Avenues into finance

A career in finance can open up a wealth of opportunities for progression and job satisfaction. In the conversations that we have with employers, our consultants have also gained insights into the broad spectrum of available roles within the industry. Once you become qualified in a certain area, you will then be able to apply your skill in almost any industry.

If you are considering a career in finance, whether that be after A levels or as a career switch, taking those first steps can be daunting. However, rest assured there are numerous avenues into the sector that don’t necessarily involve a degree, including working alongside study or vocational courses.

The qualifications you will need will depend on what area of finance you would like to go into. Here’s a snapshot of the routes available to you.

Accountancy

Accountancy is one of the most popular and far-reaching areas of finance and would suit anyone who's well organised, logical and good with numbers.

You can become a chartered accountant by taking a degree, followed by professional qualifications. Or you can work towards a degree apprenticeship as an accountancy or taxation professional. It's also possible to progress to chartered status by starting out in a more junior role, for example as an accounting assistant, while working towards professional qualifications. All routes end in professional qualifications, but the path to get there can vary – consider the time, costs and your preferred style of learning.

The professional exams you take will depend on where you would like to work and if you want to specialise. For example, if you want to work in public practice, look out for ACA qualifications from the Institute of Chartered Accountants in England and Wales (ICAEW). This route could lead you to working for an accounting firm helping clients to manage their money. You could specialise in auditing, corporate finance or tax, for example.

If are looking to ensure good financial and accounting practices within the public sector as a public finance accountant, the Chartered Institute of Public Finance and Accountancy’s (CIPFA) professional exams might be of value. This route might interest you if you’d prefer to work in the charity or non-profit sector.

The Chartered Institute of Management Accountants (CIMA) qualification will help you to become a Management Accountant whose role is to look after the finances of the company, improve profitably but also to hold a position with significant responsibility and authority.

Association of Chartered Certified Accountants (ACCA) qualifications are broader, offering options to specialise later on. As a result, chartered certified accountants can access a range of accountancy opportunities in any sector, including public sectors.

Tax qualifications

If you’re interested in the tax side of finance, such as becoming a Tax Advisor for a charity, you can take a university course or a specialist course run by a professional body, apply for an apprenticeship, work towards the role by beginning in a junior position, or apply directly if you have some of the relevant skills and knowledge required. For example, you could transfer from another profession like accountancy or law.

The Chartered Tax Adviser (CTA) qualification from the Chartered Institute of Taxation (CIOT) is the highest attainment for those involved with tax. As well as passing the modular exams within two to three years, you'll also need three years' professional experience in a relevant role.

Bookkeeping courses

Bookkeeping is the practice of recording and tracking the financial transactions of a business and summarising activity into reports that show how the business is doing. The Institute of Certified Bookkeepers (ICB) allows you to study a bookkeeping course either at home or through an accredited training provider.

Financial Services

Financial services are the economic services provided by the finance industry and encompass a broad range of jobs involving more specific activities such as investing, insurance, compliance and risk and financial planning. The Chartered Institute for Securities and Investment (CISI) provides avenues for these roles at foundation, qualifying, advanced and professional levels.

No matter where you are in your career, there are always opportunities to join the finance sector. And if you have begun your career in a different field, its more than likely that you have picked up highly transferable skills that you can draw upon in your new role. It’s important to remember that not all finance jobs require you to be a maths whizz, for example many positions have morphed into business advisory roles which will be much more reliant on your communication and problem-solving skills.

The charity, public and not-for-profit sectors need enthusiastic, hardworking problem solvers in their ranks, now more than ever. What’s more if you do join one of these sectors as a finance professional, you’ll have the unique opportunity to play a significant part in the success of their mission without compromising on your own progression.

If you’re looking to take on a new role, we know the industry inside-out and can help you to find a role that fits your skillset – get in touch with our team today: https://www.robertsonbell.co.uk/