Financial accountant

Job description

Financial accountants provide specialist services to commercial and non-commercial organisations to ensure that they are financially sound and comply with legal requirements and regulations. Financial accountants prepare financial statements based on general ledgers and participate in important financial decisions involving mergers and acquisitions, benefits planning and long-term financial projections. The work requires a good understanding of both accounting and finance and can be quite varied; there is a wide choice of roles and specialisms available depending on where you work.

Work activities

Main areas of specialisms in public practice are:

Assurance and auditing:

• Performing external audits by examining financial statements to determine whether they are 'true and fair' to 'assure' an organisation that it is complying with legal requirements or fulfilling best practices.
• Performing internal audits, a similar process held internally within an organisation, although not a legal requirement.

Tax:

• Helping clients to understand and meet their tax obligations, and to understand the impact that any changes within their organisation or to the tax laws will have upon their tax bill.

Business advisory/financial services:

• Helping businesses achieve their objectives through a package of services including auditing, tax compliance and financial planning.

Typical work activities in other organisations – such as in industry and the public and not-for-profit sectors – include:

• Leading and managing a multi-disciplined team and making a full contribution to senior management teams while working to tight deadlines.
• Providing operational management of an accounts department, including debtors and creditors ledger, accounts payable and receivable, wages and salaries.
• Preparing VAT returns, bank reconciliations and monthly and annual accounts.
• Implementing IT, managing change and managing relationships with external organisations and suppliers.

Work conditions

Travel: during the working day travel can be frequent.
Working hours: these are mainly 9.00 am–5.00 am Monday-to-Friday with some additional hours necessary, especially at particular times of the year.
Location: opportunities exist mainly in towns or cities throughout the country.
Opportunities for self-employment: commonly possible as a freelance accountant.

Typical employers

Professional accountancy firms ranging from the Big Four (KPMG, Ernst & Young, Deloitte and PricewaterhouseCoopers LLP) to midsized and smaller firms, commercial organisations and industry, as well as with government departments and regulatory bodies.

Career development

An accounting qualification provides a foundation for a variety of roles. Opportunities for progression are plentiful and varied, but depend very much on the area of work.

In public practice, progression can be quite structured so that an accountant may become a manager within two to three years of qualifying, then progress to a senior manager before becoming a partner. However, competition at the higher levels is keen.

In other settings progression varies and will depend on individual aspirations and abilities, but it is possible to progress to Finance Director within ten to fifteen years of qualifying.

Opportunities also exist for self-employment.

Salaries

Salaries vary considerably depending on sector, employer, location and size of organisation/practice. ROI: Year 1 students in public practice earn as little as €19,000; those in other sectors such as financial services can earn salaries in excess of €30,000. Partners in public practice can earn in excess of €140,000.

Entry requirements and training

Specific degree subjects required

Open to non graduates and graduates of all disciplines, but some degrees gain exemptions from various professional examinations. As these are constantly changing please refer directly to professional bodies for their current list of exemptions.

Other relevant degree subjects

• Accounting
• Finance
• Business
• Mathematics
• Law
• Management.

Postgraduate study

A pre-entry postgraduate qualification is not required, but additional exemptions can be gained depending on the programme of study.

Training

Training varies depending on the professional body and method of entry chosen. It lasts approximately three years for those with exemptions based on postgraduate study, or over five years for those entering with the Leaving Certificate or equivalent. Flexible learning paths including distance learning are offered by some bodies, while others require more structured routes, including the completion of a training contract and a minimum number of years' relevant supervised training.

The main professional bodies for those wishing to pursue a career as a financial accountant are:

• The Association of Chartered Certified Accountants (ACCA)
• Chartered Accountants Ireland
• The Chartered Institute of Public Finance and Accountancy (CIPFA)
• The Institute of Certified Public Accountants in Ireland (CPA)
• The Institute of Incorporated Public Accountants (IIPA).

Depending on your employer, generous study leave is available.

Chartered Accountants Ireland have introduced a new entry route known as the Elevation Programme for experienced graduates wishing to become a chartered accountant. This route, unlike others with Chartered Accountants Ireland, does not require students being obliged to enter a training contract.

Tips for applications

Some firms confine their recruitment activities to autumn presentations (sometimes called 'milkrounds'). Apply for these training positions in your final year and bear in mind that applications close as early as October. Many firms offer sponsorship to successful applicants who wish to pursue a masters in Accounting.

Apply for a summer internship with an accounting firm or gain other relevant paid or voluntary work experience. Many recruiters use internships as part of their selection process and often offer jobs to suitable students without having to go through the normal application process. Attend any on-campus presentations by employers. Understand the difference between financial accounting and management accounting and be aware of their associated professional bodies.

Skills and qualities

• Attention to detail and the ability to work logically, consistently and accurately.
• Excellent numeracy skills combined with an inquiring, analytical mind.
• Good working knowledge of accounting information, while keeping up to date with changing financial rules and regulations.
• Ability to discuss financial issues with both fellow professionals and those with little or no financial background.
• Self-motivation and excellent time- and project-management skills.
• Excellent communication and interpersonal skills.
• The drive and motivation to pass exams while working full full-time.

Further information

Website carrying job advertisements

www.accountantjobs.ie
www.financejobs.ie
www.efinancialcareers.ie

Professional bodies

Association of Chartered Certified Accountants (ACCA)
Chartered Accountants Ireland
Chartered Institute of Public Finance and Accountancy (CIPFA)
Institute of Certified Public Accountants in Ireland
Incorporated Public Accountants (IIPA)