Accountant - Industry and Commerce

Accountants in industry and commerce, sometimes known as cost or management accountants, carry out a wide range of financial duties within the company they work for. They help manage the company’s finances and make sure profits are maintained or increased.

The Work

You could be:

• setting up, maintaining and keeping records of the company’s financial procedures and systems


• gathering information from departments and producing financial reports to help with business planning


• comparing the company's financial performance against the budget forecast


• inspecting the company's credit control, cash flow, book keeping and VAT systems, making sure all systems are running efficiently


• producing annual and quarterly financial statements and other reports for managers, shareholders, tax inspectors and bank managers


• examining accounts of internal systems (auditing) or providing information for external auditors


• working closely with managers, giving advice on improving business performance


• specialising in one area of the company’s business to help increase profits


• managing an accounts team, or playing a part in the overall management of the company.

Conditions

• Accountants in industry and commerce work for a wide range of employers, including those in manufacturing, retail and distribution, transport, banking and insurance.


• You would be based in the company’s head office, but might also have to visit other parts of the organisation. This might involve travel and spending time away from home.


• You would work normal office hours, but may have to work in the evening or at weekends, particularly at busy times, such as the end of the financial year.


• You would mostly 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.
• Entry requirements for HNC/HND courses are 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


• good written and verbal communication skills


• a logical and analytical approach


• good problem-solving skills
• a keen interest in finance.

• pay close attention to detail


• understand and handle complex information


• work well with all levels of staff and management


• work well under pressure and meet deadlines


• be discreet when handling confidential information.

Training

• You would work as a trainee (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

• Promotion prospects depend on the individual company. A qualification in accountancy can lead to senior positions.


• You might become a financial director or controller, or perhaps a managing director of their company.
• You might prefer to specialise in a particular area of accountancy, such as audit or taxation, or in a particular type of industry.


• With experience you could become a self-employed consultant.
• There can be good opportunities to work overseas with large international companies.

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 this 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.