Everything You Need To Know About A Career In Finance & Accounting

Answering FAQ’s about a career in Finance & Accounting.

WHAT IS FINANCE AND WHY IS IT IMPORTANT?

The first thing you might picture when you hear of a finance career is someone sat silently in the corner of an office crunching numbers. And whilst this is relevant to what a finance role might involve, there is a multitude of careers in finance that suit various skillsets and interests.

Put it simply, finance professionals are the unsung heroes of any organisation since not only are they tasked with important day-to-day tasks that keep things running smoothly, but they’re also responsible for the overall financial health and success of the business. Their outlook and strategy is truly valued and used to make top business decisions.

The finance industry is an exciting global industry with expansive possibilities when it comes to career paths and destinations. The finance world is always changing and moving forward providing a fast-paced environment that offers new challenges and will utilize your problem-solving skills.

What does a career in Finance & ACCOUNTING involve?

There are endless paths to go down in finance but a role would typically consist of a mixture of day-to-day administration and data inputting tasks as well as financial analysis and strategy. Some examples include:

  • Bookkeeping

  • Processing invoices

  • Accounts payable & accounts receivable

  • Preparing financial reports

  • Verifying financial statements

  • Analysing financial data

  • Financial strategy

  • Implementing financial policies

  • Payroll

  • Auditing

Depending on what path you go down or your seniority, depends on whether you would focus on short-term or long-term tasks, but both have massive benefit to the company.

WHAT ARE THE PERKS OF A CAREER IN FINANCE & ACCOUNTING?

There’s a common misconception in finance that every day is the same and there’s no real excitement. But the great thing about finance is that there are so many paths to choose from that all offer incredible progression and earning potential.

Not to mention, by acquiring certain finance qualifications, you open yourself up to such a wide range of opportunities as your skills and knowledge will always be in high demand by companies across the world.

WHAT ARE THE Typical Finance & ACCOUNTING JOB titles?

There are endless job titles in finance & accounting - all depending on what your focus and qualifications are. We’ve broken them up into some main subsections.

GENERAL FINANCE JOB TITLES

  • Finance Assistant

  • Finance Controller

  • Finance Manager

  • Finance Director

  • Head of Finance

  • CFO (Chief Financial Officer)

  • Assistant Accountant

  • Accounts Assistant

  • Accountant

  • Managing Accountant

  • Bookkeeper

  • Payroll Manager

FINANCIAL PLANNING & ANALYSIS JOB TITLES

FP&A careers are basically any job involving supporting the company’s financial health. This could be from basic budgeting to analysing to forecasting. Bigger organisations typically have entire FP&A departments who collect, analyse and implement strategic financial policies.

  • Financial Planning Assistant

  • FP&A Analyst

  • Senior FP&A Analyst

  • FP&A Manager

  • FP&A Director

TAX ACCOUNTING JOB TITLES

Professionals in tax accounting ensure their company is meeting legal obligations. For instance, they’d be responsible for tax planning activities.

  • Tax Accountant

  • Tax Analyst

  • Tax Specialist

  • Tax Manager

AUDIT, RISK & COMPLIANCE JOB TITLES

Audit, risk and compliance professionals ensure all essential guidelines are put in place by inspecting financial accounts. They also identify and analyse areas of potential risk in your company.

  • Audit Analyst

  • Audit Manager

  • Audit Associate

  • Audit Semi Senior

  • VAT Compliance

  • Risk Analyst

  • Risk Manager

  • Risk Management Specialist

  • Chief Risk Officer

  • Compliance Analyst

  • Compliance Officer

  • Compliance Manager

WHAT COULD I EARN AS A FINANCE & ACCOUNTING PROFESSIONAL? AND WHAT ARE THE SALARY BENCHMARKS?

The following salary benchmarks are based on internal data and will vary based on factors such as location, industry and personal experience.

With a career path that specialises in finance, you can expect the average salary to be £38,000.

SALARIES CAN BE BANDED INTO 4 LEVELS:

  • Entry Level: average salary of £22,000 - £28,000

  • Mid Level: average of £28,000 - £40,000

  • Senior Level: average salary of £40,000 - £75,000

  • Director Level: average salary of £80,000 - £110,000+

WHAT QUALIFICATIONS WOULD YOU NEED FOR A CAREER IN FINANCE & ACCOUNTING?

There are endless qualifications one could take to help progress in Finance & Accounting, but the following are the standard qualifications most companies expect from people at each level. Although qualifications in finance aren’t technically required, they’re vital for those who want to progress to top levels

ENTRY LEVEL FINANCE & ACCOUNTING QUALIFICATIONS

You can start your finance career with no qualifications but it’s recommended to get your AAT (Association of Accounting Technicians) qualification to help you process.

MID LEVEL FINANCE & ACCOUNTING QUALIFICATIONS

At this level, most people study for the following:

  • Associate Chartered Accountant (ACA)

  • The Association of Chartered Certified Accountants (ACCA)

  • Chartered Institute of Management Accountants (CIMA)

SENIOR & DIRECTOR LEVEL FINANCE & ACCOUNTING QUALIFICATIONS

By the time you get to the higher levels of finance, there are no particular qualifications outside of the ones mentioned that would be of prime importance.

However many people at this level tend to take Advanced Diplomas or Certifications to develop their knowledge in certain areas of finance such as:

  • Chartered Financial Analyst (CFA)

  • Financial Risk Manager (FRM)

  • Certified Financial Planner (CFP)

See Indeed’s article on finance qualifications for more info. Finance professionals may also study for management or business related degrees as they manage teams or deal with investments and long-term budgeting and financial planning.

Is a career in Finance for me?

Well the basics like being comfortable with numbers, enjoying maths, and having good attention to detail will probably mean you’d enjoy pursuing a career in finance.

However, this is definitely not all and if you’re someone who enjoys varying roles there is a lot more that can goes into a career in finance such as data analysis, financial strategy, and investments.

So if you like the idea of being a key member of any organisation through helping them with their financial health, then a career in finance & accounting may be for you!