Chartered accountant: Job description

Chartered accountants provide trustworthy information about financial records. This might involve
them in financial reporting, taxation, auditing, forensic accounting, corporate finance, business
recovery and insolvency, or accounting systems and processes. Generally, they play a strategic
role by providing professional advice, aiming to maximise profitability on behalf of their client or
employer. They work in many different settings, including public-practice firms, industry and
commerce, as well as in the not-for-profit and public sectors.

In public-practice firms, chartered accountants provide professional services to fee-paying clients

who might be private individuals or large commercial or public-sector organisations. In commerce,
industry and the not-for-profit and public sectors, they may work in treasury management,
procurement, financial management or in reporting roles.

Typical work activities

The role of a chartered accountant can cover many aspects of finance work, including:

 continuous management of financial systems and budgets;

 undertaking financial audits (an independent check of an organisation's financial
position);
 providing financial advice.
In public practice, typical work activities include:

 liaising with clients (individuals or businesses) and providing financial information and
advice;
 reviewing the company's systems and analysing risk;
 performing tests to check financial information and systems;
 advising clients on tax planning (within current legislation to enable them to minimise their
tax liability) and tax issues associated with activities such as business acquisitions and
mergers;
 maintaining accounting records and preparing accounts and management information for
small businesses (accountancy);
 advising clients on business transactions, such as mergers and acquisitions (corporate
finance);
 advising clients on areas of business improvement, or dealing with insolvency;
 detecting and preventing fraud (forensic accounting);
 managing junior colleagues.
In commerce and industry, and the public and not-for-profit sectors, typical work activities involve:

 liaising with internal and external auditors and dealing with any financial irregularities as
they arise;
 producing reports and recommendations following internal audits or public-sector audits;
 preparing financial statements, including monthly and annual accounts;
 preparing financial management reports, including financial planning and forecasting;
 advising on tax and treasury issues;
 negotiating terms with suppliers.

Salary and conditions

 Starting salaries vary considerably, depending on the location and size of the firm and the
sector. Salaries for trainees range from between £18,000 to £25,000, although they could be
higher in London or lower in small regional firms.
 The median salary two years after qualification is £42,000 while the median for all
chartered accountants is £70,000.
 Salaries tend to be higher in London and the South East.
 Salary packages may also include benefits such as bonuses, profit-sharing schemes,
medical insurance, pensions and car allowances.
 Chartered accountants have to undertake a training contract (usually three years) in
order to qualify so it is important to consider the package of training, leave and pay offered
by employers, as studying whilst working can be demanding. One of the main challenges for
trainees is managing professional study commitments with the day-to-day job.
 Working hours vary depending on the role and the organisation, but are not typically nine
to five. Working extra hours in the evening and at weekends is not uncommon in order to
meet deadlines, particularly in larger firms. Trainees can usually have time off in lieu of any
overtime worked.
 Flexible working arrangements are possible (usually after qualification). There is also the
opportunity to work independently by setting up as a sole practitioner.
 Jobs are available in most areas throughout the UK, but are more commonly found in
cities and larger towns, where higher salaries are typically found. Post-qualification
opportunities exist overseas. There are also training opportunities overseas with the Institute
of Chartered Accountants in England and Wales (ICAEW)  and with the Institute of
Chartered Accountants of Scotland (ICAS) .
 Due to the high profile, accurate and responsible nature of the work, the dress code is
usually formal.
 Gender balance on entry into the profession is around 45% female and 55% male.
 Travel within a working day is frequent in audit (which is carried out mainly at client
premises). Absence from home overnight and occasional overseas travel are possible.
 Working in other areas, such as tax, or in small firms, tends to be more office-based with
less travel.

Entry requirements
Entry is open to graduates of all disciplines and, while a large number have business-related
degrees, other subjects are strongly represented, including science, maths, languages, arts and
social sciences.

Although entry to the profession without a degree or HND may be possible, accountancy is a
highly competitive industry, and graduates/Diplomates have greater opportunity to enter.
Graduates are more likely to be preferred over diplomates by the large employers. However,
some employers do train students to do the Association of Accounting Technicians
(AAT) qualification as an entry requirement for ICAS.
There are three separate professional institutes of chartered accountants in the UK (as well as a
number of other bodies awarding other accountancy qualifications). The three are:

 Institute of Chartered Accountants in England and Wales (ICAEW)   

 Institute of Chartered Accountants of Scotland (ICAS)  
 Chartered Accountants Ireland  (which oversees both Ireland and Northern Ireland).
Entry regulations vary slightly between the Institutes. ICAS requires only a degree while the
ICAEW will accept three GCSEs and two A-levels or a 2.1 or first class honours degree. However
one of the most difficult parts of becoming a chartered accountant is securing a training contract
with an employer approved by one of the institutes. Many firms will ask for a minimum of 280
UCAS points as well as a good degree and they will want to see evidence of mathematical
knowledge and ability. Numeracy skills are often tested as part of the selection process.

It is very helpful to have relevant pre-entry work experience. e.g. through vacation work, work
placements or shadowing.

In addition to academic requirements, candidates will need to show evidence of the following:

 general business interest and awareness;

 self-motivation and commitment, in order to combine working with studying;
 communication and interpersonal skills;
 organisational and time management skills;
 a methodical approach;
 IT proficiency;
 strong analytical and problem-solving skills;
 numeracy;
 leadership qualities and effective teamworking skills;
 motivation and initiative;
 integrity and trustworthiness.
Competition to enter the profession is tough and the selection process rigorous. It is best to start
applying in the autumn term of your final year to ensure access to the widest range of
opportunities as some employers have application deadlines at the end of October (although
there will be vacancies available later in the year). Many firms attend recruitment fairs and hold
presentations on campus. Take the opportunity to find out as much as possible about the job and
training before applying, e.g. attend firms' short courses or open days.

Training
Training to be a chartered accountant involves undertaking a training contract with an employer
approved by one of the Institutes. This typically lasts three years (longer for the vocational route),
and combines professional development, 450 days of technical work experience, a structured
ethics component and of course various stages of exams.

The structure of the exams and methods of training delivery vary slightly between the institutes.
They may involve intensive blocks of time or shorter courses spread over a longer period. The
qualifications cover a similar syllabus and there are a variety of exemptions for qualifications
already held. It should be noted however that preparing for chartered accountancy examinations
is likely to be a demanding learning experience that most graduates will have gone through and
candidates therefore need to be very focused for three years if they are to succeed.

The Institute of Chartered Accountants in England and Wales (ICAEW)  syllabus for example

covers:
 financial management;
 financial accounting;
 financial reporting;
 audit and assurance;
 taxation;
 business strategy;
 management information;
 accounting;
 law;
 assurance;
 principals of taxations;
 business and finance.
The majority of chartered accountants train in firms of accountants (public practice). However,
there are now also training contracts available in commerce, industry and the public sector. The
exams are the same and only the practical experience differs.

Employers will also provide in-house training on technical and general skills to help staff perform
well in their job. Chartered accountants must keep up to date with technical and business issues,
so there is a strong emphasis on continuing professional development (CPD) after qualification.

All chartered accountancy qualifications have equal status and are equally recognised, and all
lead to the designation 'chartered accountant'. Candidates who qualify through Institute of
Chartered Accountants of Scotland (ICAS)  or Chartered Accountants Ireland  receive the
designation CA (Chartered Accountant) while those who qualify with the ICAEW are designated
ACA (Associate of the ICAEW).

Career development
The majority of chartered accountants train in public practice and the first three years are devoted
to achieving the CA or ACA qualification. During this time, they build up experience and take on
additional responsibilities, including supervising junior staff and liaising more directly with clients.
In some cases, there may be the opportunity for a secondment to another area of the practice to
broaden experience. Trainees normally remain with the same employer throughout the training
contract.

The CA or ACA qualification provides a foundation for many different career routes, and
opportunities for post-qualification progression are numerous and varied. Staying in public
practice offers the opportunity for secondments or transfers to different areas of practice (e.g. tax,
corporate finance or management consultancy) or, alternatively, a move to a different sized firm.
In the large international firms, overseas secondments are possible. Progression is often
structured, and an accountant may become a manager two years after qualification, and a senior
manager three years after that. Progress to partnership is competitive, but is achievable between
eight and fifteen years after qualification. In small firms progression may be more rapid.

Around half of all qualified chartered accountants work outside public practice, in commerce,
industry, financial services, banking and the public and not-for-profit sector. Typical roles at the
newly-qualified stage include internal auditor, financial accountant and business analyst. Career
progression in this setting varies, depending on individual aspirations and abilities, but it is
possible to progress to finance director of a major company within ten to fifteen years of
qualification.

The qualification also opens doors to general business management careers or creates the
opportunity to set up independently as a sole practitioner.

Employers and vacancy sources

There is no 'typical' employer, as chartered accountants can opt to work in any sector and in all
sizes of organisation. Although the majority of training opportunities for chartered accountants are
in public practice, more and more training contracts are available in industry and there are
opportunities for graduates to train with a firm of any size and sector, as long as it is authorised
by one of the institutes.

This means that trainees can choose their preferred working environment: larger firms (where the
vacancies are concentrated) have offices in major cities and towns around the country; smaller
firms may be concentrated in a particular location or specialise in a particular type of client.

Employers include:

 public practice, including international accounting organisations or smaller accountancy

firms, known as small and medium practices (SMPs) - all providing a variety of accounting
and business services to clients;
 industry and commerce, including major commercial companies, such as those in the
manufacturing, retail and telecoms industries; 
 the public sector, including local and central government, educational institutions,
charities and not-for-profit organisations. Historically, the public sector was not a big recruiter
of chartered accountants, but opportunities have increased in recent years.

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Accounting technician:Job description

Accounting technicians work in all areas of finance. They usually start working in a support role
within a firm of accountants or in the accounts or finance departments of organisations in
industry, commerce or the public sector. However, there are opportunities for progression with
experience. Those with more experience may become self-employed, providing a variety of
accountancy and taxation services to a range of small to medium-sized businesses.
In many larger organisations, accounting technicians work alongside members of chartered
accountancy bodies. In smaller organisations, they may be the only financially trained member of
staff.

Typical work activities

Depending on the route taken, qualification and subsequent work experience, an accounting
technician may undertake a range of roles.

Typical work activities vary according to the role, but common tasks include:

 assisting with the preparation of accounts;

 managing staff payroll;
 receiving and settling invoices;
 dealing with basic book-keeping;
 auditing external and internal work;
 looking after all financial transactions, budgets and payroll;
 monitoring staff and company expenses;
 controlling budgets;
 accounting for resources;
 liaising with other professionals in the field;
 writing reports.
Different financial sectors require specialist knowledge. This may determine which areas a
technician chooses to specialise in. More senior positions include finance manager, budget
controller and internal auditor, with each role requiring particular knowledge and experience.

Self-employed accounting technicians provide a range of accountancy services to businesses.

These tend to be in a specialist area of accounting and may include:

 advising on budgets;
 advising on taxation issues;
 calculating end-of-year accounts;
 consultancy.

Chartered certified accountant: Job description

Chartered certified accountants undertake a large variety of accountancy services and are
responsible for developing and maintaining financial and accounting systems, financial
forecasting, auditing financial records and investigating financial anomalies. They produce reports
and budget plans, and contribute to business strategy.

They can work within a wide range of sectors including, private practice, public sector, financial
services or the corporate sector. Often, a chartered certified accountant's main aim is to maximise
profitability and efficiency or ensure value for money on behalf of their employer or client, often
assessing business possibilities. They may provide a management consultancy service.
Chartered certified accountants can offer a range of services to an internationally recognised
standard, including advising on taxation, insolvency and corporate finance.

Typical work activities

The role of a chartered certified accountant can cover many aspects of finance work.

The day-to-day activities may vary, according to the size and type of organisation, but will
generally involve:

 preparing financial statements, business plans, commentaries and budgets for

management or client reports;
 regularly undertaking audits, involving the examination of the organisation's accounts,
analysing risk, inspecting the organisation's current practices, investigating any financial
irregularities and recommending improvements;
 reviewing and adapting new and existing financial systems and controls;
 implementing new financial and budgetary systems or policies when needed;
 producing and analysing annual and monthly accounts;
 providing regular financial reports as and when they are needed;
 managing expenditure, credit, payroll and investments;
 creating financial plans and forecasts;
 liaising with clients (individuals or businesses) or non-financial members of staff,
providing financial information and advice;
 advise managers on financial policy and control e.g. the costs and benefits of a particular
project;
 liaising with internal and external auditors and dealing with any irregular financial issues
as they arise;
 advising on and dealing with tax issues, ensuring compliance with tax legislation;
 advising clients on areas of business improvement, or dealing with insolvency;
 negotiating business terms with associated organisations such as suppliers;
 controlling income and expenditure including liaising with and administering payroll;
 possibly managing colleagues.

Chartered management accountant: Job description

A chartered management accountant prepares, develops and analyses key financial information
to ensure that an organisation's management make well-informed decisions to ensure future
stability, growth and profitability.

They establish and maintain financial policies and management information systems, as well as
provide a high quality support service by liaising with management colleagues on all aspects of
finance. The role combines accounting skills with business management skills.

A chartered management accountant’s role is to look to the future. They analyse the performance
of a business and advise on how to pre-empt problems, adapt to changing circumstances and
improve value. This is done by managing and reducing operational and production costs and
implementing newer more effective strategies. They can work in a specific division or across the
whole organisation.

Typical work activities

Typical work activities include:

 preparing periodic financial statements, including profit and loss accounts, budgets, cash
flows, variance analysis and commentaries;
 providing a support service by working with all departments and the management team to
help make financial decisions;
 ensuring spending is kept in line with the budget;
 informing key strategic decisions and formulating business strategies;
 advising on the financial implications and consequences of business decisions;
 analysing financial performance and so contributing to medium and long-term business
planning/forecasts;
 negotiating on major projects, loans and grants;
 offering professional judgment on financial matters and advising on ways of improving
business performance;
 interpreting and communicating financial data to non-financial managers;
 liaising with other function managers to put the finances and accounts in context;
 monitoring and evaluating financial information systems and suggest improvements
where needed;
 implementing corporate governance procedures, risk management and internal controls.
The role will vary depending on the management structure, for example there may be some
openings in large firms with a focus on a business advisory role.

There may also be some variation to the function depending on the nature of the organisation
(commercial, public sector or not-for-profit) and, with larger organisations, the department or
departments that the individual is based in or supports.

Chartered public finance accountant: Job description 

A chartered public finance accountant is responsible for ensuring the effective operation of
accounting and financial activities within public sector organisations. Whilst many work for public
bodies, such as local and central government and publicly funded organisations, an increasing
number are employed in industry and in private accountancy firms.

The role varies widely from general financial administration to management accounting. Whether
employed directly within the public sector or working within it on a consultative basis, chartered
public finance accountants focus on ensuring that public services are provided as effectively as
possible with the limited resources available.

Typical work activities

Typical work activities may include:
 developing and managing financial management systems and policies;
 ensuring the effective financial management of public money by supporting the planning
and implementation of policy objectives;
 making financial decisions and advising key bodies and individuals, such as management
boards and budget holders, using financial management information;
 preparing and monitoring budgets and accounts;
 controlling expenditure and cash flow;
 undertaking financial administration;
 preparing reports on annual accounts and budget information for the auditor;
 controlling the overall capital and revenue budgets for departments;
 assessing and advising on estimates for project funding and continuing running costs;
 preparing recommendations on large-scale projects;
 checking that funding is properly apportioned;
 conducting internal audits, e.g. working on wage reviews;
 checking creditors' invoices;
 charging customers for services;
 liaising with managerial staff, colleagues and clients;
 examining financial records and statements and checking them for accuracy;
 balancing the costs of specific public services against income;
 keeping up to date with developments in public sector financial and management
accounting practices;
 managing and training staff, when employed at a senior level;
 roles within private sector companies that provide services to the public or not-for-profit
sector on a consultative basis tend to focus more on reviewing financial systems and
efficiency than on central accountancy activities.

Company secretary: Job description

Company secretaries are responsible for ensuring that their company complies with standard
financial and legal practice and maintains standards of corporate governance. Although they are
not strictly required to provide legal advice, company secretaries must have a thorough
understanding of the laws that affect their areas of work. They act as a point of communication
between the board of directors and company shareholders, reporting in a timely and accurate
manner on company procedures and developments.

Public limited companies are legally required to employ a company secretary and most private
companies also appoint into the role. Positions can be found across all sectors and in the public
sector this role often has the title ‘chartered secretary’.

Typical work activities

A company secretary's role covers a wide variety of functions and these depend, in part, on the
company for which they work. Typical work activities however include:
 organising, preparing agendas for, and taking minutes of board meetings and annual
general meetings (AGMs);
 maintaining statutory books, including registers of members, directors and secretaries;
 dealing with correspondence, collating information and writing reports, ensuring decisions
made are communicated to the relevant company stakeholders;
 contributing to meeting discussions as and when required, and advising members of the
legal, governance, accounting and tax implications of proposed policies;
 monitoring changes in relevant legislation and the regulatory environment, and taking
appropriate action;
 liaising with external regulators and advisers, such as lawyers and auditors;
 taking responsibility for the health and safety of employees and managing matters related
to insurance and property;
 developing and overseeing the systems that ensure the company complies with all
applicable codes, as well as its legal and statutory requirements.
Companies House , the official Government register of UK companies, provides a useful overview
of the general role of a company secretary, and similar information can be found at Business
Link .
The work of a company secretary in a registered company may be more specialised than in a
smaller private company. For example, the liaison role with shareholders and compliance
responsibilities may make up a major part of the work and may include:

 maintaining the register of shareholders and monitoring changes in share ownership of

the company;
 paying dividends and managing share option schemes;
 taking a role in share issues, mergers and takeovers.
In small businesses, other duties commonly undertaken by company secretaries include:

 monitoring the administration of the company's pension scheme;

 overseeing and renewing insurance cover for employees, equipment and premises;
 entering into contractual agreements with suppliers and customers;
 managing office space and property and dealing with personnel administration;
 overseeing public relations and aspects of financial management.

Corporate treasurer: Job description

Corporate treasurers play a vital role in improving and maintaining the financial standing of a wide
range of companies. They are often responsible for determining financial strategy and policy,
advising on what businesses to invest in, arranging the appropriate funding and managing
financial risks in the organisation.

This is a varied and responsible role that ensures a company has the cash and liquidity to meet
its obligations, involving raising funds from banks, as well as debt and equity markets and, in
some companies, actively trading in the foreign exchange, commodity and money markets. Other
activities may involve dealing with property, taxation, insurance and pensions.
Typical work activities
The Association of Corporate Treasurers (ACT)  defines five core treasury functions, which are
also areas in which treasury professionals may specialise. These are capital markets and
funding, cash and liquidity management, treasury operations and controls, corporate financial
management and risk management.
Within these functions typical work activities may involve:

 managing daily cash balances and trading in the financial markets;

 ensuring that a company's cash flow is adequate to allow it to operate effectively;
 forecasting cash payments and anticipating challenges arising from limited cash flow; 
 undertaking risk management activities to protect a company's financial well-being;
 analysing the impact of financial markets on the performance of products or services;
 making decisions on company finances, for example, the funding of company operations;
 progressing specific financial projects, such as acquisition of another business;
 evaluating financial impact of new business ventures;
 negotiating loan or overdraft terms with company bankers;
 creating solutions to new financial challenges by applying financial/treasury knowledge;
 liaising with other departments, such as tax and accountancy, on a range of issues;
 providing advice on financial matters impacting on the company as a whole;
 taking responsibility for, and supervising the work of, more junior members of staff;
 liaising with bankers and investors and maintaining positive working relationships;
 keeping up to date with financial and industry developments;
 attending board and senior management meetings;
 making presentations to the company board on specific financial issues.

Management consultant: Job description

Management consultants are involved in providing objective advice, expertise and specialist skills
with the aim of creating value, maximising growth or improving the business performance of their
clients.

They are primarily concerned with the strategy, structure, management and operations of an
organisation. Consultants can assist by identifying options with recommendations, providing
additional resources and/or the implementation of solutions.

Consultants operate across a wide variety of services such as business strategy, marketing,
financial and management controls, human resources, information technology, e-business and
operations, and supply-chain management.

As with the type of work, the range of consultancy firms also varies from the larger firms that offer
end-to-end solutions to smaller or niche firms that offer specialist expertise, skills and industry
knowledge.

Typical work activities

The day-to-day activities of management consultants are often complex and varied. Consultancy
is essentially entrepreneurial in nature and project-based. Projects can vary in length depending
on the type of consultancy, firm and the demands of the client. They can involve an individual or a
large team. They can be based at one site or across several international borders.

Typical tasks, particularly for new graduate recruits, involve:

 carrying out research and data collection;

 conducting analysis;
 interviewing client’s employees, management team and other stakeholders;
 running focus groups and facilitating workshops;
 preparing business proposals/presentations;
 spending the majority of time at the client's site.
In addition to the above, tasks for more experienced and senior consultants involve:

 identifying issues and forming hypotheses;

 formulating and implementing recommendations/solutions;
 ensuring the client receives the assistance needed to implement the
recommendations/solutions;
 managing projects and programmes;
 leading and managing those within the team, including analysts;
 larger leadership role in the management of client relationships.

Tax adviser: Job description

A tax adviser uses their knowledge of tax legislation to provide advisory and consultancy services
to clients, ensuring that they pay their taxes in the most efficient way and benefit from any tax
advantages and exemptions. They keep up to date with changing tax laws and explain
complicated legislation and its implications to their clients, in simple terms.

They create tax strategies for their clients and plan their financial futures. They carry out detailed
computations to calculate tax liability, submit tax returns by the relevant deadline and deal
withHM Revenue & Customs (HMRC)  on behalf of their clients. Some also offer other
accountancy services.
The work is highly detailed and complex and can be challenging and rewarding. Clients can
include large and small companies, partnerships, trusts and individuals.

Typical work activities

There are two main areas of work:

 Tax planning - staying abreast of changes in tax law and structuring clients’ affairs
lawfully to minimise future tax liabilities. Tax planning is normally carried out by tax
professionals operating within an accountancy practice or lawyers working within law firms.
 Tax compliance - ensuring a client meets all tax obligations by preparing and submitting
tax returns, tax computations and any other necessary forms. Dealing with tax authorities.
This work is usually undertaken by accountancy practices.
Initially a graduate within a tax advisory role career might focus on compliance activities, for
example, completing tax returns and calculating amount payable, with movement towards
consultancy and specialisation as their career develops.

The work of a tax adviser will depend on the nature and size of the employer. Larger accountancy
firms tend to adopt a structure that permits greater specialisation. For example, new graduates in
large organisations may be employed to undertake research about a particular specialist area on
behalf of more experienced colleagues.

Typical work activities include:

 researching, analysing and interpreting changing tax legislation;

 meeting with clients and collating information;
 working with tax law and revenue provisions;
 preparing and submitting compliance (tax) returns;
 liaising and negotiating with HM Revenue & Customs (HMRC);
 providing consultancy services to high value private clients;
 advising on tax liabilities;
 establishing and structuring family trusts;
 estate planning and advising on tax residence and domicile matters;
 providing guidance on indirect taxation issues such as VAT, customs planning and
environmental taxes.
Some self-employed tax advisers also offer their clients a range of accountancy services, such as
bookkeeping, payroll and VAT.

Tax inspector: Job description

Tax inspectors work within HM Revenue & Customs (HMRC) to ensure that organisations and
individuals pay the correct amount of tax at the right time. They are responsible for detecting and
investigating tax evasion and, in disputed cases, will represent HMRC at independent appeal
tribunals. The role also involves offering information and advice to individuals, businesses and
organisations on a range of tax and related issues.
HMRC collects and administers taxes so that there is enough money to pay for the UK’s public
services and to help families and individuals who need financial support.

Typical work activities

The work is diverse and intellectually stimulating, with early responsibility. Tax inspectors
investigate the accuracy of tax returns and accounts submitted to HM Revenue & Customs
(HMRC).

Tasks include:

 applying tax legislation to companies, partnerships, organisations and individuals;

 examining accounts and researching background material;
 investigating fraud;
 giving expert advice on taxation matters to companies, partnerships, organisations and
individuals;
 negotiating tax settlements with taxpayers and their accountants and/or solicitors;
 representing HMRC at independent appeal tribunals in disputed cases.
In cases that result in a full enquiry, the following activities may also be carried out:

 inspecting the finances of a business to find out exactly how it operates;

 reviewing, in detail, aspects of the business accounts to ensure that tax law has been
applied correctly;
 examining the records kept and considering factors such as the lifestyle of the proprietor
or board directors;
 visiting business premises and meeting people face-to-face during the investigation;
 presenting a case, both written and in person, to the taxpayer or their professional
advisers, accountants or lawyers.