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Job description: Graduate accountancy
Getting a place on a graduate training scheme is one of the most respected and popular ways into accounting.
Firms of all sizes offer graduate training schemes. You'll find there are opportunities to work in large and small firms and often it's the balance of the training and benefits package that will help you decide where you'll best fit.
It's worth knowing that if you want to work for one of the larger firms they tend to recruit once a year, in the autumn.
Once you've secured your place, you'll balance getting on the job experience with getting your professional accountancy exams. On the job work experience will involve working as part of a team to learn the basics of accountancy such as legal requirements, how to balance and check books, setting budgets and watching that they are kept to and analysing financial data to provide reports and predictions. We'll tell you more about the exams part later in the 'training' section.
Hours and environment
Most of the time you'll work Monday to Friday, 9am to 5.30pm. If you're on a big project or there are deadlines to be met at month/year end you might find you have to work a bit harder to get your work finished in time.
One of the huge benefits of being on a graduate training scheme is that not only will your employer pay for all your training, they will work studying time into your working hours too. Some companies offer a set number of study days for their graduates. Others will make sure you go on part time courses.
You should expect to do your homework and assignments in your own time though.
Skills and interests
Graduate schemes look for bright, versatile characters so make sure you play up these skills on your application:
- Good commercial and business awareness
- Excellent people skills
- Strong maths skills
- Sound IT skills
- An analytical, enquiring mind
- Good problem solving skills
- Good management skills
- Good prioritisation
- An ability to make quick but good decisions
Entry
Provided you have a 2:1, most degrees will count. Some employers however, will prefer that your degree is in a relevant subject like maths or economics.
Places can be hotly contested, so make sure you research all your options and get your application in with plenty of time to spare.
Getting some work experience in your holidays can make all the difference in showing a potential employer how serious you are about the job.
Training
Studying for your professional exams goes hand in hand with being a graduate trainee.
There are six major chartered accountancy body qualifications:
- Association of Chartered Certified Accountants (ACCA)
- Chartered Institute of Management Accountants (CIMA)
- Chartered Institute of Public Finance and Accountancy (CIPFA)
- Institute of Chartered Accountants in England and Wales (ICAEW)
- Institute of Chartered Accountants in Ireland (ICAI)
- Sound decision making
- Institute of Chartered Accountants of Scotland (ICAS)
Don't worry, you don't need to take them all. Your employer will probably tell you which they want you to sit.
Each course has about 14 exams, and it usually takes about three years to complete a course and become a fully accredited accountant.
Opportunities
Once you are fully qualified the world is your oyster and you'll be in hot demand. Provided you can apply all your skills you should get rewarded with promotions and/or pay rises that reflect your experience.
Your studies will probably lead you in a certain direction, which means you can go on to specialise in that area if you want - tax or management accounting for example.
As a fully qualified accountant you'll be able to go for high level positions including: financial controller or management accountant and later financial director or even chief executive.
You could also consider setting up your own business as you'll have a perfect set of skills to help you make it a success.
Annual income
You'll earn a good salary as an accounting graduate. The average starting salary is between £29,000 and £32,500.
The larger, London-based graduate training schemes usually offer the highest salaries.
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