A Career as a Chartered Accountant (ICAS, ICAI, ICAEW)

Published
by
Mark
on May 25, 2010
in Chartered Accountant (ACA) Job Career Profile
. 0 Comments

This section of the site details information that you might find useful if you are looking to secure employment or require further details

regarding working as a Chartered Accountant. This page details the following Information:-

Finding Suitable Work

Chartered Accountants work in many areas of business and the public sector, in roles ranging from sole practitioner to chief executive of a multinational company. In public practice firms, they provide professional services to a wide range of fee paying clients from private individuals to large commercial and public sector organisations, including banks. These services include audit/assurance, accountancy, tax, business advisory, management consultancy, systems and IT, corporate finance, corporate recovery and forensic accounting. In commerce/industry and the public sector, they work in a variety of roles including fund management, venture capital and equity analysis, as well as financial management and financial reporting roles.

Working Duties Expected

As chartered accountants work in a wide variety of organisations their work activities vary accordingly. In public practice, typical work activities include:
Audit/assurance (an audit is an independent check of a company’s financial statements and systems to ensure that the business is presenting a ‘true and fair’ view of its financial position):

• reviewing the company’s systems and analysing risk;
• performing tests to check financial information and systems;
• advising clients on areas for business improvement.

• advising clients on the tax issues associated with activities such as business acquisitions and mergers;
• calculating tax liabilities for clients and liaising with the Inland Revenue on their behalf.

• advising clients (individuals or businesses) on tax planning within current legislation to enable them to minimise their tax liability;

• maintaining accounting records and preparing accounts and management information for small businesses;
• advising clients on business transactions such as mergers and acquisitions (corporate finance);
• advising clients who are in financial difficulty to help them turn the business around or to handle the disposal of the business (corporate recovery/insolvency);
• forensic accounting.

• producing reports and recommendations following internal audits or public sector ‘value for money’ audits;

• preparing financial statements including monthly and annual accounts;
• preparing financial management reports including financial planning and forecasting;
• advising on tax and treasury issues.

Salary Expectations

These figures are purely for guidance only. Salaries may vary for the area the job is situated in, age, experience along with a host of other   factors:

• Starting salaries vary considerably depending on location and size of firm, but can go up to £25,000 for trainees.
 • Salaries at senior level/with experience also vary widely depending on role and location. On qualification salaries typically double.
• Salary packages can also include benefits such as pay bonuses, share options, pension, medical insurance and company car.

Hours and Environment

• Working hours vary depending on the job and the organisation, but are not typically nine to five. Working extra hours in the evening and at weekends is not uncommon in order to meet deadlines, particularly in larger firms. Trainees can usually have ‘time off in lieu’ for overtime.

• Flexible working arrangements are possible (usually after qualification) and there is also the opportunity of working independently by setting up as a sole practitioner.
• Gender balance on entry into the profession is around 45% female, 55% male. Around 20% of all qualified chartered accountants are female, reflecting the wider gender split of previous years.
• Jobs are available throughout the UK for trainees and at the qualified level. There are also post-qualification opportunities overseas.
• The working environment for trainees is usually quite young and lively with a good after-work social life. The main challenge is managing professional study commitments with the day-to-day job.
• Travel within a working day to different locations is a common feature of audit (which is carried out mainly at client premises) and staying away from home or occasional overseas travel is possible. Working in other areas such as tax or in a small firm tends to be more office-based with less frequent travel.

Working Skills Required

You will need to have some or all of the following type of skills to carry out this job:

In addition to the academic requirements, employers are looking for a range of personal qualities which include: • business interest/awareness;

• good written and oral communication;
• numerate and analytical skills;

• motivation and a hard work ethic;

• good team working skills;

• personal integrity.

Prior relevant work experience is not a requirement, although it will improve your chances. Many firms offer paid work experience and short courses or open days which give an insight into the work of a chartered accountant. However, employers are keen to see applicants with a range of activities and experiences.

Training to be a chartered accountant involves completion of professional exams as well as work-based assessments/targets, together with a period of structured work experience. Employers providing the training are approved by the relevant institute of chartered accountants and trainees enter into a training contract, typically lasting three years for graduates (longer for the vocational route). The majority of chartered accountants train in firms of accountants (public practice). However, there are now also some training schemes in commerce/industry and the public sector known as TOPP (training outside public practice). The exams are the same, only the practical experience differs.

The professional exam training is provided by the Institute of Chartered Accountants in England and Wales (ICAEW), which is the largest, the Institute of Chartered Accountants of Scotland (ICAS) and the Institute of Chartered Accountants in Ireland (ICAI). The structure of the exams and methods of training delivery vary slightly between the institutes and full details can be found on their websites. However, the qualifications cover a similar syllabus and are of equal status and recognition, all leading to the designation ‘chartered accountant’ (ACA or CA). The syllabuses cover subjects such as accounting, audit, business finance, taxation, law and business management, which are assessed primarily through formal exams. Exemptions from some of the subjects may be possible depending on the institute and degree subject studied. The route will usually be recommended by the training firm. It is also possible with the ICAEW to study independently for the first stage of the exams before starting a training contract. Whichever route is taken, study for these exams requires a high level of commitment and determination. Alongside the exam training, employers provide in-house training on technical and general skills to help staff perform well in their job. Chartered accountants must remain up to date on technical and business issues, so there is a strong emphasis on continuing professional development after qualification.

The majority of chartered accountants train in public practice and the first three years are devoted to achieving the chartered qualification. During this time they build up experience and take on additional responsibilities, including supervising junior staff and liaising more directly with clients. There is often the opportunity for a secondment to another area of the practice in order to broaden experience. Trainees normally remain with the same employer throughout the training contract.

The chartered accountancy qualification provides a foundation for many routes into business and career opportunities are numerous and varied after qualification. Staying in public practice offers the opportunity for secondments or transfers to different areas of practice (eg corporate finance or management consultancy) or alternatively a move to a different sized firm. In the large international firms, overseas secondments (typically for two years) are possible. Progression to partnership is competitive but is achievable between eight and 15 years after qualification (in small firms progression may be more rapid). The accountancy profession in the UK can be a little confusing for potential trainees because it consists of three other professional bodies in addition to the three institutes awarding the chartered accountant qualification. Usually the qualification followed will depend on the type of organisation joined and the nature of the role. The majority of training opportunities for chartered accountants are in public practice.

Public practice firms range from sole practitioners to the major international firms and there are opportunities for graduates to train with a firm of any size as long as it is authorised by the relevant institute. This means that trainees can choose their preferred working environment. Larger firms (where the vacancies are concentrated) have offices in major cities and towns around the country. Smaller firms may be concentrated in a particular location or specialise in a particular type of client.
Any Related Types Of Jobs?

Yes. This list is not exhaustive but here are some similar and associated types of role:

• Chartered certified accountant
• Chartered management accountant
• Chartered public finance accountant
• Company secretary
• Management consultant
• Tax adviser
• Tax inspector, Inland Revenue.

What trade magazines or publications are available for this industry?

All of the following magazines and journals can be purchased from any good bookstore:

Accountancy - Institute of Chartered Accountants in England and Wales(ICAEW).
Accountancy Age - VNU Business Publications.
TARGET City and Finance - GTI Specialist Publishers.
Hobson’s Finance Casebook - Hobsons Publishing PLC.
Inside Careers Guide to Chartered Accountants - Cambridge Market Intelligence Ltd (CMI).

Where can I find further information ?

Further information can be found by visiting any of the following bodies and organisations the addresses and their respective websites are:

The Association of Accounting Technicians (AAT)
154 Clerkenwell Road, London EC1R 5AD
Tel: 020 7837 8600
www.aat.co.uk

Institute of Chartered Accountants of Scotland (ICAS)
CA House, 21 Haymarket Yards, Edinburgh EH12 5BH
Tel: 0131 347 0100
www.icas.org.uk

Institute of Chartered Accountants in England and Wales (ICAEW)
Chartered Accountants’ Hall, PO Box 433, Moorgate Place, London EC2P 2BJ
Tel: 020 7920 8100
www.icaew.co.uk

Institute of Chartered Accountants in Ireland (ICAI)
CA House, 87-89 Pembroke Road, Ballsbridge, Dublin 4
Tel: 003531 637 7200
www.icai.ie

National Audit Office
157-197 Buckingham Palace Road, London SW1W 9SP
Tel: 020 7798 7000
www.nao.gov.uk


Other Useful Chartered Accountants Work Information

Search Chartered Accountants jobs here

for previous accountancy career profile articles based on different other job titles go here

Payroll Clerk Job Career Profile

Published
by
Mark
on May 25, 2010
in Payroll Clerk Job Career Profile
. 0 Comments

Payroll clerks, also known as payroll administrators, work for companies or bureau services, to ensure that staff are paid the right amount on the right day. The work could involve:

  • calculating and issuing pay by cash, cheque or electronic transfer
  • making sure tax and national insurance payments are deducted correctly
  • creating records for new staff
  • paying staff who are leaving and issuing P45 forms
  • processing and recording holiday, sick and maternity pay and expenses
  • calculating overtime and shift payments
  • implementing pay increases
  • liaising with the personnel department
  • general clerical and computer work.

To be a payroll clerk you should:

  • be numerate
  • be a clear and logical thinker
  • possess good IT skills
  • have good communication skills
  • be able to work in a team
  • be able to work to deadlines
  • be well organised and pay attention to detail.

There are no minimum entry requirements, but most employers would look for some GCSEs grades (A-C)/S grades (1-3), particularly in English and maths.

There is no upper age limit for entry, and you will be at an advantage if you have experience or qualifications in a related field like administration, book keeping or accounts. The IPPM Foundation in Payroll Administration is a useful qualification to acquire.

You would usually start work as a trainee, helping more experienced staff and doing routine clerical and computer work. You will do some training on the job, but there is also a clearly defined system of qualifications to help you gain promotion.

NVQs/SVQs in Payroll Administration are available at Levels 2 and 3. They are a formal recognition of the skills you use in your job. When you successfully complete both levels at NVQ/SVQ, you will automatically become an Affiliate of the Association of Accounting Technicians (AAT).

The Institute of Payroll and Pensions Management (IPPM) Foundation in Payroll Administration is a qualification for people who are new to work in payroll, or who want to translate their experience into a professional qualification. The Foundation in Payroll Administration certificate is comparable to NVQ level 3.

If you decide to progress to more advanced study, IPPM also offers further qualifications:

Supervision and Team Leading Certificates in Payroll or Pensions (equivalent to NVQ level 4)
Diploma in Local Government Pensions Management
Diploma in Payroll Management (equivalent to NVQ level 5) - completion of the Foundation and/or Supervisory and Team Leading Certificates will exempt you from parts of this qualification.
You can complete IPPM courses by distance learning. There are also weekend schools, which will give you the chance to revise, talk to tutors, take a mock exam, and meet other students. Alternatively, twelve-week fast-track study is possible for the Foundation and Diploma qualifications, at one of the twelve regional training centres in England, Scotland and Northern Ireland. See the IPPM website for details.

The starting salary for a payroll clerk starts at around £9,000.
With more experience you could earn £13,500.
A senior payroll clerk can earn up to £18,000.

Further information

Association of Accounting Technicians
154 Clerkenwell Road
London
EC1R 5AD
Tel: 020 7837 8600
www.aat.co.uk

Institute of Payroll and Pensions Management
Shelly House
Farmhouse Way
Monkspath
Solihull
West Midlands
B90 4EH
Tel: 0121 712 1000

Search all Uk Payroll Jobs click here

Or for a local payroll job search look here:-

  • Payroll jobs in West Midlands


Junior Accounts Assistant / Accounts Technician Job Career Profile

Published
by
Mark
on May 25, 2010
in Accounts Technician Job Career Profile
. 0 Comments

As an accounting technician, it would be your job to keep accurate financial accounts for all types of business, and to assist qualified accountants. In larger companies, you would usually work as part of an accounts team. In a small business, you may be the only person trained to deal with finance matters like wages and invoices. In either case, your typical duties would include:

  • processing and paying invoices
  • recording receipts and payments
  • preparing and checking ledger balances and other monthly and yearly accounts
  • completing and submitting tax returns
  • monitoring company expenses
  • using computerised accounting systems.

With experience, you might take on management responsibilities and more complex tasks, such as:

  • drafting financial reports
  • planning and budget control

  • assisting qualified accountants with audits.

To be an accounts technician you should have:

  • confidence working with numbers
  • good spoken and written communication skills
  • an interest in business and finance
  • good organisational skills
  • the ability to solve problems and analyse figures
  • a high level of accuracy and attention to detail
  • the ability to work to strict deadlines

  • honesty and discretion.

You will find it helpful to have previous experience of office work. Temporary work (’temping’) can be a good way of getting experience that may lead to a permanent job. Computer experience is also useful, particularly in using spreadsheet and database packages like Microsoft Excel and Access. Above all, you should feel confident with maths and using computers. Employers may prefer you to have at least four GCSEs (A-C) including maths (or a similar level of qualification), although entry requirements may vary.

You would often start as an accounts clerk doing basic accounting duties in a company. You could then take work-based training or a part-time college course to qualify as a technician with the Association of Accounting Technicians (AAT) or the Association of Chartered Certified Accountants (ACCA) Certified Accounting Technician (CAT) scheme.

You may be able to miss out some parts of AAT or CAT training if you already have one of the following:

  • AS or A Level in Accounting
  • previous relevant work experience in accounting
  • an entry-level bookkeeping qualification (see the Accounts Clerk profile).

You may be able to get into this job through an Apprenticeship scheme. The range of Apprenticeships available in your area will depend on the local jobs market and the types of skills employers need from their workers. For more information on Apprenticeships, visit www.apprenticeships.org.uk

Your training is normally a mixture of learning on the job and studying for qualifications from the Association of Accounting Technicians (AAT) or the Association of Certified Chartered Accountants (ACCA).

You can take the AAT Accounting qualification in one of two ways – the NVQ route or the Diploma route. If you are employed in an accounting role, you can take work-based training and assessments to achieve NVQs in Accounting. This route has three stages:

  • NVQ Level 2 (Foundation)
  • Level 3 (Intermediate)
  • Level 4 (Technician).

If you do not yet work in accounting or if you prefer to take an exam-based route, you can choose the Diploma pathway to the AAT Accounting Qualification. The Diploma also has three stages:

  • Certificate (Foundation)
  • Advanced Certificate (Intermediate)
  • Diploma (Technician).

You will be assessed for the Diploma by exams and simulated skills tests, instead of providing practical evidence from the workplace.

You can study for the AAT Accounting Qualification full- or part-time at colleges or training centres, or in the workplace.

For full membership of the AAT, you must pass all three stages of the qualification, and have at least a year’s approved work experience. You can find more details on the AAT’s website.

Association of Certified Chartered Accountants (ACCA)


To become qualified with the ACCA Certified Accounting Technician (CAT) Scheme, you must pass exams at the three levels (Introductory, Intermediate and Advanced) and keep a training record of at least one year’s practical accounting experience.

You can study for CAT full- or part-time at further education colleges and private training centres, or alternatively through home study. See the ACCA’s website for full details.

Once you are fully AAT or CAT qualified, you could study further to become an accountant. Your accounting technician qualifications mean that you can usually bypass the first stage of professional exams. For example, you could start at Part 2 of the ACCA’s Chartered Certified Accountant Scheme, instead of Part 1. See the Private Practice Accountant profile for more information.

  • Starting salaries at foundation and intermediate levels can be around £14,000 to £18,000 a year.
  • Once qualified to technician level, salaries can be up to £25,000.

What opportunities are there?

You could work for companies in every business sector, or in the public sector for organisations such as local councils, colleges/universities and the NHS.

Jobs may be advertised in the local press, Jobcentre Plus, and by recruitment agencies. With experience, you could move into management or become self-employed and work on accounts for a number of small business clients. You could also choose to study further and become a   qualified accountant.AAT and ACCA qualifications are recognised across the world, so work abroad is an option.

Association of Accounting Technicians (AAT)

140 Aldersgate Street
London
EC1A 4HY

Tel: 0845 863 0800

http://www.aat.org.uk

Financial Services Skills Council

51 Gresham Street
London
EC2V 7HQ
Tel: 0845 257 3772

http://www.fssc.org.uk

Association of Chartered Certified Accountants (ACCA)

29 Lincoln’s Inn Fields
London
WC2A 3EE
Tel: 020 7059 5000

http://www.accaglobal.com

Search all UK Accounts Assistant roles .. here

Or Search for your local Accounts Assistant role near you here:-

Management Accountant Job Career Profile

Published
by
Mark
on May 16, 2010
in Career Advice Library and Management Accountant Job Career Profile
. 1 Comment

Management Accountant Job Career Profile

As a management accountant, you would be responsible for the financial management of a business, looking after its accounts and finding ways of improving profitability and growth. You would work for one company as an in-house accountant, unlike a private practice accountant who offers accountancy and audit services to a number of fee-paying clients.

Your work could include:

  • preparing regular financial statements and accounts, such as profit and loss accounts
  • monitoring spending, costs and budgets
  • analysing the company’s financial performance
  • forecasting and planning future spending and profits
  • recommending ways to reduce costs and increase profits
  • making business decisions, along with other managers
  • carrying out internal audits of various departments
  • providing external auditors with the company reports and financial data they need
  • managing a team of accounting technicians and finance clerks
  • overseeing the company’s payroll, credit control, and bookkeeping systems.

To be a Management Accountant you should have:

  • good mathematical and computer skills
  • analytical ability and a logical approach
  • a good understanding of business
  • accuracy and attention to detail
  • good communication skills
  • the ability to explain technical financial information clearly
  • organisational and time-management skills
  • honesty and discretion.

To become an accountant, you must complete training with one of the professional accountancy bodies. Although each professional body includes some company financial management in their training, most management accountants choose to qualify with the Chartered Institute of Management Accountants (CIMA).

CIMA training involves two stages:

  • CIMA Certificate in Business Accounting – CIMA’s entry-level qualification, with five computer-based exams
  • CIMA Professional Qualification – the second stage of training, with nine exams.

Your entry point will depend on your previous qualifications and experience.

You do not need any qualifications to begin studying for the CIMA Certificate in Business Accounting, although you will need a good standard of maths and English. You will be able to miss out some or all of the CIMA Certificate exams if you have relevant qualifications, such as:

  • an accountancy or business-related degree or postgraduate qualification
  • Association of Accounting Technicians (AAT) Technician level
  • Open University Certificate in Accounting
  • a professional qualification from another accountancy body.

If you have any other qualifications (including a non-business degree), you must pass all five CIMA Certificate exams before you can start the CIMA Professional Qualification. See the CIMA website for full details of exemptions.

Some management accountants choose instead to train with the Association of Certified Chartered Accountants (ACCA), taking the business management modules instead of audit and taxation options in the final part of their training. See the ACCA website for more details.

The Institute of Financial Accountants (IFA) also offers training in financial management. IFA is a non-chartered organisation with training at Technician, Associate and Fellow levels. See the IFA website for further details.

To become a fully-qualified chartered management accountant (ACMA), you must pass the CIMA Professional Qualification and complete at least three years’ relevant work experience.

To achieve the CIMA Professional Qualification you will need to complete:

  • six exams at Managerial level
  • three exams at Strategic level
  • one Test of Professional Competence in Management Accounting, based on a case study.

If you have certain relevant degrees or professional qualifications, you may be exempt from some of the Managerial stage exams.

Each paper in the Professional Qualification usually takes between three and four months. You can study full- or part-time, or through distance learning. Your employer may fund your training. See the CIMA website for details of course providers, exam centres, exemptions and the work experience requirement.

Once you have qualified, you should keep your professional knowledge up to date throughout your career. The professional accountancy bodies each run a programme of continuing professional development (CPD) to help members achieve this.

You could also choose to take a Master of Business Administration (MBA) degree, which may help to further your career in business management.

  • Trainee and part-qualified accountants could earn between £18,000 and £30,000 a year, depending on stage of training.
  • Qualified management accountants typically earn between £30,000 and £50,000.
  • Finance managers and directors could earn between £50,000 and £100,000 a year, depending on company size.

Salaries also depend on location, and may be higher in London and the south-east.

Search all UK Management Accountant Jobs here

For previous accountancy career profile articles based on different other  job titles Click here

For a local search look here

Financial Services Skills Council
51 Gresham Street
London
EC2V 7HQ
Tel: 0845 257 3772

http://www.fssc.org.uk

Institute of Financial Accountants (IFA)
Burford House
44 London Road
Sevenoaks
Kent
TN13 1AS
Tel: 01732 458080
http://www.ifa.org.uk

Association of Chartered Certified Accountants (ACCA)
29 Lincoln’s Inn Fields
London
WC2A 3EE
Tel: 020 7059 5000

http://www.accaglobal.com

Chartered Institute of Management Accountants (CIMA)
26 Chapter Street
London
SW1P 4NP
Tel: 020 8849 2251

http://www.cimaglobal.com

Payroll Manager Job Career Profile

Published
by
Mark
on May 16, 2010
in Career Advice Library and Payroll Manager Job Career Profile
. 0 Comments

Payroll Manager Job Career Profile

Payroll Managers or supervisors manage the routine daily work of a payroll section. Duties and responsibilities include staff training, briefing the team on company policy and legal requirements, calculating and issuing pay by cash, cheque or electronic transfer, ensuring tax and national insurance payments are deducted correctly, calculating overtime and shift payments, and implementing pay increases. They also process and record holiday, sick and maternity pay, expenses, and liaise with personnel departments to issue P45 forms and pay staff who are leaving.

Payroll Managers

also help to create payroll policies and procedures, advise management about legislation, ensure that computer software and systems are efficient and up to date, and interpret and present financial data.

To be a payroll supervisor or payroll manager you should:

  • be numerate
  • have supervisory skills
  • be able to deal with complex legislation
  • be a clear and logical thinker
  • have good IT skills
  • be a good communicator
  • be able to work in a team
  • be able to work to deadlines
  • be well-organised and pay attention to detail.

 The usual method of entry is to start work as a trainee, helping more experienced staff and doing routine clerical and computer work. There is a clearly defined system of qualifications to help you progress to payroll administrator, and then to payroll supervisor and payroll manager.


There are no minimum entry requirements but most employers would look for some GCSEs (A-C)/S grades (1-3), particularly in English and maths.

Those from a related background like bookkeeping or accounts may find their experience useful. The Institute of Payroll and Pensions Management (IPPM) Foundation in

Payroll Administration is a useful qualification to acquire.

Training is given while in post. There may be the opportunity to study for relevant qualifications. These include:

NVQ/SVQs in Payroll Administration

 at Levels 2 and 3. Successful completion of both levels gives automatic affiliation to the Association of Accounting Technicians (AAT).

The Institute of Payroll and Pensions Management (IPPM) offers the Foundation in Payroll Administration, the Payroll Team Management Certificate, and the Diploma in Payroll Management.

The IPPM and the University of Derby offer an MSc in Payroll Management.

There is usually a clearly-defined promotion structure from payroll supervisor to payroll manager.

The starting salary for a Payroll Supervisor 

begins at around £13,000.
With more experience, earnings reach around £17,500.
A payroll manager can earn up to £30,000.

Further information

Institute of Payroll and Pensions Management
Shelly House
Farmhouse Way
Monkspath
Solihull
West Midlands
B90 4EH
Tel: 0121 712 1000
www.ippm.org

www.aat.co.uk

Financial Controller Job Career Profile

Published
by
Mark
on April 30, 2010
in Career Advice Library and Financial Controller Job Career Profile
. 1 Comment

Financial Controller Job Career Profile

A Financial Controller is responsible for providing financial advice and support to clients and colleagues to enable them to make sound business decisions. Specific settings vary enormously and include both public and private sector organisations, such as multinational corporations, retailers, financial institutions, NHS trusts, charities, small manufacturing companies and universities.

Financial considerations are at the root of all major business decisions. Clear budgetary planning is essential for future planning, both short and long term, and companies need to know the financial implications of any decision before proceeding. In addition, care must be taken to ensure that financial practices are in line with all statutory legislation and regulations.

Typical work activities
The roles of Financial Controllers vary significantly. The generic nature of the job title can be misleading and job descriptions should be scrutinised carefully as the level and scope of the responsibilities involved in any role coming under the banner of financial management can differ enormously. In larger companies, for instance, the role is more concerned with strategic analysis; in smaller organisations, a financial manager may be responsible for the collection and preparation of accounts.

Typical activities include:

Providing and interpreting financial information;
Monitoring and interpreting cash flows and predicting future trends;
Analysing change and advising accordingly;
Formulating strategic and long-term business plans;
Researching and reporting on factors influencing business performance;
Analysing competitors and market trends;
Developing financial management mechanisms that minimise financial risk;
Conducting reviews and evaluations for cost-reduction opportunities;
Managing a company’s financial accounting, monitoring and reporting systems;
Liaising with auditors to ensure annual monitoring is carried out;
Developing external relationships with appropriate contacts e.g. auditors, solicitors, bankers and statutory organisations such as the Inland Revenue;
Producing accurate financial reports to specific deadlines;
Managing budgets;
Arranging new sources of finance for a company’s debt facilities;
Supervising staff;
Keeping abreast of changes in financial regulations and legislation

Qualifications You would normally be either ACCA, ACA or CIMA qualified although sometimes, people who are part qualified or “qualified by experience” due to length of service, particularly in specific industries , such as the motor industry.

Search here for all UK Financial Controller Positions

Or search here for your local Financial Controller Positions

Bookkeeper Job Career Profile

Published
by
Mark
on March 29, 2010
in Career Advice Library and Career Advice in Accountancy
. 0 Comments

Bookkeeper Job Career Profile

Accounts/finance clerks, also known as bookkeepers, record financial transactions. In a large organization they work in a finance office with other staff, perhaps supporting senior finance professionals.Duties could include: 

 

  • calculating the cost of a new product or service
  • completing VAT returns and preparing accounts for Inland Revenue
  • keeping records of payments, invoices, receipts and debit/credit notes
  • checking bank statements against records
  • preparing cash-flow statements
  • calculating wages and national insurance contributions
  • dealing with enquiries on the phone and by letter
  • filing paperwork.
  • Most organizations now have computerized systems and accounts clerks will probably need to use a range of software packages including databases and spreadsheets.

To be an accounts clerk you need:

  • numeracy
  • to be able to work quickly and accurately
  • good concentration and attention to detail
  • a logical, methodical approach
  • an interest in business and finance
  • the ability to work to strict deadlines
  • to be able to work unsupervised
  • to be honest, discreet and trustworthy.

There are no minimum entry requirements but employers often ask for GCSEs (A-C) or equivalent in Maths and English. Computer skills are also useful.
For details of qualification equivalents see:
Qualifications and Curriculum Authority (England, Wales and Northern Ireland)
Scottish Qualifications Authority
A number of useful qualifications are available. These include:
The Association of Accounting Technicians (AAT) offers a number of qualifications including NVQ/SVQs in accounting at levels 2, 3, and 4. There are no minimum entry requirements. The AAT Bookkeeping Certificate (ABC) is also available. The AAT also offers a range of specialist qualifications including the NVQ/SVQ in Audit (Internal), the NVQ/SVQ in Payroll Administration and the AAT Diploma in Government Finance. After successfully completing any of AATs qualifications, except ABC, students automatically become AAT Affiliates and can progress to Membership.
International Association of Bookkeepers (IAB) offers a range of examinations at various levels. After passing certain IAB exams you can apply for IAB membership.
LCCI Practical Bookkeeper (first level), Bookkeeper (first level) and Bookkeeping and Accounts (second level).

OCR Practical Book-keeping (stage I-II) Bookkeeping (stage I) and Computerized Accounting (stage I-II).

SQA National Units in Accounting at Intermediate 1 level.

Pitman qualifications in Bookkeeping and Accounts, Computerised Accounts and Accounting.

Training

You might start work as a junior in the accounts or wages department of a large organization on general procedures. This may include computer software packages used by employers. You would train on the job, supervised by senior staff. You could attend in-house training courses, day release or evening classes, or work for qualifications via distance learning.

Foundation and Advanced Modern Apprenticeships (MAPPs) may be available for people aged 16-24.
For details see: MAPPs (England); Skillseekers MAPPs (Scotland); National Traineeships MAPPs (Wales); and MAPPs (Northern Ireland).

Annual Income

The annual income section is intended as a guideline only.

Starting salary is around £10,000 per year.
With skills and experience, earnings rise to around £15,000.
A senior bookkeeper can earn up to £19,000.

Further information:

Association of Accounting Technicians (AAT)
154 Clerkenwell Rd
London
EC1R 5AD
Tel: 020 7837 8600
www.aat.co.uk
International Association of Bookkeepers (IAB)
Burford House
44 London Road
Sevenoaks
Kent
TN13 1AS
Tel: 01732 458080
www.iab.org.uk
LCCI Examinations Board
Athena House
112 Station Road
Sidcup
Kent
DA15 7BJ
Tel: 020 8302 0261
www.lccieb.com
OCR Information Bureau
Westwood Way
Coventry
West Midlands
CV4 8JQ
Tel: 024 7647 0033
www.ocr.org.uk
Pitman Qualifications
1 Giltspur Street
London
EC1A 9DD
Tel: 020 7294 3500
www.pitmanqualifications.com
Scottish Qualifications Authority (SQA)
Hanover House
24 Douglas Street
Glasgow
G2 7NQ
Tel: 0141 242 2214
www.sqa.org.uk

For Bookkeeper Jobs   Search here 

 
 

 

 

 

Payroll Clerk Career Job Profile

Published
by
Mark
on March 11, 2010
in Career Advice Library, Career Advice in Accountancy and Payroll Clerk Job Career Profile
. 0 Comments

Payroll Clerk Career Job Profile

Payroll clerks, also known as payroll administrators, work for companies or bureau services, to ensure that staff are paid the right amount on the right day. The work could involve:

  • calculating and issuing pay by cash, cheque or electronic transfer
  • making sure tax and national insurance payments are deducted correctly
  • creating records for new staff
  • paying staff who are leaving and issuing P45 forms
  • processing and recording holiday, sick and maternity pay and expenses
  • calculating overtime and shift payments
  • implementing pay increases
  • liaising with the personnel department
  • general clerical and computer work.

To be a payroll clerk you should:

  • be numerate
  • be a clear and logical thinker
  • possess good IT skills
  • have good communication skills
  • be able to work in a team
  • be able to work to deadlines
  • be well organised and pay attention to detail.

There are no minimum entry requirements, but most employers would look for some GCSEs grades (A-C)/S grades (1-3), particularly in English and maths.There is no upper age limit for entry, and you will be at an advantage if you have experience or qualifications in a related field like administration, book keeping or accounts. The IPPM Foundation in Payroll Administration is a useful qualification to acquire.
You would usually start work as a trainee, helping more experienced staff and doing routine clerical and computer work. You will do some training on the job, but there is also a clearly defined system of qualifications to help you gain promotion.

NVQs/SVQs in Payroll Administration are available at Levels 2 and 3. They are a formal recognition of the skills you use in your job. When you successfully complete both levels at NVQ/SVQ, you will automatically become an Affiliate of the Association of Accounting Technicians (AAT).

The Institute of Payroll and Pensions Management (IPPM) Foundation in Payroll Administration is a qualification for people who are new to work in payroll, or who want to translate their experience into a professional qualification. The Foundation in Payroll Administration certificate is comparable to NVQ level 3.

If you decide to progress to more advanced study, IPPM also offers further qualifications:

Supervision and Team Leading Certificates in Payroll or Pensions (equivalent to NVQ level 4)
Diploma in Local Government Pensions Management
Diploma in Payroll Management (equivalent to NVQ level 5) - completion of the Foundation and/or Supervisory and Team Leading Certificates will exempt you from parts of this qualification.
You can complete IPPM courses by distance learning. There are also weekend schools, which will give you the chance to revise, talk to tutors, take a mock exam, and meet other students. Alternatively, twelve-week fast-track study is possible for the Foundation and Diploma qualifications, at one of the twelve regional training centres in England, Scotland and Northern Ireland. See the IPPM website for details.

The starting salary for a payroll clerk starts at around £9,000.
With more experience you could earn £13,500.
A senior payroll clerk can earn up to £18,000.

 

Further information

Association of Accounting Technicians
154 Clerkenwell Road
London
EC1R 5AD
Tel: 020 7837 8600
www.aat.co.ukInstitute of Payroll and Pensions Management
Shelly House
Farmhouse Way
Monkspath
Solihull
West Midlands
B90 4EH
Tel: 0121 712 1000

 

 

 

 

 

Search all Uk Payroll Jobs click here

For other Accounts Job Career Profiles in our Career Library click here

Credit Controller Job Career Profile

Published
by
Mark
on March 11, 2010
in Career Advice Library and Career Advice in Accountancy
. 1 Comment

Credit Controller Job Career Profile

What is the work like?
As a credit controller or debt collection agent, you would be responsible for recovering unpaid money from businesses or individuals. You could work for a third party collection agency or debt purchasing company employed to collect debts from businesses (known as commercial collection) or individuals (consumer collection). Alternatively, you could be a credit controller in a company’s finance or credit department, chasing late payments from suppliers and customers.

Your work might include:

Contacting individuals or business customers when payment is overdue
Asking them to settle their account and explaining the terms of their credit
Using specialist computer databases to check credit records
Re-negotiating repayment plans if people are in financial difficulties
Setting up and maintaining customer files
Processing payments
Visiting debtors to collect payments (known as ‘field collection’)
Tracing missing debtors
Starting legal proceedings if debts are not paid within an agreed time
Arranging for goods to be repossessed to cover the outstanding debt
Liaising with solicitors, bailiffs and debt counsellors where necessary.


What qualifications and experience will employers look for?
Employers will expect you to have a good standard of general education and confidence with maths. You will find it useful to have computer skills and experience of office and customer service work.Some employers may prefer you to have some GCSEs (A-C) including maths, and you may have an advantage with qualifications in book-keeping or accounts (see related profiles for details).You should check with individual employers about the qualifications and experience you need for each job.

What further training and development can I do?
You will do most of your training on the job. Your training may cover telephone techniques, credit law, court orders and insolvency procedures.Your training may include taking qualifications from the Credit Services Association (CSA) or the Institute of Credit Management (ICM). If you want to progress to credit manager, holding CSA or ICM qualifications may improve your promotion prospects.

Qualifications include:

CSA/City & Guilds Diploma for the Debt Collecting Industry
ICM Level 3 Diploma in Credit Management – an introductory course
ICM Level 5 Diploma in Credit Management – a more advanced course that includes legal proceedings and insolvency
ICM Foundation Degree in Credit Management.
You can study for CSA or ICM courses part-time or by distance learning. See websites for more details.

You should keep your skills and knowledge of credit law up to date throughout your career. The ICM and CSA both offer a range of short courses and workshops to help your professional development.

Working Duties Expected

Credit Controllers, control and protect the debts owed by customers to their businesses. They are employed by companies that sell goods or services, or by organisations such as banks, building societies, hire purchase companies, and credit card companies. There are two types of credit controller

Commercial credit controllers- involved with corporate customers
Consumer credit controllers- involved with customers who are private individuals.
In large organisations, the credit control team leader  may manage a team of credit controllers who carry out much of the daily administrative work, leaving the decision making and tasks that require specialised knowledge to the credit controllers. In smaller organisations, the credit manager is likely to undertake most of the work personally.
There are three main areas of work:

Risk assessment - involves gathering financial information on the customers creditworthiness, analysing the information, and deciding whether to offer credit to the customer.
Debt collection - may include visiting the customer and offering advice, setting up systems for repayment of the debt, or instigating legal action if recovery proves difficult.
Insolvency work - credit managers may be involved in insolvency proceedings, including meeting with other creditors, recovering goods, or arranging for a liquidator to wind up a company and sell off its assets.

Hours and Environment

A credit controller usually works 9am - 5.30pm, Monday to Friday. Longer hours may be necessary at certain times of the month or financial year. In some organisations there may be opportunities for part-time work.

The work is mainly office-based, but time may be spent out of the office, visiting customers, other organisations or attending court proceedings. Credit managers may have to spend short periods of time away from home on business, and there may be some travel overseas.

Skills and Interests

As a credit controller , you should:
be business focused, with a good knowledge of the local economy
possess a high level of numeracy and IT skills
be able to work accurately
possess good interpersonal and communication skills
be methodical and organised
be able to motivate staff
possess highly developed analytical and investigative skills.

Entry

There are no set minimum entry requirements, but most employers will expect at least four GCSEs (A-C)/S grades (1-3).The normal route to becoming a credit manager is to start as a credit controller and progress into a management role. It may be possible to become a credit manager with experience in a related field such as banking.  A growing number of employers require applicants to have the professional qualifications of the Institute of Credit Management (ICM) as well as extensive experience.

Training

There are two qualifications offered by ICM:

Certificate in Credit Management - there are no formal entry qualifications to register as a student withICM and study for this qualification. The course covers credit management, accounting, business law and business environment. Associate Membership of ICM is conferred on completion.

Diploma in Credit Management - the entry requirement for this qualification is the Certificate in Credit Management. It covers advanced credit management, practical credit management, credit management law, legal proceedings and insolvency. On successful completion of this course, Membership of ICM is awarded, and the designation MICM (Grad) may be used.

These qualifications can be studied at college part-time or by distance learning, and usually take two to three years each. ICM may grant exemptions from parts of these courses to those holding examination passes of equivalent or higher level qualifications in relevant subjects.

Alternatively,ICM membership is possible via a vocational route for those with at least five years’ credit management experience. This involves providing references and having experience assessed by ICM.

Graduate or vocational members with at least seven years’ senior management experience can apply for Fellowship of the ICM.

Credit managers must keep up to date with current financial legislation and procedures, and they may be required to attend courses to update professional skills. Export credit managers must keep abreast of international regulations and legislation.

Annual Income

Figures are intended as a guideline only, look at our credit control salary survey click here

New  Credit Controllers may expect to earn upwards of £16,000. 
Credit Controllers with experience may earn between £16,000 and £25,000.  A Credit Control Team Leader can earn about  £27,000
Senior Credit Controllers may eventually  become Credit Managers and earn up to £60,000 a year.  Click here for further Credit Manager information.

Where can I go for more information?

Institute of Credit Management
The Water Mill
Station Road
South Luffenham
Leicestershire
LE15 8NB
Tel:               01780 722900         01780 722900
http://www.icm.org.uk
Credit Services Association
Wingrove House
Ponteland Road
Newcastle upon Tyne
NE5 3DP
Tel:               0191 286 5656         0191 286 5656
http://www.csa-uk.com

Job Opportunities 2010

There are good prospects in London and the south-east, where there are often more vacancies than applicants. Promotion is usually to credit manager of a larger organisation or group of companies, or to more senior general management positions within the same organisation, such as senior financial manager or director. There may be opportunities to work within accountancy firms specialising in insolvency work. There are opportunities for self-employment as consultants, advising businesses on credit systems.

Click here to view all the latest Credit Controller Jobs in the UK online today

for previous accountancy career profile articles based on different other  job titles go here

 

     

Accounts Assistant Job Career Profile

Published
by
Mark
on March 2, 2010
in Career Advice Library and Career Advice in Accountancy
. 0 Comments
Organizations that have a central accounts team usually employ a number of accounts assistants. Their role is to provide administrative support to professionally qualified accountants. Some work within business teams, measuring and recording expenditure and keeping track of budgets.

 

Accounts Assistants should:
* be confident with numbers
* have strong computer skills
* have good communication skills
* be accurate and pay attention to detail
* be able to work to deadlines
* be discreet with confidential information.

 

Opportunities for accounts assistants exist in accounting practices, commercial and industrial organizations, local authorities, public services like healthcare trusts, and voluntary organizations. Many are self-employed providing bookkeeping services to smaller organizations.
No formal academic qualifications are required, although employers may ask for GCSE/S grades (A-C) in Maths and English. Professional accountancy qualifications are widely available, including NVQs/SVQs from Level 1 to Level 4. Some are recognized internationally.  Some posts may require experience of working in a finance office or working with spreadsheets.

Accounts Assistants may progress into an accounting technician role. There are several technician qualifications available, which may count towards a professional accountancy qualification or degree for those wanting to become a Chartered Accountant. Many become self-employed, setting up their own bookkeeping practice.

What does the role entail?

Accounts Assistants provide administrative support to businesses of all sizes in all industries, both in the public and private sectors. While many work in a central accounting department, some larger organizations place Accounts Assistants within specific business functions, such as marketing or sales, helping to measure expenditure and business budgets.

 

Accounts Assistants frequently specialize in one area, such as cashing up and banking, credit control, sales or purchase ledger, or payroll. Duties may include:
* keeping financial records of incoming and outgoing payments
* producing and analyzing figures for professional accountants or departmental managers, such as cash-flow statements
 *helping to prepare and audit accounts
 *raising purchase orders and processing payments
 *issuing and checking invoices, receipts and debit/credit notes
 *calculating wages and making up wage packets
 *completing VAT returns
 *checking and processing expenses claims from staff.

 

Their precise tasks are difficult to define, as duties vary depending on whether they work in a central team or an individual department. Generally, they ensure financial records are accurate and up to date, providing clerical assistance to accounting professionals.

What level of salary/benefits can I expect?

Please note that this is a guide only, rates of pay may vary.

 

Starting salaries are around £10,000 a year.
More experienced accounts assistants can earn between £12,000 and £18,000.
A senior accounts assistant can earn up to £22,000.

 

Career Progression:
There are many opportunities for accounts assistants to progress. One route is to study to become an accounting technician, where they may be responsible for several accounts assistants and a wider area of work. There are several technician qualifications, including those awarded by AAT, the Association of Chartered Certified Accountants (ACCA) and the Institute of Financial Accountants (IFA).

For individuals working towards further study, the UK chartered accountancy bodies and many universities recognize the AAT accounting qualification, and offer exemptions to AAT student members.

ACCA offers a qualification for accounting technicians, the ACCA Certified Accounting Technician (CAT) qualification, which is internationally recognized.

The IFA offers membership at Technician, Associate and Fellow levels. Exemptions from some of its examinations are granted to holders of certain qualifications including those of the IAB.

Further information can be found at:

ACCA Connect (The Association of Chartered Certified Accountants), 64 Finnieston Square, Glasgow G3 8DT. 0141 582 2000. Website: www.acca.org.uk

 

Accountancy Occupational Standards Group, 154 Clerkenwell Road, London EC1R 5AD. 020 7415 7507. Website: www.aosg.org.uk

 

Association of Accounting Technicians (AAT), 154 Clerkenwell Road, London EC1R 5AD. 020 7837 8600. Website: www.aat.co.uk
Institute of Financial Accountants (IFA), Burford House, 44 London Road, Sevenoaks, Kent TN13 1AS. 01732 458080. Website: www.ifa.org.uk

International Association of Book-Keepers (IAB), Burford House, 44 London Road, Sevenoaks, Kent TN13 1AS. 01732 467132. Website: www.iab.org.uk

OCR Training, Mill Wharf, Mill Street, Birmingham B6 4BU. 0121 628 2950. Website: www.ocr.org.uk.

Pitman Training. 0800 220454. Website: www.pitman-training.com

 

 

 

 

 

For all Accounts Junior Jobs Search here