Accountancy and finance careers - find out which skills and qualifications you’ll need.

BY RUHI SINGHA

You may be surprised to learn that you don’t have to be a maths genius to work in finance and accounting – basic numeracy, sharp computer skills and an eye for detail are just as important as being good at maths to succeed in this sector. There are some skills however, that are very important and they include:

The ability to communicate effectively

Companies look for employees who can communicate effectively with clients and colleagues. People skills and the ability to communicate clearly are vital for successful teamwork in the accountancy and finance sector.

Flexibility

Technology and regulations change regularly in the accountancy and finance industry – you’ll need to be able to adapt to change quickly and embrace new technical challenges in order to ensure the best results for all your clients.

Professional integrity

Companies who offer financial services need to maintain their reputation to ensure their clients’ confidence in them. If this is lost it can be bad for an accountancy and finance company’s image. An understanding of compliance and integrity is essential in this sector in order to avoid being compromised.

Understanding of the industry

Working in accountancy and finance, you need to have an understanding of the bigger picture. It isn’t enough to just be able to analyse financial data, you need to understand how this relates to the wider strategic plan of an organisation and the global financial situation.

Organisation and time management

Accountants do more than just crunch the numbers – they need to be able to manage their time and workload effectively and demonstrate that they have the resilience to meet deadlines when they are under pressure.

Teamwork

The majority of accountants work with others, whether they’re performing audits, preparing financial statements or working on strategic planning. Depending on your role, you’ll need to be equally capable of taking directions or leading your team in a project.

Specialist qualifications

Taking specific, specialist accountancy and finance courses will improve your worth within an organisation as it shows that you are up to date and willing and able to focus on precise elements of the job. For certain jobs, a professional qualification is required in order for you to practice.

When you start work in accountancy and finance, your employer will determine which professional qualification you need to gain. These are awarded by recognised qualifying bodies (RQBs). You must pass exams and gain experience before these are awarded to you. You will also have to undertake continuous professional development.

AAT – awarded by the Association of Accounting Technicians, this is an entry-level qualification. No previous qualifications are needed and you’ll be trained in basic finance and administration skills. This is a non-graduate route into chartered accountancy and could be gained as part of an accountancy apprenticeship.

ACCA – awarded by the Association of Chartered, Certified Accountants, this a qualification aimed at those wanting to work in business or set up their own practice. The focus is on professional values and ethics. You need three years’ experience to gain this qualification.

CIMA – awarded by the Chartered Institute of Management Accountants, this is a globally recognised qualification for those new to, or with a little experience in accounting who want to work in strategic planning. You’ll need a foundation in business and accounting and three years’ experience to gain this qualification.

CIPFA – awarded by the Chartered Institute of Public Finance and Accounting, this is a qualification suitable for those working in areas where public money is managed, such as the NHS or in local government.

ACA – this ICAEW (Institute of Chartered Accountants in England and Wales) qualification is designed in partnership with the AAT and offers a progression route for high calibre AAT students.

Other professional qualifications are required for practicing accountancy in specific areas like tax, risk management and corporate finance.