Accounting and Auditing

The field of Accounting and Auditing combines a detective's instinct with business expertise. At FH Aachen, practical modules, international standards and digital tools provide targeted preparation for a career - whether in a corporate group, in consulting or in a medium-sized company. Those who think in a structured way, enjoy working in a team and want to understand the stories behind the numbers will find an exciting and future-proof occupational field here, into which Prof Dr Yasmine Bassen-Metz, Prof Dr Eva Bracht, Prof Dr Bettina Schneider and graduate Kathrin Heck provide insights.

What is the occupational field of accounting and auditing generally about?

Accounting and auditing is a very exciting and important occupational field in business. It is about visualising the economic situation of a company and creating the basis for strategic decisions, among other things.

Accounting is the basis of the language and grammar of the financial world. It forms the framework for telling the story of a company in figures: What assets are there? What liabilities? And how successful is the company? What is the reason for this success?

The audit complements this process by checking the reliability of these figures. This creates trust - both within a company and with investors, banks and the public. Without work in this area, many economic decisions could not be made with the necessary certainty, regardless of whether they concern company takeovers or private investments.

Who is the occupational field suitable for?

The occupational field of accounting and auditing combines analytical thinking and creative problem solving. It is the perfect place for people who are good with numbers, but who are also curious about the stories behind the figures. Every balance sheet, every degree tells the story of a company's strategy, challenges and successes - and you, as a professional in this field, are right in the middle of the action!

What are the different occupational fields and what specific tasks are involved?

The occupational fields of accounting and auditing are diverse and offer numerous opportunities to contribute your strengths and interests.

• Finance and accounting: Here you will work on the preparation of degrees and work closely with a company's managers. Your work has a potential influence on a company's strategic decisions.
• Internal auditing: You check processes for efficiency and security, among other things - this is where your intuition and organisational talent are required.
• Tax consultancy: You optimise tax aspects and relieve the burden on companies.
• Consulting: Whether mergers & acquisitions, company valuations or restructuring - your expertise is needed to support complex projects and develop sustainable solutions.
• Forensic services: You uncover white-collar crime - almost like a detective in the financial world.
• Auditing: You audit degrees and are therefore an important pillar of functioning capital markets.

This diversity is what makes the occupational field so exciting: you are always close to the decision-making processes of companies and have the opportunity to understand and support the economic activities of a company in a holistic way.

What does a career start in accounting and auditing usually look like?

Starting a career in this field is dynamic and offers fast career opportunities. In auditing, you often start as an associate and quickly work your way up to senior associate. Once you have qualified as an auditor, doors to management positions are open to you - and your financial development reflects these career steps.

Many people start in accounting via a trainee programme or direct entry. After a few years, you can take on team responsibility and later take on management roles such as CFO or Head of Finance. A common career path also leads to 2-3 years in an audit firm, where you gain valuable experience.

How can you develop in the occupational fields?

There are many development opportunities: In accounting, for example, you can specialise in specific topics, such as financial instruments, or take on management responsibility. In auditing, you can acquire additional qualifications such as the tax consultant or auditor exams in order to broaden your horizons or delve deeper into specialised areas.

This occupational field rewards lifelong learning - whether through further training, networking or taking on new responsibilities. Your personal and professional development go hand in hand here.

What does the labour market in the field of accounting and auditing currently look like?

The labour market is stable and offers excellent prospects. The legal requirements for preparing and auditing financial statements ensure a continuous demand. In addition, new requirements such as sustainability reporting are opening up a fascinating future field with high demand for qualified specialists.

What salary do you usually start with and what developments are possible?

Starting salaries are often between the early and late forties, depending on the position and company. The opportunities for advancement are exceptionally good: after passing the auditor's exam, salaries often rise sharply within a few years. You can also expect attractive salary increases in accounting - right up to top positions such as CFO.

What qualifications and skills are necessary to be successful in this occupational field?

Success in this occupational field requires analytical thinking, an affinity for numbers and a structured way of working. Equally important are strong communication skills, the ability to work in a team and the ability to work under pressure. It is a profession for people who work with passion and responsibility - and who are willing to constantly develop themselves further.

What compulsory foundation modules do we offer at our faculties in the area of accounting and auditing?

We have a very solid foundation in the area of accounting and auditing at FH Aachen. Our foundation modules provide a strong basis, which is combined with an exceptional range of modules in the specialisation area.

In the Business Administration and Business Law degree programmes, we offer bookkeeping, accounting I (annual financial statements in accordance with the German Commercial Code) and accounting II (consolidated financial statements and IFRS) in the basic area. The module "Bookkeeping and Accounting" provides comprehensive preparation for the important facets of the occupational fields for the degree programmes in Business Information Systems and Industrial Engineering.

Which specialisations can you choose in the area of accounting and auditing?

In the area of specialisation, students can choose from an exceptionally large catalogue in the field of business administration, which leaves nothing to be desired in terms of the subject area and possible occupational fields. You can specialise in the following topics:

In IFRS accounting, we delve deeper into practice-oriented topics of international accounting, such as "Will my assets increase if I rent a car park?". International accounting is the basis for working in an international context.

As part of the financial statement analysis, you will learn how to analyse and assess the economic situation of companies. Here you will practise with real, published degrees.

In group accounting, you will deepen your knowledge of preparing consolidated financial statements in accordance with national and international standards.

In auditing the annual financial statements, you will learn how to carry out an audit. You will examine realistic facts and learn how to prepare a final report.

The principles of proper auditing of financial statements deal with the framework conditions for auditing financial statements and the auditing profession, e.g. "Is the (financial statement) auditor actually audited?".

"What is actually the value of a company?" This question can be answered in very different ways. You will learn how to carry out a company valuation in the context of accounting and auditing in the assessment in accounting course.

These topics optimally prepare you for the challenges you will face in practice.

Are there modules from other areas that you would also recommend in order to be able to operate successfully in the occupational fields? If so, why?

In addition to the compulsory and elective modules in accounting and auditing, there are additional modules that can significantly expand your career opportunities and expertise.

A comprehensive understanding of internal accounting is essential, as this is closely interlinked with external accounting. Cost accounting and controlling modules provide you with a holistic understanding of financial processes.

Legal principles are also important. Modules from the areas of private commercial law, company law or compliance help you to better understand the legal framework for accounting and auditing.

Another topic is taxation. The interplay between accounting and tax planning is omnipresent in practice. Companies need specialists who can recognise the tax implications for accounting and vice versa.

Modules on financing, such as financial management or corporate finance, are also recommended. You will learn how the financing of companies can be organised and what impact this has on the financial stability and decision-making of a company.

Finally, knowledge of digitalisation and data analysis is increasingly in demand. The role of tools and technologies in accounting is increasing, be it through automated accounting processes or artificial intelligence. Relevant modules such as business informatics or data analysis can prepare you to keep pace with technological developments and help shape innovative solutions.

Why these modules?

The occupational fields of accounting and auditing are not just about understanding technical processes, but also about being able to think in an interdisciplinary way. With these additional qualifications, you will stand out from the crowd, develop a holistic understanding of business processes and be optimally prepared for the challenges you will face in practice.

Are there any current developments in the occupational field that have an influence on the occupational fields?

Absolutely! The focus is on two trends:

1. Digitalisation: automation and AI are fundamentally changing work processes and opening up exciting opportunities to combine analytical thinking with technology.
2. Sustainability: The increasing requirements for sustainability reporting open up new career paths and present you with challenging, socially relevant tasks.

In addition, global networking is not a new development, but of course continues to have an immense influence on the occupational field, be it through international crises or international standards.

The occupational field is changing and you have the opportunity to actively shape this future. It is an exciting, future-proof profession for anyone who wants to make a difference with expertise and enthusiasm!