Accounting- do grads make good money and are there jobs actually available?

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Ghostface6001
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And do you have to do an accounting degree to become an accountant, ik there’s an apprenticeship route
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josh_v
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Do grads make good money? At a large company, you can expect in the region of £20,000-£30,000 starting salary for most finance graduate schemes. More in London. After that, its really down to how good you are at the job and how quickly you get promoted. Whether you think that is a lot I dont know.

You dont need an accounting degree to become an accountant. It is probably preferable to have some kind of quantitative degree but even that isn't a requirement. For many companies, just having a degree is adequate. However, an accounting degree can get you come exemptions in professional qualifications so it can make it easier. As you mention, it isn't even a requirement to have a degree. Many companies now offer apprenticeships that will result in you becoming an accountant.
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StudyMum2021
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I didn’t have a degree. I did AAT then got a job in accountancy while doing ACCA. Obviously you’ll have a better starting salary with a degree but you absolutely do not need a degree in this field and I really don’t think your overall potential earnings would be hampered by not having a degree.

A degree will also gain exemptions in professional accountancy qualifications (ACCA/CIMA) but in my opinion it isn’t worth doing the degree solely for this purpose.
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BatChest
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Definitely do not need to do an accounting degree - most of my intake did something unrelated to accounting/finance. Most important thing is joining a firm where you can get an accounting qualification.

After working for three years at a public accounting firm like Big 4 and obtaining your accounting qualification (ACA/ACCA), you can make "good" money by leaving the firm, the average exit opportunity is £50k in London or £40k outside. From then on the only way is up, to a variety of roles, some of the most common being senior accountant, finance manager, financial controller, finance director. There are loads of jobs available (just search accountant/acca newly qualified on any jobsite), before I even qualified I was receiving messages from recruiters every month.

After 5 years working you can expect £60-70k, beyond that it just depends on what how hard you work and what role you find.

The average salary of those with the ACA qualification is £134k
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StudyMum2021
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(Original post by BatChest)
Definitely do not need to do an accounting degree - most of my intake did something unrelated to accounting/finance. Most important thing is joining a firm where you can get an accounting qualification.

After working for three years at a public accounting firm like Big 4 and obtaining your accounting qualification (ACA/ACCA), you can make "good" money by leaving the firm, the average exit opportunity is £50k in London or £40k outside. From then on the only way is up, to a variety of roles, some of the most common being senior accountant, finance manager, financial controller, finance director. There are loads of jobs available (just search accountant/acca newly qualified on any jobsite), before I even qualified I was receiving messages from recruiters every month.

After 5 years working you can expect £60-70k, beyond that it just depends on what how hard you work and what role you find.

The average salary of those with the ACA qualification is £134k
In my experience, those salaries seem quite punchy, it depends where you live I guess. Maybe in the big cities or an accountant working in banking or a practice partner etc, that average salary may be expected but I know very few people who ever achieve a pay cheque that large.

I would be saying that if you worked in practice you would expect to earn less on average than you would working in industry until the very senior roles in which practice pay more. Most people (outside of London) would realistically expect to earn no more than £80k at the peak of their career, many qualified accounts never even get near this figure though. I know fully qualified accountants that work as financial directors / managers / controllers as well as practice tax accountants that earn between 50 to 70k maximum in their careers.

I’d say do accountancy if you enjoy it, but don’t do it to get rich, you’ll be very comfortable but I don’t think (in most people’s situations) it’s the massive earner a lot of people seem to think it is 🙈
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Little pecker
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Depends if you mean accounting degrees or accounting grad schemes.

If you get a practise grad scheme (top 10) you'll make good money (not outstanding).

Typically working for big 4 audit/tax you'll make (London):

grad (3 years): 30-38k
AM (2-4 years): 45-55k
M: (2-4 years): 60-90k
SM can range anywhere from 80 to 200 depending on firm (some firms don't have a director rank).

A lot of people leave after the grad scheme, typically you can expect a 10-20k uplift for going into industry and this increases the higher the level you are in practise along.

For context you'll have to do the ACA as a grad, failure in an exam will mean you get fired (failing by more than 10% or failing more than once).
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ajj2000
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(Original post by BatChest)
Definitely do not need to do an accounting degree - most of my intake did something unrelated to accounting/finance. Most important thing is joining a firm where you can get an accounting qualification.

After working for three years at a public accounting firm like Big 4 and obtaining your accounting qualification (ACA/ACCA), you can make "good" money by leaving the firm, the average exit opportunity is £50k in London or £40k outside. From then on the only way is up, to a variety of roles, some of the most common being senior accountant, finance manager, financial controller, finance director. There are loads of jobs available (just search accountant/acca newly qualified on any jobsite), before I even qualified I was receiving messages from recruiters every month.

After 5 years working you can expect £60-70k, beyond that it just depends on what how hard you work and what role you find.

The average salary of those with the ACA qualification is £134k
The salaries you are noting are probably reasonable/ low side until you say 'The average salary of those with the ACA qualification is £134k'. The median salary is nothing like that high.
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Ghostface6001
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(Original post by BatChest)
Definitely do not need to do an accounting degree - most of my intake did something unrelated to accounting/finance. Most important thing is joining a firm where you can get an accounting qualification.

After working for three years at a public accounting firm like Big 4 and obtaining your accounting qualification (ACA/ACCA), you can make "good" money by leaving the firm, the average exit opportunity is £50k in London or £40k outside. From then on the only way is up, to a variety of roles, some of the most common being senior accountant, finance manager, financial controller, finance director. There are loads of jobs available (just search accountant/acca newly qualified on any jobsite), before I even qualified I was receiving messages from recruiters every month.

After 5 years working you can expect £60-70k, beyond that it just depends on what how hard you work and what role you find.

The average salary of those with the ACA qualification is £134k
How do I join a firm like that? And do I need specific a levels
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BatChest
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(Original post by Ghostface6001)
How do I join a firm like that? And do I need specific a levels
Look up the "Big 4" professional service firms for their graduate and school leaver schemes. They have a lot of different divisions if something interests you more than accounting, like consulting, tech or financial due diligence. There are loads of other accounting firms like RSM, Grant Thornton, BDO etc which should be a bit easier to get into. All their application processses and graduate schemes are basically the same for accounting and guarantee you a comfortable future.

Don't need specific A-Levels, more important is doing well in them since that will be a key criteria for apprenticeships/school leaver schemes or for uni applications.
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