Chartered Accountant
Chartered accountants deal with taxation, auditing, financial reporting, corporate finance, insolvency and forensic accountancy. A chartered accountant in a public practice firm provides professional financial services such as audit and taxation to a variety of fee paying clients ranging from large public sector organisations to individual clients. Competition is tough and selection procedures are rigorous. Work experience is of enormous help in the application process. The training contract to obtain the Association of Chartered Accountants (ACA) qualification typically lasts 3 years and must be with an approved employer. Most trainee chartered accountants are employed in firms (public practice) and the well known firms start recruiting in October of your final university year. Training can also be with smaller firms and there is the opportunity to train with a small licensed group of public sector organisations or to train overseas. After qualifying, about half of chartered accountants work outside public practice perhaps in banking or industry.
Institute of Chartered Accountants in England & Wales – (ICAEW) www.icaew.co.uk
Association of Practising Accountants (medium sized firms) www.apa-uk.co.uk
Chartered Certified Accountant
Chartered certified accountants can train in the corporate, public practice, public, financial services or SME sectors. They aim to maximise profitability on behalf of their employer or client. Competition is high for large blue-chip financial service positions. Their recruitment starts early in your final year. You are aiming to attain ACCA qualifications from The Association of Chartered Certified Accountants. The training is flexible and can be done full time, by distance learning or part time, before, during or after your practical experience. There is an important practical component with 13 performance objectives with no time limit although most trainees pass the exams themselves within 3 years. The broad syllabus has a strong emphasis on business management and professional ethics. Approved training schemes and employers providing supported study are all on the website.
Association of Chartered Certified Accountants – ACCA www.accaglobal.com
Up to date list of graduate training schemes – www.accaglobal.com/theview
Chartered Management Accountant
A chartered management accountant uses accounting principles to provide financial planning information. Part of their role is to establish and maintain successful financial policies, strategies and systems. The Chartered Institute of Management Accountants (CIMA) qualification is recognised throughout the world. Employers may be from industry, commerce, not -for-profit or public sector organisations. The CIMA Professional Qualification syllabus involves management accounting, business management and financial management. Employers look for varied work experience and strong commercial awareness skills. CIMA qualification demands 3 years relevant practical experience as well as passing the exams. Studying can be by self study or attending tuition classes. Some employers offer a structured study plan.
Chartered Institute of Management Accountants www.cimaglobal.com
Latest training vacancies www.cimaglobal.com/opportunities2
Chartered Public Finance Accountant
The CIPFA qualification emphasises managing financial and personnel resources effectively. It provides strong accounting skills with strategic business awareness. It teaches an understanding of public policy and accountability. In organisations which are funded by taxes, accountants want to balance costs and get value for money rather than maximise profits. Training is through an open learning system with optional taught courses or revision courses. The focus is on ensuring public services are as effective as possible within financial restraints. Training opportunities are within public bodies such as local government or NHS where you will move between departments to gain wide experience. Some large accountancy firms offer CIPFA training. Once trained, there are wide opportunities to move across sectors such as charities, educational institutions or utilities.
Chartered Institute of Public Finance & Accountancy www.cipfa.org.uk
Further Career Information www.lgcareers.com
Up to date training opportunities www.cipfa.org.uk/students/prospective/vacancies.cfm
Trader
This career is not for the faint hearted. You will need to show integrity, composure under pressure and decision making skills. Entry is extremely competitive and carefully targeted speculative applications are the norm. Network and try to get relevant work experience. The 3 types of trader are flow traders who buy and sell on the financial markets, proprietary traders who trade on behalf of a particular bank, and sales traders who deal directly with clients. The roles are very different so you must research carefully before making any applications. On-the-job training is intensive and you will be expected to take the Securities & Investment Institute’s exams as well as working long hours. The financial awards for hard work are very high.
www.prospects.ac.uk/links/CitySB
www.cityjobs.com
www.bankofengland.co.uk
www.efinancialcareers.co.uk
Lloyd’s of London www.lloyds.com
London Stock Exchange www.londonstockexchange.com
Financial Services Authority www.fsa.gov.uk
Actuary, Insurance or Consulting
Nearly half of trainee actuaries work in consultancies but the majority work in the insurance industry, mostly in life insurance companies. The consultancy branch is perhaps considered to offer more varied work. Actuaries make assessments of risk and probability using statistical and mathematical theories based on analysis of past events. These forecasts can be used for financial planning. “Making financial sense of the future” is the profession’s slogan. Some employers require a post graduate actuarial diploma or MSc. You might get employer sponsorship for this and the Worshipful Company of Actuaries offers bursaries. This will give you exemption from some of the actuarial exams which need to be tackled while working long hours. Most trainees take between 3 and 6 years to complete the qualification and become a Fellow. The exams are hard and a great deal of study is needed so check how much support a possible employer would offer you.
The Actuarial Profession www.actuaries.org.uk
Government Actuary’s Department www.gad.gov.uk/Careers/Graduate_career.asp
Monthly magazine www.the-actuary.org.uk
Royal Statistical Society www.rss.org.uk
Management Consultant
An organisation brings in management consultants when change is needed. Their role is to assess the business and how it is run then make suggestions to improve productivity, competitiveness or business performance. You will need to show skills such as resourcefulness, confidence, business awareness and the ability to see the bigger picture. There is a wide range of management consultancy companies, many of the smaller ones specialising in a niche market such as charities or transport. Most firms offer new trainees an excellent salary package but expect you to show commitment and work long hours to tight dead lines. New graduates will spend probably 2 years as an analyst before taking qualifications such as CIPD, CMC or an MBA supported by the firm.
Institute of Management Consultancy www.imc.co.uk
Management Consultancies Association www.mca.org.uk
www.mindbench.com
www.managementconsultancy.co.uk
