Thinking of becoming an accountant? Accountants are responsible for keeping the financial records of a business. They work primarily in an office, but may also travel to meet with clients or vendors. Accountants use various software programs to keep track of numbers and perform calculations related to taxes, payroll, and other aspects of running a company.
In this article, we discuss how much accountants earn in the UK based on factors such as years of experience, location type (urban vs rural), industry type (manufacturing vs service), hours worked per week, and more!
What Qualifications Do You Need To Become An Accountant?
The basic qualification needed to become an accountant is typically a bachelor’s degree. A master’s degree, chartered status (also known as becoming a CPA), and experience are also valuable qualifications when it comes to salary negotiation. Remember – your salary may be based on a range, rather than an exact number.
Different career paths are available for accountants to take after they have gained the experience and qualifications needed to land them in senior-level positions within their companies. Continue reading below to learn about some of the roles that accountants can hold as well as what those jobs typically entail!
Why are accountants so important?
Accountants are essential for every successful business, from start-ups to multinational corporations. Whatever route you take, you’ll be tasked with using the latest technology and using a range of skills as well as making important decisions regarding your company’s finances and future. In fact, the position of the finance professional in modern companies has never been more vital.
What career paths can an accountant take?
Many accounting careers involve financial planning and management, which can lead to a variety of exciting career paths. Some examples include:
- Management accountant – A management accountant is responsible for the development of efficient business activities within an organization through cost control or revenue enhancement. This will typically require working closely with senior executives within different departments such as finance, sales, marketing and production.
- Internal auditor – An internal auditor ensures that an organization’s activities are in compliance with its policies and procedures or government regulations through audits of systems, processes, records and accounts. This role is typically more involved than a management accountant as it requires knowledge of such things as risk assessment to ensure that the business operates safely.
- Forensic accountant – A forensic accountant is an expert in the application of accounting and auditing skills to investigate and give professional opinion on financial information. This might involve assessing whether a business has been trading while insolvent, or establishing that charges for certain transactions are valid. It can also include tracing assets where money has gone missing due to fraud, or determining the value of assets.
- Accountant – An accountant is someone who keeps and processes financial records, which could include anything from managing payroll to compiling tax returns for individuals or businesses. As an accountant you can work in a variety of industry sectors such as retail, manufacturing, construction and legal services.
Can accountants be self-employed or start their own firm?
Yes, accountants can be self-employed or start their own firm. Accountants who are self-employed may find that they have many responsibilities when it comes to filing taxes, paying contractors and subcontractors and more. It is recommended for accountants who are thinking about starting out on their own to take a look at this resource, which gives an excellent overview of the requirements.
Are accountants well paid?
Accountants earn a good salary and enjoy high levels of job satisfaction. This is according to recent research by the Association of Accounting Technicians (AAT). Find out more here.
How much do accountants earn on average in the UK?
According to glasdoor.co.uk, the average salary for a UK based accountant is £37,875. This figure was correct at September 2021 and is based on the submissions of over 4,600 people. This figure is of course only a guide and there can be large variations based on experience, location, qualifications, seniority and more.
Can being an accountant be a stressful job?
There is a growing body of evidence that suggests the answer to this question may be yes. A study carried out by American and British academics has revealed that accountants are more likely to suffer from stress, depression and sleeplessness than workers in other professions. The research involved interviewing thousands of employees across 15 different industries about their work-life balance, pay rates and mental and physical health.
This information was then applied to the census of other countries, which found that accountancy ranked as one of the most stressful professions in nine out of 15 developed nations including Canada, France and Australia except for Japan where it came third from last on a list highlighting those who enjoyed their jobs least. While this research has not yet been replicated in the UK or Ireland, it does raise questions about how accountants are viewed by their employers and what can be done to make this line of work more satisfying.