Accountancy as a Profession
So you are not sure what you what to do after you graduate? At this juncture of your life, it is time to make sure that you make the right decision. This article will hopefully help you to decide whether a career in finance is suitable for you.
Accountacy boring? Humbug! Today's accountancy market offers more than ever. Firms can no longer afford to be prehistoric and long gone are the days of "Bob Crathoic" and large manual ledgers. Firms are having to adapt to ensure they meet the needs of the clients. The company audit is now a mature product in the market place and the accountant of today must fulfill the role of business advisor and must provide an added value service. As a result of increasing market expectations the industry is thus demanding high quality graduates that are looking for a challenging and rewarding career.
The experience gained from working with clients is just one side of the coin as training to be an accountant with an authorised training firms leads to obtaining a premier business qualification. It thus remains essential that applicants still have a strong desire to continue studying after university. Trainees will spend most of their time away from the office and visit a wide variety of work places where they will be expected to deal personally with the clients. Combining this with a demanding exam structure means accountancy is not for people that are not willing to travel and work hard!
Graduates begin their careers as trainee chartered accountants with a three year training contract. Initially trainees will be fully supervises on every assignment but encourages and expected to take on responsibility as quickly as possible. As the student progresses they in turn will be expected to supervise the work of the latest juniors. Learning to be a part of a team is essential. Rapid progression and early responsibility are the hallmarks of a firm that offers opportunities to its trainees. Emphasis is placed on the ability to communicate effectively, to learn quickly and apply that knowledge, to analyse and resolve problems and have an outgoing personality.
Most firms enroll their students with leading specialist tutorial firms for their professional examinations. In house training is designed to be responsive to the trainees speed of development and promote key competencies, both technical and interpersonal required at each stage. When the training contract has been completed and the student has celebrated exam success the training and experience still continues. Accountants need to keep up to date with developments within the profession and to broaden managerial and interpersonal skills throughout their career.
Apart from auditing the trainee should gain experience in accounts preparation, taxation and information technology. This great variety of experience helps the trainee to develop different talents and the broadest possible commercial awareness and understanding of all aspects of business matters relating to clients from very small concerns to publicly quoted groups. Not only does this stretch the trainee but it also gives the an opportunity to decide where their interests lie. It is important to train staff to think like entrepreneurs so that they can give all round management and not see the problems through the "eyes of an auditor".
Firms today are not "Scrooge-like" when it comes to salary and career prospects. A combination of exams and practical experience on a wide Variety of clients gives the right environment for swift advancement. Many firms offer the opportunity for secondments to departments outside audit. A few graduates take the change to specialise in tax or corporate finance towards the end of their training contract. Other opportunities exists for those who decide not to stay in the profession in the longer term, as the professional qualification holds world-wide recognition and continues to open many doors in the job market.
In conclusion - Do you have the potential to be a good accountant?
You will need to pass exams, interact as a team member, be adaptable, tactful, organised, honest and presentable. Training to be a chartered accountant is not easy and requires a firm commitment from the individual. Accountancy is primarily a "social business" where it is essential to have an outgoing personality and good communication skills with both clients and colleagues. The team spirit that is built up with colleges often continues outside office hours.
Making the right choice of professional firm after university is important as this is where your core training will be undertaken. Choosing a firm with a strong commitment to staff development and where training is taken very seriously is of paramount importance.
Don't be left behind in the Dicken's era, consider accountancy as a career for the future.
Supplied by the Training Department of Baker Tilly, Chartered Accountants and Business Advisors: www.bakertilly.co.uk/
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