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Your guide to starting out in Financial Accounting

How to become a Financial Accountant

What is a Financial Accountant?

Financial Accountants are responsible for recording, summarising and reporting a company's financial transactions.

They produce regular financial statements to help show the position of the business. These include:

  • the profit & loss statement
  • the balance sheet
  • the cashflow statement

What can I expect to earn?

Qualified Financial Accountants can earn around £40,000 a year with benefits including private pension and healthcare. This can rise to £60,000 and beyond with experience (taken from ACCA members salary survey 2015)

What skills do you need to be a good Financial Accountant?

  • Strong organisation skills – you may find yourself at times processing large volumes of transactions or working to tight deadlines (e.g. monthend) to produce a statement. Being able to prioritise and manage your time will be key
  • Attention to detail – similarly, you’ll need to make sure your work is accurate and you follow processes to make sure any statements produced are correct.

How do I get into a career in Financial Accounting?

To work as a Financial Accountant, you’ll first need to get a Chartered accountancy qualification.

Did you know?

Accounting plays a big role in law enforcement. In the USA, the FBI counts more than 1,400 accountants among its special agents.

If you're brand new to accountancy, the most common entry route is the AAT Professional Qualification, which covers all the main areas of accountancy and tax. You could also consider the ACCA Foundation Diploma.

From there, getting a job in an Accounts department will provide you with great practical experience to help apply the theory. And, after completing you AAT or ACCA Foundation, you can then move on to study with the Professional ACCA or ACA qualifications.

If you would like to find out more about training options, call our friendly advisors on 0161 259 7400.

Need advice on how to get started with accountancy? Talk to our team today: