Public Finance Accountant
What is the work like?
As a public finance or public sector accountant, you would play an important part in making sure that public money is spent properly. You would monitor spending and accounts in organisations like government departments, local authorities, housing associations, charities, the NHS or universities.
Your key task would be financial reporting and control, and your work would include:
- preparing financial records and statements
- estimating the cost of new projects
- reviewing budgets and investments
- monitoring spending and cash flows
- allocating money to projects and departments
- analysing the effectiveness of services to the public
- managing the organisation's financial systems
- conducting internal audits
- presenting management information to boards and budget holders.
What qualifications and experience will employers look for?
You could work in the public sector after qualifying with any of the six main accountancy professional bodies, but most public finance accountants choose to qualify with the Chartered Institute of Public Finance and Accountancy (CIPFA).
To study with CIPFA you will need one of the following:
- at least three GCSEs (A-C) and two A levels, including maths and English at either level (A level equivalents such as NVQ level 3 or BTEC National Certificates are also accepted), or
- to have at least three years' relevant work experience and be aged 21 or over.
You will be able to miss out some or all of the exams in the first stage of CIPFA training if you:
- have an approved degree or BTEC HNC/HND in accountancy or business, or
- if you are qualified or part-qualified with another professional accountancy body.
For example, if you have the Association of Accounting Technicians (AAT) Technician qualification, you could join the CIPFA-AAT Fast Track scheme and qualify as a CIPFA accountant in two years. If you are a fully-qualified accountant with another organisation such as ACCA or CIMA, you only need to sit two further exams to qualify with CIPFA within nine months.
See CIPFA's website for full details of their entry requirements, exemptions and fast track schemes.
You may be able to join some larger employers (such as councils or the NHS) directly through a finance management training scheme. For a place on such a scheme, you will need at least the minimum CIPFA study requirements (although some employers may ask for a degree). You can find details of several training schemes on CIPFA's website.
What further training and development can I do?
To become a fully-qualified Chartered Public Finance Accountant (CPFA), you must pass the CIPFA Professional Accountancy Qualification (PAQ) exams and the Initial Professional Development Scheme (IPDS).
The PAQ has three stages:
- Certificate (exams in four subjects)
- Diploma (seven exams)
- Final Test of Professional Competence (two case studies).
You can study for exams through college providers or CIPFA open learning materials – see the CIPFA website for more information.
To pass the IPDS stage, you must have 400 days’ practical workplace experience and keep a training log which is assessed by your employer and a portfolio assessor.
Once you have qualified, you should keep your professional knowledge up to date throughout your career. CIPFA runs a Continuing Professional Development (CPD) scheme to help members achieve this (see website for details).
Where can I go for more information?
51 Gresham StreetLondon
EC2V 7HQ
Tel: 0845 257 3772
London
WC2N 6RL
Tel: 020 7543 5600
London
EC1A 4HY
Tel: 0845 863 0800
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?
- Trainee salaries are usually between £16,000 and £23,000 a year.
- When qualified, this can rise to between £25,000 and £40,000 a year.
- Directors of finance in large organisations can earn up to £100,000 a year.
Figures are intended as a guideline only.
What are the hours and working conditions?
Your standard working week would be 9am to 5pm, Monday to Friday, although you may need to work longer at busy times such as the end of the financial year. Flexitime, part-time work and job sharing may be available.
You would be office-based, and dress code is usually formal.
What skills and knowledge will I need?
- good mathematical and computer skills
- analytical and problem-solving ability
- a logical and methodical approach
- a good understanding of business and public policy
- a high level of accuracy and attention to detail
- good spoken and written communication skills
- the ability to explain complex financial information clearly
- good organisational and time-management skills
- honesty, integrity and discretion.
What opportunities are there?
You could work for local and central government, the NHS, education providers, housing associations, or charities and trusts. You could also be employed by a company that is contracted to provide accountancy services to public sector organisations.
Jobs may be advertised in the local, national and financial press, employers’ websites, the CIPFA website, and financial recruitment agencies.
With experience you could move into management, right up to director of finance level. You could also move into private practice or management accountancy to gain a wider range of experience. See the related profiles for more about working in other sectors.
You may find the following useful for job vacancies and further reading (links open in a new window):
Public Finance
Accountancy Age
Accountancy
eFinancial Careers
LG Jobs
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