Page Content
Job profiles
Private practice accountant
Hours
30-40 per week
Starting salary
£18,000 + per year
If you enjoy finance and figures and want a business career, this could be ideal for you. As an accountant working in private practice, you would provide accountancy services for clients. You would handle clients' tax and accounts, carry out audits and advise clients how to improve their business finances.
To become a qualified accountant you will need to qualify with a professional body. You will also need to have a high level of accuracy and attention to detail. You’ll need to be able to explain technical financial information clearly. And you’ll need good communication skills.
WorkDesc
The work
Your clients could range from small businesses to large companies or wealthy individuals. Your main tasks could include:
- preparing financial statements, business plans and budget reports
- producing annual and monthly accounts
- carrying out independent audits of company accounts
- managing clients’ spending, costs, credit, payroll and investments
- filing tax returns and providing tax advice
- forecasting future profits and financial performance
- helping businesses that may be in financial difficulties
- dealing with insolvencies
- advising companies how to improve their financial systems and profitability
- finding and preventing fraud (known as forensic accounting).
You might deal with all of these tasks if you worked freelance or for a small accountancy practice. In a larger practices you might specialise in one area such as tax or insolvency.
HoursDesc
Hours
In a full-time job you would normally work standard office hours Monday to Friday. You may work longer hours at busy times such as at the end of the financial year. Part-time hours and temporary contract work may be available.
You would be based at an office, but would spend much of your time visiting clients. If you worked for a large accountancy practice, this could mean travelling all over the UK.
IncomeDesc
Income
Salaries for trainee or part-qualified accountants may be between £18,000 and £24,000 a year. Qualified accountants normally earn between £28,000 and £50,000 a year.
Senior accountants in large private practices could earn up to £100,000 a year.
Figures are intended as a guideline only.
EntryRequirementsDesc
Entry requirements
To become a qualified accountant able to provide the full range of accountancy services, including audits, you will need to qualify with one of the following professional bodies:
- Association of Chartered Certified Accountants (ACCA)
- Institute of Chartered Accountants in England and Wales (ICAEW)
- Institute of Chartered Accountants of Scotland (ICAS)
- Institute of Chartered Accountants in Ireland (ICAI)
- Association of International Accountants (AIA).
Entry requirements vary for each of the professional bodies. See below for more details. If you already have relevant accounting or business-related qualifications, you may be able to qualify in a shorter time.
ACCA
There are various entry requirements for the ACCA Qualification.
The standard entry requirements are two A levels (or equivalent qualifications such as a BTEC National Diploma) plus three GCSEs (A-C) including maths and English.
If you are aged 21 or over, you don't need academic qualifications to start ACCA study, however you must pass the first two exams within two years. This is known as the Mature Student Entry Route.
If you have an accountancy or business degree that is recognised by the ACCA, you can start your training at the second stage of professional exams. See the Training and Development section below for more details. Other relevant degrees may give you exemptions from some of the exams in the first stage.
If you have the ACCA Certified Accounting Technician (CAT) qualification, you can miss out three of the nine exams in the first stage of the ACCA Qualification.
ICAEW, ICAS and ICAI
To qualify with these professional bodies, you must get a training contract with an approved company and take professional exams whilst you are working as a trainee accountant.
You will usually need a good degree in any subject to get a training contract, although some companies offer them to school or college leavers with good A level grades. You can find lists of training vacancies on the ICAEW, ICAS or ICAI websites.
If you have qualifications from the Association of Accounting Technicians (AAT), you may be exempt from some of the first stage of professional exams. See the ICAEW's AAT/ACA Fast Track scheme for details in England and Wales. Contact ICAS or ICAI for information for Scotland or Ireland (see the More Information section below for contact details).
AIA
You must be at least 18 years old and hold a qualification that would be accepted for university entrance. If you do not have this, but you are aged 21 or over and have at least three years’ accounting experience, you can still study with the AIA through their Mature Student Scheme.
See each accountancy body's website for full details of entry requirements and exemptions.
TrainingAndDevelopmentDesc
Training and development
Accountancy training for each of the professional bodies comprises passing a series of exams and completing three years' supervised work experience. You will usually be exempt from some or all of the first level of exams if you have relevant qualifications, such as a business or accountancy degree, or accounting technician qualifications.
ACCA
Association of Chartered Certified Accountants
To qualify as a chartered certified accountant through the ACCA Professional Scheme, you must pass nine exams at Fundamentals Level and five at Professional Level. You can study full-time or part-time at local colleges and private training centres, or through distance learning.
You must also get three years’ supervised accounting work experience before, during or after studying for your exams. For example, you could pass the Fundamentals exams before looking for work, and then take the Professional level whilst working as a part-qualified accountant.
ICAEW, ICAS or ICAI
ICAEW - Institute of Chartered Accountants in England and Wales; ICAS - Institute of Chartered Accountants of Scotland; ICAI - Institute of Chartered Accountants in Ireland
To qualify as an associate chartered accountant (ACA) with ICAEW, ICAS or ICAI, you must pass the following exam stages:
- ICAEW - England and Wales: Professional Stage (12 exams) and Advanced Stage (two exams and a case study)
- ICAS – Scotland: Test of Competence (five exams), Test of Professional Skills (four exams) and Test of Professional Expertise (one case study)
- ICAI – Ireland: Proficiency 1, Proficiency 2 and Final Admitting Exams.
You must also complete a three to five-year training contract with an approved company while you study for your exams.
AIA
Association of International Accountants
To qualify as an international accountant with the AIA, you must complete three years’ supervised training before, during or after passing exams at Foundation, Professional 1 and Professional 2 levels. You can study by distance learning with a tutor, or through independent home study.
For all the professional bodies, once you have qualified you should keep your skills and knowledge up to date throughout your career. Each one runs a Continuing Professional Development (CPD) scheme for members to help with this.
See each professional body's website for full information on qualifications, training, exemptions and CPD. Website addresses are in More Information below.
SkillsAndKnowledgeDesc
Skills and knowledge
To become a private practice accountant, you will need to have:
- good mathematical and computer skills
- analytical skills and a logical approach
- a good understanding of business
- a high level of accuracy and attention to detail
- good communication skills
- the ability to explain technical financial information clearly
- organisational and time-management skills
- honesty
- discretion with confidential information.
MoreInformationDesc
More information
Institute of Chartered Accountants in England and Wales (ICAEW) 
Tel: 020 7920 8100
www.icaew.co.uk
Institute of Chartered Accountants in Ireland (ICAI)
Tel: 028 9032 1600
www.icai.ie
Institute of Chartered Accountants of Scotland (ICAS)
Tel: 0131 347 0100
www.icas.org.uk
Association of Chartered Certified Accountants (ACCA)
29 Lincoln's Inn Fields
London
WC2A 3EE
Tel: 020 7059 5000
www.accaglobal.com
Association of International Accountants (AIA)
Staithes 3
The Watermark
Metro Riverside
Newcastle upon Tyne
NE11 9SN Tel: 0191 493 0277
www.aiaworldwide.com
Financial Skills Partnership
51 Gresham Street
London
EC2V 7HQ
Tel: 0845 257 3772
www.financialskillspartnership.org.uk
OpportunitiesDesc
Opportunities
You could find work in companies ranging from small local practices to large international accountancy firms.
You could also work as an in-house (internal) accountant for a company or public sector organisation such as a local council, although in this type of role you would usually be known as a management accountant.
Jobs may be advertised in the local and national press, in industry magazines and by financial recruitment agencies.
With experience, you could specialise in an area like auditing or forensic accounting, or you could become a manager in a practice. You could also become self-employed or set up your own company.
You may find the following useful for vacancies and further reading (links open in new window):
Job profiles are based on the latest information supplied to us by industry bodies, such as Sector Skills Councils. Please be aware that with the introduction of the Qualifications and Credit Framework there has been, and will continue to be, changes to vocational qualifications. For more information, please check with industry bodies directly.
We do not accept responsibility for the content of external sites.
LMIData
Related industry information
Industry summary
The financial services industry is represented by the Financial Skills Partnership (FSP) which includes the following activities:
- Banking – for individuals and businesses to manage their money, access loans, buy property, exchange currencies and many other activities. It is organised into three core categories: Retail; Corporate; and Wholesale banking.
- Investments – managing and growing the wealth of individuals and organisations
- Insurance – covers a huge variety of risks, from cars and houses to ships, planes and satellites.
- Financial Advice – about working with people to plan their financial goals, based on their current situation and looking at the best ways they can achieve their financial objectives, such as helping someone to choose a mortgage, invest their savings or plan for their retirement.
Almost 1.2 million staff in 34,000 workplaces constitute the UK’s financial services sector, from online car insurers to retail banking giants, and from self‐employed independent financial advisers (IFAs) to global investment banks. Operating under a regulatory framework unique to the UK, the sector facilitates the allocation of capital, promotes confidence and continuity in life and business by managing risk and maintains the transaction systems that the rest of the economy relies on to conduct its business.
Key facts:
- 47% of firms employ 250 people.
- Employment is dominated by a handful of large employers, most notably the high street retail banks, e.g. Barclays, HSBC.
- 29 % of the financial services workforce is employed in administrative or secretarial roles.
- About a quarter of the workforce is in associate professional and technical roles.
- Managerial roles, including owners in private companies and the self‐employed, account for 37% of the workforce.
- Employment growth in UK financial services has been weak when compared with other countries, notably the US
- Recently, there have been notable declines in employment numbers because of the recession
- Staff turnover has declined, as fewer vacancies and concerns about the recession may be deterring people from changing jobs
Jobs in the industry range from:
- Insurance – underwriting, broking, customer services, sales, risk management, compliance, training, actuarial and administrative roles
- Investments – asset management (sometimes called fund management), product development, product management, investment analysis, relationship management
- Banking – retail banking (customer services, customer advice, financial advice, foreign exchange and branch management); corporate banking (corporate advice, relationship management, small business management and corporate management); and wholesale banking (mergers and acquisitions, research, sales and trading, and corporate finance)
- Financial advice – mortgage adviser, independent financial adviser, compliance practitioner, pensions adviser
National and regional data
East Midlands – retail banking dominates financial services employment in the East Midlands. Women make up 53% of the workforce and 51% of workers are aged 35‐59. Full‐time employees account for 73% of the workforce and the average salary is £29,383.
East of England – insurance and insurance broking make up the most important parts of the financial service economy in this region, with Norwich a main centre. The region employs 12% of the country’s financial services workforce, with the majority, 88%, full‐time. Men make up 56% of employees, with 57% of workers aged 35‐59. Average earnings are £34,433.
London – this is the major centre of the UK’s financial services industry, centering on the City and Canary Wharf. Wholesale banking and insurance, investments and exchange markets are all well represented here. Almost of quarter of the workforce; 24% is based in London. Men make up 66% of the workforce and most jobs are full‐time, 94%. The majority of employees; 49% are aged 20‐34 and the average salary is £86,779 although this is heavily skewed by the number of high‐earning posts in the City. For most, the average is much lower.
North East – insurance broking and banking are the most important financial services in the region, with Newcastle the main centre of activity. Around 3% of the UK workforce is based in the region. Women form 66% of the workforce and 63% of workers are full‐time. Employees aged 34‐59 make up the largest share of the workforce at 52%, and the average salary is £27,219.
North West – Manchester is the biggest centre in the region but Chester, Macclesfield and Stockport are important clusters. Banking and general insurance form the bulk of businesses. The region employs 9% of the UK’s financial services workforce, with women making up 56% of employees, and most jobs are full‐time, 80%. Workers aged 34‐59 form the largest section of the workforce at 57%. The average salary in the region is £28,416.
South East – the region is second only to London in size, taking up 15% of the workforce. The gender split between men and women is fairly even at 54% and 46%, respectively, and 60% of all employees are aged 34‐59. Most people are employed full‐time, 84% and the average earnings are £37,298.
South West – The main centres for financial services in this region are Bristol, Bournemouth, Gloucester and Swindon. The sector here makes up 7% of the UK’s sector total. Women form 59% of the workforce and the majority of jobs are full‐time, 75%. People aged 34‐59 form the largest share of the workforce. Average salary for the sector is £34,910.
West Midlands – the region employs around 6% of the UK’s workforce, with the majority centred on Birmingham. Banking, general insurance and credit are the most important sub‐sectors here. Men make up 52% of employees, with 72% of jobs overall being full‐time. Workers aged 34‐59 are in the majority at 52%. The average salary is £29,014.
Yorkshire and the Humber – the emphasis across the region is on retail banking and makes up 7% of the country’s workforce. There are slightly more women than men working in the sector at 51%, and 81% of jobs are full‐time. Once again, the 34‐59 age range is most common among employees, accounting for 51%. Average earnings are £27,481.
Scotland – financial services in Scotland range from retail banking to pensions and car insurance, with centres of activity in and around Edinburgh, Glasgow and Dunfermline. Over 2,100 companies are directly involved in the industry, providing 7% of the UK’s financial services workforce. The most common age range of employees is 34‐59, and most people work full‐time, 81%. The average salary for the sector as a whole is £35,016.
Career paths
Further sources
View full Job market information
News
