Career Changer - how to break into finance
Dreaming of change? How about a career in accountancy?
Well, it’s never too late to change your mind. You may be fed up with your career, feel you’ve sold yourself short in your job, or simply want a change. If you’ve decided that your future holds a career in accounting, you should do your research to make sure you find the right course of study. After all, there are lots of different roles within accountancy, and you’ll need to plan well from the start to make sure you’ll be successful in your applications for the dream job. Why don’t you start by looking around our table below, to work out if you’re meant to be an ACCA, CIMA or ACA studier, or whether there’s another option that is right for you.
So you may have finished university and thought that’s enough for the studies for now, or if you are having a career change you might have thought you wouldn’t have to do it again, sadly that’s not the case.
Whichever career path you choose, there is a professional qualification to match. We have covered all of them below:
| Professional body/qualification |
Description |
Potential jobs/sectors |
AAT: Association of Accounting Technicians
www.aat.org.uk |
Aimed at: people just starting in accountancy and finance
Comprises of: practical work and theory to be competent to nationally agreed standards
Duration: depends on route you choose
|
Accounting Technician/Accountant |
ACCA: Association of Chartered Certified Accountants
www.accaglobal.com |
Aimed at: people who want to become qualified Chartered Accountants
comprises: 3 levels of examination and a minimum of 3 years practical experience
|
Chartered Accountants |
CAT: Certified Accounting Technician
www.aat.org.uk |
This is a vocational qualification which will allow you to work in accounting support roles and is suitable for people who are looking for an introduction into accountancy or wants accelerated progression to the ACCA. You can progress on to ACCA with exemptions once completed. |
Accounting Technician |
ATT: Association of Tax Technicians
www.att.org.uk |
A qualification for those working in tax departments in industry, commerce and the public sector comprising of 7-12 months’ study with two exams to complete the course. |
Tax and Public Sector |
CF: Corporate Finance
www.cfqualification.com |
Developed by the Institute of Chartered Accountants in England and Wales (the ICAEW) in partnership with the Canadian Institute of Chartered Accountants (CICA), it is designed exclusively for corporate finance practitioners and indicates expertise in fraud prevention, detection, and investigation. It combines comprehensive technical knowledge
and skills with practical application and high level strategy.
|
Fraud Specialists/Corporate Finance practitioners |
CIMA: Chartered Institute of Management Accountants
www.cimaglobal.com |
This qualification focuses on business needs, business planning, strategy and change across all sectors and comprises of 3 years assessed practical experience and exams. |
Management Accountant/Finance Manager/Strategic Financial Manatement |
CIOT: Chartered Institute of Taxation
www.tax.org.uk |
This qualification is from the senior professional body in the UK for tax, comprising of four exams covering general practice, one specialism, a case study, and taxation administration and ethics. Unless exempt (due to degree subject or other qualification), you must be a member of the Association of Taxation Technicians (ATT) before being allowed to take the CIOT exams. |
Chartered Tax Adviser |
CIPFA: Chartered Institute of Public Finance and Accountancy
www.cipfa.org.uk |
Training specifically for Accountants who work in the public sector. The course takes three years to complete and is broken into 3 stages. |
Accountants, Financial Manager and Auditor – NHS/local government and other public sector |
CIOT: Chartered Institute of Taxation
www.tax.org.uk |
This qualification is from the senior professional body in the UK for tax, comprising of four exams covering general practice, one specialism, a case study, and taxation administration and ethics. Unless exempt (due to degree subject or other qualification), you must be a member of the Association of Taxation Technicians (ATT) before being allowed to take the CIOT exams. |
Chartered Tax Adviser |
IAQ: Investment Administration Qualification
www.sii.org.uk |
Practitioner-led programme for administration and operations staff. It provides staff with an over-view of the financial services industry. It is divided into 3 units: 1st unit - Introduction to Securities & Investment, 2nd unit – Regulation, 3rd unit - selected from a large number of options which reflect the specialist areas of financial services operations and administration. The IAQ award comprise 3 one-hour multiple choice exams. Administered by The Securities & Investment Institute (sii). |
Financial Services Administration, Settlements/Junior Analysts |
ICAEW: Institute of Chartered Accountants in England and Wales
www.icaew.co.uk |
This qualification allows members to use the designatory letters ACA or FCA, is recognised around the world as a prestigious business qualification. This is split between the Professional Stage and the Advanced Stage and requires involvement in business issues, case studies and 3 exams. |
Chartered Accountant |
ACA: Association of Chartered Accountants
www.icaew.co.uk |
You must complete training that lasts between 3 and 5 years, pass the Institute examinations, and complete work experience requirements. Becoming an ACA ensures that your career will be diverse, full of opportunity and rewarding. To gain an ACA qualification you have to be a member of the ICAEW. |
Chartered accountants, Auditors and Business advisers |
JIEB: Joint Insolvency Examination Board
www.insolvency
-practitioners.org.uk |
If you are a member of a recognised professional body, or have satisfied the requirements of the IPA, or Secretary of State for Trade and Industry, your next step towards becoming a licensed Insolvency Practitioner is to pass the examinations of the JIEB. The exams consist of 3 separate papers:
I. Liquidations
II. Administrations, CVAs and Receiverships
III. Personal Insolvency
They are 3.5 hours long each and held in November, they are based on legislations & practice in force as at 1st April prior to the exam.
|
Insolvency Practioners |
CPI: Certificate of Proficiency in Insolvency
www.insolvency
-practitioners.org.uk |
CPI is often used as a stepping stone towards taking the JIEB exams. The CPI is seen as an intermediate insolvency examination and is recognised as a test of competence in insolvency administration.
The examination is set by the Insolvency Practioners Association (IPA) and successful completion of the exam will allow you to apply for affiliate membership of the IPA. The exam consists of 1 three hour paper usually held in June. Approximately 2/3 of the paper will be corporate insolvency matters, the remaining third will be for personal insolvency matters.
|
Insolvency technician |