How to Become an Accountant in the UK

If you wish to become an accountant in the UK, there are various qualifications you need to achieve. These will depend on whether you decide to be a chartered or certified accountant and if you want to specialise in a certain area of accountancy. The majority of accountancy careers will require basic qualifications, such as A-Levels, a relevant university degree and specific apprenticeships. Beyond that, you may also need to undertake accountancy-specific qualifications such as the ACCA, ICAEW, CIMA and AAT. In this article, we’ll unpack all these acronyms and explore the different options available to become an accountant in the UK.

What Does an Accountant Do?

Accountants are responsible for managing financial records, auditing accounts, preparing tax returns and offering financial advice. They can work across various sectors, including private firms, government agencies, and non-profit organisations. A career in accounting offers a stable career path and a competitive salary.

What is the Difference Between a Chartered or Certified Accountant?

In the UK, there are two main types of accountants: chartered and certified. Depending on which one you choose, you will need to achieve different qualifications.

• Chartered Accountant (CA): To be a chartered accountant, you must complete advanced studies and demonstrate extensive relevant experience. These accountants can usually be members of one of the UK’s chartered accounting bodies such as the Institute of Chartered Accountants in England and Wales (ICAEW), the Institute of Chartered Accountants of Scotland (ICAS), or the Chartered Accountants Ireland (CAI).
• Certified Accountant: If you are a certified accountant, you will usually belong to the Association of Chartered Certified Accountants (ACCA). This is a globally recognised qualification which offers a flexible route to becoming an accountant, allowing you to work in various industries.

What Qualifications Do I Need To Become an Accountant in the UK?

To become an accountant in the UK, you will first need to achieve specific academic qualifications including:

• A Levels or Equivalent: If you want to be an accountant, it is wise to complete your A Levels in relevant subjects such as Mathematics, Economics, or Business Studies. However, this is not a mandatory first step.
• Degree: You can become an accountant without a university degree; however, having a degree in a related field, such as Accounting, Finance, or Economics, can be helpful. Some university degrees in the UK are accredited by professional bodies like ICAEW or ACCA which can streamline your journey to becoming an accountant.
• Apprenticeships: One route to becoming an accountant is through accounting apprenticeships, combining practical accountancy experience with studying towards professional qualifications.

You will then need to obtain professional accountancy-related qualifications in order to become a recognised accountant in the UK. These include:

• ACCA (Association of Chartered Certified Accountants): The ACCA qualification is one of the most popular routes to becoming a certified accountant. It offers a flexible pathway in which you are required to pass 13 exams, complete relevant work experience, and meet the ethics module requirements.
• ICAEW (Institute of Chartered Accountants in England and Wales): If you want to become a Chartered Accountant, you will need to complete the ICAEW’s ACA qualification. This includes 15 exams, practical work experience, and ethics and professional development training.
• CIMA (Chartered Institute of Management Accountants): The CIMA qualification is ideal if you are interested in management accounting. To qualify, you need to pass a seris of exams focused on business management, accounting, and strategy.
• AAT (Association of Accounting Technicians): For those who want to fast-track their journey to becoming an accountant, the AAT acts as a good stepping stone to higher qualifications like ACCA or CIMA. This qualification is made up of four qualifications across three levels, combining industry knowledge and practical skills.
• AIA (The Association of International Accountants): Completing the AIA professional qualification, their highest award, allows you to achieve qualified accountant status and become a member of this global organisation.

What Work Experience Do I Need to Become an Accountant in the UK?

In addition to completing necessary exams, work experience is a crucial aspect of the accounting profession. Most professional qualifications, including the ACA and ACCA, require a prerequisite amount of work experience (usually 3 years) before you are able to qualify. This experience can be gained through internships, placements, or entry-level accounting positions.

Securing work as a trainee accountant is a good way to earn a salary and gain real-world practical experience while studying towards a recognised accounting qualification. Many finance graduate schemes are specifically designed to work towards an accounting qualification such as the ACA or CGMA.

Taking part in an accounting apprenticeship is also a good option. Bodies such as the AAT offer accounting apprenticeships which act as an alternative to university. This can be a faster route to achieving chartered status with the main professional accounting bodies.

Last Updated on August 13, 2024 by Daniel Tannenbaum ACCA