Step 1 – decide that you definitely want to become an accountant. Step 2 – ??? Step 3 – profit. Let’s help you fill in that second step, shall we? After you’ve decided you want to become an accountant, you need to figure out what kind of accountant. Contrary to what you might think, not all accountants are the same and the tasks that fall under the accounting umbrella are actually quite varied. If you know you want to use your maths skills but don’t know which way you can take your love of numerals, here are a few ideas to get your job search headed in the right direction.
- Assurance: Assurance accountants are the people who take care of auditing a company. Here in the UK, businesses must be audited yearly so there’s always work for assurance accountants. The main aim of the audit is to make sure that the bookkeeping is in order and all of the money is where it should be. The name of this kind of accountancy work comes from the fact that you are assuring the company’s shareholders that they’re not being cheated or robbed. You will start off as a staff auditor, doing the nitty gritty work of an audit. Staff auditors work closely with clients to make sure that all the information provided is accurate. They will spend hours going over books, ledgers and statements; asking the client any questions which may arise; and will work out of the client’s offices every day until the project is finished. Staff auditors eventually move up to become senior auditors, who review the audits, keep an eye on the budget, and keep the client up-to-date on the project.
- Tax: Tax accountants can deal with income tax, employer tax, and any number of other compliance questions. As a graduate, people in this field generally start out learning on the job – preparing tax returns, researching, and helping clients understand what they’re working on. Young tax staff doesn’t have too much contact with clients, as really it is a learning position to become more familiar with the numerous tax issues that will be dealt with in the future. Once you get to tax senior you’ll be supervising the tax staff as well as pouring over tax laws to see where the clients can save some money. This level of tax accountant probably will liaise closely with the assurance team so that all of the tax documents included in the audit are accurate.
- Management: Management accountants, who are more responsible for managing the overall finances and risk of a company, usually rise up from junior internal auditors and may at one time have been accounting managers, budget directors, or managers of internal auditing. If you’ve dreamed of being at the very top of the finance department in a company, being a management accountant would be the right step for you as you could go on to become a CFO, treasurer or a VP of finance.
- Forensic: Nope, it has nothing to do with CSI, but rather the practice of re-tracing the steps in a client’s accountancy books to try to uncover any instances of fraud, misappropriation, and any other kind of financial misconduct. Forensic accounting has much more to it than just looking over numbers – you may have to interview people, search various company records and analyse accounts to perform your investigation – you may even have to testify in court! You can jump right into forensic accounting but many people come from assurance first. Jobs in this sector can be found in private firms specialising in these cases as well as government bodies. A forensic accountant will not only have to have a very intense attention to detail, but also not be afraid to ask questions and talk to people about sensitive situations.
- Public Sector: If you’d really like your accounting work to have a positive impact on the world, consider public sector accounting. You could find yourself working for the national government, a local government body, a charity, or a non-governmental organisation. Like the other accounting types, you’ll have to be good with numbers and feel comfortable working with spreadsheets and balance sheets. Check out our article on different accountancy types where we tell you about the only UK accountancy qualification aimed at the public sector.
- Risk Assessment: These accountants are the consultants of the accountancy world. A company would bring in a risk assessor to help them figure out the financial impact of a certain move – opening an office in another country or purchasing more equipment, as examples. Risk assessors have to have a handle on the company’s finances but also be able to think about more than numbers, using logic to bring to the client’s attention other risks they may not have even thought of. Since risk assessors usually work with the very top tier of the company, you’ll need to have impeccable soft skills too. If risk assessment sounds like it’s for you, don’t count out starting in another kind of accountancy and then making this your specialty once you get the hang of conducting an audit and working with clients.
- Financial: Financial accounting has to do with helping businesses maximise their potential while making sure their finances are in order. You could be looking at treasuries, cash flow, and helping your company expand in a fiscally responsible way. Financial accounting covers loads of different areas so someone who wants to combine accounting with business is sure to find something that interests them here. Graduates will probably start in-house and learn on the job, as knowing that particular company inside and out is the key to becoming a successful financial accountant.
- Commercial Finance: These are the accountants that companies hire when they need someone to review their business practices and make recommendations as to how the company can be run more efficiently and of course, make more money! Accountancy jobs in commercial finance are most often found in the retail and hospitality sectors, which might be a draw for you. Eventually you’ll become a finance manager and you might be in charge of reviewing the whole business or maybe only one product or one service and you’ll not only have to analyse the numbers, but think creatively about how the business can more forward successfully.
- Business Advisory: Every company has to file reports on their finances and larger, multi-national companies are scrutinised relentlessly on this subject. Business advisory accountants help companies with their reporting and can assist in such activities as audits, filing taxes, and any other advice in regards to laws and compliance. If you are a graduate who would like to become a business advisor, you’ll probably have to enter a work/training programme (generally three years) and you’ll not only have to be comfortable with numbers and business issues, but also you must keep up on your regulatory and compliance news too.
- Corporate Treasury: A job in corporate treasury will mean that you will work in-house at a company and be in charge of their books, most importantly making sure the company has enough cash to run smoothly and without interruption. You may have to work with all departments so you’ll need soft skills and also a very in-depth understanding of what the business does. If you want to go right into corporate treasury, you can, or you can start off in a different accounting discipline too. There are qualifications specifically for treasurers and it might be best to look into that if you’re sure treasury is for you.
- Corporate Finance: Accountants in corporate finance help with major internal transactions such as buy-outs and other deals. When such a deal occurs, corporate finance accountants help the transaction go through by crunching the numbers, helping raise funds if necessary, and also performing any due diligence that is needed. When the deal is proposed that company will need people to manage the deal, making sure it goes through smoothly; people to do the compliance on both sides; and accountants making sure all regulations are met and business plans are drawn up. Assurance is a great first step into the world of corporate finance and now there is even a specific qualification for corporate finance at the Institute of Chartered Accountants in England and Wales (ICAEW).
- Corporate Recovery: Businesses that have seen better days need accountants to help them find alternate ways to survive or downsize their operations to stay in business, and that’s where corporate recovery accountants come in. Though it may not be the happiest kind of accounting, you will have to be creative in finding ways that the company can uncover funds to keep creditors at bay. Not only will you have to think creatively working alongside many different kinds of companies, but you’ll have to have a good eye for detail and here, maybe more so than in any other kind of accounting, you’ll need amazing soft skills. People will be stressed, sad, and even hostile and you’ll have to keep the peace while making your recommendations.
Here's a lighter look at accountancy.
