Industry and Commerce Accountant

Accountants in industry and commerce work with financial and management information. Their main aim is to maximise profitability and efficiency.

Accountants spend much of their time liaising with internal business colleagues. In larger firms they may specialise in one product area or business division. Smaller firms require accountants to cover a wider range of work. Typical tasks can include:

• analysing profit margins and creating financial forecasts
• monitoring expenses
• preparing financial statements
• conducting internal checks around the business
• giving financial advice
• overseeing payroll and stock management
• negotiating terms with suppliers.

Accountants normally work standard office hours, but may have to work extra hours at busy times. Flexible working hours, part-time work and job sharing are possible. This is generally an office-based job, although time may be spent visiting other sites within their organisation.

Salaries range from between £17,000 to £27,000 a year for a trainee up to well over £100,000 a year for some accountants in senior positions.

An accountant in industry and commerce should:

• be good with figures and have good computer skills
• have excellent communication skills, both spoken and written
• work well as part of a team
• have a logical and analytical approach
• understand all aspects of business
• have a strong interest in finance
• enjoy solving problems
• have a keen interest in the business sector in which they work.

Employers range from large multinational organisations to small local businesses. Most opportunities arise in large towns and cities. There are vast opportunities for people entering the accountancy sector.

Many enter accountancy with a degree. Any degree subject is acceptable, although subjects such as accounting and finance, business studies, management studies, maths, economics and law are helpful. Some enter with A levels or equivalent. The Diploma in business, administration and finance may be relevant for entry into this area of work. Others start at a technician level and progress to professional accountancy training. Apprenticeships in accounting may be available.

To qualify as an accountant, trainees study for professional exams and complete practical work-based training. They study for qualifications awarded by an accountancy body, often the Association of Chartered Certified Accountants (ACCA) or the Chartered Institute of Management Accountants (CIMA). It takes graduates at least three years to qualify. Those without a degree take longer.

Qualified accountants have many career options. Some specialise in areas like tax, audit or insolvency. Others progress to more senior roles, become self-employed, work as consultants or work abroad. Some transfer to accountancy work in the public sector or with private accountancy firms. Many accountants become finance directors or controllers, and can reach board level, including chief executive positions.

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