Africa Career Guidance

Accountant: Industry and Commerce

The work

Unlike the terms 'architect' or 'solicitor' that can only be used by people with certain professional qualifications, anyone can call themselves an accountant. However, advice on investing money, or dealing with bankruptcy, the carrying out of official audits or financial examinations is legally regulated and can only be done by people with specific qualifications.

Qualified accountants can choose what sort of work they want to do. They could choose to work in:

an accountancy firm looking after the financial affairs of different clients.
the accountancy department of a public organisation, which exists to provide a
service, not to make a profit. This might be a hospital, university or government office.
industry or commerce, working as an accountant in a manufacturing or commercial company, or any other profit-making organisation.

They can change areas of work as their careers progress. Accountancy qualifications are recognised across the different sectors. After a qualified accountant has spent several years working with an organisation such as a multinational manufacturing company, there is nothing to prevent a move into the National Health Service or a charity.

Accountants working in industry or commerce can work as either financial accountants or management accountants.

Financial accountants working in industry are responsible for:

keeping detailed records of an organisation's financial state
checking the efficiency of the computerised financial systems, including bookkeeping and VAT records
drawing up annual financial statements and regular monthly or quarterly accounts
providing up-to-date financial information, which other members of staff need in order to make business decisions
overseeing credit control systems
making sure credit and debit are at reasonable levels
advising on levels of stock to be held
comparing actual performance with budgeted projections
carrying out internal audits, so an organisation can review the efficiency of its own systems.

Management accountants carry out many or all of the tasks mentioned above.

In addition they are actively involved in:

management and strategic planning
advising managers on all aspects of financial policy
forecasting the costs, effects and benefits of buying new businesses or equipment or increasing staffing numbers
reviewing existing systems
suggesting ways of improving efficiency and raising profits.

Hours and Environment

Accountants in industry and commerce usually work from 9am to 5pm five days a week, but need to be prepared to put in some extra hours during busy times. Part-time work is likely to be available in many areas.
Much of the work is done at a desk, using computer software systems and a calculator.

Accountants in industry and commerce also spend time attending meetings within their own organisations, in other places across the country and possibly overseas.

Skills and Interests

Accountants in industry and commerce should:

have good numeracy skills
have a lively interest in the world of business and commerce
have enquiring minds, capable of thinking round problems and coming up with new solutions
get on well with people and be able to form good business relationships with colleagues
be discreet and tactful
be able to make their own decisions while listening to other people's points of view
have good communication skills, both spoken and written, so they can write clear reports and explain complicated matters to people who do not have a financial background
be committed and prepared to work hard because accountancy training is demanding.

Entry

Chartered Institute of Management Accountants (CIMA) - the minimum entry qualification for training is three Olevels (A-C)/S grades (1-3) including English and maths and two A levels grades or equivalent Olevel S grades. There are exemptions at Foundation and Intermediate levels for students with certain qualifications, including a recognised degree in business studies, business administration and accountancy.

People over 25, working in an accountancy environment, with a sound knowledge of English language and maths, can register as mature students for CIMA training. A full list of required entry qualifications and exemptions is available from CIMA.
The Institute of Financial Accountants (IFA) - entry requirements are four Olevel/S grades (A-C/1-3) including English language and a subject such as maths plus one A level grade in an academic subject or equivalent, Olevel’s grades,
Past experience can be put forward as evidence of competence, via Accreditation of Prior Learning (APL) for associate membership of IFA. Full details of entry requirements and exemptions are available from the IFA.

Training

After passing or gaining exemption from the CIMA Certificate in Business Accounting, you must pass the CIMA Professional Qualification, which involves:

six exams at Managerial level, leading to the CIMA Advanced Diploma in Management Accounting
three exams at Strategic level
a final Test of Professional Competence in Management Accounting, based on a detailed business case-study.

You can study flexibly, either full- or part-time, or through distance learning. You could also buy textbooks and prepare independently for exams through untutored home study if you preferred. It usually takes between three and four months to complete each paper of the Professional Qualification. See CIMA website for details of college providers and exam centres.

As well as passing the Professional Qualification exams, you must also gain at least three years’ supervised practical experience. During this time you must complete a training record and be assessed by your employer. After successfully completing all examinations and work experience, you will become an associate member of CIMA and qualify as a chartered management accountant (ACMA).

Alternatively, you could choose to study with the Association of Certified Chartered Accountants (ACCA) but tailor your qualification towards financial management rather than audit and taxation by selecting the business management module options in Part 3 of your training. See ACCA website for further details of syllabus and entry requirements.

The Institute of Financial Accountants (IFA) also offers training for those wanting to work in financial management. IFA is a non-chartered organisation with training at three levels: Technician, Associate and Fellow. See IFA website for further details.

After qualifying, you could choose to take a Masters of Business Administration (MBA) degree, which may help you to further your career in financial and strategic management.

Some employers refer to CCAB qualifications as entry requirements. The CCAB is the Consultative Committee of Accountancy Bodies and is an advisory organisation made up of six of the main professional accountancy bodies: ACCA, ICAEW, ICAS, ICAI (all dealing mainly with private practice), CIMA and the Chartered Institute of Public Finance Accountants (CIPFA). There is no CCAB qualification as such and employers in this case accept an accountancy qualification from any of these six professional bodies. For more information on CCAB see contacts below.

Opportunities

Openings for accountants in industry and commerce tend to be with large organisations, in the bigger towns and cities. There are freelance, self-employment opportunities for qualified accountants.

Job opportunities for accountants are advertised weekly in national newspapers and appear on specialist web sites, in regional and local newspapers and in professional publications.

Annual Income

Further information

Association of International Accountants (AIA)
http://www.aia.org.uk

Association of Chartered Certified Accountants (ACCA)
http://www.acca.com