Top Employers: Deloitte, EY, KPMG and PwC, dominate the Accountancy sector as multinational firms. There are also small (e.g. Dixon Wilson) and medium sized (e.g. BDO, Grant Thornton, Baker Tilly, Mazars) corporations that provide diversity in the customization of services for consumers.
Each type of firm can offer different benefits; for example, a small business could provide a broader range of experiences while a generous global megacorp could supply huge international graduate schemes and more opportunity to travel overseas. If you want an elite graduate job, the Big 4 plus or the next 2-3 (BDO, Grant Thornton, etc.) are best.
The focus of the accountancy firms is Audit, Tax and Consulting.
The Audit focuses on validating the external financial statements of the company which are critical for investors and other stakeholders. It finds reasonably definitive answers to some big questions like:
- Does a business own its assets?
- How much is its stock/inventory worth?
- What kind of fiscal checks are present and what is the efficacy of such sanctions?
- What is the sum of the corporation’s assets and investments?
- Does a company’s records of its cash balance agree with the files of the bank?
- Does the company satisfy regulatory requirements?
Bookkeepers manage the pecuniary records of a company, as profits don’t translate to revenue, and they shed light on the real success of the business. Accounting Profit is equal to income minus all explicit costs. Actuarial positions are controversial as talented actuaries can hide certain expenses through discrete bookkeeping, making a conglomerate look more profitable than it is. Implicit costs are what you fundamentally lose to receive something. Implicit costs are tricky as they gauge whether or a decision is the best for increasing profit. Economic profit takes into consideration these costs, and hence, differs from Accounting profit (which is larger).
Auditors ensure that the right accounting processes are applied, and any irregularities in financial reporting are identified. As the industries and economic environments are constantly evolving, they need to stay one step ahead of any changes to understand the implications on the business. Auditors develop a holistic understanding of organisations, and this helps to assure stakeholders that the published annual accounts are an accurate illustration of earnings.
The audit provides a strong start to a successful career in trading, as it equips you with valuable technical skills, broad commercial awareness of the economic status as a whole, and extensive perspectives of sectors of the market.
Within an Audit, there is also a large and growing internal audit client base and perform work on wider assurance engagements for an abundance of customers. Alumnae joining the Audit Programme will also have the chance to work in a particular business area in conjunction with higher, specialised education.
The training and development of Audit professionals is a critical feature and attractiveness of the profession. It’s about achieving various prestigious qualifications like the ACA certification. It will take three years of studying and working and is a phenomenal launch pad in business. Your employer of choice must be as invested in your future as you are.
Separately you can do Public Sector Audit. This works with organisations, petite and sizable, across the public and not-for-profit sectors. This includes central and local government, NHS bodies, charities, EU agencies, housing associations and education providers. The focus is more than the annual auditing of financial accounts- although this is an important part of the business- as it covers improving their services and making good use of taxpayers’ funds.