"The reward for work well done is the opportunity to do more." -Jonas Salk
Loving what you do as a career is so important since it means that you never have to "work" a day in your life. And, thankfully there are so many distinct careers to fit the personality types of all persons.
Therefore, without further delay, in today's article, we shall hone in on the different career options that are available for those who possess an accounting and finance degree.
How to Get Your Accounting and Finance Degree
Have data, statistics, figures, and mathematical problems interested you for a long time? Do you want to know more about economics and finance? If accounting and finance courses thrill you rather than bore you, we greatly suggest that you consider a career as an accountant or financial advisor.
But how does one acquire an accounting or finance degree? Well, it's important to state that there are two paths: online courses or a university degree/accreditation.
First of all, for those who want to take the alternative route, there are a wide variety of accounting and finance courses online from UK based vocational training communities that help equip aspiring accountants with the necessary skills in a self-guided manner. For instance, ICS Learn is just one website that offers a lot of distinct accounting courses for all types of students.
Secondly, on the other end of the spectrum is the more traditional route of attending an accounting or finance BSc (Hons) degree at a qualified UK-based university such as the London School of Economics, Queen's University Belfast, or the University of Leeds, to name a few.
While both are worthy of study, they are aimed to please different types of learners. Online classes in accounting that are self-paced are perfect for those who are already working and who wish to acquire more skills to improve their professional portfolio. However, on the other hand, a Uni accounting or finance programme is designed for recently graduated secondary school students who have previously decided to make a career as an accountant or financial advisor.
Whichever way a person decides to get their accounting degree, the following subheading features brilliant tips that remain timeless for students.
Advice to Heed When Learning Accounting and Finance
Are you wary to accept the advice you hear on the internet about accounting and finance? Do you only trust the tips and tricks provided by the most experienced individuals? If so, you are definitely not alone.
While the internet is a useful place that provides us with valuable information in a matter of seconds, a lot of the data, statistics, and facts are false or not trustworthy. However, have no fear, Superprof is here to save the day!
All of the valuable pointers found on the Superprof blog are extremely well-researched and effective. Therefore, without delaying the matter any further, the following are the best tips to keep in mind when learning more about accounting and finance:
- Focus on Key Points: when studying accounting and finance it is much too easy to be swept up by the numbers and forget about the important aspects. Take notice of the main points and spend time studying them. Make sure that you are familiar with why and how the core concepts will guide you towards success.
- Pay Attention in Class: it doesn't matter if you're taking an accountants course online or at a university, you must pay attention to what the teacher is saying during lectures to ensure your success. Avoid distractions such as your phone and other students.
- Create a Study Group: are you an extroverted accounting and finance major who wants the help of classmates to crunch numbers? If so, create a finance-based study group! A few sessions a week with other accounting enthusiasts is a great way to break up the boring study routine and get feedback from others about topics that you might be struggling to ace.
- Participate in Extracurricular Activities: while crunching numbers and analysing the differences between micro and macroeconomics might be your cup of tea, it is has been proven that students who are enrolled in further education programmes and who participate in extracurricular activities get better test results. So, drop the books and pick up a ball, you'll be surprised how much that will help you.
After you've aced your final Uni exams and received your certification, the next part is crucial: finding a job that suits your abilities and interests.
The Most Popular Jobs for Accountants and Finance Enthusiasts
The period between finishing your university degree and starting your career is a weird time. Big decisions have to be made about your future and what you will do with your life. Nonetheless, it is important to state that if you have studied accounting and finance, there are plenty of opportunities out there for you. Oh really? Such as?
Without further ado, we shall analyse some of the most in-demand jobs for finance and accounting grads that are sure that please all types of workers and minds.
It is to be expected that those who have acquired a degree in accounting will most likely want to work as a registered or chartered accountant. Chartered accountants in the UK are consistently in demand and can expect to be paid between £35,000 and £40,000 at entry-level positions. However, after some years of experience at an accounting firm or company, accountants in senior positions can make as much as £100,000 per year.
Chartered accountants are invaluable for their employers and clients since they regularly complete the following tasks:
- Balancing books to find financial errors or discrepancies,
- Audit accounts to detect fraud,
- Provide financial advice and assistance to clients,
- Ensuring that a business or individual is adhering to financial record laws and tax regulations,
- Prepare invoices and work on payroll.
The previously mentioned tasks are only a few of the many that are completed by chartered accountants. Chartered accountants might accept jobs at big banks or accounting firms. Accountants should possess terrific maths and analytical skills that were honed during their time at Uni.
No one likes to hear the word, "audit"; however, its something that must be done to keep personal and business financial records up to date and free of any fraudulent claims. And as a result of the constantly changing political climate of Britain, with Brexit and various tax reforms, there is more of a need for external and financial auditors than ever before.
External auditors can be split off into two different sections: financial auditing and non-financial or corporate auditing.
Some of the various responsibilities of external auditors may include a few of the following:
- Visiting clients to understand the needs of businesses and their employees regarding finances,
- Attend meetings at a corporation with financial executives to gather information about finances and profits,
- Thoroughly examine accounts, records, and other financial records with a fine-toothed comb,
- Organise and plan ways to better use finances within an organisation to promote profits while avoiding fraud.
External auditors are experienced individuals who are perceptive, organised, and hardworking. Auditors can make between £27,000 to £40,000 in starting positions and be eligible for career advancement if they have completed a university degree.
Those with a degree in accounting and finance have extensive knowledge of the financial markets and could potentially work as stockbrokers. Of all the in-demand jobs on this list, a stockbroker or investment banker is by far the most profitable.
While wealth isn't handed to them necessarily, newly qualified stockbrokers in large banks across the UK can expect to make around £25,000. However, after some grooming from more experienced investment bankers and years of honing skills, stockbrokers can make £100,000 or more per year.
Also, since London is one of the most important finance cities on the planet, it is a wonderful place for UK-based accounting and finance majors to find work after graduation.
It is essential to state that there are mainly three types of stockbrokers working in the United Kingdom: full-service broker, discount broker, and online broker. Stockbrokers look after their client's investments and act as an intermediary between them and the stock brokerage. What else do stockbrokers do? The following is a brief list of the responsibilities of a stockbroker:
- Staying up to date with the latest trends in the finance world,
- Monitoring stock market performance,
- Writing reports and newsletters to clients letting them know about the changes in the world of stocks,
- Update clients on the status of their financial portfolio and whether they are ready for more investment opportunities,
- Buying and selling stocks through a stock exchange or over the counter.
Check out Prospects description about investment bankers and stockbrokers to learn more.
In the United Kingdom, the field of insurance is booming with a lot of potential for recent graduates possessing a degree in accounting and finance. There is an overwhelming majority of opportunities and career paths for those who want to evaluate financial transactions and make them insurable.
Starting level jobs in the insurance industry are called actuaries of analysts and after some time a person can become an insurance broker with a lot more responsibilities.
To make more money and be viewed as an ideal candidate a university degree is recommended and an affinity for risk and loss prevention is deemed extremely valuable.
Financial and Data Analyst
Financial analysts are individuals with a lot of tasks and a talent for maths and seeing the bigger picture in important financial matters such as investment markers, stocks, bonds, hedge funds, etc.
Some might think that as a result of Brexit the UK is unsteady and does not have a demand for finance and data analysts like it used to. However, according to estimates, financial analysts are still finding a lot of work in the United Kingdom's most significant metropolitan areas.
Financial analysts may work in the private or public sector in banks, for investment firms, or for filthy rich individuals who need help managing their assets. Thinking creatively, being a good communicator, and have a thorough understanding of finance news is highly recommended for aspiring financial analysts.
Financial analysts are paid differently as a result of where they work but they can expect anything between £30,000 to £50,000 for a starting salary.
In conclusion, it is worth stating that choosing to study accounting and finance at a university level is a brilliant idea for further advancement and career opportunities. The employment positions for finance majors mentioned in today's article is only the tip of the iceberg, there are so much more. Let's get calculating!