Article: Accounting

Summary
This article looks at some of the careers that might interest you if you are studying accounting.

Introduction
Accounting is about recording, summarising, analysing and communicating information about finance. All businesses,
self-employed people, charities and public sector organisations have to keep this information about their money; this
includes money spent on equipment, buildings, savings and investments. It also covers money that they owe to
others, and money that's owed to them.

The skills you learn in accounting are useful in a wide range of jobs. Depending on the syllabus you follow and the
options you have, you will learn to:

understand financial control and planning

understand different types of business and organisation
understand the features of business activity
solve practical business problems
communicate clearly
select, organise, interpret and use information
evaluate evidence
make reasoned judgements
use IT and understand its financial applications
present conclusions accurately and appropriately.

Accounting has a part to play in most areas of work. Even in jobs that are technical, practical or artistic, it is useful to
have an understanding of how the organisation or business operates - especially if you want to enter management or
work for yourself as a self-employed person or a freelancer, or if you want to start your own business.

It's important to be aware of the financial issues that affect businesses and other organisations. It doesn't matter if
it's a factory, a farm, a guest house, an airline, a department store, a school, a local council, a theatre, a hospital, or
even a prison - they all have to keep within a budget and make the best use of resources.

You can take Accounting at AS level, A level or higher.

There are Awards, Certificates and Diplomas in accounting, and Awards and Certificates in book-keeping, available to
study part-time for people who are already working in a financial or administrative role.

Higher education
With A levels, or equivalent level 3 qualifications, you might be able to gain entry to a higher education (HE) course.
There is a wide range of accounting, finance and business course titles to choose from, available at colleges and
universities throughout the country.

You will need to look at prospectuses to make sure that the course content is relevant to the career you want. It is
vital to check on current course entry requirements.

Higher education courses in accountancy/accounting include HNDs, HNCs, foundation degrees, degrees and
postgraduate qualifications.

Careers in accounting
Accountant - Industry and Commerce

Accountants working in industry and commerce can work in financial or management accountancy.

Financial accountants deal with internal audits, tax, wages and record keeping. They record all the costs of a company

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 including staffing, transport and materials.

Management accountants advise on long-term plans. They analyse and interpret information needed for planning
and controlling a company's income and spending. This branch of accountancy can lead to management
responsibilities in an organisation.

To register as a student with one of the relevant accountancy bodies, you must meet their minimum educational
requirements. If you have more than the minimum requirements, you might be exempt from some written exams.
Many entrants have a degree. It is also possible to start training with A levels or equivalent.

Accounting Technician

Accounting technicians help accountants by collecting, checking and analysing financial information on their behalf.

Technicians in public practice help to prepare and examine accounts by looking at clients' records, books and
systems.

In industry and commerce work, they keep accounts and carry out credit control, costing and budgeting.

Accounting technicians in public finance work for a local authority or other type of public organisation. They check
public accounts, collect debts, work out salaries and collect financial information for management teams.

New entrants to this work train on-the-job and must also study part-time. You will need a reasonable standard of
literacy and numeracy. Some entrants have A levels or a higher education (HE) qualification.

Accountant - Public Practice

Public practice accountants work for accountancy firms that provide independent accountancy services to individuals,
companies and organisations. Accountants help to prepare annual reports and accounts to make sure that these
financial records are a true reflection of a company's activities and financial situation.

They might also offer advice to companies on tax and investments. Accountants in public practice sometimes execute
wills and administer trusts.

The majority of qualified accountants working in public practice are graduates.

Accountant - Public Sector

Public sector accountants manage the financial records of public bodies such as local authorities, government
departments and the NHS. Their main concern is with balancing the cost of public services against income, rather
than with increasing profits.

Local government accountants also check and pay invoices, collect debts and charge customers for services.

Many entrants to this area of accountancy study for the Professional Qualification of the Chartered Institute of Public
Finance and Accountancy (CIPFA) while working.

To register as a student with CIPFA, you need three GCSEs and two A levels, all at grade C or above. You will need
English Language and Maths at either level. Many entrants have a degree.

Auditor

External auditors are professionally qualified specialist independent accountants. They examine an organisation's
accounts to check that they have been accurately prepared in accordance with Company Law, and to make sure that
the accounts provide a true and fair view of the organisation's financial affairs.

Public sector bodies are also audited, to make sure that they are delivering good value for money and that public
funds are being spent appropriately.

Auditors often do their work on the client's premises. They start by gaining a thorough knowledge of a client's
business. They continue gathering evidence until they are sure that the accounts represent a true and fair picture of
the financial situation of the organisation.

They complete their work by preparing a report for presentation to the company's shareholders and management.

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 Auditors working for the National Audit Office, the Audit Commission or Audit Scotland audit public sector bodies
such as central government departments and local authorities.

Internal auditors work in one company or in a public sector organisation. They make sure that the organisation has
effective systems and controls in place. They carry out reviews to make sure that the organisation is getting value for
money and that risks are properly identified, analysed and managed.

Many applicants enter training posts as graduates.

Careers related to accounting

School Business Manager

School business managers provide and manage the financial and support functions that are needed for the efficient
running of schools, enabling teachers to focus on teaching and learning. They might also be known as bursars.

They are likely to be members of the senior leadership team and, as such, are involved in general and strategic
planning.

They manage the finances of schools and have overall responsibility for computerised management information
systems.

They are responsible for buying equipment and supplies and could have control of transport and catering contracts
and the maintenance of the school buildings, grounds and computer systems.

School business managers usually need to have management experience and good leadership skills. They should
have good number skills for financial management, together with written and verbal communication skills.

Some business managers have worked as school secretaries or administration assistants. Others enter after gaining
skills in financial or general management outside the education system. Some have accounting qualifications.

Management/Business Consultant

Management/business consultants provide expert help to businesses to help them to be more successful, or to solve
problems. They are independent from the organisations they visit.

They visit the company, look at how it operates, analyse information and talk to the staff. They have to find out as
much as they can about the way the organisation works.

Then they produce a report that suggests practical solutions. They present this to the directors or senior managers
and help them to put the plans into action.

Most management consultants are graduates. The Institute of Consulting offers qualifications and routes to
becoming a Certified Management Consultant.

Health Service Manager

Health service managers are responsible for the smooth running of hospitals, GP practices and other health services.

Some managers have general responsibilities, while others could specialise in areas such as financial management,
human resources, health records, purchasing or information technology. Other managers might help to form health
policies.

The National Health Service (NHS) Graduate Management Training Scheme is open to people with at least a 2:2
degree in any subject.

There is a finance specialism in the scheme, which leads to a professional accountancy qualification from the
Chartered Institute of Management Accountants (CIMA).

Chartered Secretary

Chartered secretaries are responsible for the professional and legal administration of an organisation.

They play a very important role in running an organisation, providing legal advice, managing finances and acting as a
link between management boards and shareholders.

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 They might also have responsibility for the annual reports and payroll and pension schemes.

A company secretary to a public limited company must be a chartered or certified accountant, barrister, solicitor,
advocate or member of the Institute of Chartered Secretaries and Administrators (ICSA). Many of those working in
the public sector are also ICSA members.

Banks and building societies

Bank/Building Society Manager

Bank and building society managers work in either branch and retail management, or for a specialist banking service.
Managers working in branch management must run their branch within targets set by head office. They build
relationships with businesses, promote the services of the bank and assess customers' requests for loans, for
example.

Managers are responsible for the overall running of the branch and deal with staff supervision, training and
monitoring work practices.

Bank managers working in specialist banking services might work in corporate or investment banking, information
technology applications, global services, risk management or financial services provision, for example.

Tax
Tax advisers provide advice to individuals and companies on taxation matters. They help clients to understand
complicated tax law and tax systems. They also prepare tax returns and calculate correct sums to pay to HM Revenue
and Customs after looking at a client's financial circumstances.

They advise on legal ways of reducing tax bills, and they liaise and negotiate with the tax authorities on a client's
behalf. They analyse detailed financial accounts and examine the general financial dealings of clients.

They offer advice on the tax implications of financial planning and strategy, such as company reorganisations and
mergers.

Financial analysts
Investment analysts study the performance of companies and industries so they can make recommendations as to
where to make profitable investments.

Some analysts produce reports that different clients can refer to, advising them on investments. They closely
examine a company's annual reports and financial statements to find information on output, size of profits and
turnover. These figures are compared with those of other companies to assess investment potential.

Analysts gather and assess a large amount of information about the company and external factors, such as wage
settlements or political changes.

Other analysts work closely with investment managers in large institutions such as insurance companies. They offer
advice as to which sectors are most likely to produce good returns on an investment. As well as comparing different
sectors, they make comparisons between UK and overseas investments.

Starting your own business

Entrepreneur

An entrepreneur is someone who sees an opportunity to start and run their own business. This might be because
they have invented a new product or service, or they might be offering a service that doesn't exist in a particular area.
Some entrepreneurs take over an existing business. Or, they might sell existing products to new markets or in a
different way. Some entrepreneurs invest their money in other people's business.

There are many different routes to becoming an entrepreneur. Some people decide to start their own business after
they have been working for another organisation. Others might start a business after taking a degree or other higher
education course.

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 There are some specific degree and foundation degree courses relating entirely to entrepreneurship and business
enterprise. Other courses have options to study business enterprise as part of a completely different degree.

You might be able to get a grant or loan to help you set up your business.

Further Information
Contacts

Chartered Institute of Internal Auditors (IIA)

Address: 13 Abbeville Mews, 88 Clapham Park Road, London SW4 7BX
Tel: 020 7498 0101
Website: www.iia.org.uk

Recruit.co.uk
Publisher: Financial Skills Partnership (FSP)
Address: 51 Gresham Street, London EC2V 7HQ
Tel: 0845 2573772
Email: directions@financialskillspartnership.org.uk
Website: www.directions.org.uk/careers

Financial Skills Partnership (FSP)

Skills for the financial, finance and accountancy sectors
Address: 51 Gresham Street, London EC2V 7HQ
Tel: 0845 2573772
Email: info@financialskillspartnership.org.uk
Website: www.financialskillspartnership.org.uk

Association of Accounting Technicians (AAT)

Address: 140 Aldersgate Street, London EC1A 4HY
Tel: 0845 8630802
Email: aat@aat.org.uk
Website: www.aat.org.uk

Chartered Institute of Public Finance and Accountancy (CIPFA)

Address: 3 Robert Street, London WC2N 6RL
Tel: 020 7543 5600
Email: corporate@cipfa.org
Website: www.cipfa.org

Chartered Institute of Public Finance and Accountancy (CIPFA) Northern Ireland

Northern Ireland Enquiries
Address: 3rd Floor, Lesley Exchange 2, 22 East Bridge Street, Belfast BT1 3NR
Tel: 028 9026 6770
Email: nitraining@cipfa.org
Website: www.cipfa.org/Regions/Northern-Ireland

Chartered Institute of Public Finance and Accountancy (CIPFA) Scotland

Scottish enquiries
Address: Beaverbank Business Park, 22 Logie Mill, Edinburgh EH7 4HG
Tel: 0131 5507530
Email: scotland@cipfa.org
Website: www.cipfa.org/Regions/Scotland

Institute of Chartered Secretaries and Administrators (ICSA)

Address: 16 Park Crescent, London W1B 1AH
Tel: 020 7580 4741
Email: info@icsaglobal.com
Website: www.icsaglobal.com

Related Careers

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 Accounting Technician
Bank Manager
Building Society Manager
Practice Manager
Accountant - Public Practice
Accountant - Industry and Commerce
Accountant - Public Sector
Company Secretary
Credit Manager
Health Service Manager
Investment Analyst
Management Consultant
Stockbroker
Revenue Officer
Auditor
Investment Manager
School Business Manager
Tax Adviser
Entrepreneur

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