How to become an accountant

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Chartered accountants work with financial figures and data, undertaking a variety of tasks to help advise individuals, companies and organisations. You could work in-house, for an external agency or in a self-employed capacity, with the main aim of helping your employer or client achieve their financial and strategic goals.

What does an accountant do?

Accounting jobs involve providing a financial service to clients or an employer. Your role will mainly involve analysing data and numbers to give advice and present information based on your findings. As a chartered accountant, you could work in a variety of specialisms, such as taxation, auditing, mergers and acquisitions (corporate finance), and forensic accounting (preventing fraud).

Your daily tasks will vary depending on your exact role, however, could include some of the following:

Managing financial systems and budgets
Undertaking and delivering financial reports and recommendations
Keeping accounting records and making sure they’re accurate
Preparing financial statements, like annual accounts and income statements
Forecasting future financial figures
Analysing a company’s financial position through auditing
Reviewing financial systems and procedures
Analysing financial risk
Advising on tax legislation and planning
Managing a business’s insolvency

What’s it like to work as an accountant?

Chartered accountants work for various types of organisations, from not-for-profit NGOs to multinational businesses, across most industry sectors. For instance, you could work in-house for a major commercial telecoms company, or work in the public sector for local government. It’s also common for chartered accountants to be self-employed, providing accounting services for numerous clients as sole practitioners.

Working hours and environments will depend on your specific role and the organisation you work for. Due to the serious and formal nature of the profession, however, chartered accountants are often expected to work relatively long hours, especially for those in more senior roles or those who work for corporate firms. Work is traditionally office based, but with the emergence of hybrid working, you may find roles that include being able to work from home as well. The dress code in more corporate organisations is usually fairly formal, whereas, it may be more relaxed in start-up companies or organisations in more casual industries.

Accounting jobs are available in most areas of the UK but are most commonly found in cities, where company headquarters are usually based. You may have to travel in certain accounting roles, for example, auditors will regularly travel to the premises of their clients.

Generally speaking, there’s a lot of opportunity for career progression and high earning potential as a chartered accountant.

What skills do you need to be an accountant?

To become a successful chartered accountant, you’ll need a skill set that stretches far beyond being good at maths. You’ll need to be able to analyse and interpret financial information, as well as communicate your findings.

Other skills that chartered accountants possess include:

Business awareness
Organisation and time management
IT proficiency
Problem solving
Initiative
Self-motivation
Financial forecasting abilities

How much does an accountant earn?

How much you’ll earn as an accountant varies. The amount will depend on the type of work you do, the size and type of organisation you work for, the sector you work in, your seniority and where you’re based.

The Institute of Chartered Accountants in England and Wales (ICAEW) states that starting salaries for chartered accountants can be up to £40,000 per year for graduates, and the average earning potential during training can be up to £65,000. Accountants who work in banking and capital markets usually attract higher salaries.

Indeed.com states that the average salary for an accountant across the whole of the UK is around £35,000 per year.

Salary packages can include benefits like financial bonuses, allowances and profit-sharing schemes, increasing your earning potential.

How to become an accountant

To become a chartered accountant, you’ll need to take several accountancy courses in order to gain specific accounting qualifications. You’ll train towards professional exams that are recognised by certain industry bodies and it’s only once these exams have been passed that you can become a chartered accountant. The whole process usually takes three to four years.

Gaining the right accounting qualifications

The AAT (Association of Accounting Technicians) qualification is the minimum level of qualification needed to become an accountant, however, there are a variety of other qualifications you’ll need to further progress your career.

To become chartered, you’ll need a more advanced qualification, which can be gained from numerous professional bodies. Here are a few of the most common:

Association of Chartered Certified Accountants (ACCA)
Institute of Chartered Accountants in England and Wales (ACA / ICAEW)
Chartered Institute of Management Accountants (CIMA)
Association of International Accountants (AIA)

Many accountancy firms will accept qualifications from any of the above professional bodies but for certain career paths you’ll need specific qualifications and experience. For example, if you want to become a chartered accountant through ACCA, you’ll need three years of relevant work experience, alongside the qualification. Additionally, if you want to undertake a career in management accounting, a CIMA professional qualification is preferable.

Ordinarily, it takes three to four years to become a fully qualified chartered accountant.

Many accountants have a university degree and a typical path is to have studied maths and economics at A-level before doing an accounting degree at uni. It’s then possible to find a finance graduate scheme or to join a firm and start working towards your qualifications.

Having a university degree isn’t essential, however, as professional bodies provide courses for students and workers of all levels. For example, you can apply for the ACCA qualification using a combination of GCSE and A-level grades alone.

Doing an accountancy apprenticeship

Doing an accounting apprenticeship is an alternative way to become a chartered accountant and can actually end up leading to chartership in a quicker amount of time. On an apprenticeship, you’ll gain practical skills while earning a wage.

Once you’ve gained enough work experience, you’ll then be able to take the relevant qualifications to become a chartered accountant – it’s a classic case of learning on the job. You’ll be able to find various accounting apprenticeships that are run by organisations like the AAT.

Top universities for accounting

Want to know which universities would be good for teaching you to become an accountant? Take a look at the top five unis for Accounting and Finance according to Complete University Guide's Subject League Table...