Chartered Accountant Job Profile

For those who are dedicated and proactive, accountancy can be a fantastic career path to pursue. There are plenty of career paths to consider in the accounting and finance sector, but one of the most highly sought after is the route to becoming a chartered accountant.

There are many ways to break into accountancy in general, but the path to becoming a chartered accountant usually involves hitting some key career checkpoints. If you want to be a chartered accountant but you’re not sure where to start, we’re here to help.

What is a chartered accountant?

Chartered accountants are fully qualified accountants that take on a broad and important role. In a nutshell, they analyse and provide information about financial records, with focus areas including financial reporting, taxation, corporate finance, business recovery, and insolvency. They will also often be responsible for auditing accounts and giving financial advice that may be acted upon by the recipient to save money or increase profitability.

Chartered accountants can work in a range of organisations and it’s even possible to work across sectors, in public practice and industry as well as the not-for-profit and public sectors.

Responsibilities of a chartered accountant

The details of your role as a chartered accountant will vary depending on your area of focus and the sector that you work in. However, you can generally expect day to day responsibilities to include:

• Managing budgets

• Undertaking financial audits

• Providing financial advice

• Liaising with clients, individuals, and businesses

• Analysing risk

• Advising on tax planning

• Maintaining accounting records and preparing accounts information

• Counselling clients on areas of financial improvement

• Managing junior colleagues

• Liaising with auditors (internal or external)

• Producing reports and recommendations following the audits

• Preparing financial statements and monthly and annual accounts

• Negotiating terms with suppliers

• Invoicing

Chartered accountant qualifications

All chartered accountants must qualify to practice, but there’s no one set path that you have to take. In fact, there are many ways in which you can qualify. One route that’s popular is to study for exams alongside working in industry, in which case it’s common for the company you work for to pay for your studies and exams.

Companies that offer training agreements are open to students from a wide range of degree backgrounds, so a degree in finance, maths or accounting isn’t always necessary or preferred. You will however have to demonstrate an interest in accounting, perhaps through work experience.

In terms of the qualifications that you need to receive before becoming a chartered accountant, each of the four routes below are generally regarded well, leaving you to choose the one to pursue the accounting qualification that suits you best.

ACCA Chartered Certified Accountant

The ACCA qualification is a popular route into chartered accountancy. It develops your knowledge, skills and strategic understanding throughout its levels: Applied Knowledge, Applied Skills and Strategic Professional. On completion of your studies you will have exceptional technical accounting expertise as well as ethical and professional skills.

CIMA Chartered Management Accountant (ACMA)

The CIMA qualification develops critical knowledge and skills that are needed to succeed as an accountant. You will learn professionalism, business and leadership skills, ethics and commitment, alongside knowledge in accounting. There are four levels to complete (certificate, operational, management, and strategic), but you can choose to start wherever you want depending on your experience level.

ICAEW Associate Chartered Accountant (ACA)

To become ACA qualified, you take 15 exam papers that are split over three levels: Certificate in Finance, Accounting and Business, Professional Level, and Advanced Level. This qualification is particularly popular because it is all taken as part of a training agreement which includes 3-5 years of on-the-job training that you can undertake at the same time.

ICAS Chartered Accountant

To qualify as a chartered accountant with ICAS, you complete three levels of study: Test of Competence, Test of Professional Skills, and Test of Professional Expertise. Alongside this, you need to gain a minimum of 450 days of relevant practical experience to complement your academic studies.

Skills

Self-motivation

A career in accountancy may not be rewarding straight away. Studying for exams, alongside working, can prove difficult – so self-motivation and commitment are both must-have skills for hopeful chartered accountants.

Organisation

Whilst studying, you’ll need organisation to adequately manage your time between working in accounting and studying for your exams. Once qualified, you’ll need it to manage your workload between clients or projects.

Computing

Computer software plays a large role in the accountant’s workday. Whether it’s balancing budgets in Microsoft Excel, using a database to update client information, or using third party invoicing software, all accountants must be confident in using computers.

Problem solving

Accountants are responsible for balancing books and providing advice to clients. In some cases, this might mean doing research to ensure that problems are solved and averted properly. Using initiative, you should be able to resolve issues proactively in a way that is beneficial for each specific client.

Numeracy

As an accountant, you’ll work with numbers day in, day out. Accountants should have strong numeracy skills and understand how to analyse data efficiently.

Teamwork and leadership

As with any other office-based role, accountants should work well both independently and as part of a team. Having leadership capabilities

Salary and benefits

Starting salaries vary depending on the location and sector of the role. Graduates can expect to earn up to £30,000, but during training, the average earning potential rises to up to £60,000. The average annual salary for a chartered accountant is around £84,500, although some individuals may earn yearly bonuses on top of this sum.

Unsurprisingly, accounting careers in banking and investment attract the highest salaries, with the lowest salaries generally found in the public sector and charity sector. Similarly, larger employers (national and multinational companies) tend to pay more than smaller ones.

Career path

Work experience

Many accountancy firms will prefer candidates who have relevant work experience – whether that’s vacation placements, work experience weeks or even shadowing. Seeking this type of work proves proactivity and dedication, as well as interest in the field within which you are aiming to progress. Even volunteer work as a treasurer in a university society is worth mentioning on your CV.

Continuing professional development

Once qualified, a chartered accountant should keep up to date with technical and business issues. Taking up membership with a professional body like the Institute of Chartered Accountants can help to keep you in the loop, and also assist in continuing professional development (CPD).

In house training on technical skills will also take place in order to help you to succeed in your role. Dependent on the firm you choose to work for, there may be opportunities to specialise in certain areas. Accountants with foreign language skills are in particularly high demand.

Find out more about our accountancy programmes here.