What Professional Finance Qualifications Do I Need?
Are you considering a career path in bookkeeping or accounting? Are you interested in managing financial resources and handling everyday financial tasks? Professional finance qualifications UK are essential to becoming a qualified bookkeeper or accountant.
Whether it’s for expanding your existing skill set, gaining certifications that increase employability, or setting yourself apart from other financial professionals, there is no shortage of professional qualifications to determine which route best suits your goals and lifestyle.
In this blog post, we will explore the various professional finance qualifications available and how these courses can open up new opportunities and job prospects.
My Personal Finance Qualifications
For my accounting career, I started when I left school with a BTEC in accounting. After a few months, I changed jobs to a purchase ledger clerk and was offered to complete an A-Level in accounting.
My next step was to complete the Association of Accounting Technicians (AAT); this opened up more doors within the company. I worked up to an accounts assistant, reporting to the financial director.
Later I set up my bookkeeping business as a member in practice with the AAT. My experience and qualifications allowed me to offer various services to my clients, from basic bookkeeping to reports, VAT and preparation of year-end accounts.
Overview of the Finance Field and Types of Roles Available
Finance has many different roles, such as bookkeepers, accountants, tax advisors, financial analysts, etc. Depending on the position you are interested in, a range of professional finance qualifications can provide you with the necessary skills and knowledge to pursue them.
Courses range from Continuing Professional Development (CPD) which can help to enhance your knowledge of the sector, to full-length professional finance certifications such as ACCA and CIMA that can open up career opportunities.
There are also options for a BTEC, A-Levels or a finance degree if you want further education. Depending on the type of role you are looking to pursue, these qualifications will help you better understand financial principles and equip you with the skills necessary to perform your job effectively.
There are many different roles in the finance sector; landing the right job might get your career off to a good start and even provide qualifications and training. Roles can include:
Finance Admin Staff
If you are starting your career, you might be after a job to get you started and gain experience in the finance sector or corporate finance. Finance admin staff jobs are a great entry-level option and may involve data entry, document management, payroll processing and more.
Bookkeepers
Bookkeepers manage financial records and ensure that transactions are accurately recorded. This role may involve reconciling accounts, invoicing clients, creating financial reports, etc.
To be an independent bookkeeper, you will require insurance, Anti Money Laundry (AML) and experience. Please read our guide on starting a bookkeeping business.
Accountants
Accountants are responsible for a range of financial duties. This may include preparing tax returns, creating financial statements and advising on managing finances.
To become an accountant, you must have at least an undergraduate degree in maths, accountancy or business, an apprenticeship or pass exams such as the Associated Chartered Accountants.
Investment Management
Investment managers are responsible for researching different investments and making recommendations to clients on how to invest their funds. They also advise on financial products such as stocks, bonds and mutual funds.
Banking and Financial Advisory
Banking and financial advisors guide clients on investments, retirement planning and estate planning. They must know different types of financial products to advise their clients effectively.
Financial Analysts
Financial analysts research different companies to help identify potential investment opportunities or manage portfolios. They must understand financial statements and markets well to make informed decisions.
For the rest of this article, we will concentrate on the qualifications to enter the accounting sector.
Different Finance Certifications
Depending on your career path, you may be looking at a certified financial planner, chartered financial analyst or financial planning. In this article, we look at some of the accounting qualifications.
There are various professional finance qualifications UK you can obtain to kickstart your career in financial accounting or bookkeeping:
A Level Accounting
A Level in Accounting is a good starting point if you want to pursue a career in the finance sector. It provides you with an introduction to basic financial principles and can help you hone your skills in preparation.
One advantage of an A-level is that you can complete it by self-study, at college, school or online learning. There are centres where you can sit the exams.
Association of Chartered Certified Accountants (ACCA)
ACCA is a popular professional qualification providing access to the world of finance. It covers financial and management accounting, taxation, financial reporting, audit and business and technology. On qualifying, you will become a Chartered Certified Accountant with globally recognised qualifications.
There are several different options on where to start depending on the qualifications already obtained, or you can begin with their foundation level so that you can get the grounding in finance that is needed.
There are various study options, including classroom or online, with on-demand lessons. The options will depend on who you go with for study. Kaplan offers flexible learning for the ACCA.
Chartered Institute of Management Accountants (CIMA)
CIMA is a professional finance qualification for those wanting to become a management accountant. It provides the knowledge and skills needed to help organisations manage their financial resources.
The course covers business economics, management accounting, ethics and business law. The course is designed more for those wishing to work in the business sector.
There are two options for studying, full self-directed learning with assessments and exams or part of the finance leadership program, which is fully guided and has continual assessment throughout the course and exams at each level.
To become a Chartered Global Management Accountant (CGMA), you will also require three years of relevant experience.
Institute of Chartered Accountants in England and Wales (ICAEW)
You must complete the Associated Chartered Accountant ACA to become an ICAEW Chartered Accountant. The ACA qualification is globally recognised and considered more complete than ACCA, but it is a great option for private practice.
The course consists of 450 days of practical work experience, 15 exams, professional development and ethics. The first six modules make up a qualification Certificate in Finance, Accounting and Business CFAB.
There are several options to study, including an undergraduate degree, apprenticeship or fast track if you have an AAT qualification.
Association of Accounting Technicians (AAT)
AAT qualifications are excellent for those looking to enter the finance sector or enhance their existing knowledge. They offer various paths, from an introductory level course, AAT Access Award, to a professional qualification with the AAT Accounting Qualification.
There are several study options, from online self-study, classroom learning and apprenticeships. The route comprises three certificates level 2 certificate in Accounting, a Level 3 Diploma in Accounting and a Level 4 diploma in professional accounting. Once you have completed level 4, you can apply for full membership status.
You can apply as a licensed member if you wish to run your own bookkeeping or accounting practice.
Institute of Certified Bookkeepers (ICB)
The ICB is a professional body covering bookkeeping, accounts and payroll. This qualification is excellent if you want to enter the profession or progress your finance career.
ICB also offers exemptions for fully or part qualified accountants; this is an excellent option for people wishing to start a bookkeeping business as the offer AML and insurance for a licenced member.
You can begin with a level 2 or 3 Certificate in Bookkeeping or payroll, which covers entry-level knowledge of bookkeeping principles and practices. Once you have completed those, you can work up to the advanced level 4 and apply for full membership.
What Skills are Essential for Success in Finance-Related Roles?
Success in finance-related roles requires a range of key skills; you may not require all these skills, but if you want to succeed in a busy workplace, these skills are useful:
- Analytical thinking: the ability to analyse financial data, identify trends and make decisions based on that information.
- Numerical skills: this is essential for any role involving managing numbers – including spreadsheets, databases and reports.
- Problem-solving: this helps to identify problems and develop solutions in a financial context.
- Communication: communicating effectively with colleagues of all levels is essential for any finance role.
- Attention to detail: this can be crucial when dealing with financial documents, as accuracy is key.
- Time management: this helps to ensure that tasks are completed on time and to the required standard.
- Negotiating skills: this enables finance professionals to negotiate deals with internal and external stakeholders.
- Leadership: strong leadership skills help finance professionals guide their teams through difficult times while achieving organisational objectives.
- IT literacy: a good working knowledge of computer applications such as Microsoft Excel and accounting software is often required.
- Teamworking: the ability to work collaboratively with colleagues across different departments can be beneficial in a finance role.
- Commercial awareness: understanding current commercial trends and legislation is essential to make informed decisions in any financial setting.
How to Find the Right Educational Path for Your Goals
Finding the right educational path for your goals depends on which area of finance you are looking to enter. The first step is researching different qualifications and finding one that meets your needs.
Suppose you want to become an accountant, then a degree in accounting or a related discipline, followed by a professional qualification such as a CIMA or ACA, is a good option.
Alternatively, if you want to pursue a career in bookkeeping, the Institute of Certified Bookkeepers (ICB) offers various qualifications that can help you progress.
Once you have identified the right qualification for your needs, it’s essential to research different educational providers and find one that offers the right course. You can also explore other options, such as apprenticeships and internships, to gain experience in your chosen field.
Tips for Networking and Finding Job Opportunities in the Financial Sector
A key step to finding a job in the financial sector is networking. Building relationships with people who work in the industry is important, such as attending industry events and conferences or joining professional associations. This helps to expand your contacts and increase your chances of success when applying for jobs.
In addition to networking, staying current on industry trends and news is important, as this can help you identify opportunities. It would be best to build an effective online presence by signing up for relevant job sites, creating a LinkedIn profile, and using social media to connect with people in the field. It’s also important to stay proactive in your job search by applying for roles, reaching out to potential employers and attending interviews.
Finally, taking the time to research potential employers can be beneficial, as it will help you understand their culture and needs. This can help you tailor your application and ensure you are better suited for the role.
Professional Finance Qualifications Conclusion
To sum up, finding the right educational path and gaining experience in finance is a great way to set yourself up for success in the finance industry. Networking with other professionals in your field can also help you find job opportunities that may not be advertised.
It’s important to take time to research different finance certification and providers so that you can get the best education possible. Once you have gained industry knowledge, don’t forget to leverage those skills when applying for jobs or going on interviews – it could make all the difference! Good luck as you embark on your journey into finance!