Private Practice Accountant

Typical Salary

£18,000 To £100,000

Typical Hours

37 to 39 a week

evenings / weekends occasionally

How To Become a Private Practice Accountant

You can get into this job through:

a university course
an apprenticeship
working towards this role
training with a professional body

College / University

You could take an accountancy degree and then further professional training to qualify. Degrees include:

accountancy
accounting and finance
business and management

4 or 5 GCSEs at grades 9 to 4 (A* to C), or equivalent, including English and maths

2 to 3 A levels, or equivalent, for a degree

Apprenticeship

You can get into this job through an accountancy and taxation professional degree apprenticeship. This is at level 7, which is equivalent to a master's qualification.

4 or 5 GCSEs at grades 9 to 4 (A* to C) and A levels, or equivalent, for a degree apprenticeship

Routes into this Career

You could start as an accounting assistant with a firm and do professional training while working.

You'll need A levels or equivalent to apply for a school leaver programme. This would involve working for a company at the same time as studying towards professional or degree level qualifications in accountancy.

Other Routes

You could take training with one of the following professional bodies to become a qualified accountant:

Association of Chartered Certified Accountants (ACCA)
Institute of Chartered Accountants in England and Wales (ICAEW)
Association of International Accountants (AIA)

They all have different entry requirements and ways to qualify, so it's important to check with them which is the right route for you. If you already have relevant accounting or business-related qualifications, you may be able to qualify in a shorter time.

Skills And Knowledge

You'll need:

knowledge of economics and accounting
maths knowledge
to be thorough and pay attention to detail
administration skills
analytical thinking skills
the ability to work well with others
ambition and a desire to succeed
the ability to use your initiative
to have a thorough understanding of computer systems and applications

Day To Day Tasks

In your day-to-day duties you might:

prepare financial statements, business plans and budget reports
produce accounts
audit - inspect books of accounts and check inventories
manage clients’ spending and costs
file tax returns and give tax advice
forecast profits and performance
help businesses that may be in financial difficulty
investigate fraud (forensic accounting)

Working Environment

You could work in an office or at a client's home.

Career Path & Progression

With experience, you could specialise in an area like auditing or forensic accounting, or become a manager in a practice. You could then move into a partnership or become a finance director.

Volunteering Opportunities

Volunteering Opportunities are not listed for this job.

Tips & Information

Professional and industry bodies

If you've qualified with the Chartered Institute of Management Accountants (CIMA), you can offer most accountancy services in private practice but you'll need to register as a 'member in practice' with CIMA.

Further information

You can find out more about becoming a private practice accountant from:

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

Restrictions & Requirements

Restrictions & Requirements are not listed for this job.