laguna is considered as one of the best accounting schools in the Philippines, as it offers units of competency that mirror the actual knowledge and abilities needed in the field of accountancy through its Bachelor of Science in Accountancy course.
Upon graduation and passing the board exam, graduates may take the following positions that are related to this career path:
- Accountant – It is an accountant’s duty to look after the financial records of an institution, especially if it is involved in profit-making, and look at its equity, cash flow, chart of accounts, and balance sheets.
- Certified Public Accountant –Regulated by the state, a certified public accountant (CPA) performs the same duties an accountant does. However, unlike accountants, CPAs can give financial advice to establishments.
- Tax Accountant – These CPAs specialize in taxation laws and help companies and businesses in matters related to taxation by presenting tax returns and statements, coming up with tax strategies to lessen or eliminate payments, and negotiate with authorities regarding tax issues.
- Auditor – Auditors collate, check, and analyze spreadsheet data, confirm the accuracy of financial reports and records, present findings and recommendations with the management, review wages, and ensure financial procedures and regulations are adhered to.
- Forensic Accountant – CPAs who specialize in this field analyze financial information to detect if there has been a white collar crime in an institution. This branch requires the understanding of financial and business laws and knowledge in finance and accounting.
- Government Accountant – Their responsibility is to check the financial records and statements of government agencies and branches, as well as advise these organizations on the actions they can take with regards to their allotted budget.
- Payroll Clerk – The personnel in charge of the distribution and payment of employees’ wages. They assure that employees are paid right and on time by checking records and take into consideration their hourly wages, bonuses, and leaves.
Accountancy is one of the hardest college courses a college student can take, as it primarily deals with numbers and computations and focuses not only on business subjects, but also in other fields, such as banking and finance, government, social services, education, as well as many others. Nevertheless, because of the considerable pay accountants receive, BS Accountancy remains as one of the most sought-after degrees in the country.
With its excellence in the education of its students with not only theoretical background knowledge but also in its practical applications in the workplace, Lyceum of the Philippines Laguna has certainly established its position as one of the top accounting schools in the Philippines.