Being an accountant takes a lot more than being good with numbers. In general, accountants provide financial advice, manage budgets and perform regular financial audits. You need to have strong organisational skills and a keen attention to detail; you must go through the proper courses and gain the correct credentials; and most importantly, you need to decide what type of accountant you’d like to be – whether you’d like to work within a company, accounting firm or as an independent.
So where do you start?
Get a degree – or don’t
It’s true: it is possible to become an accountant without a degree, but in many ways it will be a longer and more complicated process. Obtaining a university degree – even if it isn’t in accounting or finance – will give you an edge over those without one, which is incredibly important in such a competitive industry.
Get qualified
Before you become any kind of accountant, you have to complete three years of necessary training with an employer and become a member of a professional accounting body. There are three main ones in the UK (Chartered Accountants Ireland, Institute of Charted Accountants in England and Wales [ICAEW] and the Institute of Chartered Accountants of Scotland [ICAS]), and the regulations for each institution differ slightly, so make sure you are crystal clear on the requirements. Further information on accounting bodies in the UK and Ireland can be found here and here.
Get climbing
Sarah Moore-Williams, principal lecturer and undergraduate programme manager in accounting and finance at London South Bank University (LSBU), sums up why accounting is such an attractive field for many in an article on Prospects: ‘Accountancy offers the possibility of a high salary, dynamic progression and a strong career path.’ You could start as an Accountant within a company, advance to the role of Finance Manager and even obtain the title Finance Director, which can have a very lucrative salary.
On the other hand, becoming an independent accountant is always an option. This could be seen by some as a risky move because you are your own boss and are entirely responsible for any advice you give to clients. For example, if you make an error while completing a client’s tax affairs and they receive a fine (or some kind of punishment) as a result, you would be liable for the damages. However, being a self-employed accountant is incredibly rewarding in the sense that you are your own boss and get to work with a wide variety of clients, but you need to make sure that you take the correct measures to protect yourself against dissatisfied clients. Carefully consider the risk you’ll be exposed to and research the necessary cover you need before you start practising.
Get going!
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Accountancy can seem like a rather dry industry to get involved in, because many of us aren’t aware of the changing industry. Chloe Waight, graduate of the University of Central Lancashire with a first-class BSc (Hons Mathematics) who now works as a chartered accountant, comments on this evolution: ‘Historically, accountants were expected to report on past events; however, accountants are now being seen as business advisers and are expected to add value to any business. Therefore, anyone who wants to excel in the accountancy industry will need to have a rounded knowledge of business as well as a keen interest in numbers.’
This is obviously not a comprehensive list of everything you need in order to become an accountant, but if you’ve got a strong work ethic, a talent for numbers and finance, a sharp eye for detail and good communication skills, you are off to a great start.
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