Accounting Career Path
Interested in a career in accounting, but not sure what that involves to how to achieve it? Look no further than the following information and advice on Guernsey accountant jobs.
What accountant career paths are available?
The 3 main routes to starting an accounting career are:
This is where you may join a “big 4” international or other accountancy firms (after A levels or University) and study accountancy for 3 years whilst undertaking audit and/or accounting duties for external businesses (clients), to become a qualified Chartered Accountant. An audit is a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain how far the financial statements, as well as non-financial disclosures, present a true and fair view of the organisation. It also attempts to ensure that the books of accounts are properly maintained by the organisation as required by law.
2. Client accounting (trust & fund)
Client Accounting means literally that – undertaking the accounting of an organisation’s client entities. In Guernsey, this specifically relates to accounting for trusts and funds. You may start as a trainee accountant and either study ACCA or ACA qualifications (see below) whilst learning the processes and procedures of accounting for your clients, to eventually become a qualified accountant.
3. Management Accounting/Financial Control
This accountant job role involves in-house accounting for a business’s own finances. For example, a management accountant at a bank or commercial business focusing solely on in-house accounting. Similarly to client accounting, you can start as a trainee accountant and study either ACCA, ACA or CIMA qualifications (see below) to become a qualified management accountant (aka financial controller) and ultimately a finance manager/director.
What are an Accountant’s Promotion Prospects?
There is usually a set career path for an Accountant. Once you start getting some accounting experience under your belt and passing a few modules of the accounting exams, you’ll most likely be promoted from your Trainee role into possibly an Accounting Technician or Officer level role, then you’ll become an Accountant, an Accounting Supervisor/Assistant Manager, Manager and ultimately a Director.
Reasons Why a Career in Accounting Should be on your Radar
In Guernsey, there are a huge number of accounting job opportunities available at any one time, from trainee right up to senior level and in a range of industries. Once you’re a qualified accountant, the world is your oyster and you can pick and choose from the many vacancies available.</p>
<p>An accounting career means you will have the opportunity to work in almost any industry. Salary packages vary considerably, depending on the level of education, qualification and any specialisations, however generally accountants are well paid
“Accountancy professionals are in huge demand around the world, so there has never been a better time to launch your accounting career. Here are some of the most popular reasons to choose accountancy:
- Essential – Every organisation in the world shares a common factor - their success is entirely dependent on a sound approach to financial management. That makes accountancy as essential to the health of organisations as medicine is to human health.
- Diverse – It also makes accountancy one of the most diverse professions, with opportunities across all sectors and industries, and in all parts of the world.
- Dynamic – Accountancy offers exceptional job prospects. You can progress quickly to a position of responsibility, and even work your way up to board level. It’s also an excellent foundation on which to launch your own business, or springboard into another profession such as corporate finance (financial and investment decisions).
- Satisfying – Accountancy isn’t just about numbers – it can employ a wide range of other skills such as communications, teamwork, strategy, leadership and problem-solving. Choose a global organisation and you could also benefit from some incredible travel opportunities.
- Flexible – As one of the most flexible professions, accountancy can help you achieve the perfect work-life balance. Part-time roles and career breaks are possible, and the global demand for accountancy professionals also creates many self-employment opportunities.
- Rewarding – Accountancy can be extremely rewarding. Senior roles often attract high value salaries and benefits packages, with unlimited scope for progression.
- Respected – You also benefit from being part of a prestigious profession that is respected and trusted by organisations and communities.”
There are 3 main associations in the UK for accounting qualifications:
- ACCA – Association of Chartered Certified Accountants (aka certified accountancy) - this is the most popular accounting qualification, which is supported by the vast majority of businesses. It is relevant for both client accounting and management accounting roles.
- ACA – Association of Chartered Accountants (aka chartered accountancy) – this is mainly studied in the “big 4” international or other accounting firms (not generally in trust and fund management companies) and again is relevant for both client accounting and management accounting roles, as well as audit positions.
- CIMA – Chartered Institute of Management Accountants – this qualification is specifically relevant for management accounting/financial control positions, looking after a business’s own finances.
Once you have chosen your accounting career path let us help you find an accounting job in Guernsey