Accountant - Private practice
Career outlook for accountant - private practice
UK Salary Ranges
Entry-level
£22,000
£22,000
Experienced
£65,000
£65,000
Currently employed in Scotland
12,300
Salary information is provided by the "National Careers Service". "Oxford Economics" supplies job forecasts and employment figures. Due to COVID-19 the jobs market is constantly changing. Some of the information may not reflect the current situation.
What's it like?
You would help people and businesses manage their money effectively.
You’d provide accountancy services for your clients. These could be small businesses, large companies or wealthy individuals.
Your duties would include handling tax, carrying out audits and advising clients on how to improve their business finances.
You would:
- Prepare financial statements, business plans and budget reports
- Produce annual and monthly accounts
- Carry out independent audits of company accounts
- Manage clients’ spending, costs, credit, payroll and investments
- File tax returns and provide tax advice
- Forecast future profits and financial performance
- Help businesses that may be in financial difficulties
- Deal with insolvencies
- Advise companies on improving their financial systems and profitability
- Find and prevent fraud (forensic accounting)
If you work freelance or for a small accountancy practice you might do all of these tasks. In a larger practice you might specialise in one area, such as tax or insolvency.
You would need to be able to explain technical financial information clearly to non-accountants and to work with people at all levels.
Understanding the business environment would be important. You would also have to be discreet, as you’d be dealing with confidential information.
Working conditions
Hours
Environment
Travel
UK employment status
Full-time
75%
Part-time
15%
Self employed
10%
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Find a jobTop skills
Here are some of the skills needed for this job. Sign in to see how your skills match up.
- Verbal communication
- Working with technology
- Problem solving
- Working with numbers
- Observation
- Attention to detail
- Developing a plan
- Time management
- Analysing
- Understanding
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Entry requirements for courses can change. Always contact the college, university or training provider to check exactly what you'll need.
Foundation Apprenticeships
Choosing a Foundation Apprenticeship as one of your subjects in S5 and S6 can help you get a head start with this type of job.
You'll get an SCQF level 6 qualification (the same level as a Higher) plus valuable work placement experience and skills you can't learn in a classroom.
Interested? Find out what's on offer at your school on Apprenticeships.scot.
Qualifications
Most entrants have a degree (SCQF level 9/10).
To enter an accounting degree requires a minimum of four Highers at BBBC or relevant HNC/D or work-based qualifications. With a degree in accountancy, economics, mathematics, business, finance or law you can get exemptions from some parts of the professional qualifications.
You may also enter through a work-based qualifications such as a Modern Apprenticeship in Accountancy (SCQF level 5/6/8).
Some companies run accountancy trainee programmes; entry requires qualifications at SCQF levels 4 to 6 to include at least three Highers.
Some accountants start their careers as Accounting technicians.
Useful subjects
- English (required by many courses and employers)
- Maths (required by many courses and employers)
- Accounting
- Economics
- Statistics
- Business
- ICT subjects
You will also need
Once in the job you will need to gain professional qualifications from a recognised professional body.
If you want to work as a registered company auditor, you must hold an audit qualification from a Recognised Qualifying Body (RQB).