Accounting is generally recognised as one of the most dynamic, fascinating, and secure professions. Yet, according to accounting data, more than 90% of organisations claim they don’t know enough about money and accounting.
Accountants play a critical role in all three sectors of finance: personal, business, and government. Whether you work for a large corporation or a small company, your accounting services will have a substantial impact on their performance.
A financial expert’s salary is determined by several factors, including the qualification of an accountant and the size or type of firm they work for. We’ve gathered some facts about becoming a financial expert to give you a glimpse of this journey.
How does accounting function, and what does it involve?
Accounting is the process of providing financial information for a company or a person. Transactions are recorded, classified, and reported as part of this procedure. They must develop technical skills, obtain financial knowledge, and interpret financial data with a thorough understanding of business and finance to accomplish these goals. As a result, don’t see an accountant as a serious suit-wearing, pen-wielding number cruncher. Because they are bright, engaging people dedicated to helping you develop your wealth and make it work for you.
If you want to be an accountant in the United Kingdom, follow these procedures.
- Research the appropriate accounting credentials.
The AAT is frequently used as an entry-level degree for accountants, but you’ll need to proceed to the ACCA, ACA, or CIMA credentials to become a chartered accountant. Although many financial experts have a college diploma, it is typically more desirable than necessary. Even if a degree is required for a position, it can usually be in any discipline.
While having maths and economics at A-level followed by an accounting degree is beneficial, you can still obtain the accountant qualifications you need if you do not pursue this road, as professional organisations offer courses for students and workers at all levels.
Those interested in accounting employment have access to a wide range of finance qualifications, which can be complicated while looking for work.
The most common accountant qualifications to provide you with an excellent starting point are:
- AAT (Association of Accounting Technicians) accounting courses combine industry knowledge with practical work skills and are divided into four levels (Levels 2-4).
- The AIA (Association of International Accountants) professional qualification – you can become a qualified accountant and a member of this global organisation by completing their highest award. The chartered accountant designation of the ICAEW, generally known as the ACA – is earned after completing 450 days of practical work experience and 15 exam modules.
- The widely recognised CGMA (Chartered Global Management Accountant) is overseen by the CIMA (Chartered Institute of Management Accountants) business finance award, which requires you to have already completed the postgraduate-level CIMA Certificate in Business Accounting (Cert BA).
- Select an accounting specialisation
Management accounting and financial accounting are the two main types of accounting careers. Specialist professions such as budget and economic analysis and working as a controller are available within these divisions. Management accounting varies from financial accounting. The former offers information to persons within a company, whereas financial accounting provides information to those outside it, such as shareholders.
Management accounting, unlike financial accounting, is not mandated by law and only applies to specific goods, whereas financial accounting applies to the entire company. The majority of accounting graduates will pursue a career in financial accounting, leading to a range of opportunities.
- Acquire necessary accounting experience
Another option is to do a work placement or volunteer or part-time job in the sector. Even a day of work shadowing can offer you an idea of the types of accounting tasks you’ll be doing. Some accounting businesses now provide virtual work experience as an alternative to working in an office.
Formal summer accounting internships with more reputable financial firms can be challenging for students due to the high demand. Still, any finance work experience will help you acquire a full-time accounting career.
As we’ve seen, there are a variety of qualifications that can lead to a career as a specialised number cruncher in the United Kingdom.
Plus, if you want to work abroad, you’re in luck because UK credentials are recognised worldwide. Being an accountant means having an exciting job, from assisting individuals and businesses with tax filing to discovering financial crimes.