How to Become an Accountant: A Step-by-Step Guide

Gateway Finance

Have you ever considered a career as an accountant? Accounting is a stable and lucrative field in high demand across countless industries. With strong job prospects and excellent earning potential, becoming a professional accountant is a worthwhile investment in your future.

This comprehensive guide will walk you through the step-by-step process of qualifying as an accountant. We’ll cover:

Educational requirements
Choosing an accounting certification
Earning your credentials
Gaining work experience
Starting your accounting career

By the end, you’ll understand exactly what it takes to launch a successful career as an accountant!

Educational Requirements to Become an Accountant

The first step to becoming an accountant is gaining the proper educational qualifications. There are a few different routes, but all involve attaining a university degree or professional certification.

Undergraduate Degrees

Most candidates start by completing an undergraduate bachelor’s degree in a relevant field such as:

Accounting
Finance
Business
Economics

An accounting-focused degree will provide you with core knowledge on topics like financial reporting, management accounting, assurance, taxation, and more. This establishes a strong foundation before moving into professional certification.

Apprenticeships

Another option to gain accounting qualifications is through an apprenticeship program. Accounting apprenticeships allow you to work for an employer while also completing your professional certifications through part-time study. You get paid work experience and have your course fees covered by the employer. Large accounting firms like PwC, Deloitte, KPMG and EY all offer ACA or ACCA apprenticeship programs. Other companies also provide apprenticeships that lead to NVQ qualifications in accounting. This earn-while-you-learn route can be an attractive alternative to full-time university if you want to kickstart your accounting career.

Professional Certification

The next requirement is obtaining a formal accountancy qualification from one of the following accredited professional bodies:

AAT – From the Association of Accounting Technicians (AAT)
ACA – Administered by the Institute of Chartered Accountants in England and Wales (ICAEW)
ACCA – From the Association of Chartered Certified Accountants (ACCA)
CIMA – From the Chartered Institute of Management Accountants (CIMA)
CIPFA – From the Chartered Institute of Public Finance and Accountancy (CIPFA)

We’ll explore the differences between these certifications next.

This covers the essential educational basis for becoming an accountant. Next, we’ll look closer at the different credentialing options and how to choose between them.

AAT vs ACA vs ACCA vs CIMA - Choosing the Right Accounting Qualification

The step is deciding which professional certification to pursue. The four most common options are AAT, ACA, ACCA and CIMA.

Here’s an overview of each credentialing program and what you need to know to determine the best fit:

AAT Qualifications

Offered by the Association of Accounting Technicians (AAT)
Vocational qualifications focused on practical accounting skills
Serves as a stepping stone toward ACCA or ACA certifications
Alternative for those seeking hands-on accounting roles

ACA Qualification

Offered by the Institute of Chartered Accountants in England and Wales (ICAEW)
Known for specialisation in corporate reporting, assurance, finance, and tax
Covers topics like financial accounting, audit, business analysis, ethics
Includes 450 days of work experience along with exams
15 exams total divided into 3 levels (Certificate, Professional, and Advanced)
Takes 3-5 years to complete on average

ACCA Qualification

Offered by the Association of Chartered Certified Accountants (ACCA)
Globally recognised certification for accountants
Covers financial accounting, management accounting, audit, tax, finance
13 exams in total, no work experience requirement
Can be completed in 2-4 years depending on pace
Option to take Integrated Professional level exam for MSc degree

CIMA Qualification

Offered by the Chartered Institute of Management Accountants (CIMA)
Specialised for management accountants and corporate finance roles
Covers management accounting, strategic analysis, risk management, project management
3 levels – Operational, Management, and Strategic with 12 exams
30 months practical experience requirement
Takes 3-6 years to complete on average

As you can see, each certification has its own focus and advantages. Choosing between ACA, ACCA, CIMA and AAT will depend on your career aspirations and specialisation preferences.

For example, those interested in audit would benefit from ACA or ACCA. But those pursuing management accounting may favour CIMA. Review the topics covered in each to determine the best fit.

The time commitment and exam structure can also influence your decision. With self-paced studying, ACCA offers the most flexibility, while ACA provides structured training.

Thinking through these factors will help you select the ideal accounting qualification to match your goals.

Finding a Training Agreement or Relevant Work Experience

A key requirement for completing ACA or CIMA certification is gaining practical work experience. This usually takes the form of a training agreement or internship.

Here are some tips for securing relevant accounting experience:

Start searching early – Begin applying for roles 12-18 months before you want to start. Popular programs are competitive.
Tap your university careers centre – Many accounting firms recruit directly from top university finance programs.
Browse job boards – Check sites like indeed, CV-Library and Reed for training agreements and internships. Opportunities are posted year-round.
Look at larger firms – Big national and global accounting firms often have sizable training programs.
Consider public sector roles – Government and public healthcare provide training agreements too.
Highlight technical skills – Emphasize accounting knowledge, analytics, and software proficiency in your application.
Get involved on campus – Join accounting clubs and societies to build your network.
Attend careers fairs – Connect directly with firms looking for trainees.
Do an internship first – Completing an accounting internship can help secure a follow-on training agreement.

With proactive preparation and persistence, you can obtain the work experience needed to become a certified accountant.

Career Paths and Job Options for Qualified Accountants

Once you’ve obtained your ACA, ACCA, or CIMA certification, a wide range of accounting career paths become available. Here are some of the top industries and roles for qualified accountants:

Public accounting – Work at a firm helping audit clients and preparing financial statements and taxes. Progress from associate to senior accountant to partner over time.
Corporate accounting – Manage internal accounting operations, financial reporting, and budgeting for a company. Roles like chief accountant, controller, CFO.
Management accounting – Focus on forecasting, cost management, pricing decisions, and financial analysis to aid business strategy.
Government – Maintain records and report on usage of public funds. Audit government agencies and review regulatory compliance.
Non-profits – Manage donations, grants, budgets for charitable organisations. Ensure accurate record keeping and reporting.

Accounting technician – Gain AAT qualifications to work as an account technician, accounts assistant, or bookkeeper. Handle tasks like data entry, payroll, invoicing.

In the UK, accountants earned a median salary of £35,000 in 2022, with experienced certified accountants earning £55,000+ at the higher end. The field also has strong long-term growth – jobs for accountants are projected to rise 10% by 2028.

With your credentials, you can launch your accounting career in a specialty that matches your interests and talents. Ongoing learning and certifications like MBA can help you continue advancing.

Conclusion

Becoming an accountant requires dedication but provides immense opportunity for professional growth and job stability. Follow this guide to:

Earn a relevant bachelor’s degree
Obtain ACA, ACCA, CIMA, AAT certification
Complete required exams and work experience
Build expertise in a specialty like audit, corporate finance, or management accounting

Take it step by step, and before you know it, you’ll have the education, skills, and credentials needed to embark on a rewarding accounting career.