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Blogs

14

Apr

What to Study After a Finance and Accounting Degree

Graduation is a significant milestone, but in some ways, it’s just the beginning. With a finance and accounting degree, you’re stepping into a world of opportunities. Here are some paths you might consider:

Traditional Roles

Two of the most popular careers for accounting and finance graduates are chartered financial analyst (CFA) and chartered (financial) accountant (CA/CFA). 

Chartered Financial Analysts (CFA)

CFAs work in senior executive positions in investment management, risk management, and asset management. 

  • To work as a chartered financial analyst in the UK, you need to become a chartered member of the CFA Institute. This requires passing at least level I of the CFA exams. This role typically involves portfolio management, investment analysis, and asset allocation.

    Membership with the Chartered Institute for Securities & Investment (CISI) can also add value to roles in different finance sectors.

    NOTE: In the UK, you need to meet specific FCA standards to give professional financial advice. E.g.,  An FCA-recognised qualification like the Diploma in Regulated Financial Planning will meet the conditions of this requirement.

Chartered Accountants

A chartered accountant is a member of the Institute of Chartered Accountants (ICAEW) or the Association of Chartered Certified Accountants (ACCA). They both set standards for qualifications, promote professional development (and technical expertise), and ensure the integrity of the accounting profession.

  • Accountants need further qualifications like the ACA

Some jobs require chartered accountants because of registration requirements. The requirements can vary depending on the employer/industry. Examples of such jobs can include:

  • Insolvency Practitioner: You need ICAEW certification to work as an Insolvency Practitioner handling bankruptcy and company liquidations.
  • Registered Auditor: To audit UK public company financial statements, you (or your firm) must register with a supervisory body like ACCA or ICAEW.
  • Probate Services Provider: You need ICAEW certification to handle non-contentious probate services, which deal with a deceased person's estate.

Popular Specialised Roles

Actuary 

Actuaries study uncertain future events, especially those of concern to insurance and pension programs. Actuaries typically need a bachelor’s degree to enter the occupation and must pass a series of exams to become certified.

-          Chief Actuary (Life)

-          Chief Actuary (non-Life without Lloyd’s)

-          Chief Actuary (non-Life with Lloyd’s)

-          Chief Actuary (Life, Non-Directive)

-          With-Profits Actuary

-          Lloyd’s Syndicates Scheme Actuary

-          CDC Scheme Actuary

Chartered Tax Specialist

Postgraduate study path: You can start your professional qualification almost immediately upon joining a firm and within the first few months, you’ll take your first set of exams.

If you’re looking for masters level options, then an MSc in Taxation or an MBA with a focus on Tax Law can be very beneficial. Alternatively, ARU London’s masters in Accounting and Financial Management equips students with a deep understanding of the practical and theoretical aspects of finance.

Example Roles: Tax Consultant, Tax Advisor, Tax Manager 

Industry-Specific details:

  • The Association of Taxation Technicians (ATT) is the professional body for those providing UK tax compliance services. 
    • Members and Fellows use the practising title ‘Taxation Technician’ or ‘Taxation Technician (Fellow)’ respectively. 
    • To apply for full ATT membership, you must: 
      • Pass two core papers and one of four optional papers. 
      • Take two computer-based exams (Law, and Professional Responsibilities & Ethics) 
      • You must have two years of work experience in UK taxation.

  • The Chartered Institute of Taxation (CIOT) is the leading professional body in the UK for advisers dealing with all aspects of taxation. Becoming a chartered member is not required to do roles in taxation, but is recommended as it comes with industry recognition and shows a commitment to ethics and competence. 
    • The CTA (Chartered Tax Advisor) qualification is the highest level of tax qualification in the UK. Upon completion, candidates earn their charters. 
      • There are no less than five pathways from which to earn the CTA. Two examples include the CTA Direct route and the ATT CTA Tax Pathway. Check here for more info. 
      • Most CTA candidates complete the required seven modular exams in two to three years. 
      • The CTA qualification is not awarded until candidates have three years of relevant professional experience.
      • Tax advice is not always considered financial advice and is not regulated in the same way. Professionals in the tax sphere opt for charters with CIOT as a way to ensure standards of competence, ethics, and industry integrity.

Popular Roles in Different Sectors

All of the roles mentioned above can operate in many areas of business. Let’s look at some areas that dovetail nicely with finance and accounting skills. 

Law

  • Roles:  Banking Lawyer, Commercial Lawyer, Tax Lawyer
  • Postgraduate Study Options: The usual path involves a bridging course like the Graduate Diploma in Law (GDL) - requiring a year of additional study. The GDL leads to either the Legal Practice Course (LPC) for solicitors or Bar Course / Bar Professional Training Course (BPTC) for barristers.

    (Note: A new qualification, the Solicitors Qualifying Examination (SQE), is currently in place to replace the Legal Practice Course (LPC) and (GDL) routes to practise. The GDL and LPC remain viable entry points but will phase out by 2032. Check here for more details about the SQE)

Corporate Finance

  • Roles: Financial Controller, Corporate Finance Manager, Treasury Manager.
  • Postgraduate Study Options: An MSc in Corporate Finance or an MBA with a focus on Strategic Financial Management can be beneficial. These programs provide advanced knowledge in corporate financial strategy, investment analysis, and risk management.

  • Industry-Specific Details
    • The Financial Conduct Authority (FCA) regulates the financial services industry in the UK.
    • The Financial Reporting Council (FRC) sets the UK’s Corporate Governance and Stewardship.
    • Membership in the Chartered Institute for Securities & Investment (CISI) can add value to roles in different finance sectors. CISI membership provides networking opportunities, access to a range of events, and professional development resources.

Management Accounting

  • Roles: Chartered (Global) Management Accountant, Cost Accountant, Budget Analyst.
  • Postgraduate Study Options: An MBA with a specialisation in Strategic Management or Operations Management can be beneficial. Advanced knowledge in strategic decision-making and operations optimisation are valued extensions to undergraduate skill sets.
  • Industry-Specific Details
    • The Chartered Institute of Management Accountants (CIMA) and the Association of Chartered Certified Accountants (ACCA) are important professional bodies for management accountants in the UK.
    • CIMA's CGMA Professional Qualification leads to the “Chartered Global Management Accountant (CGMA) designation” 

Investment Banking

  • Roles: Corporate Investment Banker, Equity Research Analyst, Risk Analyst
  • Postgraduate Study Options: An MSc in Finance and Investment, or an MBA with a focus on finance or investment management. A strong foundation for advanced topics in financial modelling and investment analysis is of value.

  • Industry-Specific Details

Management Consulting

  • Roles: Management Consultant, Business Analyst, Strategy Consultant
  • Postgraduate Study Options: An MBA with a specialisation in Strategic Management or Operations Management can be beneficial. Advanced knowledge in strategic decision-making and operations optimisation is crucial for roles in senior management consulting.

  • Industry-Specific Details
    • The Institute of Consulting (IC) is the professional body for management consultants in the UK. It offers a range of professional qualifications and networking opportunities.
    • The Chartered Management Consultant (ChMC) accreditation is the highest status you can achieve in the management consulting profession. It provides a professional standard of career excellence for management consultants to aspire towards and clients to benchmark against.

Data Analysis & Business Intelligence

  • Roles: Data Analyst, Business Intelligence Analyst, Financial Data Analyst
  • Postgraduate Study Options: MSc in Finance and Big Data Analytics, or an MSc in Advanced Accounting. Another option is an MBA with a specialisation in Business Analytics or Data Science. Advanced knowledge in data-driven decision-making, predictive analytics, and data visualisation is valuable.

  • Industry-Specific Details:
    • The Chartered Institute for Securities & Investment (CISI) provides networking and professional development resources.
    • Graduates who want to refresh skills learned in data analysis modules at university can consider professional certificates from:
      • The ACCA Certificate in Data Analytics (CertDA
      • The ICAEW Data Analytics Certificate Programme. 
      • These are not postgraduate qualifications. They are professional certificates. Graduates interested in more advanced study should consider the postgraduate study options mentioned above.

Charting Your Next Steps

As a finance and accounting graduate, your career options are vast. From traditional roles like chartered financial analysts and accountants to actuaries, each career offers unique challenges and opportunities. 

Accounting and finance graduates can extend their skills and studies into many other sectors of business as well (e.g. law). 

Postgraduate study enhances your skills and opens doors to new and refreshing opportunities. Each step you take is an investment in your career. 

Make the right choice for your future and watch your career blossom.

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