Private Practice Accountant
What is the work like?
As an accountant working in private practice, it would be your job to provide accountancy services for fee-paying clients. You would handle clients' tax and accounts, carry out audits, and advise clients how to improve their business finances.
Your clients could range from small businesses that do not employ their own in-house management accountant, to large companies or wealthy individuals. Your main tasks could include:
- preparing financial statements, business plans and budget reports
- producing annual and monthly accounts
- carrying out independent audits of company accounts
- managing clients’ spending, costs, credit, payroll and investments
- filing tax returns and providing tax advice
- forecasting future profits and financial performance
- helping businesses that may be in financial difficulties
- dealing with insolvencies
- advising companies how to improve their financial systems and profitability
- finding and preventing fraud (known as forensic accounting).
You might deal with all of these tasks if you worked freelance or for a small accountancy practice, whilst in a larger practice you might specialise in one area such as tax or insolvency.
What qualifications and experience will employers look for?
To become a qualified accountant who can conduct the full range of accountancy services including audits, you must qualify with one of the following professional bodies:
- Association of Chartered Certified Accountants (ACCA)
- Institute of Chartered Accountants in England and Wales (ICAEW)
- Institute of Chartered Accountants of Scotland (ICAS)
- Institute of Chartered Accountants in Ireland (ICAI)
- Association of International Accountants (AIA).
Entry requirements vary for each of the professional bodies – see below for more details. If you already have relevant accounting or business-related qualifications, you may be able to qualify in a shorter time.
ACCA
There are various entry points onto the ACCA Qualification. The standard entry requirements are two A levels (or equivalent qualifications such as a BTEC National Diploma) plus three GCSEs (A-C) including maths and English.
However, if you are aged 21 or over, you do not need any academic qualifications to start, although you must pass the first two exams within two years (this is known as the Mature Student Entry Route).
If you have an accountancy or business degree that is recognised by the ACCA, you can start your training at the second stage of professional exams. Other relevant degrees may give you exemptions from some of the exams in the first stage.
If you have the ACCA Certified Accounting Technician (CAT) qualification, you can miss three of the nine exams in the first stage of the ACCA Qualification. ICAEW, ICAS and ICAI
To qualify with these professional bodies, you must find a training contract with an authorised firm and take professional exams while you are working as a trainee accountant.
You will usually need a good degree (in any subject), although some firms offer training contracts to school or college leavers with good A level grades. You can find lists of training vacancies on the ICAEW, ICAS or ICAI websites.
If you have qualifications from the Association of Accounting Technicians (AAT), you may be exempt from some of the first stage of professional exams. See the ICAEW's AAT/ACA Fast Track scheme for details in England and Wales (or contact ICAS or ICAI for information in Scotland or Ireland).
AIA
You must be at least 18 and hold a qualification that would be accepted for university entrance. If you do not have this, but you are aged 21 or over and have at least three years’ accounting experience, you can still study with the AIA through their Mature Student Scheme.
See each accountancy body's website for full details of entry requirements and exemptions.
What further training and development can I do?
Your accountancy training will follow a similar pattern with each of the professional bodies – you must pass two or three levels of exam, and also complete three years' supervised work experience. You will usually be exempt from some or all of the first level of exams if you have previous relevant qualifications, such as an accountancy or business degree, or accounting technician qualifications.
ACCA
To qualify as a chartered certified accountant through the ACCA Professional Scheme, you must pass nine exams at Fundamentals Level and five at Professional Level.
You can study full- or part-time at local colleges and private training centres, or through distance learning.
You must also get three years’ supervised accounting work experience before, during or after studying for your exams. For example, you could pass the Fundamentals exams before looking for work, and then take the Professional level whilst working as a part-qualified accountant.
ICAEW, ICAS or ICAI
To qualify as an associate chartered accountant (ACA) with ICAEW, ICAS or ICAI, you must pass the following exams:
- ICAEW (England and Wales) – Professional Stage (12 exams) and Advanced Stage (two exams and a case study)
- ICAS (Scotland) – Test of Competence (five exams), Test of Professional Skills (four exams) and Test of Professional Expertise (one case study)
- ICAI (Ireland) – Proficiency 1, Proficiency 2 and Final Admitting Exams.
You must also complete a three- to five-year training contract with an authorised firm while you study for your exams.
AIA
To qualify as an international accountant with the AIA, you must complete three years’ supervised training before, during or after passing exams at Foundation, Professional 1 and Professional 2 levels. You can study by distance learning with a tutor, or independent home study with books and online resources.
After you have qualified, you should keep your skills and knowledge up to date throughout your career. Each professional body runs a Continuing Professional Development (CPD) scheme for members to help you with this.
See each professional body's website for full information on their qualifications, training and exemptions.
Where can I go for more information?
51 Gresham StreetLondon
EC2V 7HQ
Tel: 0845 257 3772
The Watermark
Metro Riverside
Newcastle upon Tyne
NE11 9SN
Tel: 0191 493 0277
89 Hydepark Street
Glasgow
G3 8DT
Tel: 0141 582 2000
If you would like to discuss your career options with a learning adviser, call 0800 100 900 or use our online enquiry form
Alternatively, you can visit our website at: www.direct.gov.uk/careersadvice
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What salary and other benefits can I expect?
- Salaries for trainee or part-qualified accountants may be between £17,000 and £23,000 a year.
- Qualified accountants could earn between £28,000 and £50,000.
- Senior accountants in large private practices could earn up to £100,000.
What are the hours and working conditions?
In a full-time job your standard working hours would be 9am to 5pm, Monday to Friday, possibly with extra hours at busy times such as the end of the financial year. Part-time and flexible working hours, temporary contract work and job sharing may be available.
You would have an office base, but would spend much of your time visiting clients at their workplaces. If you worked for a large accountancy practice, this could mean travelling all over the UK (and possibly overseas).
Dress code is usually formal.
What skills and knowledge will I need?
- good mathematical and computer skills
- analytical skills and a logical approach
- a good understanding of business
- a high level of accuracy and attention to detail
- good communication skills
- the ability to explain technical financial information clearly
- organisational and time-management skills
- honesty
- discretion with confidential information.
What opportunities are there?
You could find work anywhere from a small local practice to a large international accountancy firm.
You could also work as an in-house accountant for a company or public sector organisation such as a local council, although in this type of role you would usually be known as a management accountant. See the related profiles for more about working in other sectors.
Jobs may be advertised in the local and national press, industry magazines and by financial recruitment agencies.
With experience, you could specialise in an area like auditing or forensic accounting, or you could become a manager in a practice. You could also become self-employed or set up your own firm.
You may find the following useful for job vacancies and further reading (links open in new window):
Accountancy Age
Accountancy
eFinancial Careers
Accounting Web
Totally Financial.com
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