How to become a Financial Accountant?

Posted on Aug 11, 2021

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Financial Accountant

A Financial Accountant prepares financial statements where they can evaluate a company's financial performance to improve in decision making. They will need to know about Financial Statements, such as the income statement, balance sheet, cash flow statement and statement of retained earnings.

What are the job roles of a Financial Accountants?

To prepare financial statements
To prepare monthly and annual accounts
To provide financial advice
To undertake financial audits
Manage financial information and budgets
To counsel clients on business improvement
To deal with the insolvency
To produce reports and recommendations for internal audits or public-sector audits
Provide advice to clients on tax planning (within current legislation to enable them to minimise their tax liability)
Advice on tax issues associated with activities such as business acquisitions and mergers
To arrange financial management reports, including financial planning and forecasting
To maintain accounting records
To prepare accounts and management information for small businesses (accountancy)

What skills are needed for the job role of Financial Accountant?

Numeracy
Organisational and Time Management skills
Understanding the business industry and its own companies situation
Teamwork & Leadership
IT proficiency
Oral, Written Communication and interpersonal skills
Problem-solving & Analytical Skills

How can you become a Financial Accountant?

ACCA qualifications - two levels; Fundamentals and Professionals. Modules covering a variety of subjects from corporate and business laws to audit and assurance.
ICAEW chartered accountant status - also referred to as the ACA, this qualification include three to five years of practical accounting work experience and the completion of 13 modules
AAT accounting courses - made up of three qualifications across three levels, they combine industry knowledge and practical work skills.

Placement, work experience, or part-time role is pre-requisite to apply for jobs in financial accounting. KBM provides accounting work experience.

What is the average salary of a Financial Accountant?

The salaries depend on the size, location and type of the employer company. The starting salary for new/fresh graduates will be £28,000. If you have completed the ACCA course, the starting salary will start from £40,000
After completing the CIMA qualification (Chartered Institute of Management Accountants), your base salary will be £33,000. Experience is the deciding factor for a higher salary. Senior Financial Accountants can earn from £65,000.