Careers in Finance and Accounting in Cumbria
As we enter a new academic year the thoughts of many will turn towards written assignments, mock and final exams and the achievement of attaining their qualification. But what comes next? What does the next generation of professionals want, and what opportunities are available to them and to the businesses within our county.
Pictured above: Rebecca Mooney (student council member) & Tony Ferguson (current Chairman of the Cumberland Society of Chartered Accountants)
Tony Ferguson has recently been appointed Chairman of the Cumberland Society of Chartered Accountants and he is passionate about promoting Cumbria as a vibrant area which is full of opportunity. “Current students are much more savvy than we ever were. School leavers are now more likely to question the further and higher educational options taken by their parents and consider other routes to success. In today’s society, any education choice will be considered in terms of cost and the perceived value of the resulting qualification. More so than ever before, education providers must demonstrate that their courses are important and effective in giving their students the highest probability of gainful employment.”
Tony’s governing body is the Institute of Chartered Accountants in England and Wales (ICAEW), a professional body for chartered accountants worldwide. It is a common misconception that all chartered accountants work in an accountancy firm, and in fact a high proportion of Cumbria’s largest employers will have a chartered accountant in their finance division and offer them the chance to progress towards senior roles within their organisation.
In addition to employing chartered accountants there are some large organisations in the area, both inside and outside of practice, who also operate as a training employer, offering employees the opportunity to work towards their Associate Chartered Accountant (ACA) status. The ACA qualification comprises four key elements; work experience, exams, professional development and ethics. It can be completed as a stand-alone qualification or offered through a variety of routes, including progression from AAT, via an apprenticeship making use of government funding or even in partnership with the Chartered Institute of Taxation awarding a joint ACA-CTA qualification.
Sally Gallery is the Business Development Manager for ICAEW in Cumbria and across the Northern region. She supports many organisations training ACA students including those not normally associated with accountancy. “Many employers across the region are benefiting from training ACA students. Not only does training people to become chartered accountants support succession planning in businesses, it is a fantastic way to develop trusted advisors who are financially literate and able to drive business growth. Because the qualification builds such a broad skillset, I see our ACA students as future leaders in all sorts of roles and organisations, not just in accounting and finance.’’
To offer ACA training with ICAEW, an organisation must become an Authorised Training Employer. You don’t need to be a particular type of organisation to become authorised, and it is a simple three-step, free of charge process. Once authorised your organisation can choose to recruit and train ACA students, developing the key finance, business and accountancy skills needed to supercharge your business growth.
Pictured above: Some of the current Cumbrian student population from Grant Thornton, David Allen, and Dodd & Co.
There are many different ways to become an ICAEW student. School leavers and university graduates form a large proportion of the current Cumberland society intake, but there are options for anyone looking to have a career change and also some fast track options to membership for those who are already registered with other professional accounting bodies.
During their time as a student each individual will undertake a number of formal exams but will also gain valuable ‘on the job’ experience in their particular business sector. It is also important for ICAEW members to build and maintain their professional connections and we have regional student societies which host events throughout the year.
Rebecca Mooney is a current student with ICAEW. She began her journey into the accounting profession via the apprenticeship route and spent 4 years working towards her AAT qualification with Carlisle College. Once she was awarded her AAT Level 4 qualification she was interviewed and offered a training agreement with her employer Dodd & Co and is now working towards Chartered status.
Rebecca has recently taken on a position with the Northern Chartered Accountants’ Student Society (NCASS) and has become part of a team responsible for organising social events for the Cumberland students. “Our events are open to all current students and give us the chance to meet with students from other firms outside of our normal classroom environment.” These social events are a valuable introduction to professional networking and allow future members the opportunity to establish valuable connections across the county.
During his term in office Tony will be encouraging all ICAEW members and students to raise awareness of their Institute and aims to improve the visibility of accounting professionals throughout the region. To learn more about routes into a career in accounting, potential job opportunities and work experience, or even about becoming authorised to train ACA students please do get in touch. Any questions can be directed to tony@doddaccountants.co.uk or sally.gallery@icaew.com.
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