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Guide on Internships in Accountancy in the UK

The accounting field is highly competitive, thus having relevant work experience is essential. Undergraduates can take advantage of a wide range of options. Some prominent financial institutions also provide paid summer internships and placements in addition to insight days. Students that stand out during graduation are frequently offered paid accounting internships or placement with the companies that host them. If your internship or placement goes well, you may be offered a position in the company's graduate programme.

Guide on Internships in Accountancy in the UK
Accounting is the process of analysing and drawing conclusions from a company's financial records in order to get insight into the company's financial health and formulate long-term strategies. In this field, the work may include the following tasks:
  • Managing Financial Resources
  • Making plans for the future fiscal status and contingencies
  • Performing inspections
  • Accounts and tax returns due at the end of the month
  • Keeping apprised of changes in the law and how they could affect a company's finances
A company's accountants may be a direct cause of its financial security and growth. They are always needed to keep an eye on their clients' finances and give tips on how to improve the bottom line. The constant need for qualified financial workers is one reason why so many people go into accounting in the UK. An internship in accounting also has other benefits, such as a flexible work schedule, a focus on balancing work and life, and several chances to move up.
Accountants today know that they need to know a lot about data analytics and new accounting techniques if they want to move up in their work. Getting a university degree in accounting in the UK, can give aspirants who want to be accountants the latest skills in data and financial analysis.

Reasons to chose Accountancy as Career?
Accountants enjoy working for a company because it gives them a chance to use their critical skills and knowledge of money. Here are just a few of the many good things about working in accounting:
  • Accountants are in high demand. Reason? They have skills that can be used in both the public and private sectors as well as in non-profit groups.
  • The experience is sometimes needed to move up to higher-level jobs in finance and business, like financial manager or even chief financial officer.
  • They can work alone in a company, work with other accountants in a large department, or start their own business to serve several clients.
  • They can work as auditors, business accountants, financial consultants, and cost accountants, among other things.
  • Job security: In all parts of the business, the need for them keeps going up.
  • They get their hands dirty with a lot of different financial tasks. Most interns work at a desk all day. Some people, especially those who choose to be, work on their own. They may have to go to more than one place to meet with clients or co-workers.
Some of the most common job roles:
  • Taking care of a business's funds by making, reviewing, and examining reports
  • Looking for business opportunities and possible threats
  • Ensuring correct tax reporting
  • Advice on how to take action that is good for the economy
  • Meetings and written reports are ways to share knowledge.
There are many industries where you start with accounting internship:
  • Risk Management
  • Finance
  • Insurance
  • Medical care
Know-how about Career in Accountancy

If you are looking to create a career in this sector, experience in an accounting firm will help you. Top employers like PWC or Deloitte have large finance teams. They do summer internships, they require finance interns or associates. Understand that its a competitive sector hence the recruitment process is usally tight. You may join their internship programme even as an undergraduate and gain a wide range of skills that are useful in the field of accounting. Among these skills are:
  • They are taught to look at different kinds of financial data, figure out where any problems or discrepancies are, and come up with solutions that work.
  • They need to be good not only with numbers, but also with financial processes, and technology. They apply their training in maths and statistics to make sense of financial data and deal with issues connected to it.
  • They should have good communication skills, so they can explain complicated financial information to clients and co-workers and give clear reports on their work.
  • They are in charge of a wide range of financial papers and often have to work on more than one thing at the same time. This needs to be carefully planned and thought out.
Specialisations

There are different ways to sub-specialise in the area of accounting. Graduates who choose to specialise can make themselves more attractive by getting good in a certain area. Accountants who choose to focus on information management and technology assurance will know how to use the latest tools and techniques in the financial industry. The first step towards accountancy career is get the following certifications:
  • There are two tiers of ACCA (Association of Chartered Certified Accountants) certifications. Entry-level and Advanced. Modules range from business and corporate law to auditing and quality assurance.
  • You can become a qualified accountant and a member of AIA (The Association of International Accountants) if you complete the AIA professional qualification, their top award. Accountants who have worked in this field for a while know how to correctly figure out the market value of any item, no matter how they got it.
  • There is the Institute of Chartered Accountants in England and Wales (ICAEW) chartered accountant qualification, often known as the ACA. It requires candidates to complete 15 exam units and log 450 days of professional experience.
  • Management graduates can pursue the internationally recognised CIMA professional certification and CGMA (Chartered Global Management Accountant) title. This can be done through the CIMA (Chartered Institute of Management Accountants). But first they must earn the CIMA (Chartered Institute of Management Accountants) Certificate in Business Accounting (Cert BA).
The main goal of personal financial planning is to help customers with their personal funds, such as saving for retirement. Some of the most famous areas of accounting are payroll services, bookkeeping, taxation, and consulting. Accounting and related fields have good internship prospects. There are different areas to offer your professional services.
Some people choose accounting as a career because it is a safe field. Accounting experts are in high demand because businesses of all kinds need help managing their money. Globalisation, an expanding market, and an evolving tax and regulatory framework are projected to keep generating substantial demand for accounting professionals and finance controllers.
Between 2023 and 2030, there will be a 7% rise in the number of jobs for accountants. This rate of growth is about the same as the average forecast for all jobs.

How important it is for accountants to have a flexible work schedule?

One of the best things about being an accountant is that most days are pretty much the same. From January to March, accountants usually work more hours to prepare taxes and do checks. This time crunch is balanced out by "off-season" times that are less busy.

A steady schedule might help an accountant find a good mix between work and life. For example, a CFA may plan ahead for holiday time or time off to spend with family. Because their work schedules are consistent, accountants can plan for breaks and stay motivated. ‚Äč

Accountancy interns may have different work hours based on whether they work for a company or are self-employed. Since you would be interning initially its going to be working for some financial organisation. You may of course set up your own practice in the later years of your career. Here are two main types of accounting jobs: corporate and public. Each type needs a different number of working hours and efforts from its employees.

A Corporate Accountant's schedule

Corporate accountants, who are sometimes called "private accountants," usually work for one company full-time. Some of the schedules that business accountants use are:
  • Normal, and employees go to the same place of business every day
  • Don't require much moving around
  • Allow people to work from home and at different hours
Corporate accounting could be a good choice for you if you like routine and do well in an office setting. Most corporate firms also offer development programs to fast-track your career.

A Certified Public Accountant's Schedule

Public accounting firms can work for more than one company at the same time. Their employee hours change from week to week, which makes them less reliable than accountants who work for private companies. Some jobs in public accounting include:
  • Travel often
  • Lesser team get togethers
  • Client management
Candidates who want a career with diversity and flexibility might like being a public accountant. They offer their expertise, get involved in diverse business areas, attract good compensation. Of course you may end up working more than you like, but there are higher changes to gain : better insight into the world, improve analytical and problem solving and deliver your best.

Do they enjoy Work-Life Balance? Yes, they do!

Some people might like a career in accounting because it lets them keep a good balance between work and life. Interns must understand that even though people in full-time position work long hours, they can still have a good work-life balance. The certainty of their work allows them to make plans in advance. Accountancy is a job that can help people find a good mix between work and life because it's easy to plan ahead to avoid surprises.

Advice for Interns on Balancing Work and Life

Thank goodness, the accounting community has taken up the cause of helping accountants find a good mix between work and life. You can find the following tips to have one for yourself if you decide to start your career:
  • The best way to deal with a conflict between your internship and personal life is to talk about it with someone you trust, like your boss, a colleague, or a mental health professional.
  • Set strict time limits, like saying no to non-essential requests and not working on weekends, to find a good mix between work and life. Internships offer experience but learn to manage your time.
  • Try to follow the "20 percent rule": spend at least 20 percent of your time on the most important parts of your job, like talking to clients. This change in focus may mean that other, less important tasks need to be shared with your fellow interns.
  • People who can't stay away from their jobs for long periods of time might benefit from taking short breaks, called "micro-breaks," every five to ten minutes.
  • Problems at work caused by a lack of supplies, help, or control can be stressful for both the person having the problem and their co-workers. When people talk about their shared worries, their experiences can be confirmed and a way can be found to solve the problem.
Accountants can do better in their personal lives, at work, and in their jobs if they follow these tips and try to find a balance between work and life.

How to Get more Opportunities in Accounting

Students/Graduates usually are interested in gaining work experience in an accounting role because it can lead to a wide range of jobs. Those with advanced accounting skills and knowledge can find many high-level accounting jobs that pay well. CFOs, VPs of Finance, and VPs of Operations are some of these people. Candidates who are looking for internships in accountancy and want to grow in the same field will get much help from the below data. We've listed some prominent roles that your accountancy internship can lead to, should you decide to grow in the same field. 

Finance Analyst
The job of a financial analyst is to help businesses and people make good investment choices by giving them advice and direction. Most of the time, financial analysts work in an office, but they often travel to meet with clients. Most financial analysts work in the investing, commodities trading, and other related financial service businesses. As a start, you can be an assistant to one.
Responsibilities
  • Investment Recommendations
  • Taking a look at economic facts
  • Analysis of changes in business and the economy
  • Figuring out how much a company is worth by looking at its financial reports
  • Making plans for the future of the business
  • Putting together thorough reports on paper

Financial Auditor
Those who want to become financial examiners in accounting will be in charge of making sure that a financial company follows all laws and rules. This is a very important job. Financial inspectors usually work in an office, but sometimes they have to go out and check on institutions. Most financial auditors work in credit intermediation or areas that are similar. 
Responsibilities
  • Keeping an eye on banks is called "supervision."
  • Financial assets are checked and repeated.
  • Making predictions and news about the economy
  • How to check the accuracy of financial records
  • Figuring out what rules and policies mean for a company
  • Putting together practises and rules to follow the rules

Finance Manager
Another important job in accounting is that of the finance manager. These people are in charge of coming up with long-term plans to help the company reach its goals, making financial reports, and giving advice on investments. Managers of finances often work in the same offices as other leaders as they gather data for analysis. Most financial managers are hired by insurance and banking companies.
Responsibilities
  • Putting together predictions, comments, and news about money
  • Watching the books and making sure that everything is in order
  • Handling the company's budgeting and reporting processes
  • Finding ways to save money by looking at reports
  • Looking at market trends to find ways to grow and make money.
  • Giving advice to management on financial issues

CEO of the Department of Finance
Accountants who want to get to the top can work their way up to become the CFO. Chief financial officers (CFOs) make sure that an organisation's accounting and finance teams are running well and following the rules. CFOs often share offices with other high-level managers and leaders. They may often go to other places for meetings and workshops.
Responsibilities
  • Taking care of the bookkeeping, budgeting, and administrative chores for their companies
  • Supervising the creation of regulatory agency reports, yearly budgets, cash flow projections, and financial statements
  • Budgeting, managing cash flow and credit, as well as analysing and making changes to the financial system, are all important tasks.
If you want a safe, satisfying career, you should go into accounting.
A career in accounting can give you reassuring benefits, such as
  • a high rate of job security,
  • a wide range of job openings,
  • a reasonable salary, and
  • the chance to grow and move up in your field.
Even though they are in charge, many accountants are able to find a good mix between work and life and keep their workloads in check. These are just a few of the things you could get out of a job in accounting.
The skill of accountants to analyse and understand financial data is important for both their clients' and their companies' success. Students during the Accountancy courses and certifications learn about :
  • Advanced managerial decision-making,
  • Advanced tax planning and strategy, and
  • Accounting theory and research, among other things.
Summing up Career in Accountancy Internship
Learn essential skills while working on real projects and handling your own workload, based on the scale of the company you intern with. Work experience in accountancy typically includes training and the opportunity to network with professionals in the field who can help you later in your career. During internships your aim should be to get to know the nuances of accounting as best as you can. Connect with like-minded professionals. 

For relevant internship opportunities in Accountancy sector, click on the link : https://www.internwise.co.uk/internship-search-by-sector/accountancy

Learn how to adapt to the way business is done now, and you can start a successful accounting job. A host of potential employers are looking to hire accounting interns, so reach out to us without any delays. Select out of the many internship vacancies and apply for your dream roles right now.If you don't find your preferred roles, reach out to us.
 

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