Accountant - Private Practice

Accountants in private practice provide financial advice and a range of other financial services to both business and private clients.

The Work

You could be:

• keeping full accounts for clients, based on the details which they provide, and making sure they are accurate


• preparing quarterly and annual reports, budget forecasts, or managing cash flow, credit control or payroll for clients' businesses


• providing management consultancy to clients, advising them on how to improve their company's performance and increase profits


• improving financial systems for companies and helping put them into practice


• working with companies in financial difficulties, helping them to recover, to reorganise or to sell the business
• working on company mergers or buyouts, or helping companies in money raising activities


• giving tax advice to clients, and dealing with the government tax office on their behalf


• carrying out audits (independent examinations of a client’s accounts) and checking that they are correct


• specialising in one or more of the above activities.

Conditions

• As an accountant in private practice you can work with small partnerships serving a local area or large national or international firms.


• You would be office-based, but you would often visit clients at their offices.
• In larger firms, you may have to work away from home, possibly including overseas trips.


• You would work normal office hours, but you may sometimes have to work evenings or weekends to meet deadlines.


• You would do much of your work at a computer, using financial software packages and spreadsheet applications.

Getting In

• The qualifications for entry depend on the training route you choose.


• Most entrants have a degree. Any subject is acceptable, but accountancy, business studies, economics, finance, law and mathematics may give you exemption from parts of the professional examinations.


• For entry to a degree course you need 3-5 Highers, depending on the subject you want to study.


• An alternative is to start as a trainee accountancy technician. There are no set entry requirements but most employers prefer at least 4 Standard grades including English and Maths. Once qualified as an accountancy technician you can go on to full accountancy training.
• If you enter accountancy technician training with a Higher National Certificate (HNC) or Higher National Diploma (HND) you will probably get exemptions from certain exams.
• For entry to an HNC or HND course you need 1-2 Highers plus some Standard grades.


• You may be able to enter accountancy training with an employer if you have at least 3 Highers and 2 Standard grades, including English and Maths.

What Does It Take?

You need to have:

• ability with figures


• good IT skills


• a logical and analytical approach


• good organisational skills


• good problem-solving skills
• a good grasp of how businesses work.

• pay close attention to detail


• understand and handle complex information


• communicate clearly both in speech and writing


• work well under pressure and meet deadlines


• be discreet when handling confidential information.

Training

• You would work as a trainee, usually for about 3 years, while studying for the examinations of one of the professional accountancy bodies listed below. The regulations of these bodies vary. Details of entry requirements, examinations, exemptions and areas of specialisation are on the websites.


• You can study for the examinations by day or block release or evening classes, by distance or open learning or by a combination of these. You will have to study in your own time.


• The length of training varies depending on your initial entry qualifications.


• If you want to work as registered company auditor, you must by law hold an audit qualification from a Recognised Qualifying Body (RQB). These bodies are: the Institute of Chartered Accountants of Scotland (ICAS), the Institute of Chartered Accountants in England and Wales (ICAEW), the Institute of Chartered Accountants in Ireland (ICAI), the Association of Chartered Certified Accountants (ACCA), the Association of International Accountants (AIA) and the Chartered Institute of Public Finance and Accountancy (CIPFA).

Getting On

• You can move from one company to another to widen your experience and gain promotion.


• You could become a specialist in a particular area of work, such as auditing, corporate finance or taxation.


• With appropriate experience, you may become a senior accountant or partner in an accountancy firm.
• You could set up your own accountancy practice.
• In large companies there may be opportunities to work abroad.

Pay

The figures below are only a guide. Actual pay rates may vary, depending on:

• where you work


• the size of the company or organisation you work for


• the demand for the job.

More Information

Some people enter accountancy as a second career. Individual accountancy professional bodies may have special training schemes for these applicants. You should check this with the association or institute concerned.

Addresses

The following organisation(s) may be able to provide further information.