Accounting is stereotypically believed to be dull and uninteresting, however, choosing a career path in accountancy or taxation is a great step toward a successful future. It is a rewarding and satisfying job for many reasons.
Factors that may influence you into an accounting career path:
Career demand and stability
Accountants are always in high demand. Individuals and businesses must meet regulations by submitting their financial data to HM Revenue & Customs and/or the Registrar of Companies on an annual basis. These individuals and businesses will often choose to engage a qualified accounting professional to assist with this. Companies above a certain size are also legally required to have an audit. Companies also employ their own accountants and finance professionals to manage their own bookkeeping and prepare management information, to inform the directors and help them to make better decisions. This means that accountants are always in demand and the profession can provide a stable career path. Currently, there is a growing need for accountants and tax advisers with international expertise providing opportunities for overseas work and travel.
Progression opportunities and your accountancy career path
As your career develops as an accountant, many varied career options will present themselves as the accountancy profession has many different progression opportunities. As a qualified Chartered Accountant, you could become a Finance Manager, Senior Accountant or Financial Controller to name just a few other accounting careers.
As you progress through your career you may be given the opportunity to focus in a certain area of finance, for example, accounts, audit, corporate finance, payroll or tax. Furthermore, you could develop your skills to focus on a particular niche such as businesses operating in a specific sector, for example manufacturing or charities. It is important to get experience of multiple different areas early in your career so you can identify which areas you may want to work in.
Opportunity to become a partner, run your own practice or become a senior leader in business
Highly motivated chartered accountants with high career ambitions will often work their way through a practice to become a partner and lead their own portfolio of clients. Alternatively, you could set up a practice on your own and work for yourself. Other career paths may involve working in business, and ultimately becoming CFO or CEO in a large company – recent research showed that more than half of FTSE 100 CEOs have a finance, accounting or other financial services background. Gaining experience in management and leadership roles within an accountancy firm will give you the skills and opportunities to pursue these different career paths.
Job satisfaction
A career in accountancy can be rewarding in multiple ways. You will spend most of your days helping individuals and organisations solve their accounting, financial planning, management accounting and tax problems. It is extremely satisfying to know that you are contributing to the financial success of an individual or business. It is a very varied career – no two days are the same, and you get exposure to a wide range of businesses and individuals.
Being part of an accounting network
As an accountant, you will have the opportunity to meet many other professionals through your networks. Most accounting professionals support each other with their work, turning to other accounting firms for help with specialist and complex services to support clients with their financial needs. For example, specialists in tax, accounting, financial statements and corporate finance may refer work to each other through their network of specialists. The accounting industry is open to referring work amongst fellow firms if they are unable or do not want the work themselves. You will also build a network of other professionals, e.g. lawyers, bankers and property consultants who will refer work on a reciprocal basis.
Becoming a Qualified Chartered Accountant
Our article ‘How to start a career in accounting’ will explain how to start your accounting career path and the different routes available to becoming a chartered accountant.
Becoming a newly qualified accountant opens a wide range of opportunities to progress your role into different fields of accountancy services.
Continuous professional development
Once you have qualified as a chartered accountant you will still need to continue your professional development as accounting standards and regulations change regularly and the professional bodies and regulators require it. Therefore, professional accountants take continuous professional development very seriously to ensure their skills remain relevant.
In conclusion, why go into accounting?
Accounting is an interesting, varied, stable and satisfying job with a broad range of career opportunities. If you have the correct skill set, values and career goals you should consider becoming a chartered accountant.
If you would like to find out more about our graduate scheme, please visit: https://www.hawsons.co.uk/careers/graduates/
Craig Burton
Partner, Sheffield
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