Accountancy
With opportunities to work in a variety of sectors as well as excellent remuneration and relative job security, a career in accountancy could be for you. It is estimated that there are over 2.5 million accountants worldwide. In Ireland, accountancy continues to flourish, and there is a current shortage of qualified Accountants in Ireland.
The sector can be divided into those firms that provide advice and accounting services to a range of clients in the public and private sector (this area has traditionally been called private practice) and those working in one particular organisation – in industry or commerce, the public sector, privatised industries and the health service.
Accounting and Financial Management
Accounting is at the core of financial management activity. There are two broad types of Accountants.
- Management Accountants – work in a Company Accounting Department
- Financial Accountants – work for a firm of Accountants
Management Accountants track the income and assets of a business they work for. They pay particular attention to the firm’s income and expenditure. A typical task for a Management Accountant would be developing and using computer information systems to track the financial performance of the company.
Financial Accountants work with accounts that every business is required to keep by law. They may be self-employed or work for an Accountancy Firm hired to carry out financial tasks. They are primarily involved in auditing Company accounts and calculating VAT, PAYE or PRSI returns for employees. They would also prepare Company Financial Statements and Accounts for presentation to the Revenue Commissioners.
Getting into Accountancy
To become an Accountant, you take a third level course in Business/Finance, specialising in Accountancy. This course must be recognised by one of the professional accountancy bodies (ICAI, CIMA.and ACCA) You would work for a firm of Accountants (Financial Accounting) or in the accounting department of a company (Management Accounting). While working, you would complete your professional accountancy exams.
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| Promotional Video from Chartered Accountants Ireland |
Because Accountants spend a lot of time looking under the hoods of businesses, so to speak, they really learn how the engine of business works. It's no surprise that many successful business players began their careers as Accountants. Most Chief Financial Directors of large companies have a background in accounting.
There are now over 36,000 people working as Accountants and Tax Consultants in Ireland. The most recent report from FAS shows that over 16,000 positions were created between 200 and 2007.
Taxation
The taxation sector in Ireland has experienced significant growth in recent years. The favourable corporate tax regime available to businesses in Ireland together with the growth of the economy in general has led to a huge increase in the demand for professional tax advice.
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Irish Taxation Institute Third-Level Scholarship Programme 2010
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The growth in the economy and inward investment means that more and more companies as well as individuals require tax advice not just on matters related to corporate tax but also on wealth management and financial planning issues.
Although one of the smallest fields in finance, taxation is the cornerstone of every business transaction and commercial decision and as such there is an ever growing demand for outstanding tax consultants particularly for those with proven advisory skills. The constantly growing international dimension to all areas of business in Ireland means that knowledge of overseas tax jurisdictions is increasingly sought after.
Taxation is a constantly changing discipline – one of the tax consultant’s greatest challenges is to stay abreast of domestic and international development and to translate these into opportunities for clients or the organisations they work for. As Ireland’s tax regime operates on a self-assessment basis, there is a strong demand for quality taxation advice.
Tax consultancy is one of the fastest growing and best-rewarded professions in Ireland. Qualified tax advisers are recruited by:
- Major taxation/accountancy firms
- Major financial institutions
- All the major legal firms
- Larger quoted companies
- Multinational corporations located in Ireland
- Many government departments
Tax advisers can also join or establish smaller consultancy firms. Taxation courses ranging from one year technician courses to three year professional qualifications are available.
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