How to become an accountant

Want to become an accountant? We cover everything you need to know about this diverse profession so you can take your first steps into the finance sector.

The world of accountancy is often unfairly judged by those outside of the profession, but the reality is that it offers excellent career opportunities and competitive salaries.

If you’re considering a career in finance and have good analytical skills, the role of an accountant could be right for you. In this article, we’ll share some tips on how to become an accountant, as well as all the essential information you need to get started.

From discussing the qualifications you need to become an accountant to what you’ll be doing day-to-day, we’ll help you make an informed decision on whether your dream job lies in accountancy.

What does an accountant do?

As an accountant, you’ll provide financial advice to businesses so they’re able to manage their finances more effectively. This involves monitoring a company’s transactional history to report on any potential risks and coming up with a plan to reduce and improve them.

The specific responsibilities of an accountant will depend on the area they specialise in, but here is a general overview of what to expect:

Tracking and examining company income and spending
Preparing financial reports
Running payroll and conducting audits
Checking the accuracy of financial documents
Identifying and investigating financial risks
Giving advice on budgeting
Working out how to maximise profit
Dealing with tax issues

As you can see, the role of an accountant is a lot more varied than people think. It rewards those that want a career in finance with opportunities to progress, and isn’t just about number-crunching.

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What qualifications are required to become an accountant?

If you’re looking to become an accountant, an accounting degree will equip you with the skills and qualifications to kickstart your career. For those looking for an alternative to the university route in the UK, the qualifications needed to become an accountant can be obtained through one of the industry’s leading professional bodies:

Association of Accounting Technicians (AAT) – combining industry knowledge and practical work skills, the AAT accounting courses consist of four qualifications across three different levels. This includes level 2, 3 and 4.

Association of Chartered Certified Accountants (ACCA) – spread across two levels (fundamentals and professionals), ACCA qualifications cover a broad spectrum of topics so you can be confident that you’ll gain the right skills for a career in finance.

The Association of International Accountants (AIA) – offers a range of qualifications, specialist diplomas, and conversion programmes. AIA qualifications aim to support you through every stage of your career.

Institute of Chartered Accountants in England and Wales (ICAEW) – the ICAEW Chartered Accountant qualification (ACA) is one of the most advanced learning and professional development programmes available, giving you the skills and experience to become a qualified ICAEW Chartered Accountant.

Chartered Institute of Management Accountants (CIMA) – CIMA’s CGMA (Chartered Global Management Accountant) Professional Qualification provides the knowledge you need to build a successful career in business or finance.

The AAT qualification is typically the minimum level expected of an accountant. However, to become a chartered accountant, you’ll need to progress to the ACCA, ACA, or CIMA qualifications.

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What skills are needed to become an accountant?

The key skills required to become an accountant are vast and varied. Here, we take a look at some of the main accountancy skills you’ll need to have:

Impressive analytical skills
Good financial knowledge and understanding
Organisational skills
Ability to work under pressure and good at problem-solving
Strong mathematical ability
Good communication skills
Time management
Adaptability and flexibility

If you already have some of the skills listed above, then you’re well on your way. A lot of the more technical skills associated with the job can be learned through your studies and as you become more experienced.

How long does it take to become an accountant?

The amount of time it takes to become an accountant depends on the academic route you take and any specific job requirements, such as the level of experience needed or additional qualifications. However, on average, you can expect it to take between three to seven years.

This timeframe is the same for those that go down the university route, and those that gain a qualification through a professional body (including the subsequent practical experience required).

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Accountant salary: how much could you earn?

An accountant’s salary is dictated by the country you choose to work in, the organisation you work for, the amount of experience you have, and how senior you are.

In the UK, as a guide, graduates can expect to earn up to £30,000. Once chartered and with two to four years post-qualification experience, your salary could jump to £65,000 and later rise to £100,000 with an additional five or more years of experience.

According to Indeed, the average accountant salary in the UK is £37,288.

Other average salary expectations from around the world include:

US – $65,719

Australia – A$77,879

France – €63,914

India – ₹2,46,984

Philippines – ₱442,490

What careers are available as an accountant?

The accountancy profession is very diverse and varied, which means there are plenty of different areas you can specialise in. Some of these different career options include:

Bookkeeper – balances accounts, processes invoices, payments and receipts, and completes VAT returns.

Auditor – prepares financial statements and advises on tax and treasury issues, approval procedures, and management policies.

Accounting technician – supports the preparation of financial accounts, bookkeeping, invoicing, payroll, and tax returns.

Management accountant – monitors and assists the financial planning of an organisation.

Chartered accountant – audits accounts, gives accounting advice, and provides information about financial records and corporate finance.

Public financial accountant – works for the civil service to manage the financial planning and allocation of resources for government departments.

Payroll manager – oversees the work of a payroll team in an organisation.

Tax accountant – analyses, interprets and researches tax legislation to make sure organisations comply with the correct tax regulations when filing annual accounts.

Financial accountant – produces reports and recommendations to organisations after an internal or external audit.

As you progress in your role and gain more experience, you’ll also find that you can advance quickly within the financial sector. For example, you could end up becoming a finance manager or finance director within 10 years.

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