Accountancy

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Do you enjoy managing money? Chartered and management accountants play a strategic role in business by providing reliable information about financial records. They formulate financial plans for organisations in the public and private sector, and use accounting and business management skills to set up and maintain financial policies.

When considering a career in accountancy, start by deciding whether you wish to work in a private practice providing services to a range of clients, or whether you would prefer to focus on the financial management of one, often large and multi-faceted, organisation. This decision has implications for the lifestyle, professional qualifications and future prospects.

In chartered accountancy the Big Four (Deloitte, Ernst & Young, KPMG and PwC) extensively recruit each year. There are also a host of small and medium-sized firms providing great opportunities for graduates.

In chartered accountancy the Big Four (Deloitte, Ernst & Young, KPMG and PwC) extensively recruit each year. There are also a host of small and medium-sized firms providing great opportunities for graduates.

Geographically the emphasis is on London, where most firms have their largest offices, but there is still a great selection of offices, both large (up to 1,500 staff, for example) and small, across the UK.  Think about the sectors you would be most interested in providing accountancy services to, and target companies or offices in the locations with a concentration of organisations in those sectors. Employers have reported increasing difficulty recruiting into satellite offices outside of London and there is generally less competition for roles in these locations.

For management accountancy there is a similar dominance of big, multi-national organisations providing the most coveted training positions. Think of the biggest names in water, gas, electricity, pharmaceuticals, retailing, consumer goods manufacturing, transport and more, and you have potential employers. There are also opportunities to train as an accountant in the public sector with various schemes, including those run by the Civil Service, local government and the NHS.

What types of jobs are there?   

The majority of trainee opportunities are in audit (also called assurance) and in tax. For more information on the tax route, look at the Tax Consultancy Career Briefing. The role of an auditor is to ensure that the way a company portrays its financial position is a ‘true and fair’ view of its real financial situation. This could involve analysing both risk and systems within an organisation, testing financial information and consequently providing the client with advice on how these systems, and areas of the business could improve their functionality and reliability. Auditors apply a critical eye to information and the explanations provided. Close working relationships with clients is vital and you may often be working away on client sites under strict time deadlines. Building support networks within close knit teams is crucial.

Other routes include forensic accounting, business recovery/insolvency, business advisory and corporate finance. Working for smaller firms may give you a more general experience across some of these areas, while larger firms will expect you to specialise straight away. Chartered accountants rarely get involved with traditional style ‘book-keeping’, and IT removes much of the associated number-crunching.

Management accountants tend to focus more on the future of an organisation. This might involve work such as forecasting, preparing financial statements so the business can make financially informed decisions, auditing internal systems to improve the many processes that impact on major corporate costs, advising on improving business performance, inputting into strategic planning, providing financial advice to various management functions, and engaging with multi-disciplinary projects that require financial planning.

For chartered accountants, after qualification, there are many career options to consider. Do you continue to work in ‘practice’, and plot a career path to director/partner or consider a move to commerce or industry? What size of company should you join? Should you apply to be a finance director, a finance manager, a chief accountant, a financial controller, or a financial analyst? What about considering corporate treasury work? Do you continue to work in the UK, or do you transfer or take a secondment abroad? Do you continue to practise accountancy, or could you move to another specialist area such as taxation, insolvency, corporate finance or management consultancy? Would you consider moving into technical training?  Whatever the options, a chartered accountancy qualification generally leaves you in a very marketable position.

Starting salaries for Associate Chartered Accountant (ACA) trainees vary widely, with larger firms tending to offer higher salaries. Recent surveys have found starting salaries ranging from £18,000-28,000, with newly qualified accountants earning between £30,000-50,000+.

For management accountants the opportunities post-qualification differ, although the traditional route is to reach financial manager and financial director positions in large businesses. This may involve changing location and/or changing companies to move quickly. Look at the biggest businesses in the UK, and many have previous financial directors managing them, so management accountancy is a great stepping-stone to strategic, general management within multi-national businesses. Alternatively, if you eventually wish to put your experience to use in advising others, you could consider transferring into financial management consultancy. It is unlikely that you would make a move into private practice.

Starting salaries for management accountant trainees also vary widely, with larger firms again offering higher initial salaries. The average salary for a part qualified CIMA student is approx £31,000. For a fully qualified CIMA graduate the average salary is approximately £59,000.

What skills do I need?

The following range of skills is typical for both chartered and management accountancy:
•    Communication and interpersonal skills – ability to communicate complex information clearly and to build relationships with clients.
•    Able to demonstrate evidence of team working.
•    Stamina & commitment in order to combine working long hours and studying.
•    The interest and ability to work with figures.
•    Presentation skills, report writing and attention to detail.
•    Leadership and negotiation skills to manage staff.
•    Problem-solving and analytical skills.
•    Commercial awareness and an interest in business as well as knowledge of any current issues that may be impacting your chosen field.

What are the entry points?

The most typical entry route for both chartered and management accountancy is straight after graduation. Chartered Accountant Trainees usually study for the examinations of the Institute of Chartered Accountants in England and Wales (ICAEW). To become a chartered accountant there are two key elements. First, completion of a three-year training contract with an authorised company and secondly, successful completion of the examinations.

The ICAEW examinations comprise two stages: the Professional Stage (for which exemptions can be gained for specific prior qualifications) and the Advanced Stage, which includes a Test of Advanced Technical Competence and an Advanced Case Study. The Professional Stage can lead to the Professional Accountancy Certificate. This stage can be achieved prior to undertaking a training contract, although three years of work experience are still required to qualify. The examinations are demanding and cover a vast quantity of material.  A few employers are also using the Institute of Chartered Accountants for Scotland (ICAS) qualification, which has some subtle differences, but is considered equally reputable.  It is important that you consider carefully the type of study method you are suited to. Decisions on how best to study are very individual, and often relate to your style, diligence, time-management skills and academic ability. On the whole, study methods split into two, with link courses offering the opportunity to work alongside shorter periods of study, with an intensive revision course just prior to the examinations, and full-time courses that provide a single, intensive period of study away from work. Many larger, London-based offices are increasingly using the full-time method or the ‘end-loaded’ method (which is a cross between link and full-time). Some, usually smaller firms of accountants recruit trainees to study for the Association of Certified Chartered Accountants qualification (ACCA).

Trainee management accountants usually pursue the Chartered Institute of Management Accountancy (CIMA) qualifications. There are two levels to the qualification. The first provides you with a stand-alone qualification called The Certificate in Business Accounting, and covers Management and Financial Accounting Fundamentals, Business Mathematics, Business Law and Economics for Business. Accountancy and business-related degrees could gain you exemptions. The second level is The Professional Qualification in Management Accounting, and covers management accounting, business management and financial management. Both of these qualifications must be achieved in addition to, and normally alongside, three years of supervised relevant practical experience.

Employer support is typically provided in the form of financial support and time off to attend the courses. The time provided varies, with some employers expecting you to attend evening or weekend classes in your own time, but most will provide some form of revision time and time off for exams. The advice on study methods and balancing work and study is very similar for those taking the ACA. The CIMA website will provide you with further information.

Other well-respected accountancy professional bodies are the Chartered Institute of Public Finance Accountants (CIPFA), mostly appropriate for those working for public sector employers, and the Association of Chartered Certified Accountants (ACCA).

How do I get experience?   

Gaining transferable work experience is crucial and provides a great advantage to develop your CV, and to ensure you are going to enjoy the work and the culture of the organisation you are ultimately recruited into. There are many opportunities for those looking to gain experience, these include summer internships which are usually six to eight weeks, Easter/Spring work experience, and Insight Courses, which are usually aimed at first year students. You could also organise your own experience through arranging work-shadowing and attending familiarisation courses and business awareness courses.

To be sure of getting the particular experience, organisation and location you want, you should begin targeting employers between September and January before the summer you wish to find experience for. Leaving it until late spring or early summer will restrict your choice considerably or even leave you disappointed. A successful placement may lead to an offer of a training contract or management accountancy role. CareerConnect has many vacation placement opportunities, but it is also useful to proactively look for opportunities. Use the ICAEW and CIMA websites to target organisations or make speculative applications. It is also useful to gain experience by taking on a role within a club or society in your college or the University that involves financial responsibilities or demonstrates your transferable skills

How do I get a job?

Many companies reported that they were still looking to fill full-time roles as late as June/July for a September 2011 start date but they were not receiving enough quality applications. The need to apply early cannot be stressed enough, particularly for popular roles and locations such as Consulting/London. Some employers open applications for their graduate internships the summer prior to the start date, e.g. July 2011 for vacancies to commence late summer 2012. The larger employers will be running various events during the milkround, and these are very useful as a means of finding out more about a company, demonstrating your interest in working for them and helping you to create well-tailored applications. Traditionally smaller firms have recruited a little later, but again, do make applications as early as possible. Often such organisations advertise vacancies on the websites of the professional bodies, most notably the ICAEW, but some don’t advertise outside their locality. If you are interested in working in a particular town/city, it can be useful to make speculative enquiries of accountants based there to identify those that do offer trainee positions.

Management accountancy roles are typically advertised with applications opening in September, with some deadlines as early as November. Look at the various graduate directories, such as the Prospects Directory, Times Top 100 and TARGETJobs for vacancies. Some management accounting opportunities are advertised later in the year, usually with smaller, less prestigious companies.

Each professional accounting association also has its own, regularly updated vacancy bulletin aimed at students considering accountancy.

Questions asked on application forms tend to relate closely to the skills and attributes mentioned earlier. Companies are also keen to understand your motivation for applying to accountancy or to their organisation in particular and your interest in finance and business. The application forms are time-consuming, and it is important to make high-quality applications. Assess the strength of your application before deciding on how many to make. Speaking to a Careers Adviser can help you do this. A top professional services company reported that a surprisingly large number of Oxford students did not get through the initial screen due to not demonstrating their motivations and drive on the application form. Remember that many recruiters will use aptitude tests as part of the selection process, so use the online practice aptitude tests accessible through our website. To develop your commercial awareness, read the financial press, review helpful websites such as eFinancialCareers and The Gateway online and review relevant online blogs.

Employment rights and equality

For information about your employment rights, including the National Minimum Wage, please visit: http://www.direct.gov.uk/en/Employment/Employees/index.htm and http://www.direct.gov.uk/en/Governmentcitizensandrights/Yourrightsandresponsibilities/DG_10014458

Postgraduate students

Some students consider first gaining a relevant professional qualification (or becoming part-qualified) before looking for employment, but this is not usually something we recommend, as most employers prefer to take on trainees before they have commenced professional examinations. Please ask for further advice from the Careers Service, if this is something you are considering.

International students

Some of the larger, multinational companies recruit international students into their organisations, although many multinationals still recruit only for their national graduate intake, and so recruitment won’t necessarily reflect an international approach. Some chartered accountancy firms do recruit international students to train in the UK, usually with the expectation that the trainee will later work with that employer back in their home country.

SPECIFIC INTERNATIONAL SCHEMES:

KPMG
KPMG offer a couple of programmes

•    A programme designed for Chinese nationals who have attended a UK university and are interested in developing a career in Audit. Based in London, the programme gives you the chance to study for professional qualifications while gaining three years work experience with KPMG in the UK. Upon your return to China you should be offered the chance to continue your career with KPMG in China.

•    New special programme for Mandarin speakers into Transactions & Restructuring (Consulting). Candidates will come onto the 3 year graduate programme in the UK, work closely with KPMG China and Chinese clients. Thereafter, they will have the opportunity to do a secondment in China.

Ernst & Young
Human Capital – Japanese Expatriate Tax Services

Our Global Mobility Japanese Expatriate Tax Services team serves over 200 Japanese clients in the UK, across all industry sectors. The team requires bi-lingual graduates to join them in London. You will join as part of our Human Capital graduate programme and train towards becoming a Chartered Tax Advisor.

Graduates’ client portfolio will contain a range of Japanese companies, from up and coming enterprises to leading global names. Graduates will use their Japanese language skills and draw on their knowledge of Japanese business culture on a daily basis through communication with their corporate clients, to advise and assist them with complex and fluctuating tax regulations. They will have the opportunity to work in several different account-focused teams, as part of a diverse and friendly group. They will also be involved in the market-leading Japanese Discussion Club, a quarterly event tailored specially for our Japanese clients, to keep them abreast of the latest developments in
tax, social security and immigration.

PwC
Offer international opportunities for:
•    Internships in the USA, Spain, Cyprus, Italy, Germany, Malta
•    PwC Islands – Isle of Man and Channel Islands
•    PwC Luxembourg
•    PwC China Mainland
•    PwC China-Hong Kong 

Deloitte
Deloitte offer their Global Universities programme (GUP) that essentially recruits International students studying in the UK with the aim of recruiting them back to the home country - the benefit being the whole recruitment process is handled in the UK.

There are frequent changes to the rules affecting international students and recent graduates wishing to work in the UK. Until April 2012 the Tier 1 Post-Study Work category of the Points-Based System to work in the UK will be in operation. Under this scheme, international students can apply for leave to live and work in the UK for a maximum period of two years, provided they meet the eligibility criteria. In April 2012 this will be replaced with a new route in Tier 2 which will require a job offer, a minimum salary and students will need to apply within the UK. It is recommended that, for the most up-to-date information, you check the UKCISA: UK Council for International Student Affairs website which offers independent information and advice about immigration, finance and working in the UK, and also the UK Border Agency website. Please refer to our Diversity files at the Careers Service for more information, or consult the University's Student Information and Advisory Service.

Relevant events

For full details of events, check the What’s On section of our website and log in to CareerConnect.

•    How to Prepare for Psychometric Tests, Monday 10 October, 14.15, Careers Service
•    The Finance Sector Fair, Thursday 20 and Friday 21 October in Oxford Town Hall,
14.30-18.00.
•    Also running short employer panel discussions before the fair:
Thursday 14.00-14.30, Demystifying the Finance Sector’.
Friday 14.00-14.30, Finance for Arts Students.
•    Many organisations offering accountancy positions will be holding presentations during Michaelmas Term. Ensure you do your research before hand and attend a variety of different firm events.

Resources available

OXFORD CAREERS NETWORK (OCN)

The OCN is a database of Oxford alumni who are willing to be contacted about their career. Read their case studies for behind-the-scenes insights into an organisation or occupation, and contact volunteers for more advice and information via CareerConnect.

ONLINE INTERVIEW FEEDBACK

The careers website includes access to online interview feedback forms completed by Oxford students; please see the link below to access.

https://www.careers.ox.ac.uk/auth/interview_feedback/

The Careers Service also has an extensive resource centre at 56 Banbury Road, Oxford, where you can drop in to browse during opening hours (visit our website for details).

FILES
•    Occupational Files: J1 Chartered Accountancy, J2 Certified Accountancy, J3 Public Finance Accountancy and J4 Management Accountancy
•    Employer Files: Accountancy and Financial Services, various for management accountancy

BOOKS
•    How to Read the Financial Pages
•    WetFeet Guide: Careers in Accounting
•    Careers in the City
•    Careers Uncovered: Accountancy

JOURNALS
•    Accountancy, monthly

TO TAKE AWAY
•    Inside Careers Guide: Chartered Accountancy
•    Inside Careers: Career Choice - City & Finance
•    Targetjobs: City and Finance
•    E Financial Careers: Careers in Banking & Finance

PODCASTS
The Careers Service has recorded a series of podcasts.  Subscribe in iTunes or find a full list here: http://podcasts.ox.ac.uk/#career-unit

Useful websites

In addition to the websites listed below, all companies and organisations mentioned throughout this Briefing can be found via a web search.

GENERAL VACANCIES AND OCCUPATION INFORMATION
•    www.prospects.ac.uk
•    www.targetjobs.co.uk
•    www.jobs.ac.uk
•    www.economist.com
•    http://jobs.guardian.co.uk
•    www.jobs.telegraph.co.uk
•    http://jobs.thetimes.co.uk
•    www.thejobcrowd.com

ASSOCIATIONS AND INSTITUTES
•    www.accaglobal.com  Association of Chartered Certified Accountants
•    www.icas.org.uk  Institute of Chartered Accountants in Scotland
•    www.icaew.com  Institute of Chartered Accountants in England and Wales
•    www.cimaglobal.com  Chartered Institute of Management Accountants
•    www.cipfa.org.uk  Chartered Institute of Public Finance Accountants
•    www.fssc.org.uk  Financial Skills Partnership, informative site on all financial roles.

Each professional body offers useful brochures/careers materials to view or order online:
•    www.insidecareers.co.uk excellent source of careers information on chartered accountancy.
•    www.accountancymag.co.uk online version of Accountancy journal.
•    www.accountancyage.com  online accountancy magazine.
•    www.accountingweb.co.uk  online accountancy community for qualified accountants.
•    www.markssattin.co.uk  salary survey information.
•    www.passmagazine.com  online news for part-qualified accountants.

Social media

Twitter is a quick way to develop your knowledge about the sector and find opportunities.  You can read and search it without an account.  We’ve made 20 handy lists, so that you can see at a glance information tailored to your interests.

If you’d like to join Twitter, remember to ‘follow’ us (www.twitter.com/OxfordCareers) as well as your chosen lists to keep receiving useful information to help your career.

See our Finance & Management Consultancy list at: http://twitter.com/#!/OxfordCareers/finance-mancon  


Page last edited: 20 October 2011

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