Accountancy Mini-Guide

06/04/2017

There are two main areas – Management and Financial accounting and these both have more specialist areas within them.

Career - Accountancy

What is it?

It’s working with numbers and is key to every business – it’s about the accurate recording of sales and costs, looking at analysing the financial information for a company in order to ensure the business grows.

There are two main areas – Management and Financial accounting and these both have more specialist areas within them.

Also within the umbrella of Accounting are:

  • Audit
  • Tax
  • Business Recovery
  • Insolvency
  • Corporate Finance
  • Forensic Accounting
  • Estate Planning
  • Bookkeeping
  • Management Accounting & Reporting

What skills and qualifications will I need?

It’s useful but not essential to have a degree in accounting – you can specialise as a postgrad student.

If you want to spend time as an accounting intern, you can study for additional qualifications from a number of Accounting boards – if you have chosen a career path already then look to see which qualification is preferred.

An aptitude and enjoyment of maths and statistics will be useful, and good communication skills as you will be likely to work within teams as well as with clients/internal departments.

What else do I need to know?

You can choose which sector to work in – public or private.

All large organizations have their own finance departments so you can choose whether to work for a specialist accounting company or a major independent company such as a high street name.

Top Tip

Don’t discount Accountancy as a boring job; you could find yourself working anywhere in the world as the ACA qualification is recognized globally. There are opportunities to work in a wide range of roles in all sectors of business. The earning potential is huge and you can continue to study and gain qualifications throughout your career.

Where can I get more information?

Information about the main Accountancy bodies can be found here:

http://www.icaew.com/en/about-icaew/what-is-chartered-accountancy/major-accountancy-bodies

The main exam qualifications are obtained through:

  • AAT (The Association of Accounting Technicians) – 3 qualifications across 3 levels combining practical skills and industry knowledge.
  • ACCA (The Association of Chartered Certified Accountants) – two levels – Fundamentals and Professionals, with modules, covering a range of topics.
  • ICAEW (The Institute of Chartered Accountants in England and Wales) which is Chartered Accountant Status – 3-5 years of practical work experience together with 13 modules.