As a chartered accountants you’ll give advice, audit accounts and provide trustworthy information about financial records. This might involve financial reporting, taxation, auditing, forensic accounting, corporate finance, business recovery and insolvency, or accounting systems and processes.
Responsibilities
As a chartered accountant, you’ll need to:
- manage financial systems and budgets
- undertake financial audits (an independent check of an organisation’s financial position)
- provide financial advice
- liaise with clients (individuals or businesses) and provide financial information and advice
- review the company’s systems and analyse risk
- perform tests to check financial information and systems
- advise clients on tax planning (within current legislation to enable them to minimise their tax liability) and tax issues associated with activities such as business acquisitions and mergers
- maintain accounting records and prepare accounts and management information for small businesses (accountancy)
- advise clients on business transactions, such as mergers and acquisitions (corporate finance)
- counsel clients on areas of business improvement, or dealing with insolvency
- detect and prevent fraud (forensic accounting)
- manage junior colleagues
- liaise with internal and external auditors (where applicable) and deal with any financial irregularities as they arise
- produce reports and recommendations following internal audits or public-sector audits
- prepare financial statements, including monthly and annual accounts
- arrange financial management reports, including financial planning and forecasting
- advise on tax and treasury issues
- negotiate terms with suppliers.
Salary
- Starting salaries for accountants vary depending on the location, sector, size and type of firm. Graduates entering the career can expect to earn salaries of up to £25,000.
- The average earning potential (salary + bonus) of chartered accountants with two to four post-qualification years of experience is around £56,000.
- After 5 or more years, the average annual salary for a chartered accountant in business rises to £90,200, with an average yearly bonus of £20,600.
Working hours
They vary depending on the role and the organisation, but typically aren’t 9am to 5pm. Working extra hours in the evening and at weekends is quite common in order to meet deadlines, particularly in larger firms. As a trainee, you’ll usually be given time off in lieu of any overtime worked.
Flexible working arrangements are usually possible after qualification. You could also work independently by setting up as a sole practitioner.
Skills
You will need to show:
- general business interest and awareness
- communication and interpersonal skills
- organisational and time management skills
- a methodical approach
- IT proficiency
- strong analytical and problem-solving skills
- numeracy
- leadership qualities and effective teamworking skills
- motivation and initiative
- integrity and trustworthiness.
Chartered Accountant roles
Tax accountant
It matters arise in every aspect of running a business, from day-to-day VAT to share schemes. accountants prepare corporate and personal income tax statements and formulate tax strategies involving issues such as financial choice, how to best treat a merger or acquisition, deferral of taxes, when to expense items and the like.
Auditor
Working in audit involves checking accounting ledgers and financial statements within corporations and is the basis of much accountancy practice. Auditing work is becoming increasingly computerised and can rely on sophisticated random sampling methods. Auditing may involve a lot of travel and allows Chartered Accountants work in a wide array of sectors.
Financial accountants
The work of a financial accountant can be varied – one day they could be participating in important financial decisions involving mergers and acquisitions, the next they may be visiting a customer or supplier to set up a new account and discuss business. This work requires a good understanding of both accounting and finance. chartered accountants
Management accountants
Historically, many management accountants have been derided as “bean counters”. This mentality has undergone major change as management accountants now often work side by side with marketing and finance personnel to develop new business. Management accountants work in companies and participate in decisions about capital budgeting and line of business analysis.
Budget analyst
Budget analysts are responsible for developing and managing an organisation’s financial plans. There are plenty of jobs in this area in government and private industry. Besides quantitative skills, many budget analyst positions require superior people skills because of negotiations involved in the work. The Chartered Accountancy qualification gives you the tools you need to excel in this area.
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