ACA Careers: Top 6 Professions After Qualifying ACA

Are you preparing for the Associate Chartered Accountant (ACA) exams, or have you already aced them? Perhaps you’re wondering what your next step should be. ACA Careers offers a diverse array of paths, each filled with potential and promise. From the strategic insights of financial analysis to the critical oversight of internal audit, the options are vast and varied. 

In this blog, we will explore the top six professions that newly qualified ACAs can pursue. Whether you’re drawn to the precision of accounting or the dynamic environment of reporting, ACA Careers provides a solid foundation for a thriving future. Let’s delve into the exciting career paths that await you after qualifying for ACA. 

Table of Contents 

1) Top Career Opportunities for Newly Qualified ACA 

    a) Banking and Financial Services 

    b) Commerce and Industry 

    c) Investment Management 

    d) Insurance 

    e)  Public Practice 

    f) Tax 

2) Options After Passing the ACA Exams 

3)  Accounting vs Analysis vs Reporting vs Internal Audit 

4) Conclusion 

Top Career Opportunities for Newly Qualified ACA 

Newly qualified ACAs have a wealth of career opportunities available to them across various sectors. Each path offers unique challenges and rewards, allowing professionals to leverage their skills and expertise in different ways. Let's explore them in detail and understand the ACA Benefits.

1) Banking and Financial Services 

This market provides a dynamic environment for you to fully utilise your ACA skills. The range of opportunities available for qualified ACAs in banking is seemingly limitless, with many impressive roles that are simply not found in other industries. From the deal rooms of investment banks to financial control or planning of new business ventures, banking and financial services offer the perfect role for you.  

A career in banking will equip you with an enviable skill set for the future. Sources also state that the industry is experiencing workforce virtualisation, allowing you to enjoy greater flexibility in your role.  

2) Commerce and Industry 

Commerce and industry provide newly qualified ACAs with the opportunity to work for a diverse range of companies, from Financial Times Stock Exchange (FTSE) 100 PLCs to entrepreneurial start-ups. The available companies range from household brand names to Public Limited Company (PLC) head offices, all offering the challenges you seek. The roles available to newly qualified ACAs vary from technical, commercial, and analytical to operational and project-focused work. 

3) Investment Management  

This sector is often considered one of the most glamorous within financial services. There are numerous roles available to newly qualified Chartered Accountants throughout fund management. It is an ideal first move for those seeking a technically challenging role in an innovative and entrepreneurial environment. As a newly qualified accountant, the skills you have acquired in practice are highly transferable to fund management.  

Most employers place a greater emphasis on softer skills, such as career aspirations, drive, motivation, and personality, alongside your technical abilities. With investment management becoming increasingly digital, there is an opportunity to utilise sophisticated tech stacks and further develop your technical expertise. 

4) Insurance 

Insurance is widely regarded as an attractive and endlessly fascinating industry, with strong roots in the London market and a robust network of companies offering long-term job security and international opportunities. With a high demand for new employees, opportunities are highly competitive, and exceptional candidates will never struggle for options, often enjoying total job security throughout their careers.  

5) Public Practice 

Accounting firms within public practice offer a diverse range of careers for ACAs, boasting attractive earning potential and unparalleled job security. Many ACAs envision their future within public practice. The sector provides continuous professional development opportunities and the chance to work with a variety of clients, enhancing your expertise and career growth. Explore the latest openings in public practice to find the perfect role for you. 

6) Tax 

Tax affects all aspects of life, both personal and professional, and offers a stimulating and varied career – tax never stands still, and neither will a career in this field. It is unique in the diversity of career opportunities available; regardless of background, a career in tax opens doors across financial services, commerce and industry, public practice, and legal sectors.  

It requires numeracy, lateral and creative thinking, as well as being logical and persuasive. It is less about number-crunching and more about organisation and management as more companies look to their tax departments to add value across all divisions of their business. 

Options After Passing the ACA Exams 

Passing the ACA exams opens up a multitude of career paths for newly qualified accountants. Here are some of those options: 

1) Option 1: Stay in the Same Role 

The current firm will be eager to retain newly qualified accountants, offering opportunities to step up and take on more responsibilities. Accountancy firms are virtually unrivalled in the progression they offer, and certain aspects should change now that full qualification has been achieved: 

a) Salary Increase: 

To start with, a noticeable pay rise should be expected. On average, newly qualified candidates experience ACA Salary increases of up to 25%.

b) Increased Responsibilities: 

With this pay rise, added responsibilities will follow as more senior roles are undertaken in audits, accounts preparation, or tax assignments. 

c) Mentor Others: 

There may also be an opportunity to mentor those currently pursuing their ACA or ACCA qualifications. This is an excellent chance to develop mentoring, coaching, and management skills, sharing valuable tips and tricks from personal experience. 

2) Option 2: Move Internally 

This is an excellent option if you are thoroughly enjoying your current firm and are not ready to move to a new company entirely but wish to take on new responsibilities or explore a different area within the firm. 

Many candidates aspire to transition into industry roles such as analysts, equity researchers, or delve into the world of Mergers & Acquisitions. While this move is not always straightforward, it can be achievable if your experience aligns well. 

The best approach would be to transition into the relevant team internally, as you have already proven yourself as a loyal employee. Your managers can provide internal references regarding your work ethic and attitude. 

3) Option 3: Move to a competitor 

Exploring opportunities in a new platform, whether in a larger or smaller practice, can be an exciting prospect. Moving to a competitor allows you to experience a new environment, work with different Partners and Managers, and manage a new portfolio of clients. 

Newly qualified accountants from smaller practices may wish to transition to larger firms to gain exposure to bigger clients, collaborate more with supporting teams such as the technical accounting team, manage larger teams, and experience different processes. 

Conversely, professionals who have solely worked in large practices might explore opportunities in smaller firms, as they can provide a more direct path to partnership. In recent years, achieving a healthy work-life balance has emerged as a top priority, making this shift a popular choice for many. For those aiming to advance in their careers, understanding How to Pass ACA Exams can be a crucial step in securing better opportunities.

Accounting vs Analysis vs Reporting vs Internal Audit 

Understanding the distinctions between Accounting, Analysis, Reporting, and Internal Audit is crucial for newly qualified accountants as they navigate their career paths. Let's look at it in detail: 

1) Accounting 

a) Focus: Recording, classifying, and summarising financial transactions 

b) Key Activities: Preparing financial statements, maintaining ledgers, and ensuring compliance with accounting standards. 

c) Skills Required: Attention to detail, understanding of accounting principles, and proficiency in accounting software. 

d) Outcome: Accurate financial records that reflect the financial position of an organisation. 

2) Analysis 

a) Focus: Interpreting financial data to provide insights and support decision-making 

b) Key Activities: Conducting financial analysis, forecasting, budgeting, and variance analysis. 

c) Skills Required: Analytical thinking, proficiency in data analysis tools, and strong communication skills. 

d) Outcome: Informed strategic decisions based on financial insights and trends 

3) Reporting 

a) Focus: Communicating financial information to stakeholders 

b) Key Activities: Preparing financial reports, regulatory filings, and management reports. 

c) Skills Required: Strong writing skills, understanding of regulatory requirements, and attention to detail. 

d) Outcome: Clear and accurate financial information that meets regulatory and stakeholder requirements. 

4) Internal Audit 

a) Focus: Evaluating and improving the effectiveness of risk management, control, and governance processes. 

b) Key Activities: Conducting audits, assessing internal controls, and recommending improvements. 

c) Skills Required: Critical thinking, understanding of audit standards, and strong ethical judgement. 

d) Outcome: Enhanced organisational efficiency and assurance that risks are managed effectively. 

Conclusion 

In conclusion, ACA Careers offers a wealth of opportunities across diverse fields, each promising growth and professional fulfilment. Whether you aspire to excel in accounting, analysis, reporting, or internal audit, your ACA Qualification opens doors to a bright future. With the demand for skilled professionals on the rise, now is the perfect time to leverage your ACA credentials and secure a rewarding position in your chosen field.