If you've strong numeracy skills, an analytical mind and are good at managing money, discover all you need to know about kick-starting your accountancy career
Accounting is often perceived as an uneventful career by those outside of the industry, but in reality, it can actually be one of the most fulfilling - whether you choose to work in the private or public sector.
The skills of analysis, interpretation and adaptability are required in order to communicate accurate financial information, put forward realistic targets and drive business growth. However, even if you've got the necessary attributes to be an accountant, you'll need to decide which area of accounting suits you and look into the preferred qualifications of that specialism.
Here are the steps you'll need to take if you plan to become an accountant in the UK.
1. Study the right qualifications
The AAT qualification is typically the minimum level expected of an accountant, but to ultimately become a chartered accountant, you'll have to progress to the ACCA, ACA or CIMA qualifications.
Although many accountants will hold a university degree, it's often desirable rather than essential - and even if it is a prerequisite for a role, the degree can usually be in any subject.
So, while maths and economics at A-level followed by an accounting degree may be advantageous - as professional bodies provide courses for students and workers at all levels, you should still have plenty of opportunities available to get the qualifications you need.
A variety of finance qualifications are available to those hoping to embark on a career in accounting - which can be confusing when searching for job opportunities.
The most popular accounting qualifications include:
- AAT (Association of Accounting Technicians) accounting courses - made up of three qualifications across three levels, they combine industry knowledge and practical work skills.
- ACCA (Association of Chartered Certified Accountants) qualifications - comprise of two levels; Fundamentals and Professionals. Modules cover a variety of topics from corporate and business law to audit and assurance.
- ICAEW (Institute of Chartered Accountants in England and Wales) chartered accountant status - also referred to as the ACA, this qualification consists of three to five years of practical work experience and the completion of 13 modules.
- CIMA (Chartered Institute of Management Accountants) business finance award - oversees the widely-recognised CGMA (Chartered Global Management Accountant), which requires you to have already gained the postgraduate-level Certificate in Business Accounting.
Many accountancy firms will accept qualifications from any board, but if you have a definite career path in mind it's worth taking a look into the preferred qualifications of that specialism.
For example, if you're interested in becoming a chartered accountant, you'll need to have studied for the ACCA qualification and have three years' work experience in a relevant role. It usually takes around four years in total to become fully qualified.
If you're wondering whether you can become a chartered accountant without a degree, the answer is 'yes' - you can apply for the ACCA qualification with a combination of GCSEs and A-levels. However, by already holding a degree or Masters in any subject, this may make you exempt from some of the exams. Even without any formal academic qualifications, you can enter the accounting profession and study at the foundation level first.
See finance qualifications for information relevant to each course provider.
2. Choose your accounting specialism
Careers in accounting can be split into two key areas: management accounting and financial accounting. Within these divisions are further specialist fields such as budget and financial analysis, and working as a controller.
The difference between management accounting and financial accounting is that the former provides information to people within a company, while financial accounting provides information to those outside of it, such as shareholders.
Unlike financial accounting, management accounting is not required by law and only covers particular products, while financial accounting covers the entire organisation. Most graduates will enter accounting through financial accountancy, which can provide a variety of career prospects such as:
- business recovery and insolvency
- corporate finance
- forensic accounting
For each accounting specialism, graduates also have the choice of whether to work in the public or private sector.
3. Secure a job or accountancy apprenticeship
Despite the importance of qualifications to become established in the industry, the value of real-life accountancy work cannot be underestimated. Indeed, study often complements work in a full-time position, presenting the perfect opportunity for graduates hoping to build key skills. By securing a training contract, this can enable you to work while studying for a recognised accounting qualification.
As an accountant, you'll be able to find work in any sector (public and private) and both large companies and small and medium-sized enterprises (SMEs). Over time you'll be able to focus on your preferred working environment. Most vacancies are available direct from employers so look out for roles of interest you're eligible to apply for.
It's also the case that finance graduate schemes are sometimes structured with an accounting qualification such as the ACA or CGMA one of the programme's objectives.
You'll also find that accountancy apprenticeships, such as those run by the AAT, are a viable alternative to university and they provide a fast-track to achieving chartered status with the main professional bodies (ICAEW, ACCA etc.)
When you secure an apprenticeship, you can gain the required practical skills while earning a wage and receiving the same benefits (including a holiday allowance) as other employees at the company.
4. Get relevant work experience
Another way you can enter the industry is through a work placement, voluntary or part-time role. Even work-shadowing someone for a day can give you a feel for the kinds of accounting activities you might be involved in.
Formal summer internships with larger financial institutions such as PwC or Deloitte can be highly competitive for students, as they're usually oversubscribed, but any type of relevant finance work experience will boost your chances of landing a full-time job in an accounting role.
Check individual websites of companies you'd like to work for to see if they have any current vacancies. Or by sending speculative applications to local SMEs in the financial sector, you may be able to land a work placement.
If you're at university, consider volunteering to be the treasurer for a club or society, or look for a part-time job that will help you to develop skills in this area.
Depending on the size of the firm, you may get to work on real projects and manage your own workload as you develop key skills in accountancy. Training is usually provided to those undertaking work experience and you'll get to make industry contacts that can aid your future career.
As many employers will only support trainees in gaining their accounting qualifications if they've previously undertaken work experience, this will be a valuable addition to your CV and help you on your way to becoming an accountant.
Explore how to go about securing either a work placement or internship.