A Guide for Finance Hopefuls
It’s that time of year when many 16- to 21-year-olds are considering their future. School is finally over, and they can now start to convert part-time roles into full time ones and begin to earn money for themselves. For many youngsters, the choices that they make at this time will define their adult lives and futures, some for the better and some for the worse. It might be that they’ll look to get more training, an apprenticeship, or the rather costly option of going to university. Whatever they decide to do, this is the time to set the building blocks and foundations in place for their chosen career.
One of the most lucrative and successful careers that anyone could choose is a career in finance. It’s been one of the sectors of employment that has actually grown in the wake of primary and secondary industries declining in the UK, and there are great opportunities for anyone thinking about becoming an employee in the sector. Roles are many and varied, from being an Assistant Accountant, a Management Accountant, all the way up to the ultimate goal of becoming a company CFO, albeit after many years’ experience.
Accountancy, so it is said, opens doors, and with a decent set of qualifications behind them, any young person can set themselves up for a really great future in this field. How they achieve this depends on what route they wish to take. To become a professional accountant or work in a financial field often requires professional qualifications above the regular GCSE and A Level, although these grades do provide a good starting foundation.
Embarking on a career in financial management might mean studying for a degree at a university. This means following the traditional route from GCSE mathematics and business studies to their equivalents at A-level. To help speed up this process considerably, GCSE and accounting A levels are now available. The difficulty with taking an accounting GCSE is that it is not usually available through the standard school system and must be taken separately through a private company or provider. A-level accounting, however, is generally available and is seen as an offshoot from the more commonly established business studies, where accountancy and finance are also covered as part of a modular course. Whichever subjects are chosen, if suitable grades are achieved at this level, then the student can look at moving on to a university degree. In many cases, these degrees run concurrently with professional bodies, so that degree also brings about professional membership.
However, many finance hopefuls may find that the traditional university route is not one that they wish to take. Being a whizz at mental arithmetic means having a propensity to do the maths and calculate costs when others might choose to go blithely ahead, hoping it will all work out. Well, in actual fact, most young people are painfully aware of how undertaking a university course these days and the payback of the student loan can, for many, prove somewhat prohibitive. Student fees have also increased exponentially over the last decade to unprecedented levels, and, whilst the loan payments only need to start when you are earning a considerable amount, they do take a sizeable chunk of your income with them when you do. As a result of this, many finance hopefuls opt to follow an apprenticeship route instead, or they look to gain a qualification through an organisation such as the AAT.
The AAT is the association of accounting technicians which is often achieved through college study. They offer a range of courses that lead to professional qualifications in the field of accounting. The Level 3 intermediate qualification offered by AAT is enough to gain a place in university if you wish to do so, but as we already mentioned, many students of accountancy prefer to stay working within an organisation, gaining skills as well as qualifications as they go through. If you have a dream of gaining the position of Financial Controller at some point in your career, this combination might afford you the experience you need earlier on.
AAT qualifications are not the only route that can be taken, there are other organisations that offer professional accountancy qualifications via a standalone programme or through an apprenticeship. For many prospective accountants, taking on an apprenticeship is seen as a better option as it enables them to earn money as they progress through the levels, which means that repaying a large student loan is not a consideration. Apprentices also get to liaise and converse with existing accountants and financial people so that they can further their knowledge and gain practical experience working in the field.
Whether you choose the AAT route or university, both paths will offer a solid foundation to move onto one of the chartered accountancy qualifications such as ACA, ACCA or CIMA. These qualifications are usually sponsored by an employer that offers ‘study support’, whether that’s an accountancy practice or any organisation spanning all sectors.
Either way, you will find that working in the field of finance and accounting is simply one of the most rewarding endeavours that you can ever undertake. It is a role that comes with great responsibility and is deeply regulated by the government and other official organisations. It gives you the perfect opportunity to be able to play a significant role in being the scorecard of your organisation, and driving business decision making with a respected seat at the table. All the experience and qualifications that you gain will stand you in good stead for the responsibility that you will shoulder should you ever rise to the level of becoming a Financial Controller or Finance Director.
So, why not get in touch with Core3? We can help you to see your ambitions take shape and give you the ability to make a real impact.
