Carving a career path in finance and accounting

Undoubtedly, the COVID-19 pandemic has caused significant disruption within financial markets and the financial services industry. What it’s also caused, is a pressing realisation of how the sector must embrace, and prepare for, a digital future.

In order to achieve this, global businesses require a new generation of individuals with technology-forward financial skills – making this an ideal time to take advantage of accounting and finance courses and training opportunities. According to The Complete University Guide, a list of the top UK employers confirms that financial services firms hire the most graduates in the UK.

What’s the difference between finance and accounting?

For those who enjoy working with figures, a career in accounting or finance could be the ideal career to pursue. However, as the fields overlap, it’s useful to understand the distinctions between the two disciplines.

Finance is concerned with money and investments management – for individuals, businesses and governments. Finance professionals are responsible for ensuring that businesses have adequate capital for their needs, and that funding is allocated as optimally as possible. Their aim is to create value for businesses by managing money to earn higher-than-expected, risk-adjusted returns. Careers in finance include investment banking, financial planning, financial analysis and wealth management.

Accounting involves the recording, maintaining and reporting of financial records. Accountants ensure that: all financial transactions are accurately entered in the general ledger; balances are correct; and that any financial reporting – e.g. a company’s financial statements – is accurate. Accounting professionals generally work in-house at organisations, for individuals, or on behalf of businesses at public accounting firms.

Despite their differences, finance and accounting are complementary fields.

Why study finance and accounting?

Many are drawn to careers in the financial services sector by high wages, established career trajectories, and consistent demand for skilled employees. Roles can also be highly rewarding, and financial services professionals can work in almost any industry. Plus, the global nature of many firms means a career could lead to future travel or life overseas, working with internationally diverse teams.

Choosing an undergraduate or postgraduate course in finance or accounting can offer a number of benefits. Many finance degrees and qualifications from business schools incorporate exemptions from professional qualifications and industry exams, offering a quicker route to full chartered certification.

Studying financial accounting could also provide opportunities to develop far beyond more specialist, finance-related skills. Students can gain skills in analytical thinking, adaptability, presentation, problem-solving, communication, report writing and collaborative working.

Career paths for finance and accounting students

Job roles within the banking and financial services sector are varied, meaning there’s vast scope to find a career that suits you. Depending on your aspirations, you could train for a lucrative career as: an accounting technician; actuarial analyst; chartered certified accountant; compliance officer; corporate investment banker; treasurer; external auditor; financial risk management analyst; trader; insurance broker; risk manager; tax professional; stockbroker, and much more.

As a guide, the most common employers for finance graduates are:

• Banks – retail, commercial and investment
• Insurance companies
• Research companies
• Regular operating businesses

For accounting graduates, these include:

• Public accounting firms, responsible for auditing large companies
• Personal tax filing firms
• Regular operating businesses

Huge, international firms are found across the financial services sector, providing employment for millions of professionals. The ‘big four’ accountancy and professional services firms are Deloitte, Ernst & Young (EY), KPMG and PricewaterhouseCoopers (PwC); UK banks and building societies include established names such as HSBC, NatWest Group, HSBC and Santander UK; and for those interested in investment banking, graduate employers include Citigroup, J.P. Morgan, The Goldman Sachs Group and Morgan Stanley.

But it’s not just financial behemoths; roles are available in businesses of all sizes – across the private and public sector – including not-for-profit organisations. And, naturally, there is always the option of self-employment, offering financial consultancy and accountancy services to other businesses.

Choosing the right accounting and finance training provider

After studying an undergraduate or a master’s degree, you’ll need to study the correct accounting qualifications and gain accreditation – which will vary depending on desired career path and area of accounting specialism. There are a number of well-known professional bodies and providers who offer courses at all levels, including:

• CIMA (Chartered Institute of Management Accountants)
• ACCA (Association of Chartered Certified Accountants)
• ICAEW (Institute of Chartered Accountants in England and Wales)
• AAT (Association of Accounting Technicians)
• AIA (Association of International Accountants)

While gaining qualifications is a requirement, relevant work experience in an industry setting not only helps to boost employability but can itself be a route into finance and accountancy careers. Popular options include jobs within the public and private sector, accountancy apprenticeships, summer internships, work placements and other training contracts. Many individuals in accounting balance their studies with a full-time position, putting skills into practice, building their knowledge base and networking – all valuable learning experiences. In fact, many financial management and accounting graduate schemes have in-built opportunities to pursue qualifications and related professional development.

If you’re opting for the higher education route, it’s important to thoroughly research the options available by checking providers’ websites. For each, further information regarding entry requirements – including English language requirements, learning structure, further study, tuition fees (where applicable), bursaries and funding support, coursework, optional modules, and details of part-time and flexible options will differ. Many institutions will also run Open Days and taster seminars, giving you a chance to learn more about the course or training programme, meet with experts and find out more about student life. They are great opportunities to work out what you can expect from your degree – from your first year through to your final year.

Lead the way in complex and changeable business environments

Keen to develop management accounting and corporate finance skills?

The University of Lincoln’s online MSc Management programme is designed for individuals who are looking to acquire an in-depth, real-world understanding of business, leadership and management.

By studying this degree, you could develop key practical skills to navigate global markets, together with the theoretical fundamentals to excel in different, often challenging contexts. Your modules will encompass project management, organisational strategy and corporate governance, entrepreneurship, marketing, finance and accounting, and people management. In a supportive, flexible learning environment – with studies split across two academic years – you could graduate with highly developed decision-making abilities to handle any number of emerging management concerns. Learn alongside both UK students and international students in a collaborative, inclusive setting, reflecting the global nature of business.