Important notice - We are aware of a scam where people are impersonating CMD Recruitment to offer jobs via WhatsApp & Telegram. This is a scam, CMD Recruitment will never contact new candidates via these methods. Any legitmate offer from CMD Recruitment would be made via a telephone call.
December 2, 2024
If you’ve got a head for figures and an eye for the finer details, you could be well-suited to a role in accountancy and finance. No doubt if you do have a head for figures, you’re likely going to know how much you can expect to earn in this sector.
It can take years to train as an accountant, so you want to be confident that your finance career is going to be financially rewarding. Join us as we explore the ins and outs of a finance and accounting career in 2025 and beyond.
We’ll look at current employment trends, how much you can expect to earn, and also how much you can expect it to cost to qualify for these lucrative roles. We will also look at ways you can future-proof your role to withstand external threats such as the rise of AI and automation.
There isn’t an area of society that isn’t impacted by finance and accounting. Across all sectors, including the public and private sectors, accountants are essential for keeping businesses, public services and charities afloat.
Accountants and finance professionals will help to keep track of the money in an organisation and ensure that the flow of finances is correctly recorded for regulatory reasons. Without accountants, it would be impossible for companies to calculate things like their tax liability.
Accountants and finance professionals also analyse this information to be able to offer insight and advice to decision-makers. They will often play a key role in making companies run more efficiently while also looking out for growth opportunities. If a company wants to make a big move, the accountant will often have input.
Those working in financial services could take on a variety of roles, from advising individuals on their investments to managing portfolios. You could work in-house for a large organisation, or you could run your own business offering financial advice.
This all depends on the route you take to become an accountant. You will need the right qualifications to meet the requirements for the role. Studying is often the only way to achieve the correct accreditation, so starting in a junior role and gaining on-the-job experience won’t allow you to progress beyond a certain point.
Thankfully, there are different routes to becoming an accountant that could be suited to young people and professionals alike.
At a minimum, you will need to hold an AAT qualification. If you have hopes of becoming a chartered accountant, you will need to further your training and achieve either the ACCA, ACA or CIMA qualifications.
You can study for the AAT course at Level 2 after completing your GCSEs. It’s expected to have a good level of English and Maths to be able to succeed in the course. Most people complete this course in one year, but it is possible to follow an express programme to complete it in just 6 months. This might be better suited to professionals with some experience who are looking to change careers quickly.
It’s also possible to study for a degree in accounting and finance. You will need A-Levels in Maths and Economics to demonstrate your suitability for these courses. A degree will take between 3-4 years, but this could be longer if you choose to study part-time.
There is no upper age limit for becoming an accountant, so if you didn’t select this route straight out of high school, you don’t have to give up on your dreams. You could start to retrain as an account at 50 and use your lifetime of experience in the workforce to help inform your practice.
There are 6 qualifications you can achieve in order to become an accountant. The right one for you will depend on where you are in your career and how you plan to shape your accountancy career. Consider the following qualifications if you’re thinking about becoming an accountant or finance professional:
AAT (Association of Accounting Technicians) – This is made up of four qualifications spanning 3 levels (Levels 2-4). It usually takes around 12-18 months to complete this and will enable you to apply for senior finance positions.
ACCA (Association of Chartered Certified Accountants) – Split into two levels, Fundamentals and Professionals, this covers a wide range of topics including business law and audits. To become a chartered accountant, it will take around 4 years, but there is a 10-year limit on finalising your studies.
AIA (The Association of International Accountants) – This qualification will give you access to this global organisation, which can enable you to work around the world. To complete their highest award, it will usually take 12 months for the first part and 12-18 months for the second part.
ICAEW (Institute of Chartered Accountants in England and Wales) – This qualification will take between 3-5 years of training and requires 450 days of work experience and 15 exams.
CIMA (Chartered Institute of Management Accountants) – If you’re interested in management accounting, you’ll need the CIMA professional qualification. To be eligible for this, you need to hold a postgraduate-level CIMA Certificate in Business Accounting. This can be completed in 4 years.
CIPFA (Chartered Institute of Public Finance and Accountancy) – If you’d like to become a public finance accountant, you’ll need the CPFA designation, which usually takes around 3-4 years to complete.
When considering a career in accounting, you need to consider the sector you plan to work in and the specialism you will pursue. This could influence your earning potential for the rest of your career so you should think carefully about the implications.
As a graduate accountant with a Bachelor’s degree, you can expect to earn around £28,000 to £40,000 per year in your first role. It’s also possible to earn while you learn by working as an accounting technician. These roles typically command around £22,000 per year but also offer an incredible experience that will allow you to get a foot in the door with a company.
If you choose to go into a particular speciality, the salary expectations can vary. For example, an auditor will typically earn around £41,000 per year, rising to around £53,000 per year with more experience. Whereas a financial controller might earn around £65,000 per year, rising to £90,000 per year with more experience.
As a chartered accountant, your salary in the first few years will be around £40,000 per year but this will quickly increase. A senior chartered accountant could earn up to £90,000 per year.
The highest-paid accountants will be finance traders, who could earn in excess of £230,000 per year during a lucrative period. Earnings will be linked to performance. Chief Financial Officers will also command healthy salaries, usually around £115,000 to £128,000 per year.
As with all roles, your location will be a key part of your earning potential. Those living in London will earn the most.
Now we know what is on offer as an accountant at different levels, let’s look at what it takes to get there. This could help you to decide if a career as an accountant could be a worthwhile investment.
If you choose to start with a university degree in accounting, this will cost £9,250 per year for a 3-4 year course. You’ll also need to think about living expenses and the cost of course materials. A 3-year course will set you back £37,000 plus living expenses. Earning while you learn could allow you to offset these costs, but you would need to be careful with your time, as you would also be studying full-time.
To become a chartered accountant, you will have to pay membership fees and then pay for registration fees, exam fees and learning materials for each course you would like to complete. You can save money by choosing the self-study option, but be aware that you might miss out on the benefits of learning from an experienced professional.
Each training body will have its own course fee structure and requirements. It’s important to understand the full cost of each option before selecting a path, as this will prevent you from running out of funding before you have completed your training.
While the costs of becoming an accountant might be quite high, the rewards are clearly evident in the high-earning opportunities. With a good head for figures, you will be able to see why so many people decide that the investment of time and money is certainly worth it.
Be aware that the finance and accounting section is fast-evolving. Already, organisations like the ICAEW are making changes to their programmes to ensure that students are ready for the future. Starting your training now means that you could be in the first cohort of students who are learning critical thinking and leadership skills that will set them apart from those who may have completed their courses more recently.
Back to Blog
