A career in as an accountant can be a fulfilling experience utilising and developing a person’s judgement and increase their awareness of both financial and business matters.
Many people choose accountancy as a career because they see that by becoming a qualified financial practitioner they will have a secure future in a profession whose services will always be in demand. Others decide to become an accountant because they seek a comprehensive understanding of one of the most fundamental attributes of any business, its finances.
In either case, once qualified a person has the option to remain in their training profession whether that be industry or an accountancy practice or to switch to the other sector.
It is far more common for firm trained accountants to venture in to industry than the other way around. This, in some respects highlights the cultural differences between practice and industry as well as the difference emphasis placed on training and experience between the two.
The Accounting Bodies
The decision therefore has to be made at the outset on which of the four accounting bodies a trainee will join. The Institute of Chartered Accountants (ICAEW) and the Association of Chartered Certified Accountants (ACCA) have similarities in that they are largely practice based. The Chartered Institute of Management Accountants (CIMA) are primarily focused on commercial businesses where as The Chartered Institute of Public Finance and Accountancy (CIPFA) is appropriate for those wishing a career in the public sector.
The ICAEW should be taken to include those Chartered Accountancy bodies representing both Scotland and Northern Ireland.
Some of the more salient factors which would affect which accounting body to train under would be the personal career ambitions of the person and the qualification path offered by each.
Depending on personal circumstances, such as whether the student would have a family to support or their approach towards examinations, one accounting body’s training regime might be better suited than others.
Whichever path is chosen to become a qualified accountant, some elements will be present in all cases. Those are that in order to be successful a student will require dedication and commitment to study in order to pass the examinations and a high degree of professionalism towards the tasks they will be required to undertake.
The sometimes arduous journey involved in becoming an accountant is certainly worth it offers unrivalled opportunities for both personal and career growth.
