Accounting is a process to record the economic transaction along with the storing, filtering, restoring, summarizing and presenting the results in a variety of surveys and reports. It also aims to register the financial position and day to day operations of a business organization. It gives an idea and plans about the use of the commercial sources that will help to generate future revenues and lead to the financial stability of a nation.
This field has two subfields, i.e. financial accounting and management accounting. Financial accounting refers to the managing and documenting the financial position of a company.
However, management accounting deals with the preparation of management financial reports with the use of statistical data, required by the internal stakeholders to carry out day to day or short term operations. It is essential to analyze the top 10 accounting jobs in the UK to get a deeper understanding of the scope of the accountancy field in the country.
The field of accounting has a massive range in the United Kingdom as it's a favourite place to carry out financial operations. It is because of the presence of highly competitive reputable industries in the country. A large number of opportunities are available in London, which has remained as a financial centre of Europe for a very long time. Moreover, another major centre like Manchester, Birmingham, Bristol, Glasgow and Edinburgh also needs more experienced accountancy professionals.
Opportunities are not only available for the residents of UK, but accounting experts from other countries are also welcomed. A large number of people from Australia and Canada are working from a variety of positions that ranges from part-time jobs to Chartered Accountants. Moreover, there are a lot of other chances of getting employment within the public and private sectors. Other sectors may include the banking accounting, management accounting, treasury and audit.
The three primary professional accounting qualifications in the UK are ACA, CIMA AND ACCA. Candidate needs to have the following mentioned qualities to get a better accountancy opportunity in the UK.
As mentioned above, a large number of opportunities are available in the job market of the UK in a variety of sectors. However, some of them particularly both contract and professional are highly demanded and thus, given great importance in the state. Apart from that, a series of long and short term contracts jobs are also available in financial, banking and public sector.
Pay rates usually vary based on qualifications and experience. Wages start from £12 per hour and ranges to £35 under the contract jobs positions whereas it ranges from £12000 to £55000 under the umbrella of permanent placements.
Some of these jobs are:
There is a massive demand for business analyst in the UK as they are as an essential part of the banks and insurance agencies. They are bound to prepare company policies and strategies regarding the investment markets, stocks and exchange along with the financial funding. The accounting industry has noticed an increase of 3 per cent in the demand and arrival of international contenders for pursuing their career as a financial analyst. Apart from that, their salary usually ranges from £30,000 to £50,000
Secondly, the demand for accountants has also been increasing day by day across the UK, which clearly shows by research according to which the UK will need around 80,000 accountants by 2050. They are responsible for managing the financial matters of a business firm. Their salary varies from £35,000 to £100,000 depending upon the experience.
The third highly demand job in the UK is the accounting assistant who deals with the essential accounting duties. They are responsible for making financial reports, handling cash and managing office work. Their expected salary is £39,240 annually.
This job is highly competitive, and one of the most prominent paid jobs in the financial sector. They hold the duty of advising and counselling their employers on the issues of finances and revenues. Moreover, they also deal with the buying and selling of the commodities in the financial markets.
Payroll supervisors mainly conduct their efficiencies in pay processes by delivering the payslips, providing services to the clients and calculating taxes. They should have proficiencies in foreign languages because of their working at the global level. Their job has managerial, executive and senior posts with the expected salary of around £26,000.
Continuous tax reforms in the UK have increased the need of the employees with the auditing expertise as the UK raised its audit threshold to £10.2 million. Their salaries range differs based on positions including the salary of £27,000 to £30,000 for fresh candidates, £65,000 for management level and £100,000 for executives.
He is accountable for checking the progress of projects by monitoring the issued billings and collected payments. Their averages salary is £47,500.
The financial controller manages and recognizes all the accounting records by evaluating errors and recommending solutions. Also, he keeps an eye on all the company's financial statements and operations by analyzing business and statistical data along with forecasting the revenue-generating schemes. Their average salary is £68,395 in the UK per year.
They work for governmental, public and private corporations and advise the executives regarding how to perform their responsibilities and the internal auditing activity in a better way. They also provide solutions for managing risks such as fraud and theft of operations and assets of the company. Their expected salary is £56,304.
Their primary function is to put down the cost of newly buy and already available resources by tracking the inflation and depreciation rates. Lastly, their salary ranges vary from £20,889 to £32,333
All these top 10 accounting jobs in the UK are highly demanded and paves a way to progress and future success of the candidates. It will also help them in choosing a better career path and be a part of one of the leading accountancy market in the world.