OUR HISTORY
The Institute of Financial Accountants was established in 1916 and is the oldest body of non Chartered Accountants in the world. It represents members and students in more than 80 countries, providing qualifications for those wishing to work in financial management and continuous professional development for qualified Financial Accountants. The Institute sets technical and ethical standards for all their members.
REALISING YOUR POTENTIAL
Accountancy is a demanding yet rewarding profession. To achieve your full potential in this highly respected field, it is necessary to attain professional status and to hold a qualification tailored for the world of business. The Institute of Financial Accountants offers that unique professional qualification. A qualification that not only allows members to offer their expertise in accountancy to any business, but also enables them to demonstrate their proficiency in management and strategic skills.
Although businesses are now frequently looking for these combined skills, qualified candidates are still thin on the ground. A member of the Institute of Financial Accountants however, would be well prepared for this demanding role. The Institute provides a ladder to a full professional qualification, offering qualifications at three levels: Technician, Associate and Fellow. This enables a student to exit their studies at whatever level they desire according to their personal circumstances with a professional qualification. To be a member of a professional body, in an ever changing and demanding business world, is crucial. Not only does a professional qualification demonstrate competence to potential employers and clients, it also shows evidence of integrity and professionalism.
Another significant aspect of being a member, is the opportunity it gives you of updating and improving your skills through the continuous professional development programme. In addition to obtaining a professional accountancy qualification, students who have completed the IFA examination structure may also be eligible for a BA Honours Degree in Accountancy with a leading UK University.
THE ROLE OF A FINANCIAL ACCOUNTANT
A Financial Accountant is responsible for the control of the financial management of a business as well as advising and being involved in the strategic direction and administration of that business.
Accountants extract and interpret information from the financial records for a wide range of interested parties throughout that organisation – shareholders, potential investors, bankers, employees, trade creditors and government departments.
The demand for Financial Accountants in all sizes and types of business, as well as the public sector, continues to increase as career opportunities grow.
THE WORK
The Financial Accountant is responsible for controlling the working capital of a business, ensuring debtors, creditors and stocks are maintained at an acceptable level, taking day to day decisions, giving advice to the Board of Directors (very often the Financial Accountant is a Director of the company) and advising on capital investment.
The Financial Accountant is also responsible for the preparation of:
Regular management accounts
Budgets
Reports on variance between actual performance and budget performance. The Financial Accountant has to recommend any remedial action.
Interpretation of Financial Information – advising on trends.
THE WORK ENVIRONMENT
Financial Accountants may be employed in any size of organisation or working environment in an accounting field, specializing in financial management. They may also work in a smaller company where they will be involved in all aspects of business management.
PERSONAL CHARACTERISTICS
Accountants must enjoy working in a numerate environment and have a good working knowledge of accounting information. They should have an inquiring, analytical mind and be able to work logically, consistently and accurately even when under pressure. They need to be self-motivated individuals with the ability to manage their time efficiently. Accountants need management skills as well as knowledge of the general economic environment in which they operate. They need to keep themselves up-to-date with the regular changes in financial rules and regulations and have the ability to quickly recognise the implications of such changes on their employers’ or clients’ affairs.
Accountants work with people from all walks of life and therefore effective interpersonal skills are essential. They should be confident individuals with the ability to put people at their ease and inspire confidence. They should have excellent written and spoken communication skills and be able to discuss and explain financial issues with both fellow professionals and those with little or no financial background. There are recruitment agencies who specialise in Accountancy opportunities.
PAY AND CONDITIONS
Salaries for Financial Accountants vary greatly. The size of a company and its location affect salaries at all levels. Qualified Accountants’ salaries range from £15,000 to £30, 000, thereafter salary levels vary according to seniority and merit.
Financial Accounting Technician
The Financial Accounting Technician has an important role to play, either as support staff to the professional (where they undertake sub professional work in the field of financial management) or by taking the role of accountant in a smaller organisation, where an outsourced professional accountant provides the service of supervision and monitoring. The IFA offers this technician grade qualification to individuals who, for whatever reason, are unable to continue or do not wish to continue with their studies. A Financial Accounting Technician may use the designatory letters AFT, and the title Incorporated Financial Accounting Technician.
This is the first level of professional membership offered to individuals who have not yet completed the full examination structure or do not possess the relevant professional work experience. An Associate of the Institute of Financial Accountants has the level of competency considered necessary to complete the final accounts of a business. They will have the ability to interpret accounts, which will assist in day to day management decisions. An Associate Member may use the designatory letters AFA.
Fellow Membership
This is the final level of the IFA qualification and demonstrates competence in all aspects of financial management plus the strategic management skills. Fellows will have completed the full examination structure and have a minimum of three years experience in a senior accountancy capacity. A Fellow Member may use the designatory letters FFA.
BA Honours Degree in Accountancy
Students who have completed the IFA examination structure at Technician and Associate Levels may study for the Fellow examinations with University of Bolton through its open learning programme. When completed, this would give them a BA Honours Degree in Accountancy plus eligibility to apply to become a Fellow member of the Institute of Financial Accountants.
A degree partnership with University of Bolton will provide IFA members and students with a route to a BA Honours in accountancy. Even if you’re a qualified accountant with years of experience, the idea of a BA Honours in Accountancy can still seem appealing. An additional few letters after your name certainly won’t do your credibility any harm; it might increase your chances of promotion and better pay, and enable you to join some prestigious professional bodies.
Students who have completed the IFA examination structure at Technician and Associate Levels may study for the Fellow examinations with University of Bolton through its open learning programme. When completed, this would give them a BA Honours Degree in Accountancy plus eligibility to apply to become a Fellow member of the Institute of Financial Accountants.
A degree partnership with University of Bolton will provide IFA members and students with a route to a BA Honours in accountancy. Even if you’re a qualified accountant with years of experience, the idea of a BA Honours in Accountancy can still seem appealing. An additional few letters after your name certainly won’t do your credibility any harm; it might increase your chances of promotion and better pay, and enable you to join some prestigious professional bodies.
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