Accountancy Q&A
Want to get into accountancy? Here are some questions people frequently ask when they’re trying to get started.
Questions answered by Rosie
Do I need to go to university to be an accountant?
No, there are lots of school leaver programmes available, and these are becoming more and more popular. It normally takes five years of training to become a qualified accountant straight from school. This is in comparison to three years if you earn a degree first (which will take at least three years to study for itself).
What are all the different accountancy exams I can take?
The ACA/ACCA are the most recognised accountancy qualifications in the UK. CIMA qualifications are for management accountants, and are more relevant for those who work for one company and help that company make better business decisions. There are also other finance qualifications such as the CFA, but this is more relevant for bankers or investment managers, those who help individuals and companies invest their money.
How long does it take to become a qualified accountant?
If you want to gain your ACA/ACCA and if you go to university first, it normally takes three years to become a qualified accountant. You study for your professional qualification while you have a full time job, but employees normally give you time off to study for your exams.
Do I need to study accountancy at university to become an accountant?
No, you don’t need to study accountancy at university. Even if you have an art degree, you can still go on to take the accountancy professional qualifications.
How hard are the accountancy exams?
Becoming a qualified accountant can be a lot of work, but it can also be very rewarding.
How do I best get through the accountancy exams?
They can be tough, but with dedication and organisation, the work can become manageable. It is often an easier process if you do the exams alongside some peers so that you have some moral support. Many employers send their trainees to go to college, where there are teachers dedicated to helping them pass.
How much will I earn as an accountant?
It will vary depending on where you work and who you work for. In London, a graduate scheme may pay you around £30k as a starting salary. You normally get salary increases each year on the graduate scheme, but get the most significant salary increase when you qualify.
What jobs can I do once I’ve qualified as an accountant?
There are a vast array of jobs in finance! You can work on people’s personal accounts, or on company accounts, you can audit accounts, or help companies merge or acquire other companies, and lots, lots more. These jobs might not mean much to you now, but having an accountancy qualification can open up many opportunities.
If you think accountancy might be for you and want to find out more or get some help starting out, then why not speak with one of our finance mentors?