What is accounting & finance?
Accountants deal with the financial affairs of theinstitution. They check financial records, assess the financial implications of business decisions, and audit company accounts to make sure that they show an accurate picture of a institutions activities and finances.
Accountants help institutions manage their money. They examine financial records and statements and check them for accuracy. This allows them to provide a clear picture of the institutions financial activities.
All limited companies are required by law to be externally audited. An external audit is a check carried out by a qualified person who is not connected with the company. When doing an audit, the accountant has to examine accounting systems as well as check figures. Only accountants who hold a recognised audit qualification are permitted to work as registered external auditors. Some accountants specialise in taxation.
Accountants are concerned with the day-to-day finances of their organisation and in corporate finance their clients finances. They provide analyses of costs and report on the financial implications of management decisions.
Candidates without relevant qualifications can study with the Chartered Institute of Management Accountants (CIMA) or the Association of Chartered Certified Accountants (ACCA). However, your entry point and exemptions from certain parts of their qualifications depend on the qualifications or relevant skills and abilities you have already gained.
If I work in accounting & finance what will I be doing?
Investment Banking firms like accountants. As a result, they can be found in a number of roles within the banking and insurance sectors. Five major categories are outlined below.
CFO
The post of finance director — often also known as chief financial officer (CFO) — is one of the top jobs in a bank or insurance company. CFOs can be paid salaries of hundreds of thousands of pounds.
Treasury
One of the most important units that reports to the CFO is the Treasury, which is the part of the bank that manages its money (or the money that it needs). Treasury trades in the money markets, either to earn interest on the massive balances that banks have, or to borrow when they have lent more than is in the vaults that day. Many finance professionals work in the Treasury.
Regulation and compliance
Accountants are widely employed to help banks respond to changes in the regulations that govern the way they carry out their business and report their financials. People with an accounting background clearly have an advantage in this area with their understanding of audit processes and their eye for detail.
Corporate Finance Accountant
Many people working in this highly paid area start off as chartered accountants. Their ability to value a company and understand the impact of different funding options makes accounting training a very useful launch-pad into this area.
Tax Advisor
Tax advisers provide advice to the institutions clients and the institution itself on tax-related issues. They clarify tax law and complicated tax systems. They also prepare tax returns and calculate the correct levels to pay to HM Revenue and Customs (HMRC) after looking at the financial circumstances. They advise on legitimate ways of reducing tax bills and liaise and negotiate with the tax authorities.
Tax advisers also analyse detailed financial accounts and examine the general financial dealings of clients. They offer advice on the tax implications of financial planning, strategy or business transactions such as company reorganisations and mergers.
How do I get a graduate scheme / internship / entry level job or career in Accounting & Finance?
Obtaining a graduate scheme, internship or entry level role in Accounting can be very challenging and competitive – though very achievable by getting your application, CV, interview and general approach right. You can guarantee that ninety percent of applicants for Accounting roles will not know how to apply, so getting your application in the top ten percent makes things a lot more achievable.
Approaching the company in the right way will make all the difference. Combining the right approach with a strong interview (and in some cases assessment centre) writ a strong focused tailored CV will go a long way. Make sure you have gone through the free videos on this sight by entering your name and email address in the top right of this screen underneath the video. Once you have filled this in you will have instant access to everything you need to secure your career in Accountingl.
