Accountant - Private Practice

Responsible for:
As an accountant working in private practice, it would be your job to provide accountancy services for fee-paying clients. You would handle clients' tax and accounts, carry out audits, and advise clients how to improve their business finances.

Your clients could range from small businesses that do not employ their own in-house management accountant, to large companies or wealthy individuals.

Average salary:
Starting salaries for trainee or part-qualified accountants may be between £17,000 and £23,000 a year. Qualified accountants can earn between £30,000 and £60,000 with senior accountants in large private practices could earning up to £100,000 or more.

Typical working hours:
In a full-time job your standard working hours would be 9am to 5pm, Monday to Friday, possibly with extra hours at busy times such as the end of the financial year.

Qualifications:
To become a qualified accountant who can conduct the full range of accountancy services including audits, you must qualify with one of the following professional bodies:

• Association of Chartered Certified Accountants (ACCA)
• Institute of Chartered Accountants in England and Wales (ICAEW)
• Institute of Chartered Accountants of Scotland (ICAS)
• Institute of Chartered Accountants in Ireland (ICAI)
•  Association of International Accountants (AIA).
   

Entry requirements vary for each of the professional bodies – see below for more details. If you already have relevant accounting or business-related qualifications, you may be able to qualify in a shorter time.

ACCA
There are various entry points onto the ACCA Qualification. The standard entry requirements are two A levels (or equivalent qualifications such as a BTEC National Diploma) plus three GCSEs (A-C) including maths and English.

However, if you are aged 21 or over, you do not need any academic qualifications to start, although you must pass the first two exams within two years (this is known as the Mature Student Entry Route).

If you have an accountancy or business degree that is recognised by the ACCA, you can start your training at the second stage of professional exams. Other relevant degrees may give you exemptions from some of the exams in the first stage.

If you have the ACCA Certified Accounting Technician (CAT) qualification, you can miss three of the nine exams in the first stage of the ACCA Qualification.

ICAEW, ICAS and ICAI
To qualify with these professional bodies, you must find a training contract with an authorised firm and take professional exams while you are working as a trainee accountant.

You will usually need a good degree (in any subject), although some firms offer training contracts to school or college leavers with good A level grades. You can find lists of training vacancies on the ICAEW, ICAS or ICAI websites.

AIA
You must be at least 18 and hold a qualification that would be accepted for university entrance. If you do not have this, but you are aged 21 or over and have at least three years’ accounting experience, you can still study with the AIA through their Mature Student Scheme.

See each accountancy body's website for full details of entry requirements and exemptions.

General requirements:

• Good mathematical and computer skills
• Analytical skills and a logical approach
• Good understanding of business
• High level of accuracy and attention to detail
• Strong communication skills
• Ability to explain technical financial information clearly
• Organisational and time-management skills
• Discretion with confidential information

Career prospects:
There are many opportunities to advance your career. You can progress to a team management position or cross from commercial accountancy to public and private sectors. There are opportunities to become a finance director or controllers, and to reach board level, including the position of chief executive positions. Alternatively you can work for yourself, with consultancy work and the chance to set up your own independent practice. Progressing up through the ranks is a lifetime's work. There are no shortcuts.