Accountancy is a highly skilled job in which formal credentials are quite important. As a result, an apprenticeship that combines employment and education is a viable option. Internships might also help you get a head start on becoming a chartered accountant.
Depending on your apprenticeship level and work function, you might be involved in several financial operations, from handling bills and spending to payroll and taxes.
Types of the apprentice in AAT
There are three stages of apprenticeship, each of which prepares you for a particular position in finance:
Accounts Assistant/clerk, cashier, financial assistant, and sales ledger clerk are examples of Intermediate (Level 2) - comparable to GCSE.
Assistant accountant and trainee accounting technician positions are covered by advanced (Level 3) - comparable to A-level.
Higher apprenticeships (Levels 4-7) and degree apprenticeships (Levels 6 and 7) – higher apprenticeships are equal to foundation degrees and above, with accounting degree apprenticeships giving the chance to get a complete Bachelors or Masters degree. Accounts manager or account technician are two options.
What is the minimum amount that I will get paid?
Rigorous government rules govern the minimum apprenticeship pay. It varies depending on your age and length of service as an apprentice. However, many companies pay more than is needed by law. They understand that to attract competent applicants, they must provide competitive pay.
Apprenticeships in AAT
Assistant Accountant Apprenticeship (Level 3) and Professional Accounting Technician Apprenticeship are available through the Association of Accounting Technicians (AAT) (Level 4).
Apprentices can study for a globally recognised certification through their Advanced and Professional Diplomas in Accounting (Level 3 and Level 4, respectively).
The AAT Advanced Diploma in Accounting anticipated taking a year to complete. However, you can complete it in as little as six months, and the Professional Diploma in Accounting is estimated to take nine to 18 months.
According to the Centre for Economics and Business Research (CEBR), people who finish a higher or degree apprenticeship would improve their lifetime earnings by £150,000 without incurring any university debt.
You may apply for these AAT accounting apprenticeships if you're 16 or older and not in full-time study. There are no age restrictions, and they've proven to be popular among job changers.
The only other common condition is that you live in the nation you're applying to, either England, Scotland, Northern Ireland, or Wales. Employers may specify other particular qualifying criteria in their job descriptions.
AAT level 2
Apprenticeships in accounting at AAT level 2 are the equivalent of 5 GCSEs at grades A* to C. On a beginning salary of between £10,000 and £14,000, you might be working as a credit controller, accounts/finance assistant, or junior clerk.
AAT level 3
Two A-level passes are comparable to a level 3 accounting apprenticeship. You'll be moving into a position as an assistant accountant, advanced credit controller, or trainee accounting technician at this point. Because these positions include additional responsibility, your beginning pay will range from £11,000 to £16,000.
AAT level 4 apprentice
A-levels, Level 3 BTECs, Scottish Highers, and other equivalents lead to Level 4 accounting apprenticeships. As a trainee tax adviser or internal audit practitioner, you may expect to earn between £12,000 and £17,000 per year.
Apprenticeships with the ACCA
ACCA offers apprenticeships to school leavers and graduates alike. You must be above the age of 16 and live in England, Scotland, or Wales to be eligible. The ACCA Accounting Technician (Level 4) apprenticeship requires at least 12 months to complete, while the ACCA Professional Accountant (Level 7) apprenticeship is estimated to take three years.
Apprentices on an ACCA accounting technician apprenticeship may expect a starting income of about £15,000, the option to work in various sectors, and the chance to advance. You might earn about £25,000 after completing your apprenticeship.
You'll also be able to pursue a BSc in Applied Accounting, an MSc in Professional Accountancy, and the professional ACCA degree while also becoming a member of the ACCA. As a freshly qualified chartered accountant, those who pass the ACCA can earn up to £50,000.
Management accounting apprenticeship
The Chartered Institute of Management Accountants is another professional group developing the new pioneer accounting apprenticeship requirements (CIMA).
They've created the Level 4 Professional Accounting Technician Apprenticeship and the Level 7 Accountancy/Taxation Professional Apprenticeship for school leavers and people wanting to upskill.
The CIMA Certificate in Business Accounting (CIMA Cert BA) is the entry-level certificate that will provide you with important financial and business skills.
Apprenticeship as a chartered accountant
Accountancy trailblazer apprenticeships with the Institute of Chartered Accountants in England and Wales (ICAEW) can lead to ICAEW Chartered Accountant certification.
You may get the Finance, Accounting, and Business Certificate through the Level 4 ICAEW Accounting Technician Apprenticeship (ICAEW CFAB). While this is a stand-alone credential, it does include the first six test modules of the professional ACA. It lasts 18 to 24 months and is comparable to the first year of a bachelor's degree.
The Level 7 ICAEW Accountancy Professional Apprenticeship allows you to learn advanced business knowledge, as well as leadership and communication skills if you've already decided on a career in accounting and want to finish the full ACA. You'll be on your path to a fully certified chartered accountant after completing this Masters-level apprenticeship in 36 to 48 months.
Due to the significant number of trainees who decided to continue with their existing company, part-qualified accountants were in limited supply in 2013. It was especially noticeable at firms that assisted with financial studies. Due to the anxieties that come with being the first in the door at a company, part-qualified accountants' willingness to transfer has been particularly low during the economic crisis. Hope this study helps you in understanding apprenticeship for different levels
Q.1 As a trained accountant, how much can I expect to make?
You will become more qualified – and hence more employable – as you move through the apprenticeship stages. As you gain experience and qualifications, your compensation will reflect this.
According to Accountancy Age, the average income for accountants in the UK is £63,715, so there's plenty of motivation to advance in this field.
Q.2 Where in the UK do trainee accountants get the greatest pay?
According to recent AAT data, London is the best-paying area in the UK for accounting students. The average wage disparity between London and the lowest-paying districts of the North East and North West is 32 per cent.
Q.3 Will I get paid for my experience and understanding?
Yes! Training time is considered part of your normal working hours, and you will compensate for it.