Leeds Beckett University - City Campus,
Woodhouse Lane,
LS1 3HE
How to become an accountant
Help businesses manage their money and build on their successes by becoming an accountant. With your financial knowledge, ability to audit, analyse and advise based on detailed data, you’ll play a crucial role in the growth and financial security of the people and organisations you work with.
What is an accountant?
An accountant deals with other people’s money; managing and inspecting financial accounts, offering essential tax and compliance advice, and facilitating businesses to submit accurate reports within required timeframes. Accountants may also deal with budgeting, procurement, forecasting and even salary management.
It’s worth noting that there’s a difference between being an accountant and a chartered accountant. A regular accountant focuses on basic and straightforward accounting services, while a chartered accountant is much more highly qualified and experienced and can offer more specialised and complex accounting support. To be a chartered accountant, you must earn ‘chartered status’ via an accreditation from a professional body such as the Chartered Institute of Management Accountants.
How do I become an accountant?
Taking a specialist degree is the best way to become an accountant, giving you a competitive edge over less qualified individuals, plus the potential opportunity to learn ‘on-the-job’ through work placements. You can also become an accountant through an apprenticeship or by taking relevant, professional qualifications – for which you’ll need at least three GCSE passes and two A levels.
- Undergraduate degrees – accountancy, accounting and finance, or a business and management degree are all good routes into a career in this area. Minimum entry requirements differ but are usually 2 to 3 A levels or equivalent. These can be in any subject but maths and economics can be of particular benefit.
- Professional qualifications – the minimum qualification for most accountant jobs is an AAT, with the option to expand your knowledge with higher level qualifications such as the ACA, ACCA or CIMA if you wish to become a chartered accountant.
- Apprenticeships – some businesses and accountancy firms offer apprenticeships, which will usually require 4 or 5 GCSEs at grades 9 to 4 (A* to C), or equivalent, including English and maths, along with part-time study to achieve your AAT.
What does an accountant do?
Accountants take care of the management, inspection and reporting of a business’ financial accounts, enabling them to plan, budget, forecast and ensure that their legal financial obligations are met.
Using your mathematical and analytical skills, you’ll work on both forward-facing projects and historical figures, using the data you collate and organise to advise and guide your client(s) towards a greater degree of financial stability and business success.
As an accountant you’ll also be responsible for keeping up-to-date with all the latest legislation and rules, ensuring that all of their accounts are maintained and reported accurately and according to compliance requirements.
There are different types of accountants, so you can choose to specialise in a specific area, such as management accounting or tax.
Depending on the type of accountant you decide to become, your general duties could include some of the following:
- Collating and inputting financial data into software systems
- Forecasting and cost reporting
- Creating budgets
- Preparing financial statements and reports
- Providing tax advice and guidance
- Preparing tax returns and VAT figures for HMRC
- Dealing with queries
- Auditing figures
- Assisting with purchasing and procurement
- Preparing and managing payroll
Becoming an accountant could be for you if...
-
You're logical
Being an accountant means you need a real eye for detail alongside a logical, meticulous and methodical approach.
-
You're a keen problem-solver
Critical thinking, analysis and problem solving are vital skills for an accountant. You need to be able to step-back, detect inaccuracies and issues, and consider variables and risks during any decision making processes.
-
You're adaptable and quick to learn
You’ll need to be able to learn new rules as regulations change and adapt your working practices to suit. You’ll also need to be able to pick up new technologies quickly, such as accounting software tools.
-
You're a great communicator
Financial information is sensitive and it’s essential that your clients feel they can trust you and your knowledge. You’ll need to build strong relationships and deliver detailed information in a clear and effective way.
-
You're a team player
The bigger the business you work for, the more team members there will be to collaborate with, so you’ll need to be comfortable working alongside numerous professionals and sharing ideas in order to get the best results.
What are the typical working hours for an accountant?
On average, an accountant works 43.4 hours per week, although some work as many as 50 hours per week.
If you’re working within a business environment, you can often expect to work according to standard hours, such as 09:00 to 17:00.
When you’re getting started £25,000 is the average annual salary for a graduate accountant. Following that, once you’re chartered and have over two years of experience your earnings could jump to £56,000, but this can vary depending on your employer or specialist area.
As you progress in your accountancy career, you can continue to increase your employment options and earning power by taking further qualifications to enhance your skillset.
Once you have a good range of experience, you could also consider a career as a self-employed accountant, working for yourself, on your own terms, for clients of your choice.
