Accounting & Finance CAREER INSIGHT
LJMU CAREERS TEAM 0151 231 2048/3719 ❚ careers@ljmu.ac.uk
www2.ljmu.ac.uk/careers
Career Insight: Accounting and Finance
Introduction Studying towards a degree in Accounting and Finance will help you develop a number of skills (including numeracy, IT, communication and analytical skills) as well as theoretical knowledge and management techniques, which will put you in a good position to enter a wide range of careers within the accountancy, banking and finance sector – or more general business areas. As your degree qualifies you for a number of exemptions from accountancy exams with: CIMA, ICAEW, ACCA and CIPFA you will also have a head start on the path to achieving professional accountancy qualifications. In recent years securing a graduate role has become increasingly competitive, so gaining relevant work or voluntary experience and engaging in extracurricular activities alongside your studies is crucial to demonstrate to prospective employers that you have the motivation to succeed in your chosen area and have developed the required skills. Being aware of the range of options open to you will enable you to make an informed, and well thought out, career decision. Researching different career pathways and entry requirements is essential preparation for your graduate career, so ensure you make the most of available resources, attend career events or employer talks, and take every opportunity to network with professionals to find out as much as possible about the career areas that interest you. You could also consider setting up a LinkedIn profile and following relevant organisations and vacancy sites on Twitter.
Typical Job Options As already highlighted this course will set you in good stead to pursue a wide range of career paths within the accountancy, banking and finance sector. You could start exploring typical job options via the web links below: http://www.prospects.ac.uk/chartered_accountant_job_description.htm http://www.prospects.ac.uk/chartered_certified_accountant_job_description.htm http://www.prospects.ac.uk/chartered_management_accountant_job_description.htm http://www.prospects.ac.uk/chartered_public_finance_accountant_job_description.htm http://www.prospects.ac.uk/accounting_technician_job_description.htm http://www.prospects.ac.uk/financial_adviser_job_description.htm http://www.prospects.ac.uk/financial_manager_job_description.htm http://www.prospects.ac.uk/actuary_job_description.htm http://www.prospects.ac.uk/corporate_investment_banker_job_description.htm http://www.prospects.ac.uk/retail_banker_job_description.htm http://www.prospects.ac.uk/financial_trader_job_description.htm http://www.prospects.ac.uk/investment_analyst_job_description.htm http://www.prospects.ac.uk/tax_adviser_job_description.htm http://www.prospects.ac.uk/types_of_jobs_financial.htm Your options within the wider business and management sector include roles in marketing and PR, human resources, general management or retail management: http://www.prospects.ac.uk/types_of_jobs_advertising_marketing_pr.htm http://www.prospects.ac.uk/types_of_jobs_human_resources.htm http://www.prospects.ac.uk/types_of_jobs_management_and_statistics.htm http://www.prospects.ac.uk/types_of_jobs_retailing_buying_selling.htm
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Career Insight: Accounting and Finance
The suggestions listed here are by no means exhaustive, so we would encourage you to consider other relevant options e.g. based on previous work or voluntary experience, skills and interests. To explore job options by sector, check http://www.prospects.ac.uk/types_of_jobs.htm. You can also use career planning tools like http://www.prospects.ac.uk/myprospects_planner_login.html and https://targetjobs.co.uk/careers-report to generate initial career ideas. Ensure you check entry requirements for each area e.g. will you need a degree in a specific subject? Is a 2:1 degree classification essential? Does the employer offer support to study towards professional accountancy and finance or other relevant qualifications? Is any specific work experience required? We also recommend that you download a copy of our “Planning your Career” guide from the Careers Team website at https://www2.ljmu.ac.uk/Careers/index.asp this includes a list of useful questions to help you explore your career options and introduces you to the DOTS model to help you with your career planning.
Main employers Accountants and finance officers work in all sectors and industries in organisations of all sizes – the main employers are accountancy firms (including both large international organisations like KPMG, EY, PwC and Deloitte as well as small and medium practices or SMPs) providing a range of accountancy, tax and business services to private clients, commercial companies in the manufacturing and service industry sectors and public sector employers like central and local government, higher education institutions and the NHS. The NHS offers a Finance graduate training scheme (http://www.nhsgraduates.co.uk/thescheme/specialisms/financial-management.aspx); some local councils run graduate training schemes (http://www.staffordshire.gov.uk/jobs/graduates/cipfa/FinanceManagementTraineeScheme.aspx) on a regular basis, whereas others will advertise trainee/junior accounting and finance positions when required, so it is worth keeping an eye on individual council websites if you are interested in working in this environment, or contact local councils directly to enquire about relevant opportunities and where these are usually advertised. Many large private companies also run relevant graduate schemes. Some links to further information about finance and accounting as well as insurance graduate programmes with employers from a range of industries are listed below, but we would advise you to research additional employers from the sectors you are particularly interested in. http://www.networkrail.co.uk/careers/schemes/students-andgraduates/graduate/programmes/business-management/finance/ http://careers.aviva.co.uk/routes-to-aviva/graduates http://www.unilever.co.uk/careers-jobs/graduates/uflp/finance-management/ http://www.co-operativegraduates.coop/graduate-programmes/programmes/cima-finance-programme/ http://www.aonearlycareers.co.uk/pages/graduates.php (opportunities include: actuarial consulting general insurance, actuarial consulting - pensions and investment consulting amongst others) https://www.rbsbankyoubuild.com/graduates/graduate-opportunities (opportunities in trading, commercial banking, finance, internal audit and risk amongst others) Most of these employers will support you to pursue relevant professional qualifications alongside the graduate programme and provide you with a mentor. Ensure you check individual employers’ websites for details.
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Career Insight: Accounting and Finance
All occupational profiles listed on http://www.prospects.ac.uk/types_of_jobs.htm include a section on employers and vacancy sources, so use these as a starting point to research potential employers within additional career areas that interest you.
Useful links and websites LJMU Vacancy website http://ljmu.prospects.ac.uk/ Prospects - Careers information and graduate jobs http://www.prospects.ac.uk/ Targetjobs - Careers information and graduate jobs https://targetjobs.co.uk/ Milkround - Graduate jobs, placements & internships http://www.milkround.com/ Jobs in the public sector http://www.lgjobs.com/ http://www.jobsgopublic.com/ Graduate to Merseyside - Graduate placements in small/medium-sized businesses in Merseyside http://www.graduatetomerseyside.co.uk/ Graduate Talent Pool - Graduate internship opportunities http://graduatetalentpool.direct.gov.uk/ Directions/eFinancialCareers - Information about careers in the finance sector http://www.directions.org.uk/careers/ www.efinancialcareers.co.uk/ Inside Careers - information about careers in banking and investment, chartered accountancy, insurance and pensions, tax and as an actuary http://www.insidecareers.co.uk/professions/banking/advice/ http://www.insidecareers.co.uk/professions/chartered-accountancy/advice/ http://www.insidecareers.co.uk/professions/tax/advice/ http://www.insidecareers.co.uk/professions/actuaries/advice/ http://www.insidecareers.co.uk/professions/insurance-pensions/advice/ Targetjobs Accounting, Finance and Investment Banking https://targetjobs.co.uk/career-sectors/accountancy-and-financial-management https://targetjobs.co.uk/finance https://targetjobs.co.uk/career-sectors/investment-banking-and-investment Accountancy specific websites www.accountancyage.com/ www.accountingweb.co.uk/ www.accountancylive.com/ Professional bodies for accountancy http://www.accaglobal.com http://www.cimaglobal.com/ http://www.icaew.com/
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Career Insight: Accounting and Finance
http://www.cipfa.org/ https://www.aat.org.uk/ Association of Professional Financial Advisers http://www.apfa.net/ Chartered Institute of Taxation http://www.tax.org.uk/ Chartered Insurance Institute http://www.cii.co.uk/ Discover Risk - information about careers in the insurance industry http://www.discoverrisk.co.uk/ Get into Marketing - information about careers in marketing http://www.cim.co.uk/insight/tools-and-templates/getin2marketing Chartered Institute of Public Relations - information about careers in PR http://www.cipr.co.uk/careers Targetjobs Retail, Buying and Merchandising https://targetjobs.co.uk/career-sectors/retail-buying-and-merchandising Chartered Institute of Personnel and Development - HR news and jobs; details about membership and qualifications www.cipd.co.uk Personnel Today - HR vacancies and news www.personneltoday.com
Follow relevant companies/websites through Twitter for example:
@LJMUCareers @Prospects, @ProspectsJobs @targetjobsUK @InsideCareers @CIMA_News, @CIPFA, @ICAEW, @ACCANews, @YourAAT @AccountancyAge @BloombergNews
Depending on your specific career interests, you could also follow relevant websites and organisations e.g. @retailweek for news relating to the retail sector or @CIPD for HR-related news
Sources of work experience Download our mini-guide on “Making Yourself Employable Whilst at University” from https://www2.ljmu.ac.uk/Careers/123871.htm for an overview of the different types of work experience available and some general suggestions about finding work experience opportunities. LJMU has been managing a summer internship programme for Level 5 students in recent years, so keep an eye on your LJMU inbox for details of any opportunities. Many large employers offer summer internship opportunities or year-long sandwich placements in finance and related areas. These are generally advertised on websites like Prospects, Targetjobs or Milkround, as well as on the organisations’ own websites – opportunities are also advertised on the
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Career Insight: Accounting and Finance
Careers Team vacancy website http://ljmu.prospects.ac.uk and on www.ratemyplacement.co.uk. Many placement schemes are open to students from any degree discipline. Check your eligibility before making an application e.g. some summer placements are specifically aimed at penultimate year students. Application deadlines for sandwich placements and summer internships can be as early as October/November for a start date between June and August the following year, so start your research early to ensure you don’t miss out on relevant opportunities! Applications for summer internships or year-long placements with large employers are very competitive, so involvement in extracurricular activities, voluntary work or previous work experience can give you the edge over other candidates. It’s never too early to start getting involved in clubs and societies or to gain work experience, so explore relevant options early on in your studies. Many societies/clubs through LiverpoolSU have a finance officer/treasurer, which would give you some initial experience in areas like budget management. If you are interested in completing a year-long sandwich placement, we would recommend that you seek advice from the Employability Support Unit in the Business School, who advertise industrial placement vacancies and advise on opportunities https://www2.ljmu.ac.uk/esu/index.htm. Many undergraduate students also secure work experience through a more ‘speculative’ or ‘creative’ approach i.e. after contacting organisations directly through networking events, via email or through LinkedIn. You might, for example, consider contacting small accounting practices or a firm of independent financial advisers (depending on your career interests) as a starting point. Once you have some initial career ideas, undertaking work experience or voluntary work in these areas can be a great way not only to find out whether this role would be right for you but also to build up a network of professionals and organisations in your chosen sector, which can often lead to further work experience or even a full-time role after graduating. Before contacting organisations about work shadowing or work experience opportunities, make sure you research the organisation and find out the best person to get in touch with. It is important that you demonstrate that you are interested in the organisation and have spent some time finding out what they do. Even when applying to secure work experience for the first time in this industry, show the employer what you have to offer e.g. briefly outline any relevant skills or knowledge gained from your course. Look at the skills listed under entry requirements in the occupational profiles on Prospects http://www.prospects.ac.uk/types_of_jobs.htm and try to evidence these on your CV, drawing on examples from your course, work experience or extra-curricular activities to demonstrate how you developed these. Useful websites to research a range of voluntary opportunities include https://do-it.org/ and http://www.liverpoolguild.org/volunteering. Many charities and not-for-profit organisations require volunteers for trustee or treasurer positions. You could also contact LJMU Volunteering Manager Chris Prescott on 0151 904 6356 or c.j.prescott@ljmu.ac.uk to enquire about current opportunities. It is also worth researching relevant organisations/charities and contacting them directly to find out about voluntary roles on offer.
Recruitment schedule Recruitment cycles and deadlines will vary depending on the type of work you are applying for. Again, research is key to ensure that you do not miss relevant opportunities. As a rule of thumb, the selection process takes longer in larger organisations, as they tend to receive a higher number of applications and use several different stages to reduce the number of potential candidates. As a result, application deadlines can be as early as October/November in your final year of study for a start date in August or September of the following year. If you are considering postgraduate study, find out if there are any specific closing dates for applications.
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Career Insight: Accounting and Finance
Many graduate training schemes with large companies will accept applications from students of any degree background. If you are interested in these roles, you will need to be aware of the recruitment cycle. Many employers begin the graduate recruitment process during the autumn term for final-year students – some placements are advertised then as well. Most closing dates are in November and December, but some are earlier so it is important to start researching companies that you want to apply to early on. The application process for graduate training schemes usually involves completing an online application form, which may require you to answer ‘competency based questions’. This may be followed by psychometric tests, a telephone interview and an assessment centre. You may also need to submit your CV. Most of the large recruiters have a section on the student/graduate pages of their website that outlines the different steps of their selection process, so check these to find out what is required. For more information about graduate schemes, download the ‘Graduate Schemes’ guide from https://www2.ljmu.ac.uk/Careers/123871.htm. The Careers Team runs its “Graduate Schemes Uncovered” workshop on a regular basis – please check our events pages on https://worldofwork.ljmu.ac.uk/events/ for details. Many of these opportunities are advertised in the Prospects Student Career Guide and the Targetjobs directories (available from the Careers Zones) and on websites such as Prospects, Milkround and Targetjobs – also check organisations’ own websites. You may also find work through small and medium-sized enterprises/businesses (SMEs). These types of companies don’t usually have structured training schemes but will recruit ‘as required’. Depending on previous experience, you might find yourself applying for entry-level roles on an administrator grade at first i.e. job titles like finance administrator, accounts assistant, trainee accountant; but once you have gained experience in one of these roles this should open up opportunities for promotion within your organisation, or give you the required experience to apply for higher-grade positions with other employers. Some SMEs may use their own application form but most applications will be by CV and covering letter. These positions will be advertised on company websites, relevant recruitment websites, the Job Centre, and national and local newspapers. The ‘creative’ or ‘speculative’ approach to job hunting, outlined above, is also important when looking for graduate roles. Making contacts and approaching organisations speculatively to look for work is a common route into employment. For more information about the speculative approach to job hunting, download a copy of our guide to ‘The Hidden Jobs Market’ from https://www2.ljmu.ac.uk/careers/123871.htm. You can get advice about the recruitment process by booking a one-to-one appointment with a careers or employability adviser (call us on 0151 231 8099 (select option 1) to arrange this) or you can attend relevant workshops in the Careers Zones.
Examples of employment destinations (LJMU BAAF graduates):
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Trainee Chartered Accountant-FPM Chartered Accountants Trainee Accountant-Matalan Trainee Accountant-PwC Trainee Accountant-Leeds City Council Trainee Accountant-Liverpool Guild of Students Accountant-ASDA Trainee Management Accountant-Fowler Welch Coolchain Ltd Finance Management Trainee-Mersey Care NHS Trust Internal Auditor-Bank of America Audit Trainee-BDO Financial Analyst-First State Investments Financial Adviser-Aviva
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Career Insight: Accounting and Finance
Accounts Technician-Jordanou & Co Commercial Sales Analyst-Tottenham Hotspur Ltd Insurance Officer-RSA Insurance Group plc
Key events and networking
Liverpool Careers Fair: usually held in the autumn and spring of each year, see fairs website http://www.liverpoolfairs.org.uk/ for additional events Manchester Careers Fairs: open to students and graduates from any university; check http://www.careers.manchester.ac.uk/students/events/ for details Careers and Employability events at LJMU: Keep an eye on our events pages at https://worldofwork.ljmu.ac.uk/events/ for details of upcoming employability workshops, networking sessions and employer talks. You might be interested in the “Pursuing a career in clinical psychology” session we usually run once per semester. LiverpoolSU Clubs and Societies: http://ljmu.unioncloud.org/groups#club-society LinkedIn: You could also consider setting up a LinkedIn account (http://www.linkedin.com/) to network online with professionals and organisations in your chosen industry
Other information LJMU Enterprise Fellowship Programme – Support for LJMU students and graduates interested in starting up their own business. Further details can be found here: http://www.ljmu.ac.uk/startup/ including eligibility, timescales and training dates.
Careers Zone Our campus-based Careers Zones are based in the reception area of James Parsons Building at Byrom Street, in Aldham Robarts Library and in IM Marsh Library. Call in for help with any careers enquiries, to book an appointment with our advisers, pick up careers guides and resources, meet employers, book a practice interview and much more.
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Career Insight: Accounting and Finance
Notes
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Career Insight: Accounting and Finance
Notes
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Career Insight: Accounting and Finance
Notes
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