How to get into accounting as a graduate

So, you’re thinking about becoming an accountant. The position seems to check all the boxes. Prestige. Decent salary. A career that can challenge you as a person. But while getting into accounting in the first place might seem frightening, anyone with the right mindset can do it. Here’s how. 

What will you do as an accountant?

As an accountant, your job is to manage finances for corporations or solo entrepreneurs. This includes creating tax reports, offering advice on how to reduce expenses, and proof-reading existing documents. But this is a very generic overview and the exact skills will depend on your specialisation, which is why choosing the correct one is very important. 

What specialisations are available to prospective accountants? How do you choose one over the other?

After graduating, many employers will expect you to choose a specialisation before they admit you to their accounting graduate programmes and internships. 

Most divisions don’t have strict entrance criteria, so your decision will come down to your preferences. Here are some potential fields you can choose from.

Corporate finance

Profitability is the primary goal of any corporation, which is why accountants specialising in corporate finance are always in demand. Their main responsibility is to help companies increase their profits, by identifying financial assets and liabilities. The roles in this field include lead advisors and reporting accountants. 

Apart from accountancy skills, corporate finance accountants are expected to present their findings to the relevant departments, so good communication skills are encouraged.

Forensic accounting

Forensic accounting is an interesting field that deals with business-related crime such as embezzlement and fraud. Forensic accountants mostly work with businesses for whom they track possible discrepancies in reports and reevaluate a company’s assets. But they can also work with individuals, such as helping divorcing couples settle disputes. 

Graduates interested in this role should be willing to play the detective, as they’ll often have to track down one specific mistake for their clients. Presentation and speaking skills are also useful, since forensic accountants may be called as witnesses during trials. 

Assurance

Accounts specialising in assurance oversee a company’s financial reports. They ensure that the documentation is filed properly and assess a business’s overall performance. This type of review is called an audit, and the UK law demands businesses to perform one annually. 

A subtype of assurance is internal audit, which is not mandatory, but many companies choose to undergo it regardless to better understand their profitability. 

Since the proofread documents are sent straight to the government, future accountants considering working in assurance should be detail-oriented and good at analysing complex data. 

Risk assessment

Accountants specialising in risk assessment help companies create risk management plans. This involves identifying potential risks, which can be financial and legal. The accountants then assess how likely a financial loss is to occur and what can be done to prevent it. They’re also expected to provide a worst-case scenario plan designed to help the company mitigate potential losses. 

Students contemplating specialising in risk assessment should possess strong analytical thinking and attention to details. They should also be able to present complex solutions in easy-to-understand terms to potential clients. 

Tax

Tax accountants handle taxation and tax returns for individual entrepreneurs, corporations, and non-profits. Their aim is to not only ensure that the client’s income is taxed properly, but to also help them legally reduce their taxes as much as possible. 

This is easily one of the most lucrative specialisations, especially for tax accountants in the corporate sector. 

Those considering this path should be great at communicating with clients in addition to basic accountancy skills. Unlike the other specialisations, tax accounts often deal with clients personally, so good communication skills are required. 

What skills are attractive to employers and how can you display those?

Although a degree is very helpful for overcoming the entry barrier, the field can be very competitive. That’s why it’s a good idea to start acquiring new skills right alongside your studies to stand out to prospective employers. Here’s 5 skills that will boost your chances of getting hired:

Be a good teacher

Contrary to popular belief, accountancy is not a solitary job. You’ll be expected to talk to clients and present your findings to them. This can be trickier than it sounds. Many won’t have the same financial background as you do. If you try to present your findings to them in complex financial terms, your clients will likely not understand you. This means knowing these topics yourself just isn’t enough – you must also be able to present them in a concise, clear way that even a layperson can understand. 

You can practice creating mock reports even now, to demonstrate how you would present complex analyses to someone without a financial background. You could even present it to a family member to see how well you did. 

Pay attention to details

Accounting is a profession with many responsibilities. The reports you write will often go to the government and any mistakes and discrepancies there could result in fees for your client, hurting your reputation. 

This is a tricky one to show to your clients. It essentially comes down to not showing them any mistakes, starting with proofreading your resume. The same goes for your portfolio projects, if you have any. 

Have solid numerical skills

The good news is you won’t need much of the more advanced mathematics you learnt at school. That said, you will need a decent foundation in computation, as you’ll be dealing with numerical values daily.  Many fields might also require an understanding of functions and graphs. 

Know your software

Nowadays, everything is heavily digitalised, and accountancy is no exception. What software you’ve learnt will vary from course to course and university to university. In general, most employers demand a high-level command of Excel as the bare minimum. If you feel like your skills are lacking, consider teaching yourself online. If you have the time, consider learning the whole Office pack. PowerPoint can be particularly useful, as you might be asked to deliver presentations.  

Some other programs that could give you an edge are QuickBooks, Tableau, SQL, and the data analysis aspect of Python. 

If you’re ambitious, you could create a GitHub profile with some mock data analyses to show your potential employers

Manage your time well

Accountants often face high pressure and tight deadlines. This is especially true for tax accountants during the tax season. Understanding the fluctuations of demand can help you manage your time accordingly. And in the long run, you’ll be able to get more work done. Proper planning can also help you avoid burnout.

You could display this to potential employers by telling them about your time at university, how you juggled your studies with a part-time job and other responsibilities.

What accounting qualifications are there that you can start working toward while at university? How helpful will they be in securing a graduate job?

In the UK, you have several options for becoming a charterer accountant. These include ACA (Associated Chartered Accountant), ACCA (Association of Chartered Certified Accountants), and CIMA (Chartered Institute of Management Accountants).

You’ll go through these qualifications after graduation, but certain degrees exempt you from having to take additional tests, so make sure you choose the right one. 

When to choose ACA

Employers generally consider ACA to be a very prestigious qualification, and it can be invaluable if you want to specialise in audit or tax. 

When to choose ACCA

The ACCA qualification has a much broader applications, meaning you’ll always be able to shift your specialisation if you go with it. Just keep in mind that most graduates go this route, so the competition will be tougher.

When to choose CIMA

Unlike the previous qualifications, CIMA is geared toward business performance and will be a good match for you if you wish to work in the management accounting field. 

What can you start doing while at university to maximise your chances? 

As stated before, most aspiring accountants enter the job market with the only a fresh degree to their name. That’s why it’s a good idea to differentiate yourself from the other candidates by adding more experience to your resume. 

One way you can achieve this is by landing an internship, especially during summer when you don’t have to focus as much on studies. Universities tend to offer such opportunities, so make sure you’re always on a lookout for them. 

Alternatively, you can find a part-time job. This doesn’t necessarily have to be related in accountancy, although staying in the economics and finance sector is helpful. But even if your part-time job is completely unrelated to accounting, it’s still one more thing you can put on your resume. 

Networking can also be helpful, as good connections can help you breach the entry barrier, allowing you to build your dream career much faster. Check whether there are any clubs at your university that you could join. 

What academic achievements should you be aiming for?

Although excellent grades are technically not required for a job as an accountant, having a high average can go a long way to jump-start your career. 

For one, it helps you stand out from the competition. This is important, as the job market is becoming increasingly more saturated. Having excellent results could be the tiebreaker between you and another applicant. But that’s not all. 

Earning scholarships, winning competitions, and obtaining certifications, even ones not directly related to accounting, can all help make you a more promising applicant compared to your competitors.  

Where should you look for a job in accountancy?

You’ve probably heard of the Big Four, which includes the following companies: PwC, Deloitte, KPMG, and EY. Check their websites’ career pages and look for entry-level positions. 

Some other good options include Grant Thornton, BDO, and RSM. 

But if you want to work in the public sector, you could look for positions in HM Treasury, National Audit Office, and local government. Most schools, charities, and health institutions also require accountants. 

How much can you earn as an accountant?

The earnings vary depending on experience, the field, and the location.

As a fresh graduate, the starting salaries can be as little as £22,000 per year but average £25,000. After becoming chartered, the annual salary can reach over £30,000. Tax accountants and those in the business sector can potentially earn more, usually well over £50,000 a year. We also have a dedicated article about salaries and benefits in accounting