Becoming an accountant: everything you need to know

Accountancy is a centuries-old profession that involves the analysis and evaluation of financial information. Accountants analyse this data in order to help businesses in gaining a better understanding of their financial health and making more informed strategic decisions.

Why become an accountant?

To many people, being an accountant does not sound like an interesting career; yet, there is much more to it than meets the eye. Accounting is a constantly in-demand skill set that is sometimes referred to as one of the few ‘recession-proof' jobs. It has good job growth and pay potential as a career. Additionally, you can work independently as a self-employed accountant or as a freelancer.

One of the fantastic things about this position is the breadth of businesses with whom you'll work and the active role you'll play in guiding critical choices from inception to scale-up. Regardless of the business, you can be certain that an accountant will give their expertise in some capacity.

How to become an accountant in the UK?

1. Study the right accounting qualifications

Entry-level qualifications such as the AAT are popular since they require no prior experience. Typically, training programs last between 18 and 3 years, depending on the route of study.

2.Choose your accounting specialism

Accounting careers fall into two distinct categories: management accounting and financial accounting. Additional specialised professions such as budget and financial analysis, as well as working as a controller, are included within these divisions. Concentrating on a single industry or area of accounting can help you stand out from the competitors.

3. Secure a job or accountancy apprenticeship

If possible, seek out an accountancy role and an employer willing to support your training. This offers the benefit of your employer covering part or all of your training costs, plus you'll earn useful work experience in the process. By obtaining a training contract, you can work while pursuing a recognized accounting qualification. As an accountant, you'll have the opportunity to work in any sector (public or private) and with both large and small businesses.

4. Get relevant accounting work experience

Another approach to get into the sector is to complete a work placement, volunteer, or part-time role. Even a single day of work shadowing might give you a sense of the kind of accounting operations you can encounter. As an alternative to working in an office, several accountancy businesses now provide possibilities for virtual work experience.

5. Start your own accountancy business

With a qualification and work experience on your resume, you'll be well-equipped to begin offering your services as a self-employed accountant. Separate yourself from your business to safeguard yourself against future litigation. This can be accomplished by establishing a limited liability corporation (LLC).

What qualifications do you need to be an accountant in the UK?

While having a strong mathematical background is advantageous, accountants now play a significant role in driving business choices across the board – not only in reporting financial facts.

There are several avenues for accountant training. The globally recognized AAT accounting qualifications are one of the most popular pathways. 

AAT is an excellent place to start if you lack prior accounting or finance experience and offers development options as well as professional membership once fully certified. Additionally, you can become an AAT Licensed Accountant, which would enable you to provide self-employed accounting services.

Another path into accountancy is through the higher-level qualifications offered by the chartered accountancy organisations in the United Kingdom:

Associate Chartered Certified Accountant (ACCA ) – Can be taken individually or in conjunction with a training agreement. This qualification will open up a plethora of career opportunities for you, including working in the private or public sectors, accounting businesses, or even as a self-employed individual.

Associate Chartered Accountant (ACA) – Is accredited by the Institute of Chartered Accountants in England and Wales (ICAEW) and is internationally recognized as one of the most professional business development programs available. To begin this qualification, you must sign into a training agreement with an employer, which will require you to complete the course within five years while also gaining work experience.

Chartered Institute of Management Accountant (CIMA ) – specialises in business accounting. As with ACCA, you can train individually or through a training agreement; however, you will also require three years of work experience.

Typically, these bodies require students to have prior accounting experience or qualifications (AAT is one such route). Once certified, however, chartered status expands the variety of services that you may perform.

Finally, a growing number of people are choosing to study on the job through an apprenticeship program. This offers the benefit of your employer covering part or all of your training costs, plus you'll earn useful work experience in the process.