Careers:Chartered certified accountant
If you've got a good head for numbers, are business minded and enjoy
problem-solving, consider becoming a chartered certified accountant
As a chartered certified accountant, you'll undertake a variety of
accountancy services and will be responsible for:
developing and maintaining financial and accounting systems
financial forecasting
auditing financial records
investigating financial anomalies.
You will offer a variety of services to an internationally recognised
standard, including advising on taxation, insolvency and corporate finance. You
may also provide a management consultancy service.
You can work within a range of sectors including public practice,
financial services or the corporate sector. In many cases, your main aim will
be to maximise profitability and efficiency or ensure value for money on behalf
of your employer or client.
The term 'certified chartered' is legally protected and can only be used
by a member of the Association of Chartered Certified Accountants (ACCA).
Responsibilities
As a chartered certified accountant, you'll need to:
prepare financial statements, business plans, commentaries and budgets for
management or client reports
regularly undertake audits, involving the examination of the
organisation's accounts, analysing risk, inspecting the organisation's current
practices, investigating any financial irregularities and recommending
improvements
review, implement and adapt new and existing financial systems and
controls
produce and analyse annual and monthly accounts
provide regular financial reports
manage expenditure, credit, payroll and investments
liaise with clients (individuals or businesses) or non-financial members
of staff, providing financial information and advice
advise managers on financial policy and control, such as the costs and
benefits of a particular project
deal with and advise on tax issues, ensuring compliance with tax
legislation
advise clients on areas of business improvement, or deal with insolvency
negotiate business terms with associated organisations such as suppliers.
As you progress into more senior roles, you're likely to take on staff
management responsibilities and contribute further to business strategy.
Salary
Your starting salary can vary considerably depending on the location and
size of the firm you work for, the sector and your qualifications. As a
graduate, it's possible to start on a salary of around £25,000.
Once qualified, your salary can range from £26,000 to £45,000 (senior
accountant/accounts senior roles).
Once you've built up significant experience, your salary can range from
£40,000 to in excess of £100,000 (for roles at director level).
Starting salaries for the corporate sector and public practice are usually
higher than in the public sector. Salaries are generally higher for chartered
certified accountants working in banks and insurance companies.
Some organisations offer additional benefits, such as profit-sharing
schemes, private health insurance, pensions, car allowances and bonuses.
Bonuses, which can sometimes reach significant levels, can either be a
fixed sum or based on personal and company performance. Bonuses are more common
in financial services and the corporate sector.
Income figures are intended as a guide only.
Working hours
You'll typically work office hours, Monday to Friday, 35 to 45 hours a
week. You may need to work longer hours and at the weekend at peak times, such
as when meeting client deadlines, at month end or at the end of the financial
year.
There are some opportunities for part-time work, flexible working and job
sharing.
What to expect
Although the work is mainly office-based, you may carry out audits at
clients' premises, which can involve travelling and spending time away from
home, sometimes up to a few weeks at a time.
Jobs are available throughout the UK.
As a chartered certified accountant you can work in a broad range of areas
from public practice (if you hold a practising certificate) to private finance.
Due to the high-profile nature of the work, dress code is usually formal.
ACCA is a globally-recognised accountancy professional body, so once
qualified you will be able to work abroad.
Qualifications
To become a chartered certified accountant you must have successfully
completed the Association of Chartered Certified Accountants (ACCA)
Qualification and become an ACCA member. You'll also need three years' relevant
work experience, which can be done while you're studying.
The minimum requirement for entry onto the ACCA Qualification is three
GCSEs and two A-levels (or equivalent) in five separate subjects including
English and mathematics. You can also apply if you've got a degree or Masters
in any subject. Depending on the relevance and level of your qualifications you
may be exempt from some of the ACCA exams.
If you're already working in finance or want to enter the accountancy profession
but don't have any formal academic qualifications, you can take the ACCA
foundation-level qualifications (known as the Foundations in Accountancy). On
successful completion, you'll be awarded a Diploma in Accounting and Business
and can then move on to the ACCA Qualification.
As part of your study towards the ACCA Qualification you may be awarded
other qualifications such as the BSc in Applied Accounting from Oxford Brookes
University, or a Masters degree in Professional Accountancy from the University
of London.
Large employers with graduate accountant trainee schemes typically require
good A-level results and a minimum of a 2:1 degree. Some may specify a degree
discipline, such as accountancy or a finance-related subject. You'll be trained
on the job and will study for the ACCA Qualification at the same time.
Competition is strong for positions within large companies as well as for
graduate schemes and industry jobs with good study packages.
Skills
You will need to show:
general all-round business interest and knowledge
commercial awareness
self-motivation and commitment, in order to combine working and studying
strong written and verbal communication skills
the ability to communicate with people from all backgrounds
good interpersonal and negotiation skills
organisational and time management skills
methodical approach
IT proficiency
strong analytical, problem-solving and accuracy skills
excellent numeracy skills
flexibility and adaptability
leadership qualities and effective teamworking skills
a proactive approach and ambition
tact and discretion
integrity and trust.
Language skills may also be useful if you want to work for an
international firm.
Work experience
Try to get experience in a business or financial role either through a
work placement, part-time job or voluntary work. It can also be helpful to work
shadow an accountant to get a feel for the role.
Employers
Chartered certified accountants can choose to work in any sector and have
the opportunity to train and work in organisations ranging from large,
multinational companies to small, local businesses.
Typical employers include:
- public
sector - such as local and central government, National
Audit Office, HM Treasury, health and educational institutions, charities
and not-for-profit organisations
- corporate
sector - including major commercial companies, such as
those in the pharmaceutical, retail, energy and manufacturing industries
- financial
services - including fund management organisations, general
insurers, building societies, banking (investment and retail), life
insurers and insurance brokers
- public
practice - including international professional services
organisations such as the Big Four (PwC, Deloitte, KPMG and EY) or smaller
accountancy firms, known as small and medium practices (SMPs), which all
provide a variety of accounting and business services to clients.
Look for job vacancies at:
Jobs are typically advertised as 'accountant' rather than 'chartered
certified accountant'. Some employers will specify they're looking exclusively
for ACCA qualified accountants (or ACA, CIPFA or CIMA qualified), while others
will accept applications from accountants with any of these qualifications.
Specialist recruitment agencies handle vacancies, including training
vacancies, and can be a good source for positions with smaller companies, as
well as large multinationals.
Professional development
Your training will focus on completing the ACCA Qualification, which has a
strong focus on professional values, ethics and governance. The qualification
includes:
- Exams - up
to 14. These are divided into two levels: Fundamentals and Professional.
If you've got a degree recognised by ACCA, you may be exempt from the
Fundamentals level. The Professional level contains an Essentials and
Options module. You need to pass all three Essentials papers and choose
(and pass) a minimum of two Options papers.
- Practical
experience - covering three years' experience in a relevant
role. You can choose to do this at the same time as studying.
- Ethics -
covered by the ethics and professional skills module, which underpins your
exams and practical experience and aims to introduce various ethical
ideas.
There are various study methods available, including self-study via
distance learning and tutored lessons. The ACCA provides details of the nearest
tutors to you. To find out more, see the ACCA
Qualification.
Throughout your career you must undertake continuing professional
development (CPD) to keep your business and finance knowledge up to date.
You'll also need to keep track of technical developments and changes in
legislation. This can include attending courses and conferences, researching
and reading the trade press.
After five years as an ACCA member, and dependent on the completion of
continuing professional development (CPD), you're awarded the title of Fellow
(FCCA). For details of relevant CPD activities see ACCA - CPD for members.
If you're looking to progress further into high-level management roles you
may choose to take a postgraduate qualification, for example an MBA.
Career prospects
You may be given considerable responsibility early on, such as being set
specific projects to manage, staff to supervise or control, or work with more
prestigious clients. As you gain experience, you can progress by diversifying
or specialising in a particular area, such as:
- audit
- risk
management
- insolvency
- forensic
accountancy.
There are also opportunities to take on higher-level responsibilities
within a finance department or move into a more strategic business development
role.
If you work in private practice, it's possible to gain a partnership after
ten to fifteen years. In commerce, you may take on higher responsibilities
within a finance department or move into a more strategic business development
role, depending on your professional interests and experience.
The ACCA Qualification covers a broad syllabus that includes both finance
and strategic business management skills. This means you can transfer your
knowledge and skills into different job roles and business areas, including
business management or consultancy. You could also go on to set up your own
business.
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