Find out... ö Which accountancy qualification is right for you

ö Which career and financial doors are opened through studying

ö How to balance work and studies

ö Case studies: hear from the Young Chartered Accountant of the Year

Life as a part-qualified accountant and beyond

The PQ Guide | Contents

Contents03. What are the benefits of gaining an accountancy qualification?

04. Which qualification is right for me?

06. What do I need to consider before I make the decision to study?

07. What doors does study open?

08. PQ accountancy average salaries

09. Tutor advice: Balancing work and study

12. An interview with Ryan Pearcy Audit & Assurance and Client Manager at RDP Newmans – talks to us about being named Young Chartered Accountant of the Year

15. An interview with Stacey Tucker Senior Financial Analyst at Hangar 8 plc – shares her journey as a PQ and what she looks for when taking on new accounts staff

18. An interview with Ben Swainsbury Finance Manager at TranslateMedia – shares his story as an accountant so far and offers advice to those just starting out.

The benefits of securing a full professional qualification in accountancy broadly fall into two main categories:

ö first, greatly increased depth of technical knowledge that the examinations demand, which enables accountants to accurately record, forecast and analyse business finances; and

ö second, far greater understanding of how accounting can aid business development and long-term strategic planning, which makes accountants a vital piece in the puzzle for any entrepreneur or company director

What are the benefits of gaining an accountancy qualification?

Both of these qualities can be gained without studies. But the complexity of understanding developed in further study increases the likelihood a qualified accountant will have a significant impact upon their business - more so than those who have not tested their knowledge against accepted best practice.

The PQ Guide | What are the benefits of gaining an accountancy qualification? p03

“Employers see part-qualified candidates as a future investment, as they can have a significant impact on paving the way a business is run” - Paul Maynard, Reed Accountancy

CERTIFICATION

The decision over which qualification to study should be based upon your personal interests and an understanding of how each would fit into your career plan. Each course provides significant knowledge and skills enhancement within a different context, and often within a different working environment.

Each of the three main qualifications enjoy strong reputations amongst employers. In days past, you may have found financial directors preferring to see an ACA or ACCA candidate (for reasons of familiarity), but there is now a much greater degree of flexibility, and, indeed, a preference in commercial business for those who understand business partnering and financial planning techniques, which CIMA brings to the table.

The three main professional qualifications are as follows:

Which qualification is right for me?

The PQ Guide | Which qualification is right for me? p04

Associated of Chartered Accountants (ACA)

ö 15 modular exams split over three sections – certificate, professional and advanced level

ö There is no choice over which modules to study, and all exams must be passed

ö Exam focus is often upon how students are able to demonstrate and communicate understanding of a topic, rather than simple learning and retention, with the aim of creating knowledgeable, flexible accountants

ö The qualification requires students to gain suitable work experience, working for an authorised training employer; these are typically within accountancy firms rather than commercial business, though there are a few exceptions to the rule

The PQ Guide | Which qualification is right for me?

Association of Chartered Certified Accountants (ACCA)

ö 14 modular exams, plus professional ethics module and practical experience requirement, split into two main sections – fundamentals and professional

ö All nine fundamental papers must be sat, plus the first three professional papers; two final papers from the second stage of professional can be chosen

ö This choice allows students some flexibility in their area of speciality, for example the choice to focus on performance management over advanced taxation or vice versa

ö The qualification covers a range of accounting, audit, taxation, and ethics topics, providing students with a broad understanding of both professional services and commercial accounting knowledge

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Chartered Institute of Management Accountants (CIMA)

ö For those who do not bring exemptions from university studies nor hold the AAT, study is preceded by the certificate in business accounting stage (five exams)

ö The CIMA qualification itself comprises of twelve exams split across three levels – operational, management, and strategic – with each level consisting of three computer-based objective tests and one human-marked case study

ö The objective tests are designed to assess knowledge, while the case studies test understanding and application in a commercial setting

ö Because of the above, CIMA is largely studied by those in commercial business, though some in outsourcing divisions of accountancy practice will choose this option

Undertaking study for a full professional qualification is no mean feat. It requires dedication, time management, and a willingness to sacrifice personal time for your education - particularly if your employer is not granting day-release for tuition. You will need to understand the length of time taken to qualify, which for many is around three years, and be aware that within this time you will be constantly tested with new information.

Your education provider is of paramount importance - do you study from home using materials provided, or do you attend study and revision courses? If it’s the latter, where will this be? The simple factor of travel to and from

What do I need to consider before I make the decision to study?

evening and weekend study courses, and the amount of time spent away from home, should be considered. The reputation of various providers is also key - are they able to demonstrate strong pass rates for recent years?

Of equal importance is the nature of your job role whilst undertaking studies: if you are not in an accounting role, you will encounter difficulties. These are due both to the unfamiliar content of the study materials and to the imbalance between practical experience and education, which may affect you when applying for PQ vacancies in months and years thereafter. Be sure to secure a post that will utilise the knowledge you build up and provide you with a strong understanding of month-end reporting at every opportunity.

Each of these elements should be carefully considered before commencing any of the courses, as a strong record of exam passes is particularly important in demonstrating your understanding on a CV and in interviews.

The PQ Guide | What do I need to consider before I make the decision to study?

“Good results and first-time passes in all exams to date plus a passion for the industry they are working in make a good PQ jobseeker stand out from the rest” - Kate Evans, Reed Accountancy

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Undertaking study for a full professional qualification ensures there are minimal barriers to entry to many different job roles and sectors across the remainder of your career.

It is possible to advance to managerial and director level posts without studying, but this is rarer, and highly dependent upon finding an individual employer who values practical exposure over guaranteed technical skills. If you are keen on moving into a finance manager, financial analyst or financial controller role in the years ahead, it would be particularly advantageous to complete ACA, ACCA or CIMA studies and prove your understanding of the profession.

What doors does study open?

Ultimately, you will gain strong practical experience alongside your studies, which will provide enormous benefit - almost as much as the content studied - but without those letters after your name, there will always be a limit to the level of responsibility available.

The PQ Guide | What doors does study open? p07

“If you have passed your exam papers first time, this impresses employers and demonstrates your capability for working well under pressure and showing them you have a keen eye for detail” - Paul Maynard, Reed Accountancy

The PQ Guide | PQ accountancy average salaries

To discuss your career or salary requirements in more detail, please contact your nearest Reed Accountancy office

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Job Title London S. England Midlands N. England Wales Scotland N. Ireland

Assistant Accountant £26,500 £25,000 £24,000 £22,500 £25,000 £22,500 £22,000

Assistant Management Accountant £28,500 £26,000 £25,000 £23,750 £25,000 £23,250 £22,000

Assistant Financial Accountant £29,000 £26,000 £26,000 £24,000 £26,500 £24,000 £22,000

Management Accountant £34,000 £32,000 £31,000 £31,500 £32,500 £29,000 £30,000

Financial Accountant £34,000 £32,000 £30,000 £31,750 £34,000 £28,500 £32,500

Financial Analyst £37,500 £34,000 £32,000 £32,000 £30,000 £27,000 £31,000

Project Accountant £39,500 £34,000 £34,000 £33,750 £32,500 £27,500 £31,500

Finance Manager £39,250 £36,000 £35,000 £32,750 £31,000 £31,000 £31,500

ACCA Part 1 £23,500 £22,000 £22,000 £22,000 £21,000 £21,000 £15,500

ACCA Part 2 £26,250 £26,000 £25,000 £24,000 £24,500 £23,000 £19,000

ACCA Part 3 £31,500 £30,000 £29,000 £30,500 £28,000 £29,000 £23,000

CIMA Certificate £22,500 £23,000 £21,000 £21,000 £22,000 £20,500 £15,000

CIMA Operational £25,500 £25,000 £24,000 £24,000 £24,000 £23,000 £17,500

CIMA Managerial £28,250 £27,000 £27,000 £28,500 £29,000 £27,000 £20,500

CIMA Strategic £32,750 £32,000 £31,000 £32,750 £30,000 £28,500 £23,500

ACA Certificate £23,500 £21,000 £20,000 £21,500 £19,000 £21,000 £15,000

ACA Professional £27,500 £25,000 £25,000 £24,500 £23,000 £25,000 £17,500

ACA Advanced £32,750 £30,000 £28,000 £29,000 £28,000 £28,000 £21,000

Settle before you StudyTime and again Jan has seen students who haven’t appreciated the time and commitment accountancy studies require. If you are in a job but want to progress your studies, Jan recommends making sure you really do have time before you commit to your studies. If you’ve started in a new job, get settled properly in to it first: don’t put too much pressure on yourself to achieve

everything at once. Sometimes students also try to do too many papers at once to get through them quickly. This can have the opposite effect: you may fail one or more papers, and then have to resit which takes more time as well as more effort.

Worry less about the exam board dates than what suits you in terms of your preparation and readiness. (Although if you are with CIMA, it’s good news as they now offer the ability to start at various times).

The PQ Guide | Tutor Advice: Balancing work and study p09

“In a survey conducted by PQ Magazine aptitude/motivation scored higher than degree scores or professional qualification results” - William Moore, Reed Accountancy

Jan Weston has had an extensive career across the accountancy industry and banking. She now teaches strategy, management accounting and business management modules at Reed Business School. We recently asked her to share her industry knowledge with us and asked her what advice she would give to accountants balancing their career with their studies.

Changing job during your studiesIf you decide you want to change job partway through your studies, the levels within the accountancy qualifications make it easy to present your level of competency to your employer (e.g. just completed operational level of CIMA). However, qualifications back up your work experience, not the other way around.‘Your work experience may be just as, if not more important than your qualification level.’

Therefore, Jan emphasises not to put too much pressure on yourself. Too often you find students who finish a level and look for the next step up immediately, but they underestimate the pressure and time commitment that new role brings on top of increasingly tricky studies. If you want to progress in your career, slow your studies down a little to make that jump. Get settled into that new job properly, then kick-start your studies again.

Plan aheadIt is important to plan ahead and make sure you book your exam dates well in advance for the new CIMA syllabus. You don’t want to be ready to take the exams but be left waiting for months to find a slot. Booking in your exam also gives you a goal: people focus better and often work harder and more effectively when they have deadlines to aim for.

Students often ask how long it will take to be ready for and complete exams. This is not an easy question to answer: it is entirely dependent on the individual. Some students learn new techniques more quickly than others and it also depends on personal circumstances and how much time they can devote to study. Students need to decide for themselves: take plenty of practice papers and judge for yourself when you are ready. And Jan’s top tip for success? Plenty of question practice!

The PQ Guide | Tutor Advice: Balancing work and study p10

“A good PQ will require a strong record of exam passes over recent years, with a good degree of consistency and commitment to their study programme – i.e. not pausing too long at any point” - Rich Davenall, Reed Accountancy

Succeed with us

ACCA* 100% pass rate

CIMA* 100% pass rate

ICAEW* 100% pass rate

We also offer:• Flexible weekend tuition• CIMA Higher Apprenticeship Scheme• Sage online courses

If I had to summarise my experience at the Business School, I would say excellent, quality tuition and my route to success

Kat KurganeACA Student

To learn more and book courses online visit www.reedbusinessschool.co.uk or call us on 01608 674 224

For full results visit www.reedbusinessschool.co.uk

No other tuition provider publish all their results as we do - the Business School offers transparency like no other provider.

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@ReedBusinessSch @ReedBusinessSchool

*Funding available for ACCA and CIMA fees for employees of UK charities. Profits are covenanted up to Reed Educational Trust Limited which is a registered charity. Reg. No. 328347). *ACCA results taken from F4/P7 June 2015. ICAEW results taken from BPT June 2015. CIMA results taken from E3 May 2014, based on students attending full link courses.

The PQ Guide | Ryan Pearcy interview

Ryan Pearcy – Audit & Assurance and Client Manager at RDP Newmans – talks to us about being named Young Chartered Accountant of the Year at the ICAEW Essex Accountancy and Business Awards. Ryan was nominated by his employer for the award, showing recognition of his hard work and commitment to the firm.

Company profile

RDP Newmans Chartered Accountants has been supporting clients for almost 50 years. With offices in Harrow, Southend-on-Sea and the city of London, RDP Newmans has 10 partners and specialises in work for various sectors including charities, property management, recruitment, barristers and dentists.

Making a difference

Never afraid to put up his hand for extra responsibility, Ryan joined his local ICAEW young committee and began making waves early on. He was instrumental in organising their annual charity fundraiser and a range of courses focussed on softer skills for young accountants. “Soft skills aren’t really taught to young accountants, but as you progress, you’re just expected to be able to present yourself well, so we wanted to provide this training earlier on,” said Ryan.

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“A PQ would be a better long-term option than a qualified as they would ideally be looking to qualify in the next year or two, so would therefore be a better development option. If they are provided with study support, they will be more committed to the company” - Kate Evans, Reed Accountancy

The PQ Guide | Ryan Pearcy interview

In fact, he believes that making an impression – from the way you dress to how you present yourself – is of vital importance in becoming a respected accountant. “Young accountants are generally more introverted and inward-looking, and it can take time to develop a persona to be more extrovert. Therefore, it’s best to start the journey earlier.”

As well as his work on the committee – of which he later became president – Ryan’s award also recognised his voluntary work in the community, including his role as treasurer of his local tennis club, where he provides a business-focussed approach to increasing visibility and membership.

Achievements at work

Ryan’s proudest achievement at work came as a result of an internal company competition aimed at cross-selling

various services to clients. Volunteering to lead his office’s team, he guided them to achieve all sales targets over a yearlong period, being the only team to achieve this feat. He puts his success in this, and other areas of his working life, down to his focus on people. “I take staff development very seriously and dedicate a significant amount of my time to this, and supporting others where I can. I take pride in seeing people meet their potential.”

Day-to-day Ryan is responsible for all audit and assurance work and handles 50% of client communications for his managing partner, including high-end calculations and in-depth management accounts.

ACA-qualified

Ryan qualified in March 2011, having opted to study with ICAEW. He reveals his decision was mainly influenced by the prestige the qualification had and the challenge it

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“A good PQ will need to understand why their skills can be of use to prospective employers over the coming years” - Rich Davenall, Reed Accountancy

The PQ Guide | Ryan Pearcy interview

would present him with:

“I just wanted to get the best qualification I could and when I started studying, this was it. It’s slightly more skills-based than ACCA so I knew it was right for me.”

Career plan

Ryan studied theoretical and mathematical physics at university and after deciding that a career in the sector wasn’t for him, he discovered accountancy.

He believes that coming from a non-traditional background works to his advantage: “Having a science background makes me stand out from a lot of other accountants out there, and I think it’s really important to be able to offer a different perspective.” Given his commitment to his employer and enthusiasm to take on more responsibility,

It was a natural fit for my personality and skill base, as the way I learned to approach problems from a scientific perspective lends itself really well to auditing in particular.

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Ryan is, in his early 30s, already looking at the possibility of becoming a partner at RDP Newmans.

“Some people think it can be a bad thing to stay with one employer for a long time, but I’ve been able to progress so far already and now I have a fantastic opportunity to work towards and prove myself.”

“Studying towards a professional qualification shows that you are determined and driven” - Paul Maynard, Reed Accountancy

The PQ Guide | Stacey Tucker interview

Stacey Tucker – Senior Financial Analyst at Hangar 8 plc – shares her journey as a PQ and what she looks for when taking on new accounts staff.

Company profile

Hangar 8 plc is a private jet service based in Oxfordshire and one of the world’s foremost providers of chartered flights for individuals and business across the UK and worldwide.

Stacey knew from a young age that she wanted to be an accountant. On leaving school, she went on to study accounting and taxation at university and, shortly after graduating, began studying towards her ACCA qualification.

As part of her course, Stacey took a “sandwich” year working in an accounts payable department; although she valued the experience, she learned that such a specialised role wasn’t for her. After some temp work, Stacey secured a role within an accountancy practice, and within her first

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“Part-qualified candidates are career-driven individuals who demonstrate a commitment in advancing their academic knowledge of finance whilst gaining hands-on experience to support it” - Adam Hill, Reed Accountancy

six months she gained a good understanding of how a practice works and valuable on-the-job training in the full spectrum of accounting.

With a desire to work in industry, Stacey took a junior accounts position with Hangar 8. Here she was able to get exposure to lots of niche areas and complex contracts, and took every opportunity to broaden her understanding of how accountancy and finance worked.

After taking a new role, Stacey was soon offered a management position at Hangar 8, where it dawned on her how much she’d progressed in her career so far. Now she’s responsible for managing the processes, rather than just executing them.

Find your own path

“A key turning point for me was making the move from practice to industry. It was a great foundation for me, but

I get a real buzz from industry, and being able to put into practice what I learn through my qualification.”

So would Stacey recommend trying out both practice and industry?

“Absolutely, it’s good to get as much experience as possible in the early days, and to learn as much as you can, wherever you can, to find out what’s right for you.”

The work-study balance

When it comes to her studying, Stacey takes a practical approach. While she admits it can be intense to juggle work and study, she believes in separating the two.

Stacey gives herself dedicated study time at weekends where she goes to the library to focus, meaning when she’s at work, she focuses purely on work.

The PQ Guide | Stacey Tucker interview p16

“Clients see part-qualified candidates as a future investment, as they can have a significant impact on paving the way a business is run” - Paul Maynard, Reed Accountancy

The PQ Guide | Stacey Tucker interview

Succeeding as an accountant

Stacey believes that her career achievements to date stem from her willingness and keenness to learn and get experience from any opportunity presented to her. She has always been inquisitive and focussed, and now looks for similar characteristics in staff she employs.

“The first thing I look for is initiative – whether candidates can see an area they are not sure about and want to find out more about it, to make improvements and understand the full process. I like to see motivation and an interest to achieve what is expected. Being able to help others throughout the business by sharing your knowledge is really useful.”

She also recommends that candidates attending interviews be fully prepared on why they are there, what motivates them, and how that fits into the business model of the business they are applying to work for.

The changing face of finance

Stacey believes that finance is changing, and that there’s a greater need for people with a commercial outlook as opposed to traditional accountancy. “That’s what’s important, and it doesn’t matter if you’re male or female – the ability to understand commercial elements and opportunities is recognised throughout business as well as within finance, and women can do this just as well as men!”

Stacey’s final words of advice:

“Remember the accomplishments you’ve achieved so far. It’s easy to focus on how much there is still left to learn, but with everything you do you gain experience and you achieve – value yourself and your experiences.”

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“Completion of the Fundamentals level of the ACCA, the CIMA certificate in Business Accountancy or the Knowledge modules of the ACA make a PQ’s CV marketable to potential employers, but their experience should relate to the qualification they’re studying for” - Kate Evans, Reed Accountancy

Ben Swainsbury – Finance Manager at TranslateMedia – shares his story as an accountant so far and offers advice to those just starting out.

Company profile

TranslateMedia is an award-winning, ISO-accredited, global translation company, with offices in London, New York, Paris, Munich, Hong Kong, Singapore and Austin (Texas).

It may surprise some that Ben, still midway through his ACCA exams, has achieved so much in his career already. But, given his varied experience, passion and inquisitive nature, it’s not hard to understand his success to date.As finance manager, Ben’s role includes the everyday management of the finance team, as well as producing the monthly accounts and facing the daunting task of presenting them to the board.

The PQ Guide | Ben Swainsbury interview p18

“There are many candidates looking for work so it’s essential to put yourself above the competition” - Paul Maynard, Reed Accountancy

The PQ Guide | Ben Swainsbury interview

So just how did he do it?

Starting in a junior accounts role within a medium-sized business in his native Cornwall, Ben was keen to learn the ropes in as many finance functions as he could, before eventually setting his sights on a career in London. Joining a FTSE 250 company in the sales ledger team, Ben soon worked his way up to manage it, which gave him exposure to and an understanding of how his role fit in with the rest of the company’s finance function.

“I’ve always had an interest in finance, and how all the elements fit together. When I work with figures I want to know where they come from.”

It is this desire to understand the complete package that continues to drive Ben, meaning that when he prepares the accounts for his business now, he has faith in their correctness, as he understands all the different elements that go into it.

How can you present numbers if you don’t know where they come from? Earlier on in my career, if I didn’t know the answer I’d ask, and I think being inquisitive is really important for aspiring accountants.

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“Most PQ Accountants will have had hands-on experience in industry ahead of registering for their professional qualification. This could be internships, placement years while at university, or industry experience whilst studying AAT” - Adam Hill, Reed Accountancy

Wanting to have more control over a whole finance department, Ben later chose to move to a smaller business and eventually joined his current employer as finance manager, where it is clear that his experience across and understanding of a range of finance functions shone brightly.

“An employer needs to know that you can produce the accounts correctly and follow all the rules. My experience, combined with what I’d studied, put me in a great position.”

So how does the study fit in with Ben’s life and career plan?

“What works for me is attending college on the weekends, as it means I’m fresher and more engaged than I would be in the evenings. When it comes to revision, I find it is better to do small chunks of study very regularly, for

The PQ Guide | Ben Swainsbury interview

example an hour a day after work, rather than cramming it all in for the exams.”

His commitment to his study and career plan is admirable. While Ben always wanted to have a senior finance role, he says that he is now more committed than ever to achieving his goal.

“It’s hard work and a big commitment, and there’s no point doing it unless you’re going to be fully committed. I took some time out a couple of years ago, but had a reality check and soon realised it was all down to me. My only regret is not doing it sooner.”

Now Ben has half an eye on starting a family with his wife in the next few years, and is determined to qualify within the next 18 months in order to provide adequately for them.

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“Part-qualified candidates are in limited supply, and are in demand as they have demonstrated they are ambitious, committed and passionate about finance through taking time to study and qualify” - William Moore, Reed Accountancy

Thanks for readingFor more information, contact your nearest Reed Accountancy

office at reedglobal.com/pqcontact

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