How To Become An Accountant

In the UK, demand for accounting services continues growing leading into 2024 across public practice, corporate finance, government, and nonprofit roles. With the right combination of education, skills, licensing, and experience, ambitious job seekers can establish themselves in this stable, lucrative profession. This guide outlines key steps.

Educational Requirements

The benchmark qualifications to begin a UK accountancy career are:

A-Levels

• A-levels (or equivalent) in maths and ideally business-related subjects provide a strong foundation before pursuing higher education.

Bachelor’s Degree

• A bachelor’s degree in accounting, finance, business, or related field develops technical knowledge and analysis skills for the profession.
• Graduates can begin pursuing professional qualifications.

Master’s Degree

• A master’s in accounting, ACCA, CIMA or similar advanced programs are required for the highest-level roles.
• Programs concentrate on financial reporting, regulation, corporate governance and strategic decision making.
• Exemptions from modules of professional qualifications may be granted with a master’s degree.

Obtaining Your Accounting Qualification

You must obtain a recognized UK accountancy qualification like:

ACA, CA – Chartered Accountant

• Administered by the ICAEW. Combination of exams, ethics modules, and 3 years’ work experience.
• Prestigious globally recognized qualification provides breadth of knowledge.

ACCA – Association Of Chartered Certified Accountants

• Self-study qualification focused on financial accounting and ability to work globally.
• Series of 14 exams covering ethics, analysis, reporting, tax, audit and more.

CIMA – Chartered Institute Of Management Accountants

• Focuses on strategic decision making and management reporting.
• 3 levels of exams leading to Chartered Global Management Accountant status.

AAT – Association Of Accounting Technicians

• Qualifies for junior accounting roles and bookkeeping.
• 3 levels of exams to gain foundation before pursuing a higher qualification.

Select the qualification that best matches your career aspirations in the field.

Key Accounting Skills To Develop

Well-rounded accountants possess technical know-how plus soft skills like:

• Financial reporting – Prepare financial statements, records and documentation accurately and punctually.
• Regulatory compliance – Observe legal requirements for taxes, reporting, governance and audits.
• Analytics – Employ data analysis tools to derive financial insights and advise clients.
• Software proficiency – Leverage programs like spreadsheets, accounting systems, ERPs and databases.
• Communication – Clearly explain financial information to diverse audiences.
• Ethics and integrity – Exercise confidentiality, honesty and reliability in handling sensitive financial matters.
• Attention to detail – Spot numerical errors, discrepancies and omissions.

Landing Your First Accounting Opportunity

Typical entry routes into the profession include:

• Accounting internships – Gain exposure by interning at an accounting practice while pursuing your degree.
• Graduate programs – Complete intensive training programs at firms to rotate through departments.
• Junior accountant – Build core skills under managers in industry or public practice.
• Accounts payable/receivable clerks – Learn basics entering data for payables and receivables.
• Bookkeeping roles – Assist small businesses with tasks like payroll, transactions, reconciliations.
• Audit associate – Get involved in compliance procedures and examining company statements.

Use internships and networking to competitively position yourself for open roles.

Career Growth And Specialization

With qualifications and experience, accountants can advance into roles like:

• Public practice – Progress from associate to senior associate to manager/partner leading engagements.
• Corporate accounting – Move up from analyst to manager to financial controller or CFO.
• Internal audit – Become an audit manager, senior manager, director.
• Tax accounting – Advance from associate to senior tax accountant to head of tax.
• Management accounting – Grow into FP&A manager, finance manager, VP of finance.
• Forensic accounting – Gain expertise investigating fraud and financial crimes.
• Accounting academics – Teach and research at universities after extensive experience.

Specialized fields allow playing to your strengths and interests within the wider sphere of accounting.

Understanding UK Accounting Laws And Standards

Key regulations accountants must comply with include:

• UK GAAP – Generally Accepted Accounting Principles in the United Kingdom.
• IFRS – International Financial Reporting Standards.
• Tax legislation – Income Tax Act 2007, Corporation Tax Act 2009, Value Added Tax Act 1994, more.
• Companies Act 2006 – Sets standards for company financial reporting and auditing.
• Money laundering regulations – Require reporting suspicious transactions.
• Data protection laws – Require securing confidential client information.

Adhering to codes of ethics from professional bodies like ICAEW, ACCA and CIMA is also mandatory to uphold integrity and transparency.

Why Continuing Professional Development Matters

Accounting is a dynamic field requiring lifelong learning. Ongoing CPD ensures you:

• Maintain competence in core areas like financial reporting, analytics, audit and tax.
• Uphold mandatory CPD requirements from regulatory bodies to retain your credentials.
• Expand expertise in specific accounting disciplines through certificates and diplomas.
• Develop leadership, strategy, communication, ethics and client relations skills.
• Keep current on technology improvements impacting the field.
• Demonstrate commitment to excellence when advising clients.

CPD activities like courses, conferences, research and work placements prevent stagnation. An annual CPD plan helps structure continual growth.

Keys To Success As An Accountant

The most successful accounting professionals demonstrate:

• Sound judgement consulting clients on financial decisions.
• Sharp analytical abilities weighing scenarios and risks.
• Attention to detail ensuring accurate reporting.
• Integrity and objectivity conducting unbiased audits.
• Time management and organization meeting deadlines.
• Communication skills making complex information clear.
• The ability to work independently and lead teams.
• A proactive mindset to research emerging issues impacting clients.

With dedication and well-rounded capabilities, 2024 presents exciting opportunities to begin a prosperous accounting career.

FAQs

What degree do you need to become an accountant in the UK?

• A bachelor’s degree in accounting, finance, business, or other relevant fields is typically required. A master’s degree improves prospects for high-level roles.

What are the main accounting qualifications in the UK?

• The main qualifications are ACA, ACCA, CIMA, and AAT. Each involves passing a series of exams plus ethics modules and work experience requirements.

How long does it take to become a qualified accountant?

• It typically takes 3-5 years to complete all the exams, modules, and work experience needed for qualifications like ACA, ACCA or CIMA after your bachelor’s degree.

What skills are most important for accountants?

• Key skills include financial reporting, analytics, regulatory compliance, software proficiency, communication, ethics, integrity, attention to detail, critical thinking, and strategic decision making.

Why is continuing professional development important?

• CPD is crucial for accountants to maintain their qualifications, stay updated on evolving regulations and standards, expand expertise, and provide clients competent counsel on financial matters.

Conclusion

Becoming an accountant requires attaining advanced qualifications like a degree, professionally accredited certifications based on self-study and exams, and work experience.

Develop technical skills in accounting principles, software, analytics, and regulations while also honing soft skills and ethics. Pursue entry-level roles at practices, corporations, or government entities to gain practical expertise under mentors before advancing.