Finance for Non FMs Training

Life as an Accountant: Overview

Accountants are most commonly known for checking the validity of company accounts (auditing).  They are also responsible for:

• Creating and operating financial systems
• Conducting investment analysis
• Advising on business start-ups
• Company takeovers and company rescue schemes
• Handling individual's and corporation's tax affairs

Expected Salary

Because the finance / accounting sector is so large and varied, so to is the salary. There is a long ladder of progression available which is reflected in the salary. Although you may begin your career on an average earning or £17,000, with the correct training  you could be earning £120,000 and up in only a few years.

• £17,000 and £25,000 - Trainee and part-qualified accountants
• £25,000 - £40,000 - Qualified management accountants
• £50,000 - £120,000 - Finance directors

Training

Accountants do not need a Finance or Maths degree, however it will of course be beneficial. You will need to be good with figures.

Being good with people as well as quick witted and disciplined are all essential attributes for this job.

The normal minimum entry requirements to the Association of Charted Certified Accountants (ACCA) are:

2 A levels and 5 GCSE passes (including good grades in Maths and English).

Some organisations are willing to take on school leavers who fulfil the necessary criteria. They will then need to go through the relevant training.

Full training takes a minimum of three years and requires that you complete 450 days of technical work experience and pass both examination stages (with currently 11 exams in total for ACCA).

Underoak  lists many short courses to aid you in your career progression. These may be funded individually or through your company (please check the prices with the trainer, as sometimes they often offer a lower price for self funded training). To search these courses, simply type the relevant key words and click on 'request information for free' to send your enquiry direct to the trainer.

To become a qualified accountant in the UK, you have to pass (or be exempt from) a series of professional exams and undergo a period of relevant practical training and continuing professional development (CPD). You will usually have been trained by one of the six major professional bodies, three of which are listed below:

• Association of Charted Certified Accountants (ACCA)
• Charted Institute of Management Accountants (CIMA)
• Chartered Institute of Public Finance and Accountancy (CIPFA)

Employers in industry or commerce usually look for CIMA or ACCA qualifications and those in the public sector CIPFA or CIMA.  To audit company accounts you should either be qualified through ACCA or ICA

Related Careers

It is usual for people to 'step up the ladder' in the financial sector. Some companies will offer training for people to move to more specialised areas.

Each year, thousands of people graduate in accounting. With further training your skills will be valuable in many other areas, because you will be a recognised expert on financial transactions. Every facet of society needs that expertise.

Further career options:

• Accounting Technician
• Banker
• Chartered Accountant
• Chartered Certified Accountant
• Chartered Management Accountant
• Chartered Public Finance Accountant
• Corporate Treasurer
• Debt / Finance Adviser
• Financial Manager
• Investment Analyst
• Financial Adviser
• Financial Manager
• Investment Analyst
• Investment Banker (Corporate Finance)
• Investment Banker (Operations)
• Investment Fund Manager
• Management Consultant
• Tax Adviser
• Tax Inspector
• Trader (Equities, FX, Futures, Bonds)

Useful Links

Core Skills

Specific skills which you may develop from doing an accountancy or finance course include:

• Knowledge and awareness of business organisations: how they operate and are managed, enhancing your commercial awareness, particularly if the course includes a work placement
• Understanding the technical language and practices of accounting and finance, and contemporary theories concerning the practice of financial industries
• Numerical and quantitative skills - developed from understanding, recording and evaluating figures within a business context
• Problem-solving and analytical ability - developed from the numerical aspect of your course and from exercises or project work where you may have to evaluate a business case study and present possible solutions
• Oral and written communication skills - from producing reports and assignments on business issues and delivering presentations (working on group topics and discussing business problems should enhance your ability to argue your case and negotiate with others)
• Knowledge of global business issues, and competence in languages - if you specialise in European or international finance
• Entrepreneurship - if your course includes mock exercises in planning or setting up businesses

Job Sites

Average working hours per week

Job Spotlight

Chartered accountants are responsible for:

• Taxation
• Financial reporting
• Auditing
• Accountancy
• Forensic
• Corporate finance and insolvency

They play a strategic role by providing professional advice, aiming to maximise profitability on behalf of their client or employer. They work in many different settings, including public practice firms, industry, commerce and the public sector.

The role:

• Management of financial systems and budgets
• Undertaking financial audits
• Providing financial advice
• Liaising with clients (individuals or businesses), providing financial information and advice
• Reviewing the company's systems and analysing risk
• Performing tests to check financial information and systems
• Advising clients on tax planning (within current legislation to enable them to minimise their tax liability) and tax issues associated with activities such as business acquisitions and mergers
• Maintaining accounting records and preparing accounts and management information for small businesses (accountancy)
• Advising clients on business transactions, such as mergers and acquisitions (corporate finance)
• Advising clients on areas of business improvement, or dealing with insolvency
• Detecting and preventing fraud (forensic accounting)
• Managing junior colleagues
• Preparing financial statements, including monthly and annual accounts
• Preparing financial management reports, including financial planning and forecasting
• Advising on tax and treasury issues
• Negotiating terms with suppliers

Salary:

• £19,000 - £25,000 starting salary
• £25,000+ with experience

Experience:

In addition to academic requirements, employers are looking for a range of personal qualities which include:

• Business interest / awareness
• Good written and oral communication
• Numerate and analytical skills
• Motivation and a hard work ethic
• Good team skills
• Personal integrity

Big Four Auditors

'Big Four' firms and small to medium-sized firms of chartered accountants will expect you to gain an RQB qualification.  The following corporations are termed the Big Four:

• PriceWaterhouseCoopers
• Deloitte Touche Tohmatsu
• KPMG
• Ernst & Young

Facts

These days the term 'accountant' is becoming rarer and accountants see themselves much more in the role of business adviser - as multi-skilled business managers and consultants. This has been reflected in the way accountancy firms sell their services and the way in which the accountancy function within companies is viewed.

According to the Accountancy Age/Robert Half Finance and Accountancy Salary and Benefits Survey (Autumn 2005), one in five graduates in the UK believes that the accountancy profession provides the best career opportunity.