Bulqees Majid

Training to become an accountant: what is needed?

If you are training to become an Accountant, you will need to think about what educational route and career path would suit you best. By doing so, you will be able to find an accountancy job that meets your long-term professional goals.To have a successful career in accountancy, you will need to ensure that you have the right training and professional qualifications to give you the skills and credentials that employers are looking for. This means thinking carefully about what is needed when training to become an accountant.Fortunately, accounting offers a great deal of flexibility as a career path, meaning there are numerous potential routes that candidates can take to secure their accounting qualifications, obtain essential skills and secure a desirable role with an accountancy firm or private company.Here, we will discuss the various pathways that accountants (or those thinking about a career within the sector) can explore to obtain the accounting qualifications they will need, as well as exploring additional soft skills and credentials that can maximise your chances of landing the accounting job you want.What are the different routes to obtaining accounting qualifications?One of the most positive aspects of training to become an accountant is the broad range of different routes and pathways that can be taken. Rather than being locked into a single career path, you will have several options available, allowing you to progress your accountancy career at your own pace, according to your level of prior learning and your preferred industry focus.Becoming a chartered accountantMany accountants choose to go down the academic route, focusing on getting the professional qualifications they need to become a chartered accountant as quickly as possible. This approach is most suitable for candidates who already have a relevant educational qualification as a starting point – this will usually be an accountancy or finance degree, or a qualification in a related area of study, such as economics. Going down this route to become a chartered accountant is generally seen as the more technical and workload-heavy approach, involving significant amounts of study and reporting. The key benefit is that you can become a fully qualified accountant much sooner, as this will exempt you from having to obtain the foundation-level AAT qualification stages, skipping straight to professional qualifications such as the Association of Chartered Accountants (ACA), the Chartered Institute of Management Accountants (CIMA) and the Association of Chartered Certified Accountants (ACCA). By committing to take on the workload required to get fully qualified through the chartered accountant route, you will be able to obtain high-level credentials in just a few years, meaning you will be able to command a better average salary in the early years of your career, and potentially put yourself in high demand among leading accountancy firms.Becoming an accountant through industry placementsThe main alternative to becoming a chartered accountant is to pursue an industry route, which involves taking on an entry-level placement or apprenticeship with an accountancy firm, performing basic administrative work such as processing invoices while studying at the same time.This approach does not require the same level of prior academic training, making it a good starting point for candidates from a wider range of educational backgrounds. Through this pathway, you can become an AAT qualified accountant through a combination of studying in your spare time and practical work on the job, giving you a solid grounding in basic accountancy work before moving on to a professional level ACA, CIMA or ACCA qualification.By qualifying through this industry pathway, a broad range of career opportunities will be available to you. Although the starting salaries tend to be lower than for chartered accountants, industry roles tend to pay better at the top end, and by forming relationships with an accountancy firm or business during your time spent as an apprentice, you can often transition naturally from a training agreement to a full-time role. This can however, put limitations on opportunities eventually as more senior roles within Finance require a professional qualification.Which route is right for me?Choosing the right training pathway will often vary depending on whether you have an existing accounting degree to help you obtain chartered status, but it will also depend on what kind of accounting role you are ultimately looking for.For example, if you are interested in auditing, it will be easier to get this sort of work through the chartered accountancy route, whereas those who are more interested in management accounting will usually find more of these roles in the business world. When you are just starting your career, you may not immediately know which accountancy specialism is right for you, so taking time to work this out can be very helpful in mapping out a career route.You should also remember that many careers within accounting can be quite fluid, giving you the opportunity to switch the focus of your job over time as your skills and interests evolve. Many chartered accountants move into industry roles later in their careers in order to achieve a higher salary, while other professionals will choose to move laterally between roles and accountancy specialisms, using their transferrable skills to pursue new challenges.Whether this will be possible for you will depend on your specific skills. For example, those with auditing skills will find that these can transfer easily to general accounting and reporting roles, whereas skills relating to tax and filing tax returns are more niche and specialised.What other skills are accountancy employers looking for?When applying for an accountancy job, it is vital to remember that employers will also be assessing your practical skills in addition to your accounting qualification status. This means you will need to work on cultivating and obtaining any additional soft skills and qualifications that may help to differentiate your application from others.Although these practical skills will depend on the exact role, many employers will be looking for the following:Good working knowledge of the systems and technologies that are used most often in financial accountancy. In particular, this should include Microsoft Excel, due to the significant reliance on spreadsheets in processing financial information.Qualifications in using common business accounting software platforms such as Sage and Xero, both of which offer online courses to obtain a qualification. Accountants can then learn to utilise larger-scale accounting systems such as SAP as their career progresses.Personal attributes and capabilities such as problem-solving, self-motivation and a strong commitment to the highest standards of financial accounting. To succeed at an accounting firm, you will need to have drive and hunger, with a willingness to study and expand your knowledge in your spare time to pass your accountancy courses.By exhibiting these credentials, you will give yourself the best chance of progressing through your accounting courses quickly and landing a desirable job within this fast-moving and flexible sector, setting you up for a long and successful career in financial accounting.Find out moreIf you are looking to become an accountant and want guidance and support in navigating the accounting jobs market, Sellick Partnership can help. We can offer advice on training to become an accountant, including your career path options and the key skills that are valued most highly by accountancy firms and other employers.Learn more by visiting our Finance and Accountancy recruitment hub, where you can browse our latest finance & accountancy jobs, or call us on 0161 834 1642.

How can the Finance & Accountancy sector recruit in a candidate-short market?

Typically, the finance and accountancy divisions of many organisations are finding it difficult to recruit staff in a candidate-short market. Only by highlighting the potential job prospects available and structured career development plans, coupled with more flexibility and improved financial packages, will they be able to secure the best available talent. Like many other UK specialisms, the finance and accountancy sector has seen continued growth in 2022 after overcoming many of the challenges created by the pandemic. As such, businesses are breaking from the cautious approach that they displayed over the last couple of years to take advantage of the significant opportunities in the marketplace. However, one of the main obstacles in ensuring future growth is the shortage in skilled candidates which has made it difficult for the finance and accountancy field to take on the required needs. Without taking steps to address this problem, these companies may struggle to achieve their ambitions. Here, we will look at the potential reasons why so many organisations are experiencing talent shortages at the moment, and explore some of the most important steps they can take to put themselves at the front of the queue for the best available candidates. The challenges facing the current hiring market Even though there have been signs of slow improvement since the start of 2022, the candidate shortage remains as challenging as it has been at any point in the last 20 years. As a result, businesses are more reliant on specialist recruitment support from firms such as Sellick Partnership than ever before. This is due to our extensive coverage over the last two decades, with an abundance of market knowledge and candidate/client relationships. Despite the recognised need for assistance, it’s still helpful to understand why these challenges have emerged over the last few years: Many individuals who are established in finance and accountancy roles are reluctant to leave their current positions, due to the uncertain conditions that have affected the economy in the last few years, coupled with the instability moving forward. As many businesses are thriving, employees are happier to remain in their current roles and reap the benefits with regards to internal promotional opportunities as well as receiving their bonuses, rather than moving elsewhere. Those that have established their position within a company may subsequently experience more flexibility. Therefore, they can become reluctant to move to another company where they may need to return to the office and feel they have to exceed expectations to gain the type of flexibility they previously had. As a result of all of these trends, it is crucial for businesses that are looking to hire to ensure they are creating an employment offering that provides individuals with a strong incentive to choose their business, rather than simply relying on the assumption that the talent will come to them because of their growth plans, brand or culture. The growing importance of salaries Naturally, one of the most important factors to consider for new recruits is salary and remuneration. This has always been an important factor for employers, but the challenges of the current market are making this particular issue more central for candidates than ever before. One of the key factors in this trend is the rising rate of inflation and the growing cost of living crisis, with the Bank of England recently increasing interest rates for the third time since December and the price of everyday essentials, from food and petrol to mortgage repayments, all escalating as a result of macroeconomic factors such as Brexit and the Russia-Ukraine war. These issues are impacting an entire population, regardless of salary levels - and candidates are pricing these factors into their decision-making when looking for a new role. As such, employers are acknowledging that they may have to pay the market rate and therefore put more consideration into the financial package being offered. In response to this: Businesses are now aware that they have to put pay details front and centre when it comes to the recruitment process. They have become more accepting that salary will be one of the main discussion points during the interview stage. Many companies are making the deliberate choice to overpay for candidates relative to their level, providing salaries that are significantly above the market rate, knowing that this may be necessary to secure the best available candidates when there are fewer alternatives. Acting fast has become a priority when choosing a candidate and offering a role. Remote interviews are providing speed, that on top of the pre-screening and background-checking of candidates by recruitment firms, ensures they are able to get their offer in front of the chosen applicant as quickly as possible. We have found that companies are working with recruitment businesses – like Sellick Partnership - to devise a salary structure and budget that can allow them to compete for the best available talent, without creating discord or internal issues among existing employees. The simple truth is that in the current economic climate, it’s only to be expected that financial packages will be a key consideration for skilled finance professionals, and candidates are displaying transparency around this. If two offers are otherwise equal, applicants are likely to choose the role that provides a higher salary — and employers need to adjust to the reality of this supply-and-demand model. Creating a flexible and rounded employment offering Although important, pay is not the only way for finance and accountancy departments to create an employment offering that meets the needs and expectations of clients. With more and more companies and workers now understanding the importance of a good work-life balance and a focus on mental health, businesses throughout the finance sector are adjusting to work smarter, offering greater flexibility than ever before on home working — even in sales roles, when it was once presumed that being based in the office was an essential prerequisite. Career development has also come to the forefront to a greater extent than ever before. Although this was always a key part of any recruitment offer, it has become even more crucial, as the best and most ambitious professionals are unlikely to want to change jobs unless they can step into a role that offers them plenty of scope to receive training and mentorship, broaden their skills, climb the ladder and feel valued and rewarded for their work. Are you worried about getting caught out by tough questions during your interview? Check out our list of common interview questions, with guidance on formulating the perfect answers here: https://t.co/5ujIuQjPCE pic.twitter.com/nTvy9pyg6A — Sellick Partnership (@SellickGroup) March 8, 2022 Conclusion Despite the financial package being imperative to candidates, they are also looking for flexible, forward-thinking roles that offer development opportunities that align with their personal goals. Some of the changes that have been highlighted may be more difficult for financial businesses and accountancy firms to take on than others. Companies may require the support and assistance of a specialist recruiter to help them overhaul and modernise their recruitment offering. However, only recognising the scale of the challenge will they be able to overcome it. As 2022 progresses, it is clear that there remains substantial scope for growth for the finance and accountancy sector. By modernising their recruitment infrastructure to meet the needs of candidates, they can give themselves the best chance of getting the people they need on board to maximise their potential. For more advice on how finance and accountancy firms can recruit and thrive even in the face of candidate shortages, get in touch with Sellick Partnership. Visit our Finance & Accountancy sector recruitment page to find out more about our process and services, or explore our online resources to get further insights into the current state of the sector.