Chartered public finance accountant

Chartered public finance accountants ensure the effective operation of accounting and financial activities in public sector organisations

As a chartered public finance accountant you could work for a range of public bodies, such as local and central government, and for publicly-funded organisations such as the police, the military, the NHS, and charities. It's also possible to find work within industry or private accountancy firms.

A key part of your role will be to make sure that public money within these organisations is being spent properly, with your main duty being financial reporting and control.

Roles in private sector companies that provide services to the public or not-for-profit sector on a consultative basis tend to focus more on reviewing financial systems and efficiency than on central accountancy activities.

Responsibilities

As a chartered public finance accountant, you'll need to:

• develop and manage financial management systems and policies
• ensure the effective financial management of public money by supporting the planning and implementation of policy objectives
• make financial decisions and advise key bodies and individuals, such as management boards and budget holders, using financial management information
• prepare and monitor budgets and accounts
• control expenditure and cash flow
• undertake financial administration
• prepare reports on annual accounts and budget information for the auditor
• control the overall capital and revenue budgets for departments
• assess and advise on estimates for project funding and continue running costs
• prepare recommendations on large-scale projects
• check that funding is properly distributed
• conduct internal audits, e.g. working on wage reviews
• check creditors' invoices
• charge customers for services
• liaise with managerial staff, colleagues and clients
• examine financial records and statements to check for accuracy
• balance the costs of specific public services against income
• keep up to date with developments in public sector financial and management accounting practices
• manage and train staff, when employed at a senior level.

Salary

• You'll typically start on a salary of £20,000 to £35,000. Around two years after you've qualified, you can expect this to rise to between £35,000 and £50,000.
• With over five years' post-qualifying experience, chartered public finance accountants can expect to earn between £50,000 and £70,000.
• Salaries at senior level can be £80,000+, but there is potential to earn considerably more in certain circumstances.

Exact pay rates vary depending on employer, location, experience and responsibility. Additional benefits such as share options, bonuses, health insurance, pension contributions and company cars are common.

Income figures are intended as a guide only.

Working hours

The average working week is usually between 35 and 40 hours, Monday to Friday. However, extra hours are often required at peak times of the year to meet deadlines, which may mean late evening and weekend work is required.

During training you'll need to study while you're working, which requires commitment, dedication and long hours.

After qualification, part-time careers and job sharing are also possible.

What to expect

• The role is mainly office based, but some travel to meetings will be necessary.
• Although the work is not generally pressured, specific periods, such as financial year ends, can be stressful. In addition, taking responsibility for the successful management of key financial resources can be demanding.
• Self-employment is sometimes possible once you've built up significant experience. You may be able to work on a contractor basis for some organisations. For example, companies may employ freelance staff when the workload is particularly heavy in areas such as audit work. Freelance work can involve spending time away in a variety of employment environments.
• Jobs exist in most areas throughout the country, particularly in cities and larger towns.
• The role provides the satisfaction of working to support often vital not-for-profit and public sector services.
• Absence from home at night is occasionally needed, but overseas travel is uncommon.

Qualifications

Chartered public finance accountancy is open to all graduates, however some employers may prefer you to have at least a 2:1 degree in one of the following subjects:

• accounting or finance
• business or management
• economics
• mathematics
• politics, government or public administration.

It is also possible to enter the career with an HND. Relevant subjects are similar to those listed above.

To get the designation of Chartered Public Finance Accountant (CPFA) you’ll need to complete the CIPFA Professional Accountancy Qualification (PAQ). While this qualification is often supported by employers while you’re working, you can also choose to complete it before you get a job and fund it yourself.

The qualification typically takes three and a half years to complete, but depending on whether you have relevant qualifications (at degree or HND level) or prior experience, you may get some exemptions to some parts of the course allowing you to complete it more quickly.

The minimum academic entry requirements for the PAQ are three GCSEs at grades 4 and up and two A-levels, grades A to C. Maths and English must be included at either level. Scottish and Irish equivalents will be accepted.

Alternatively, you may be accepted with a vocational qualification at a minimum level of NVQ/GNVQ Level 3, or the Scottish equivalent.

Employers who offer traineeships, allowing you to study for the PAQ while working, may visit your institution to recruit or notify your careers service of vacancies. You could also identify preferred employers and apply directly to them.

Skills

You'll need to show:

• numerical ability
• strong oral and written communication skills
• attention to detail
• teamworking skills
• IT proficiency
• analytical and problem-solving skills
• integrity and a high level of ethical standards
• a well-motivated approach to respond positively to the demands of the job, successfully combining professional training and working.

Work experience

Pre-entry experience, while beneficial, is not essential.

However, being familiar with a range of environments and cultures and having an understanding of the ethos and aims of the public and not-for-profit sector will be advantageous.

You could therefore look for part-time or vacation work within a public sector or not-for-profit organisation - any department can be beneficial as it will give you an insight into the work.

You could also look for work within an accounts department of any type of business to help to build your knowledge and skills.

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

Employers

Typical employers include:

• healthcare bodies, including the NHS
• housing associations and charities
• local and central government
• educational institutions
• national and district audit bodies
• police authorities
• utilities bodies.

The public sector covers a range of organisations. The term generally refers to bodies that provide services to the public, although this does not necessarily have to be within the public sector.

Public services are typically funded through taxation, and work relates to the balancing of costs rather than the maximisation of profits.

You can also find employment in large private sector organisations and in industry and commerce. Some accountancy firms provide services to a range of public sector organisations, such as healthcare bodies, charities and local and central government. The 'big four' are:

• Deloitte
• EY
• KPMG
• PwC.

There are also a growing number of opportunities to work for specialist accountancy and management consultancy partnerships. These provide a range of advisory, consultative and audit services for the public sector. Once you have built up a good level of experience you may be able to set up in private practice.

Look for job vacancies at:

• CIPFA Recruitment services
• CIPFA trainee vacancies - for details of financial management trainee posts
• Local Government Jobs
• NHS Jobs
• PFjobs

Recruitment agencies sometimes handle vacancies for qualified and part-qualified applicants. These include:

• Hays Personnel (use the public sector section)
• Michael Page

Professional development

The main professional body is the Chartered Institute of Public Finance and Accountancy (CIPFA) and it provides qualifications targeted to accountants and financial managers who are working within the public services.

To achieve the designation of being a Chartered Public Finance Accountant (CPFA) you’ll need to complete the CIPFA Professional Accountancy Qualification (PAQ). Gaining this shows you have the required technical competency and public sector expertise and will allow you to move from traineeships to leadership positions.

The qualification typically takes three and a half years to complete and is structured into four stages, each with it's own award:

• Stage1: CIPFA Certificate in Management and Financial Accounting
• Stage 2: CIPFA Diploma in Financial Management and Audit
• Stage 3: CIPFA Diploma in Governance, Risk and Taxation
• Stage 4: CIPFA Diploma in Public Financial Management, Reporting and Business Change.

Modules from the course are assessed via online exams and you will also need to submit a portfolio that records your practical workplace experience and skills.

When you register for the PAQ you will automatically get student membership with CIPFA. This provides you with continuing professional development (CPD) opportunities including an e-learning service, career development and networking events and access to expert publications. You will need to complete CPD throughout your career.

As you progress through the stages of the PAQ you will also move up through the relevant stages of membership, providing you with additional benefits.

Exemptions to some aspects of the PAQ may be available to you depending on your qualifications and prior experience. Members of the Association of Accounting Technicians (AAT) are also eligible for some exemptions and fast track options are available to fully qualified accountants, internal auditors and senior financial professionals.

Career prospects

A career in public sector financial management offers many challenging and rewarding opportunities and large public sector bodies provide well-structured career paths, enabling you to develop and specialise.

Prospects are good as opportunities exist with a variety of employers, ranging from local government to the NHS, central government (and all its specialist agencies) to education institutions. It's possible to move between the public and private sectors.

If you find employment in local government you will typically be appointed to a specific accounting or auditing role on qualification where you will be responsible for the overall financial provision of the department or service. Progression is usually possible within a couple of years, when you will be given responsibility for larger resources or the management of entire departments.

CIPFA members must undertake continuing professional development (CPD) and career progress is linked to continued learning through training events, conferences and meetings. An increasing number of public sector employers operate staff development schemes accredited by CIPFA to enable staff development and CPD to run concurrently.