Here at Venture Recruitment Partners, we know that choosing an accounting qualification is one of the biggest career decisions you'll make. Whether you're just starting out or looking to take the next step, the right qualification can open doors to exciting opportunities in finance, audit, and management.
The demand for qualified accountants is stronger than ever, with 90% of UK businesses struggling to fill skills gaps (The Times). However, at the same time, fewer people are training as accountants. Kaplan reports a 33% drop in candidates in just one year (Kaplan Assessments). This means that, with the right qualification, you’ll be in high demand.
But how do you choose the best route? With multiple qualifications available, it’s important to pick one that matches your strengths, ambitions, and the type of work you want to do. In this blog, we break down the key accounting qualifications, what they involve, and which career paths they can lead to.
AAT: A Great Starting Point
If you're new to accounting or looking to gain practical finance skills quickly, the Association of Accounting Technicians (AAT) qualification is a great place to start. It covers essential areas like bookkeeping, tax, and financial reporting, giving you a solid foundation in accountancy.
Who is AAT for?
This qualification is ideal if you want to enter the industry without a degree or if you're already working in finance and want formal certification.
Where can AAT take you?
AAT can lead to roles such as Accounts Assistant, Finance Administrator, or Bookkeeper. It’s widely respected across industries, including small businesses, public services, and corporate finance teams. Many AAT graduates progress to chartered qualifications like ACCA or CIMA.
ACCA: A Global Finance Qualification
The Association of Chartered Certified Accountants (ACCA) qualification is one of the most recognised in the world. It provides expertise in financial management, auditing, and tax, making it a versatile choice for accountants looking to work internationally.
Who is ACCA for?
If you want a broad accounting qualification with global recognition, ACCA is a strong option. It’s particularly suited to those aiming for senior finance roles in multinational corporations or large accountancy firms.
Where can ACCA take you?
ACCA-qualified professionals often work as Financial Accountants, Auditors, or Tax Specialists in sectors such as banking, consultancy, and corporate finance. It’s a flexible qualification that allows movement between industries.
CIMA: The Route to Management Accounting
The Chartered Institute of Management Accountants (CIMA) focuses on management accounting, helping businesses make strategic financial decisions. It’s particularly valuable for those who want to work within a company rather than in external audit or tax.
Who is CIMA for?
If you enjoy problem-solving, data analysis, and financial planning, CIMA could be the right path. It’s ideal for those looking to become finance leaders within organisations.
Where can CIMA take you?
CIMA-qualified professionals often become Management Accountants, Business Analysts, or Finance Directors. They typically work within industries like retail, technology, and healthcare, helping organisations shape their financial strategy.
ACA: The Gold Standard for Chartered Accountants
The Institute of Chartered Accountants in England and Wales (ICAEW) ACA qualification is widely regarded as the most prestigious route to becoming a Chartered Accountant. It requires a structured training contract and extensive exams, making it one of the most challenging but rewarding qualifications.
Who is ACA for?
This qualification is best suited to those who want to specialise in audit, tax, or financial advisory, particularly within accountancy firms or large businesses.
Where can ACA take you?
ACA accountants often secure roles such as Audit Manager, Financial Controller, or CFO. Many work in top-tier accountancy firms, investment banks, and multinational corporations.
CIPFA: The Public Sector Pathway
The Chartered Institute of Public Finance and Accountancy (CIPFA) qualification is the go-to for those who want to specialise in public finance. It focuses on financial management in government, local authorities, and not-for-profit organisations.
Who is CIPFA for?
If you have an interest in public policy, governance, and ensuring taxpayer money is well spent, CIPFA is a strong option.
Where can CIPFA take you?
CIPFA-qualified accountants work as Public Finance Accountants, Policy Advisors, or Treasury Managers in government departments, NHS finance teams, and charities.
Should You Train in Practice or Industry?
When working towards an accounting qualification, you’ll need to decide whether to train in accountancy practice or industry. Both have distinct advantages.
Accountancy Practice:
Offers exposure to a wide range of clients and industries.
Provides opportunities to specialise in areas like audit, tax, or advisory.
Typically involves working in a fast-paced environment with strict deadlines.
Industry:
Focuses on managing the finances of a single organisation.
Allows accountants to be involved in strategic business decisions.
Can provide a better work-life balance compared to some roles in practice.
The choice between practice and industry depends on whether you prefer variety and external client work (practice) or deeper involvement in a company’s operations (industry).
Making the Right Choice
The best accounting qualification for you depends on your career goals. Do you see yourself advising clients in a fast-paced accountancy firm? ACCA or ACA could be the right fit. Want to influence business decisions within a company? CIMA might be the way to go. If you’re passionate about the public sector, CIPFA could be the perfect route.
Whichever path you take, qualified accountants are in demand and can earn competitive salaries. Newly qualified chartered accountants can expect to earn up to £65,000, depending on experience (Prospects.ac.uk).
If you're exploring your next move in accounting and finance, we're here to help. Browse our current finance job opportunities and speak to our team about your career aspirations.