|
Adding
it up
What
do the following companies have in common, Wolverhampton Wanderers
Football Club, Ernst and Young, EMI, Channel 4, Ministry of
Sound? Accountancy.
Every
business, every self-employed person needs the services of
accountants to ensure that their financial affairs run smoothly,
everyone gets paid and they don't go bankrupt.
Different
strokes for different folks
There are 2 ways of gaining your qualification the Chartered
Accountancy route and the Management accountancy route. Both
will give you a great business qualification which will enable
you to work throughout the world and in a variety of different
areas, but there is a fundamental difference between them.
Chartered
accountancy -
You'll be working in private practice, a firm of accountants
who work with companies and individuals. You will have a variety
of clients and will audit their accounts, prepare reports,
ensure that they are following government guidelines on taxation
and managing their money plus advising them on ways of making
the most of all those loopholes!
At the
same time as working you'll be studying, you'll be studying
for 3 years in fact! And doing exams. But you will get paid
while you're working, of course, and you will get a wide variety
of experience.
Industry
and commercial accountancy-
Another 3 year qualification, but instead of working in a
private firm you will be working in the accounts division
of your chosen firm. You'll cover almost all the same areas
of accounting as a chartered accountant but you won't be preparing
external audits. You will have the chance to specialise as
a cost accountant, looking at day-to-day financial matters
or a management accountant taking a longer strategic view
of accounting.
Specialising
There are loads of specialisms to take up if they interest
you.
- Taxation
- Advising
clients on complying with the ever-changing tax laws and
making sure that they don't lose money because of them.
- Insolvency
-
Advising companies on how to cope with the closure of a
company, also on how best to administer the sale of assets
or re-finance the company.
- Corporate
Finance -
You'll mainly be involved in the company take-overs, you'll
be setting the right price and making sure that everything
that a company says about themselves financially is true,
which is called "due diligence".
- Forensic
accounting -
The Inspector Morse of the accounting world, you will be
involved in detecting and proving fraud or rebutting fraudulent
claims.
You're
in the money
How do you get into this world of high finance? Well you will
need qualifications. Unsurprisingly being an accountant requires
that you are happy with figures and also able to write reports
and explain clearly to your bosses or clients how the figures
stack up.
Most
applicants for both forms of accountancy have a degree, although
the good news is that you don't have to have an accountancy
or even a financial degree so you can spend 3 or 4 years studying
something you enjoy and still go on to work in a job you enjoy
without having to connect the two. But if you do have a finance/accountancy
degree you can actually miss out some of the professional
qualifications! You will also need good A Level or Higher
Grades because competition can be pretty stiff for places.
But
I don't have those qualifications
Well,
fear not, you can join the profession as an Accountancy Technician.
For this role no formal entry requirements are needed to register
but employers normally look for 4/5 GCSEs/S Grades (A-C/1-3),
including English and Maths. Then to qualify you can undertake
the Association of Accountancy Technicians Education and Training
Scheme. This will involve NVQs/SVQs Levels 2, 3, and 4 in
Accounting - Foundation, Intermediate, and Technician stages.
This can be done on day-release, evening classes or distance
learning.
Check
out the Association of Accounting Technicians
http://www.aat.co.uk/
Not
just about pieces of paper
This is a very popular profession and the competition is stiff
to get in, particularly into the Big 5 accoutancy firms -
Arthur Anderson, Pricewaterhouse Coopers, Deloitte & Touche,
Ernst & Young and KPMG. They don't just dominate the English
financial scene, they dominate the profession world-wide!
And they can take their pick. Similarly if you want to work
for one of the big international firms in their management
accounts you can bet there will be lots of other people with
the same idea.
So although
qualifications are important it's not just qualifications
that will get you the job. You need to show you're keen and
stand out from the crowd. Here are some top tips:-
- Work
experience -
Try getting some work experience from a local firm, it will
give you a good insight into the work you'll be doing as
you qualify and where your career might take you in the
future. It shows you are really committed to the career,
not just the cash and, after all, you might find out that
you don't enjoy accountancy at all.
- Travel
- If you are inclined why not go for it. You have to be
resourceful, responsible and organised, plus it will give
you a maturity and an edge over your fellow applicants.
You don't have to travel far or for very long, but it makes
for interesting stuff on your application form.
- Get
involved -
Get involved in activities at school and university and
see if you can get some responsibility, after all, being
an accountant is what most people would describe as a responsible
job!
Making
sure it all adds up
The key with accountancy is to think carefully about what
you are like and apply that to the kind of job you apply for.
Are you someone who might like to see the everyday running
of a company, build up long-term relationships and see a strategy
develop over time? If so you might find that you would be
happier as a management accountant.
Are you the kind of person who would like the challenge of
taking on lots of new information, visiting lots of different
clients, working under pressure? If so you might be better
applying to a chartered accountancy firm and working in private
practice where you'll get lots of variety.
For further information on accountancy try out these links:-
Association of Accounting Technicians
http://www.aat.co.uk/
ACCA (Association of Chartered Certified Accountants)
http://www.acca.org.uk
The Chartered Institute of Management Accountants
http://www.cima.org.uk
by
Matt Newby
|
