What Experience Do You Need For A Career In Audit & accountancy
All you need to know about the Audit & accountancy industry
Auditing and accountancy roles will always be critical, as they make sure that businesses are operating sustainably, profitably and honestly.
In auditing services alone, the four big UK accountancy firms - Deloitte, PwC, EY and KPMG - generate billions of pounds. These are the biggest employers in the industry, although there are numerous other employers of a smaller size.
Auditing is an independent analysis of an organisation’s finances and their records for accuracy. Across many sectors it is a legal requirement, but where it is not often companies opt to do them anyway so that they can get advice on how to improve their financial operations.
Accountancy covers most areas of finance and, in general, it requires recording and reporting on any business transactions that involve money. They are responsible for keeping the systems in order and maintaining the financial records of a business.
As with any finance career, the salaries can be quite high as you progress up the career ladder. Financial directors typically earn around £70,000 a year. This’ll be more or less, depending on the size of the company that you’re working for.
Skills & interests needed for Audit & accountancy
These roles require a high level of analytical, numerical and IT skills, alongside soft skills such as negotiation, innovative thinking, communication and professionalism.
Some other skills that will benefit you in the accountancy and audit industry are:
- Commercial Awareness
- Problem Solving
What work experience do you need for a career in Audit & accountancy
Formal work experience is often not necessary in this field because you will be trained on the job by your employer. Many employers, however, will ask for a degree to prove that you are proficient with numbers.
There are a few employers that offer short one-week work experience programs to provide a basic introduction into the auditing and accounting industry.
Institute and Faculty of Actuaries
Institute of Chartered Accountants England and Wales
Institute of Chartered Accountants Scotland
Chartered Accounts Ireland
Institute of Financial Accountants
Chartered Insurance Institute
Chartered Institute of Public Finance Accountancy (CIPFA)
British Insurance Brokers’ Association
The Association of International Accountants
Association of British Insurers
The Association of Accounting Technicians
Chartered Institute of Management Accountants
Association of Chartered Certified Accountants