There is a range of well-paying roles in accountancy. Keep in mind that to become a qualified accountant and to reach higher salaries, you must first qualify with one of the applicable professional bodies such as the Association of Chartered Certified Accountants (ACCA), the Institute of Chartered Accountants in England or Wales (ICAEW), the Institute of Chartered Accountants of Scotland or the Association of International Accountants (AIA).
One of the most popular accountancy jobs is that of an auditor. This post entails checking for efficiency and accuracy within an organisation. If you are an ‘external’ auditor, you will examine financial accounts and will usually be a qualified accountant. External auditors independently review the accounts of a company to ensure their accuracy as well as to make sure that a fair view is shown of its financial position. External auditors also often audit local authorities, civil service departments and other public sector organisations to check how public money is being spent in addition to whether savings are possible. A company’s audited accounts are normally required to be published by law. Qualified external auditors can earn between around £30,000 and £45,000 a year, while those at senior and management level frequently command annual salaries of around £50,000 to £70,000.
A management accountant, meanwhile, is responsible for a company’s financial management and will look after its accounts in addition to finding ways to improve growth and profitability. Management accountants sometimes work as an in-house accountant for one firm, unlike a private practice accountant who offers services in auditing and accountancy to various fee-paying clients. Once qualified as a management accountant, you could earn between £30,000 and £50,000 a year. If you rise to the level of finance manager or director, you can expect a £50,000 to £100,000 annual salary, depending on the size of your company.
Private practice accountants handle the tax and accounts of clients in addition to advising clients on their business finances and carrying out audits. Your clients could be small businesses, larger firms or wealthy individuals. Once qualified, you could earn as much as £50,000, while at senior level you could command as much as a £100,000 annual salary.
You could also work as a public finance accountant. This role involves ensuring that organisations such as local councils, housing associations and government departments are properly spending public money. You could earn £27,000 to £45,000 as a qualified public finance accountant, rising to £100,000 if you are a director of finance in a large organisation.
Bob Blazel writes for a range of job related topics, including skills needed for accountancy jobs.