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FINANCE AND ACCOUNTANCYFINANCE AND ACCOUNTANCY
Thinking of a Career in Accountancy and Finance?
With all the different accountancy and finance qualifications to choose from, it's important to research the differences between these qualifications. A key factor to realise, however, is that the different branches of both subjects do point to different career paths, although they are all broadly related.
Opportunities
In industry and commerce, openings for accountants and people working in other sectors of finance vary according to the size of the city, and tend to be with large organisations. The demand for these workers in all sectors is growing and work is available in all parts of the UK. There are also self-employment opportunities, such as management accountants becoming management consultants.
Once qualified, it is possible to move between private practice; industry and commerce; and the private sector to gain experience and help career prospects. Those working for a large organisation may be offered transfers within the company to advance their careers. There are many openings for accountants in senior management positions, and also many openings for bankers because of their crucial role in this current economic climate.
Here we have a brief description of different accounting and financial roles. At the end of the article there are some useful website addresses and all the professional bodies are very happy to give help and information.
CIPFA - Chartered Institute of Public Finance Accountants
Chartered public finance accountants work in the public services sector and employers include local and national government departments, local authorities, health services, etc. Public sector accountants assess and control the efficiency of public spending. They can work in local and government departments, audit offices, housing, education and charitable trusts. Their aim is to get value for money for any service offered to the public, within a set budget.
CIMA - Chartered Institute of Management Accountants
Chartered management accountants normally work in-house as part of the management team. Working in industry and commerce, they evaluate and give advice on the financial performance of the business they work within. Commonly known as management accountants, they provide financial information to the management team and are involved in the financial planning of the organisation.
IFC - Institute of Financial Consultants
Financial consultants, also known as financial advisers or financial analysts, are professionals trained to help organisations or individuals in making intelligent financial decisions. These professionals typically use information about stock values, market trends, taxes and many other economic factors to help a client decide if an investment is appropriate or not.
ICAEW - Institute of Chartered Accountants of England and Wales
Chartered accountants inspect, assess and advise on the financial state of affairs of companies, partnerships and individuals. They work for accounting firms and offer services to fee-paying clients,mostly in the industrial, commercial and charitable sectors. A key role for private practice accountants is auditing. Audits are independent assessments of the financial position of a business. Accountants examine the company accounts and collect evidence to prepare and then present their recommendations for improvement, outlining the risks and consequences of current financial practices.
SIFR - Institute for Financial Research
Financial analysts, also known as securities or investment analysts, examine financial information so they can make sound suggestions to businesses on how to invest their money. They work in stock brokerages, banks, insurance companies, corporations, and government agencies. There is a wide variety of the type of work people do in this sector. Some analysts study worldwide on national money matters, while others advise corporations on ways to invest their pension funds.
ACCA - Association of Chartered Certified Accountants
Chartered Certified Accountants work in both industry and private practice. ACCA training provides students with an in-depth knowledge of accounting techniques, business principles, management and IT skills, all of which enable ACCA qualified accountants to work in any area of finance throughout the world.
You have the freedom to gain your work experience in private practice or in the public or corporate sectors, and are able to change both employer and sector should you desire a broader base of experience.
Do I need a maths related degree to become a chartered accountant?
Accountancy practices take on graduates from all discipline so an accountancy degree is not a prerequisite, however strong academic qualifications usually are especially helpful if you are applying for the 'Big 4' firms.
You will also need good English and maths GCSE grades and skills in another European language are always attractive. Employers in the finance and accountancy sector will also seek strong numerate candidates who are ambitious, analytical, logical, patient, persistent and are prepared to spend long hours studying and working.
Useful websites
Chartered Institute of Public Finance Accountants
www.cipfa.org.uk
The Chartered Institute of Management Accountants (CIMA)
www.cimaglobal.com
The Institute of Financial Consultants (IFC)
www.ifconsultants.org/
Institute of Chartered Accountants in England and Wales (ICAEW)
www.icaew.co.uk
The Institute of Financial Research (SIFR)
www.sifr.org
Association of Chartered Certified Accountants (ACCA)
www.acca.co.uk
Institute of Financial Accountants (IFA)
www.ifa.org.uk
Financial Services Skills Council (FSSC)
www.fssc.org.uk
Thinking of a Career in Accountancy and Finance?
With all the different accountancy and finance qualifications to choose from, it's important to research the differences between these qualifications. A key factor to realise, however, is that the different branches of both subjects do point to different career paths, although they are all broadly related.
OpportunitiesIn industry and commerce, openings for accountants and people working in other sectors of finance vary according to the size of the city, and tend to be with large organisations. The demand for these workers in all sectors is growing and work is available in all parts of the UK. There are also self-employment opportunities, such as management accountants becoming management consultants.
Once qualified, it is possible to move between private practice; industry and commerce; and the private sector to gain experience and help career prospects. Those working for a large organisation may be offered transfers within the company to advance their careers. There are many openings for accountants in senior management positions, and also many openings for bankers because of their crucial role in this current economic climate.
Here we have a brief description of different accounting and financial roles. At the end of the article there are some useful website addresses and all the professional bodies are very happy to give help and information.
CIPFA - Chartered Institute of Public Finance Accountants
Chartered public finance accountants work in the public services sector and employers include local and national government departments, local authorities, health services, etc. Public sector accountants assess and control the efficiency of public spending. They can work in local and government departments, audit offices, housing, education and charitable trusts. Their aim is to get value for money for any service offered to the public, within a set budget.
CIMA - Chartered Institute of Management Accountants
Chartered management accountants normally work in-house as part of the management team. Working in industry and commerce, they evaluate and give advice on the financial performance of the business they work within. Commonly known as management accountants, they provide financial information to the management team and are involved in the financial planning of the organisation.
IFC - Institute of Financial Consultants
Financial consultants, also known as financial advisers or financial analysts, are professionals trained to help organisations or individuals in making intelligent financial decisions. These professionals typically use information about stock values, market trends, taxes and many other economic factors to help a client decide if an investment is appropriate or not.
ICAEW - Institute of Chartered Accountants of England and Wales
Chartered accountants inspect, assess and advise on the financial state of affairs of companies, partnerships and individuals. They work for accounting firms and offer services to fee-paying clients,mostly in the industrial, commercial and charitable sectors. A key role for private practice accountants is auditing. Audits are independent assessments of the financial position of a business. Accountants examine the company accounts and collect evidence to prepare and then present their recommendations for improvement, outlining the risks and consequences of current financial practices.
SIFR - Institute for Financial Research
Financial analysts, also known as securities or investment analysts, examine financial information so they can make sound suggestions to businesses on how to invest their money. They work in stock brokerages, banks, insurance companies, corporations, and government agencies. There is a wide variety of the type of work people do in this sector. Some analysts study worldwide on national money matters, while others advise corporations on ways to invest their pension funds.
ACCA - Association of Chartered Certified Accountants
Chartered Certified Accountants work in both industry and private practice. ACCA training provides students with an in-depth knowledge of accounting techniques, business principles, management and IT skills, all of which enable ACCA qualified accountants to work in any area of finance throughout the world.
You have the freedom to gain your work experience in private practice or in the public or corporate sectors, and are able to change both employer and sector should you desire a broader base of experience.
Do I need a maths related degree to become a chartered accountant?Accountancy practices take on graduates from all discipline so an accountancy degree is not a prerequisite, however strong academic qualifications usually are especially helpful if you are applying for the 'Big 4' firms.
You will also need good English and maths GCSE grades and skills in another European language are always attractive. Employers in the finance and accountancy sector will also seek strong numerate candidates who are ambitious, analytical, logical, patient, persistent and are prepared to spend long hours studying and working.
Useful websites Chartered Institute of Public Finance Accountants
www.cipfa.org.uk
The Chartered Institute of Management Accountants (CIMA)
www.cimaglobal.com
The Institute of Financial Consultants (IFC)
www.ifconsultants.org/
Institute of Chartered Accountants in England and Wales (ICAEW)
www.icaew.co.uk
The Institute of Financial Research (SIFR)
www.sifr.org
Association of Chartered Certified Accountants (ACCA)
www.acca.co.uk
Institute of Financial Accountants (IFA)
www.ifa.org.uk
Financial Services Skills Council (FSSC)
www.fssc.org.uk
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