Chartered certified accountant

Becoming a chartered certified accountant can open up a range of rewarding career opportunities, both in the UK and internationally

As a chartered certified accountant, you'll undertake key accounting functions such as account analysis, auditing and financial statement analysis.

You'll deliver services to internationally recognised standards and will be responsible for managing financial records, ensuring compliance with financial regulations and providing strategic advice to help organisations make sound financial decisions.

You'll prepare financial statements, conduct audits, manage budgets and advise on tax matters. As an accounting expert, you'll play a key role in ensuring that businesses operate efficiently, remain financially healthy and comply with their legal obligations.

Chartered certified accountants are qualified through the Association of Chartered Certified Accountants (ACCA).

Responsibilities

As a chartered certified accountant, you'll need to:

• prepare financial statements, business plans, commentaries and budgets for management or client reports
• conduct regular audits, including examining an organisation's accounts, analysing risk, reviewing current practices, investigating financial irregularities and recommending improvements
• review, implement and adapt financial systems and internal controls to ensure efficiency and compliance
• produce and analyse annual and monthly accounts to monitor financial performance
• provide clear, regular financial reports to support decision-making
• manage key financial functions such as expenditure, credit control, payroll and investments
• liaise with clients (individuals or businesses) and non-financial staff, offering financial insights and advice
• advise managers on financial policy and controls, including cost-benefit analysis for specific projects
• handle tax-related matters, ensuring compliance with relevant legislation and offering tax planning advice
• offer guidance on business improvements and manage insolvency cases where necessary
• negotiate financial terms with external partners, such as suppliers and service providers
• (particularly in senior roles) line-manage staff and contribute to business strategy.

Salary

• Graduate trainee accountants typically earn in the region of £23,000 to £30,000. Your starting salary can vary considerably depending on the location and size of the firm you work for, the sector and your qualifications.
• Salaries for qualified accountants can range from £28,000 to £60,000. Senior accountant roles are likely to be at the higher end.
• Salaries can reach in excess of £100,000 for roles at director level.

Starting salaries for the corporate sector and public practice are usually higher than in the public sector. Salaries are generally higher for chartered certified accountants working in banks and insurance companies.

Some organisations offer additional benefits, such as profit-sharing schemes, private health insurance, pensions, car allowances and bonuses.

Bonuses, which can sometimes reach significant levels, can either be a fixed sum or based on personal and company performance. Bonuses are more common in financial services and the corporate sector.

Income figures are intended as a guide only.

Working hours

You'll typically work standard office hours, Monday to Friday. However, you may need to work longer hours during peak times, such as when meeting client deadlines, at month end or at the end of the financial year.

There are some opportunities for part-time work, flexible or hybrid working and job sharing.

What to expect

• Although the majority of your work is office based, you may carry out audits at clients' premises, which can involve travelling and spending time away from home, sometimes up to a few weeks at a time.
• You'll work for an accounting firm or in the internal account departments of large companies or public sector organisations. With experience you can set up your own business.
• Jobs are available throughout the UK. Major cities like London, Manchester, Birmingham, Cardiff and Edinburgh often have a higher concentration of opportunities, particularly with large accountancy firms and multinational companies.
• Although the accounting profession is actively working towards gender balance, women are still underrepresented, particularly at senior levels.
• As ACCA is a globally recognised accountancy professional body, there are opportunities to work abroad once qualified.

Qualifications

The term 'chartered certified' is legally protected and to become a chartered certified accountant you must successfully complete the ACCA Qualification and become an ACCA member. You'll also need three years' professional work experience, which can be done while you're studying for the qualification.

For entry onto the ACCA Qualification, you'll need a minimum of three GCSEs (at grades 9-4/A-C) and two A-levels (or equivalent) in five separate subjects, including English and mathematics. You can also apply if you've got a degree or Masters in any subject. Check ACCA's minimum entrance requirements database.

If you've already got a relevant finance or accounting qualification, you may be eligible to apply for exemption from some of the ACCA exams. Check if you're eligible for any exemptions through the ACCA Exemptions Calculator.

If you don't have the minimum academic qualifications to start the ACCA qualification but are already working in finance, you may be eligible for the Foundations in Accountancy (FIA) qualifications.

This group of qualifications provide a sound understanding of the fundamentals of financial management and reporting. They're also appropriate for people who are new to finance or aiming to switch careers to finance. Once you've passed the ACCA Diploma in Accounting and Business (RQF Level 4), you can move onto the ACCA Qualification (with exemption from the Applied Knowledge exams).

The ACCA qualification is flexible and can be done full time, part time and via distance or online learning. It takes around three or four years to complete and comprises up to 13 exams, depending on any exemptions you might have. You'll also need to complete a module on ethics and professional skills, as well as a minimum of three years' professional experience. This experience can take place before, during or after your exams.

As you study for the ACCA qualification, you can also gain the:

• ACCA Diploma in Accounting and Business (RQF Level 4)
• ACCA Advanced Diploma in Accounting and Business.

Alongside studying for the ACCA, you can also achieve a Masters in Professional Accountancy from the University of London.

Large employers with graduate accountant trainee schemes typically require good A-level results and a minimum of a 2:1 degree. Some may specify a degree discipline, such as accountancy or a finance-related subject. You'll be trained on the job and will study for the ACCA Qualification at the same time.

Competition is strong for positions within large companies as well as for graduate schemes and industry jobs with good study packages.

Skills

You'll need to have:

• a strong interest in business and a solid understanding of general business principles
• commercial awareness and an understanding of the financial landscape
• strong numeracy skills and confidence working with data
• excellent written and verbal communication skills
• the ability to engage with people from diverse backgrounds
• strong interpersonal and negotiation skills
• effective organisational and time management abilities
• a methodical and detail-oriented approach to tasks
• IT skills and familiarity with financial software
• strong analytical and problem-solving skills
• flexibility and adaptability to manage changing priorities
• leadership qualities combined with the ability to work effectively within a team
• a proactive approach to work with the drive for continuous improvement
• tact, discretion and professionalism when handling sensitive information
• integrity and the ability to build trust with clients and colleagues
• self-motivation and dedication to balance work and study effectively.

Language skills can be useful if you're working with international clients or for an international firm.

Work experience

While it's possible to start your ACCA Qualification without any previous professional experience, getting practical experience can help you decide whether accountancy is for you and also enhances your employability. You can get this experience through part-time work, work shadowing or temporary work in a finance, accounting or audit department, for example.

Some courses provide the opportunity to take a year out in industry as part of a sandwich course. Alternatively, large firms such as Deloitte, PwC, EY and KPMG offer structured internships. These can be highly competitive so you may need to approach smaller firms to find out about potential work experience opportunities.

Volunteering for charities and not-for-profit organisations can also offer valuable experience. They may have bookkeeping, budgeting or financial planning opportunities available.

Any relevant accounting or finance work placements, internships, part time or voluntary work you do during your studies can count toward the ACCA Practical Experience Requirement (PER). This experience, however, must be supervised and signed off by a qualified accountant.

Relevant work includes activities related to:

• accounting
• assurance
• audit
• finance.

Related areas such as taxation, insolvency and forensic accounting also count.

Find out more about what experience counts towards the PER.

Find out more about the different kinds of work experience and internships that are available.

Employers

Chartered certified accountants work across a range of sectors, including public practice, corporate finance, government and non-profit organisations.

They can be employed by accountancy firms, large multinational corporations, banks and public sector bodies or work independently offering services to small businesses and individuals.

Typical employers include:

• public sector - such as local and central government, National Audit Office, HM Treasury, health and educational institutions, charities and not-for-profit organisations
• corporate sector - including major commercial companies, such as those in the pharmaceutical, retail, energy and manufacturing industries
• financial services - including fund management organisations, general insurers, building societies, banking (investment and retail), life insurers and insurance brokers
• public practice - including international professional services organisations such as the Big Four (PwC, Deloitte, KPMG and EY) or smaller accountancy firms, known as small and medium practices (SMPs), which all provide a variety of accounting and business services to clients.

Look for job vacancies at:

• ACCA Careers
• eFinancialCareers
• GAAP Web
• ICAEW Jobs

Jobs are typically advertised as 'accountant' rather than 'chartered certified accountant'. Some employers will specify if they're looking exclusively for ACCA-qualified accountants (or ACA, CIPFA or CIMA qualified), while others will accept applications from accountants with any of these qualifications.

A number of specialist recruitment agencies such as Accountancy Recruit and Robert Half handle vacancies.

Professional development

Once qualified, all ACCA members should complete continuing professional development (CPD) on an annual basis. This is to ensure your business and finance knowledge remains up to date and that you're aware of any technical developments and changes in legislation.

Relevant CPD activities include:

• attending conferences, webinars, courses and workshops
• undertaking research
• joining committees, panels and discussion groups
• coaching and mentoring
• becoming a practical experience supervisor
• networking at events
• reading the trade press and journals.

After five years of continuous ACCA membership and completion of the required CPD, you're awarded the title of Fellow (FCCA). For details of relevant CPD activities, see ACCA - Manage your CPD.

If you're looking to progress further into high-level management roles you may choose to take a postgraduate qualification, for example an MBA. Search for MBA courses.

Career prospects

You may be given considerable responsibility early on in your career. This could include:

• specific projects to manage
• staff to supervise
• work with more prestigious clients.

As you gain experience, you can progress by diversifying or specialising in a particular area, such as:

• audit
• risk management
• insolvency
• forensic accountancy.

There are also opportunities to take on higher-level responsibilities within a finance department or move into a more strategic business development role.

If you work in private practice, it's possible to gain a partnership after 10 to 15 years. In commerce, you may take on senior responsibilities within a finance department or move into a more strategic business development role, depending on your professional interests and experience.

The ACCA Qualification covers a broad syllabus that includes both finance and strategic business management skills. This means you can transfer your knowledge and skills into different job roles and business areas, including business management or consultancy.

Alternatively, you could set up your own practice, which provides greater flexibility, control over your workload and the potential for higher earnings. You could also choose to specialise in a particular sector or client type.