How to balance work and qualifying as an accountant

In the UK most trainee accountants are having to balance a new job in the sector while also attempting to qualify as a chartered accountant by passing an ACCA or equivalent qualification. This article will provide a guide on how best to qualify for your future career and how to balance it alongside a job. Understanding the role of an accountant Before embarking on the journey to become an accountant, it's crucial to grasp the diverse roles accountancy encompasses. Accountants are tasked with a wide array of responsibilities, ranging from preparing financial statements and tax returns to offering financial advice, auditing, and even forensic accounting in cases of fraud investigation. As such, the field demands strong analytical skills, attention to detail, and a solid understanding of financial regulations. Education The path to becoming a qualified accountant typically begins with obtaining the necessary educational qualifications. While specific requirements may vary based on the chosen route, the most common paths include some type of further education usually resulting in a degree followed by some kind of professional qualification. Pursuing a bachelor's degree in accounting, finance, or a related field is a traditional route. Many universities in the UK offer accredited undergraduate programs that provide a solid foundation in accounting principles, financial reporting, taxation, and auditing. Often, aspiring accountants will then go on to study for a professional qualification beyond university but it is possible to go straight for a professional qualification. These are offered by esteemed accounting bodies like the Association of Chartered Certified Accountants (ACCA), the Institute of Chartered Accountants in England and Wales (ICAEW), or the Chartered Institute of Management Accountants (CIMA). These qualifications can often be pursued directly after secondary education and provide a structured pathway into the profession. Types of professional qualification ACCA (Association of Chartered Certified Accountants): The ACCA qualification is globally recognized and covers a wide range of accounting skills. It consists of a combination of exams, ethics modules, and practical experience requirements. ACA (Associate Chartered Accountant): Offered by the ICAEW, ACA is a prestigious qualification that involves rigorous exams, practical work experience, and professional development. CIMA (Chartered Institute of Management Accountants): CIMA focuses on management accounting and is ideal for those interested in financial management and strategic planning within organisations. CIPFA (Chartered Institute of Public Finance and Accountancy): CIPFA specialises in public finance and is suitable for individuals pursuing a career in the public sector or government. Practical Experience. Last year the ICAEW and CIPFA agreed on a merger meaning that any accountant who had gained a qualification from either body would be able to take one module and convert their expertise to another field covered by both, allowing for easier movement between the private and public sector. Choosing the right professional qualification aligns with career aspirations and opens doors to various opportunities. The ACCA qualification, for instance, covers a comprehensive range of accounting skills including financial management, auditing, taxation, and business strategy. The ACA qualification, offered by ICAEW, is known for its rigorous training in financial reporting, assurance, taxation, and business strategy. CIMA focuses on management accounting, equipping professionals with skills in cost management, strategic planning, risk management, and performance evaluation. CIPFA specialises in public finance and governance, preparing accountants for roles in government, public sector organisations, and not-for-profit sectors. In addition to academic qualifications, gaining practical experience is essential for becoming a fully qualified accountant. Most professional bodies require students to complete a certain period of supervised work experience to obtain their full accreditation. This practical training enables aspiring accountants to apply theoretical knowledge to real-world scenarios and develop critical skills such as communication, problem-solving, and teamwork. Gaining practical experience is essential for becoming a fully qualified accountant. Most professional bodies require students to complete a period of supervised work experience, typically under the guidance of a mentor or employer. This practical training enables aspiring accountants to apply theoretical knowledge to real-world scenarios, develop interpersonal skills, and understand the practical implications of financial decisions. Continuous learning is vital for professional growth and maintaining competency. Accountants are required to engage in CPD activities to stay updated with evolving regulations, technologies, and best practices. CPD activities may include attending seminars, workshops, webinars, or pursuing additional certifications to specialise in niche areas of accounting. A career in accounting offers diverse opportunities for growth and specialisation. Qualified accountants can pursue roles in public practice, industry, government, or non-profit sectors. Career progression may lead to senior positions such as financial controller, CFO, partner in an accounting firm, or management consultant. Specialising in areas like forensic accounting, tax advisory, audit, or financial analysis opens avenues for advanced career opportunities.