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Accountancy
Want to help organisations make the most of opportunities from new technology and big data? Or help them with their sustainability goals? An accountancy career could be exactly what you’re looking for.
What is an accountant?
Financial management is the discipline that drives all business. Finance professionals create the strategies and carry out the work that leads businesses to success. This is why all industries, all over the world, need the best finance professionals.
The role of the accountant is changing. Accountants act as technology evangelists, identifying the potential of robotics and machine learning to transform finance and business operations, and working with tech teams to drive productivity and better decision support.
They use their skills to help leaders make smart financial decisions that balance business goals with what’s good for society and the environment. Accountants can work for anyone – from individuals to big companies and even government bodies.
What accountancy jobs can I do?
There are five main areas in accountancy fast emerging:
- Assurance advocate: Risk is a big challenge for organisations in today’s fast-changing world. Accountants can use technology to help lower that risk, keeping businesses safe from financial shocks.
- Business transformer: The world is changing all the time. Accountants can help organisations adapt to new technologies and the evolving business landscape.
- Data navigator: ‘Data’ is the numbers and statistics that organisations use to track how they’re performing. Accountants can help make sense of this information so leaders can make smart decisions for the future.
- Digital playmaker: We all know that new technology is changing the world around us. From robots to AI, accountants look out for new tools that can help organisations succeed, and persuade leaders to take on the latest tech.
- Sustainability trailblazer: As we work to tackle climate change, organisations need to do more with less. Accountants can help businesses figure out which sustainable activities are bringing the biggest business benefits.
There are plenty of opportunities to rise up the ranks. Their strategic minds and financial know-how means accountants are well-placed to become finance directors or even company bosses.
Is a career in accountancy for me?
Interested in AI and technology? Fascinated by food? Driven by sustainability? Passionate about publishing? The global demand for accountancy professionals spans every sector and industry from cars to cosmetics, hotels to healthcare and retail to restaurants.
Anyone can become an ACCA student accountant, regardless of your age, gender, ethnicity, class or any disability you might have.
How can I start a career in accountancy?
Becoming an accountant takes some training, but you don’t necessarily need a degree. You should aim to achieve a professional qualification – this proves that you are fully trained and qualifies you to do every aspect of accountancy.
To get onto a course, you will need at least a grade 4 in maths and English at GCSE, though some courses will ask for a higher grade. Then choose A-level maths and at least one other subject. You can also study for an NVQ in accounting.
After that your options are:
- Begin an apprenticeship in accountancy. These are available at different levels.
- Study any degree subject you like and aim for a 2.1. Accounting is a good place to start, but any degree discipline can lay the foundations for an accountancy career.
- Begin your professional qualification straight from school at entry level.
The good news is that most of this training is done on the job so you’re still earning while you’re learning.
How to boost your chances
Find accountancy work experience. An accountancy firm is ideal, but anywhere that offers you the chance to get exposure to a business and develop valuable decision-making and critical-thinking skills is good. This will help you develop your numeracy, communication and timekeeping, as well as giving you the feel of a professional environment.
Playing board games or video games is another great way to improve your problem-solving.
How to boost your chances
There are various professional qualifications that accountants pursue to boost their knowledge and career opportunities.
A major professional qualification is offered by the Association of Chartered Certified Accountants (ACCA). ACCA is a globally recognised professional accountancy body providing qualifications and advancing standards in accountancy worldwide. By completing their qualification, you will become a chartered certified accountant.
Other organisations that offer qualifications to prepare you for a career in accounting include:
- Chartered accountant: ACA, from the Institute of Chartered Accountants in England & Wales (ICAEW).
- Chartered management accountant: CGMA, from the Chartered Institute of Management Accountants (CIMA).
You can also train towards your professional qualification through an apprenticeship – a paid job with training.
Accountancy myth busting
‘Accountancy is just for mathematicians’
It’s true that you’ll need a good foundation of maths and English skills to be an accountant. But accountancy could also be a great career move if – for example – you want to share your love of new technology with business leaders. On the other hand, tax accountants have to be across the legislation, making it perfect if you’re used to reading heavy tomes, like in history or English.
‘I need a university degree’
Gone are the days when a university degree offered the only route into accountancy. You can begin your accountancy journey straight from school or college with an apprenticeship or another qualification. That way, you can qualify for a career in accountancy without taking on 3+ years of student debt!
‘I’ll only be able to for an accountancy firm’
Actually, no – every organisation in every industry needs accountants. So while you can work in-house for an accountancy company, companies employ their own accountants. Whether it’s fashion, fitness, football or F1, accountancy is a great way to pursue a career in an area of work you’re really passionate about.
‘I’ll be sat in an office all day’
Yes, you’ll spend some time in the office. But depending on your expertise, your working day could involve visiting clients, helping colleagues, or presenting to managers. And despite the stereotype, accountants are not glued to a spreadsheet all day. Wherever you’re based, your job is to apply the numbers to the real world.
‘There is no work-life balance’
According to the stereotype, accountants are glued to their desks. But a lot of accountants work 9 to 5 most days and then put in extra hours around deadlines – with employers making sure they get the time back. Some firms are working flexibly– spreading the five-day week over four and taking Friday off!
‘AI will take my job!’
Artificial Intelligence isn’t going to replace accountants, but it is going to take over some of the more routine tasks they do – leaving humans free to focus on the more interesting parts of the job. For example, AI will help accountants identify inconsistencies in the data and fill in forms – but it won’t replace the business acumen and organisational knowledge only a human can develop.