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Accountancy is about monitoring a company's monetary activity. The aim is to maximise profits. The work accountants helps keep companies afloat.

As an accountant, you'll spend your day working with numbers. You'll keep an eye on the finances of a company, set budgets, provide advice about financial decisions and analyse the risks associated with these decisions.

There are a number of areas you can work in within accounting, such as:

Financial
Managerial
Cost accounting
Auditing
Taxation
Forensic accounting

There's also the option to work in-house and dedicate your time to one firm, or work for an agency and have multiple clients.

If you fancy working in the public sector there are lots of opportunities available here too. You could work with local governments and advise them on how much money can be spent across various public services.

Those with several years of experience can work on a freelance basis and build up a clientele. However, you will need to prove your competencies before you this.

N Written by Navdeep

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FAQs

Which skills do I need for an accountancy career?

Accountants must be confident working with numbers and mathematical formulas. You'll also need to be trustworthy and professional as you'll have access to confidential financial information.

Other skills that will benefit you as an accountant are teamwork and communication. It's likely that you'll have to liaise with other teams and stakeholders to advise on financial matters.

Other key skills employers look for are:

Strong mathematical ability
IT skills
Innovative thinking
Analytical skills

What are typical progression routes for school leavers in accountancy?

The career progression route in accountancy is very specific and highly structured. It involves a series of examinations and training over a few years. The two main qualifications are:

CIMA (Chartered Institute of Management Professionals): 12 professional qualification exams, taken over approximately four years
ACCA (Association of Chartered Certified Accountants): 14 professional qualification exams, taken over approximately four years

The qualifications from the two programs are very similar. Your employer usually decides which one is offered to you.

Some of the largest accountancy firms offer structured school-leaver programs. There is a lot of competition for these schemes, so it can be difficult to secure a place.

How can I get into the accountancy field?

Accountancy is an incredibly popular industry and there are a few things that you can do to make your application stand out against the rest:

Take on similar roles: source roles as an accounts assistant, or even an administration role in an accountancy firm, as it'll give you experience of the environment
Apply for internships or work experience: experience will help to differentiate you from other candidates who have the same academic record as you
Strong academic record in maths-related subjects: this will prove that you're capable of doing the work and studying for the qualifications
Pull out specifics from the job description: this shows that you don't just want to be an accountant anywhere, but at the specific firm you're applying for

How much do accountancy professionals earn?

The starting salaries in this industry can vary for school-leavers. If you're on an apprenticeship the minimum wage will be £4.15 an hour. However, many accountancy school leaver programs don't fall into the apprenticeship bracket and therefore you'll get paid the minimum wage for your age. Currently that is as follows:

Age 16-17: £4.35 Age 18-20: £6.15 Age 21-24: £7.70

It's worth noting that large accountancy firms can pay significantly more than this.

Once you're fully qualified and have a few years of experience under your belt your salary can increase to around £60,000 a year.

Here are the average salaries for some other roles within the industry, both qualified and non-qualified:

Non-qualified:

Accounting technician: £20,304 Bookkeeper: £10.30 p/h Payroll administrator: £19,700 Payroll manager: £30,691 Accounts assistant: £18,598 Credit controller: £20,706 Credit manager: £34,996 Accounts payable clerk: £19,824 Accounts receivable clerk: £19,452

Qualified:

Company accountant: £31,301 Management accountant: £34,093 Chartered accountant: £34,637 Forensic accountant: £39,787 Financial accountant: £35,036 Auditor: £29,211 Internal auditor: £29,406 Financial controller: £50,780 Finance manager: £45,570 Tax accountant: £32,637 Tax consultant: £34,578

What qualifications do I need for a career in accountancy?

To get onto a school-leaver accountancy program you'll need to have at least three GCSEs, including maths and English. It's also likely that you'll need strong A-levels, at a minimum of 260 UCAS points, and maths-related subjects will be beneficial.

However, the exact entry requirements will be set by employers so it is always worth checking their website.

Read more about the accountancy industry

Institute of Chartered Accountancy for England and Wales
Royal Economic Society
UK Finance
The National Skills Academy for Financial Services

Accountancy industry bodies

Institute of Chartered Accountants Scotland

Chartered Accounts Ireland

Institute of Financial Accountants

Chartered Institute of Public Finance Accountancy (CIPFA)

The Association of Accounting Technicians

Chartered Institute of Management Accountants

Association of Chartered Certified Accountants

The National Skills Academy for Financial Services

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