Accounting

About Accounting

Accounting is a fundamental part of any business/organisation. As an accountant you will always have a job available as the number of companies is growing year by year and they will always need an accountant. Accounting is the act of classifying, recording and reporting business transactions. It gives information to management regarding the financial outcomes and status of a company. Accountants are responsible for keeping track of the financial dealings and monitoring the tax obligations of the business/organisation. The accountant of a business/organisation is also responsible keeping track of all spending and that the business/organisation does not go over its budget.

You could receive up to £8000 from the government towards any apprenticeship fees by applying to accounting and other apprenticeship grants.

Type of apprenticeships

There are a multiple accounting organisations which you can apply through, the four main ones are The Association of Accounting Technicians (AAT), Association of Chartered Certified Accountants (ACCA), Institute of Charted Accountants in England and Wales (ICAEW) and Charted Institute of Management Accountants (CIMA).

These all provide level 3 (assistant accountant), 4 (professional accounting technician) and 7 (professional accountant) apprenticeships. After level 7 apprenticeships you will be a newly-qualified charted accountant.

Entry Requirements

At least 16 years of age and living in the country you are applying to. Higher apprenticeships will require you to complete the lower apprenticeships or have something of equivalent level.

GCSEs that suit this Apprenticeship

Regardless of what GCSEs you do you can always go down various career paths, but certain GCSEs will give you an advantage and some will be required. Below is a list of GCSEs which will help you with accounting apprenticeship:

• English Language and Literature *(required)
• Mathematics *(required)

A-levels that suit this Apprenticeship

Higher level apprenticeships may need A-level qualifications to enter, however, regardless of what A-levels you do you can always go down various career paths, but certain A-levels will give you an advantage and some will be required. Below is a list of A-levels which will help you with banking apprenticeship:

• Mathematics *(required)
• Economics
• Business

Duration of Degree

The duration of the apprenticeship course will vary depending on the level you are in, below is a list of various levels and their normal duration:

• Level 3: 8 - 12 months
• Level 4: 10 - 18 months
• Level 7: 3 - 4 years

Who This Apprenticeship Suits?

Every apprenticeship will be enjoyable and suit different personalities, below is a list of characteristics and personalities which will enjoy an accounting apprenticeship:

• Enjoy mathematics
• Enjoy business
• Enjoy working on excel spreadsheets

Module /Topics

Accounting has many topics that need to be covered, below is a list of the topics that will be in the curriculums of each level.

Level 3

• Spreadsheets for accounting
• Indirect Tax
• Ethics for accountants
• Advanced bookkeeping

Level 4

• Technical knowledge (accounting and tax)
• Business awareness
• Ethical standards
• Regulations and compliance
• Systems and processes

Level 7

• Audit and assurance
• Business planning and financial management
• Developing strategy and data analysis
• Business reporting
• Governance and risk management
• Tax and law
• Strategic public financial management
• Implementing business change
• Public sector financial reporting

Industry Sectors

Accounting allows you too apply to different industries, below is a list of them:

• Finance (Investment Banking, Retail Banking, HMRC)
• Any corporate company (as all need accountant team)
• Third party accounting firm
• Government (public sector)
• Insurance companies
• Fast Moving Consumer Goods (FMCG)
• Sales

Types of Jobs

Accounting apprenticeship allows you to apply to a wide variety of roles, below is a list of them:

• Accountant
• Auditing
• Tax advisor
• Actuary
• Economist
• Insurance broker
• Mortgage broker
• Stockbroker
• Consultant
• HMRC tax specialist
• Teacher

Work hours and Salary

As a accounting graduate you will usually work 9-5 job, which is roughly 40 hours a week and you will work roughly 30-35 hours a week as a accountant apprenticeship. Companies are more flexible now and would let you work from home for part of the week, which can help make work life balance more easy. The salary you will get will vary on your experience and which sector you go into, below is the average expected salaries:

• Level 3: £8000 - £12,000 during the apprenticeship and £15,000 - £25,000 after graduating;
• Level 4: £10,000 - £12,000 during the apprenticeship and £20,000 - £35,000 after graduating. This will rise to £30,000 - £42,000 with experience;
• Level 7: £15,000 - £20,000 during the apprenticeship and £30,000 - £40,000 after graduating. This will rise to between £40,000 - £70,000 with experience.