Tax inspectors work for HM Revenue and Customs (HMRC). They are responsible for applying tax laws and making sure that companies and individual taxpayers pay the right amount of tax.

The job includes:

• checking tax returns from businesses and individuals
• examining accounts and background material
• investigating suspected cases of tax fraud
• advising about tax matters
• making sure that taxpayers only pay the correct amount due
• negotiating settlements with taxpayers or accountants
• managing technical and clerical staff.

If there are doubts about the accuracy of business accounts submitted to HMRC, tax inspectors visit business premises, examine accounts, interview staff and look into the lifestyle of the owner or directors.

Hours and Environment

As a tax inspectors you will usually work 9am to 5pm, Monday to Friday. You may need to work extra hours at certain times of the year when tax deadlines are approaching. Flexitime and part-time work is possible.

You will be office-based but will spend some time traveling to visit businesses. Formal business dress is expected.

Skills and Interests

To be a tax inspector you need:

• good spoken and written communication skills
• the ability to investigate and analyse information
• decision making ability
• excellent mathematical skills
• computer literacy
• the ability to apply rules fairly
• a creative approach to problem solving
• drive and determination.

Entry

You can join HRMC at various levels depending on your qualifications. To join directly as a trainee tax inspector, you will usually need a degree or a professional accountancy qualification and you can apply to one of the following recruitment programmes:

• HMRC’s Talent Recruitment Programme - you will need at least a second class honours degree (class 2:2 or above) in any subject, or a professional accountancy qualification
• Fast Stream Development Programme (for senior management and policy work in all Civil Service departments including HMRC) - you will need at least a second class honours degree in any subject.

If you do not have a degree, you could join HMRC in an administrative assistant or assistant officer grade, and apply to join the Talent Recruitment Programme after gaining experience. You will usually need two GCSEs (A-C)/S grades (1-3) for administrative assistant jobs, and five GCSEs (A-C)/S grades (1-3) including maths and English for assistant officer jobs. You may be able to enter without these qualifications if you pass a selection test.

You must be a UK national to work in a job where you are directly involved in a taxpayer’s financial affairs (known as a ‘reserved post’).

Contact HMRC for more information on general recruitment and the graduate schemes.

Training

You will be trained on the job and also attend formal in-house training courses.

On the Talent Recruitment Programme you will usually follow the Inspector Development Programme (IDP). The IDP is a modular programme that includes on the job learning, formal training courses, self-study and exams. It takes around four years to qualify as a tax inspector through the IDP.

On the Fast Stream Development Programme, your first year will be similar to the IDP, but from the second year you will usually focus more on training for policy, advisory or strategic management work. Training usually takes four years.

Opportunities

As a tax inspector you could work at HM Revenue and Customs offices all over the UK.

Jobs are advertised in the local press, in job centres and on the HRMC and Civil Service Recruitment Gateway websites.

With experience you could move into specialist advisory work and management jobs. HMRC has a clear promotion structure to pass through the grades. Alternatively, you could choose to work in the private sector as a tax adviser, or become a self-employed tax consultant.

Annual Income

Figures are intended as a guideline only.

Experienced tax inspectors earn £23,460 to £40,698.
Graduates on the Inspector Development Programme start on £20,040 a year (£22,430 in London).
Graduate tax inspectors qualified through the IDP earn £37,630 to £54,170 a year.

Starting salaries for Fast Stream recruits are around £21,500 a year, rising to around £35,000 after four years.

All salary increases depend on individual performance.

Further information

No central telephone number for information, please see website for contacts for individual departments

Tax advisers make sure that their clients pay the right amount of tax on time. They also advise clients on how best to structure their finances to avoid paying too much tax in the future. Their clients can include large multinational companies, smaller businesses and individuals.

There are two main areas of work:

• tax compliance – calculating how much tax is due and completing tax returns
• tax consultancy – advising clients on ways to reduce the amount of tax they have to pay.

Their duties may include:

• meeting clients and collecting information
• checking and completing tax returns
• auditing clients’ tax records
• explaining tax laws to clients and finding ways to reduce their tax liabilities
• producing reports or presentations for clients
• liaising and negotiating with HM Revenue and Custom on the client’s behalf
• keeping up to date with tax law.

Tax advisers are usually employed by accountancy or law firms as specialist consultants, or by large companies in in-house tax departments. Some tax advisers may also provide other accountancy services for clients

Hours and Environment

Tax advisers generally work standard office hours, 9am to 5pm, Monday to Friday. They may need to work longer hours to meet deadlines, especially in February and March at the end of the tax year.

They are office based but also travel to clients for meetings and audits.

Skills and Interests

To work as a tax adviser you should:

• have excellent mathematical and computer skills
• be able to interpret complex data
• work well under pressure and keep to tight deadlines
• have good written and spoken communication skills
• be able to work as part of a team and supervise others
• work accurately and pay attention to detail
• be interested in business and finance.

Entry

You must be a member of the Chartered Institute of Taxation (CIOT) to be able to work as a chartered tax adviser. To register with CIOT, you must be either:

• a member of the Association of Taxation Technicians (ATT)
• a qualified solicitor with a legal practice certificate, or
• a chartered accountant.

You do not need any specific qualifications to become a student member of ATT or CIOT. However, most employers will expect GCSEs (A-C)/S grades (1-3) or equivalent in English and maths. In practice, many tax advisers have a degree in business, finance, accountancy or law. Some large accountancy or tax consultancy firms may offer graduate entry schemes.

See Accountant: Private Practice or Solicitor profiles for information about qualifying as an accountant or solicitor.

If you are not already a qualified solicitor or accountant, you can first qualify as a taxation technician with the ATT. You must:

• pass the four ATT Certificate examinations (if you have A levels or a HNC/D or degree in law or accounting, you may be exempt from some of the ATT exams)
• have at least two years’ practical experience of UK taxation.

After qualifying with the ATT you can apply for student membership of CIOT and take further exams for chartered tax adviser status (see Training section).

Please see the ATT and CIOT websites for more information.

Training

• pass the CTA examination
• have at least three years’ relevant work experience in taxation.

You can study for the CTA examination whilst working, through part-time classes, distance learning or intensive revision sessions. The CIOT advises that you should study for at least a year before taking the CTA examination. If you already have accountancy qualifications you may be exempt from some papers of the CTA exam. See the CIOT website for more information about exemptions and course providers.

Opportunities

Annual Income

Figures are intended as a guideline only.

A trainee tax adviser can earn from £19,000 to £25,000 a year.
Part-qualified tax advisers can earn £25,000 to £35,000.
Fully-qualified Chartered Tax Advisers may earn £35,000 to £50,000.
Senior tax managers with 10 or more years’ experience can earn up to £90,000 a year.

There may also be bonus payments for personal or company performance.

Salaries in London may be 10 to 20% more than the rest of the UK.

Further information

51 Gresham Street
London
EC2V 7HQ
Tel: 0845 257 3772

12 Upper Belgrave Street
London
SW1X 8BB
Tel: 020 7235 9381

12 Upper Belgrave Street
London
SW1X 8BB
Tel: 020 7235 2544

Stockbrokers manage investments for individual clients, companies or other large organisations. They buy and sell stocks, shares and other financial products to get the best return for their clients.

Stockbrokers can offer three types of service:

• discretionary – they manage all their clients’ investments and have permission to buy and sell investments without consulting clients
• advisory – offer clients various options and advice, which the client can decide whether or not to take
• ‘execution only’ do not give advice, and act only on clients’ instructions to buy and sell.

They may specialise in one type of service, or offer all three. Across all types of service the work of a stockbroker is to:

• manage and review clients’ investment portfolios
• research financial markets
• answer clients’ questions
• keep clients informed about their investments
• instruct stock market traders to achieve the best market prices
• market their services to new clients.

Stockbrokers work closely with investment analysts, who research and report on how companies and markets are performing, to help stockbrokers decide on the best investments for clients.

In larger companies, stockbrokers usually specialise in investing in certain markets such as technology or finance, or in specific regions such as Europe or the Far East. Stockbrokers who work for private individual clients are sometimes known as investment managers or wealth managers.

Hours and Environment

As a stockbroker you can expect to work long hours, Monday to Friday. The London Stock Exchange opens at 8am, so you will normally be at your desk by 7am, and stay until the trading desk closes (often around 6pm). If you are working with commodities or Far East markets you may work longer and more irregular hours.

You will usually work in a large, open-plan office, and spend most of your time at the computer and on the telephone. It can be a noisy and pressurised environment.

Skills and Interests

To be a stockbroker you should:

• be able to understand complex information quickly and communicate clearly
• have good mathematical skills
• be confident and decisive
• be able to work under pressure
• work well both as part of a team and on your own initiative
• have drive and determination
• pay attention to detail
• be able to judge risks and predict trends in the market
• be honest and trustworthy.

Language skills can be an advantage if you want to work with overseas clients and markets. German, Japanese, French are Russian are especially useful.

Entry

To become a stockbroker you will normally need a degree, usually of class 2:1 or above. Your degree could be in any subject, but economics, business, finance or accountancy may increase your chances. Please check with colleges or universities for degree entry requirements.

If your degree is not in a business-related subject, you must be able to show that you understand how financial markets work. You may find it useful to do a work experience placement in an investment bank or similar company.

You will usually begin as a graduate trainee in an investment bank or a firm of stockbrokers. Many companies have tough recruitment processes, with psychometric and aptitude tests and several interviews.

It is becoming more common for employers to ask for postgraduate qualifications such as an MSc or MBA.

You could also become a trainee stockbroker after gaining experience as an investments administrator or investment analyst (see the Stock Exchange: Investment Analyst profile).

Training

A stockbroker must be registered as an ‘authorised person’ with the Financial Services Authority (FSA). To be registered, you must pass an appropriate examination approved by the FSA. See the Financial Services Skills Council website for a full list of appropriate exams.

You will be trained on the job, and will also study for an FSA-approved qualification from either the Securities and Investments Institute (SII) or the United Kingdom Society of Investment Professionals (UKSIP). You could take either of the following:

• SII Certificates in Investment Management, Securities or Financial Derivatives
• UKSIP Investment Management Certificate.

After around three years’ experience, you could take more advanced professional qualifications, such as:

• SII Diploma, or
• Chartered Financial Analyst (CFA), through the UKSIP.

You should also have continuous training throughout your career, to keep up-to-date with new procedures and regulations.

See the SII and UKSIP websites for full details about their qualifications.

Experienced financial advisers can also give investment advice and manage clients’ portfolios if they have had relevant training, such as the Diploma in Financial Planning. See the Financial Adviser profile for details.

Opportunities

Most jobs are based in London but there are opportunities in other parts of the United Kingdom. Work is available in stockbroking firms, investment banks and private banks.

Promotion depends on individual performance. Stockbrokers often move on to become account managers and fund managers.

Experienced stockbrokers can set up their own firm. Some stockbrokers go to work overseas in major financial centres.

Annual Income

Figures are intended as a guideline only.

Starting salaries range from £24,000 to £35,000 a year.
Experienced stockbrokers can earn £45,000 to £80,000.
Some stockbrokers earn over £150,000 a year.

Stockbrokers also often earn large bonuses based on personal or company performance.

Further information

25 The North Colonnade
Canary Wharf
London
E14 5HS
Tel: 020 7066 1000

90 Basinghall Street
London
EC2V 5AY
Tel: 020 7796 3000

51 Gresham Street
London
EC2V 7HQ
Tel: 0845 257 3772

Centurion House
24 Monument Street
London
EC3R 8AQ
Tel: 020 7645 0680

Public finance accountants (also known as public sector accountants) assess and control the efficiency of public spending. They can work in local or central government, audit offices, housing, health, education or charitable trusts. Their aim is to get value for money for any service offered to the public.

Public finance accountants prepare and present:

• financial records and statements
• management information to boards and budget holders
• estimates on the cost of new projects
• budget reviews and investment appraisals.

Other duties include:

• monitoring spending and cash flows
• putting policies into practice and allocating money to different departments
• analysing how cost-effective services to the public are
• managing the organisation’s financial systems
• conducting internal audits.

A key role for public finance accountants is financial reporting and control. They must make sure that public money is not wasted, is spent within legal guidelines, and that costs are kept within budget. They must understand how policies are made and how central and local government is allocated funds.

Some public finance accountants work for the National Audit Office or Audit Commission and conduct external audits, reporting to government on the efficiency and effectiveness of public spending.

Hours and Environment

Public finance accountants normally work 9am to 5pm, Monday to Friday. They may need to work extra hours at busy times. Flexible working is possible. Part-time work and job sharing may also be available.

Accountants are usually office-based, although they may have to travel to attend meetings and visit other sites. Dress code is usually formal.

Skills and Interests

To be a public finance accountant you should:

• have good mathematical skills
• be able to plan and present information
• understand public policy
• enjoy analysing data and solving problems
• have good communication skills and a professional manner
• keep up-to-date with new legislation
• have information technology skills
• be discreet and assertive
• be able to meet strict deadlines.

Entry

You could work in the public sector after qualifying with any of the main accountancy organisations, but the Chartered Institute of Public Finance and Accountancy (CIPFA) is usually considered to be the most relevant training body for public finance accountants.

To study with CIPFA you will usually need at least three GCSEs (A-C)/S grades (1-3) plus two A Levels/H grades, including maths and English (at either GCSE or A level). Please check with CIPFA about other qualifications they may accept.

You may be able to miss out some parts of the CIPFA training if you have either:

• a degree or HNC/HND in a relevant subject such as accountancy or business studies, or
• qualifications from another professional accountancy bodies (see the Private Practice Accountant and Management Accountant profiles for more information).

See the CIPFA website for full details of exemptions.

CIPFA runs two alternative entry routes for experienced entrants who do not have the standard entry qualifications. If you are aged at least 21 and have at least three years’ relevant accounting experience, you can apply to begin CIPFA training. If you are at least 25 and have at least five years’ relevant experience, you will also be exempt from some of the examinations in the first stage (Certificate) of training.

If you have the Association of Accounting Technicians (AAT) Technician Level, you can begin a CIPFA-AAT Fast Track scheme and become a fully-qualified accountant in two years. See the Accounting Technician profile for more details about starting in accountancy at this level.

You may be able to join some employers through a graduate training scheme – see CIPFA website for details of trainee vacancies.

Some employers ask for CCAB qualifications in their entry requirements. The CCAB is the Consultative Committee of Accountancy Bodies, an advisory organisation made up six of the main professional accountancy bodies: ACCA, ICAEW, ICAS, ICAI, CIPFA and the Chartered Institute of Management Accountants (CIMA). There is no single CCAB qualification - employers in this case will accept an accountancy qualification from any of these professional bodies. For more information on CCAB see contacts below.

Training

To gain Chartered Public Finance Accountant (CPFA) status, you must pass the CIPFA Professional Accountancy Qualification (PAQ) and the Initial Professional Development Scheme (IPDS).

The PAQ has three stages:

• Certificate (financial accounting, management accounting, financial reporting and financial management systems)
• Diploma (audit/assurance, leadership/management, performance reporting, accounting for decision making, governance/public policy and taxation)
• Final test of professional competence (strategic business management and financial management case study).

You can study for exams through college providers or CIPFA open learning materials.

For IPDS, you must have 400 days of practical workplace experience and keep a training log to be assessed by your employer and a portfolio assessor.

After qualifying, you must keep up-to-date with new developments with regular Continuing Professional Development (CPD). See CIPFA website for more details.

Opportunities

Opportunities for accountants in the public sector are growing, as more financial decisions are made at a local level. The sector is large and jobs are available in leisure, education, the environment, health and social services.

Accountants can move between the public, private and industry and commerce sectors to gain experience and to develop their careers. There are good opportunities to move into management. The chief executives and directors of many public sector organisations have an accountancy background.

Annual Income

Figures are intended as a guideline only.

Trainee accountants in the public sector may start on £15,000 to £18,000 a year.
Part-qualified accountants can earn between £17,000 and £26,000.
Finance managers with accountancy qualifications earn between £30,000 and £37,000.
Directors of finance can earn between £60,000 and £75,000 a year.

Public finance accountants working in London can earn 10-20% more.

Further information

51 Gresham Street
London
EC2V 7HQ
Tel: 0845 257 3772

3 Robert Street
London
WC2N 6RL
Tel: 020 7543 5600

2 Central Quay
89 Hydepark Street
Glasgow
G3 8DT
Tel: 0141 582 2000

Private practice accountants provide accountancy services for businesses or individual clients. They may work for large or small accountancy practices, or freelance.

In general, accountants manage and monitor financial systems and budgets, and offer business financial advice to clients. Day-to-day activities vary according to the size and type of practice they work for, but may include:

• preparing financial statements, business plans and budget reports
• producing annual and monthly accounts
• auditing financial systems and investigating any irregularities
• managing spending, costs, credit, payroll and investments
• advising on and dealing with tax
• advising on financial and business issues to non-financial members of staff or to clients
• financial planning and forecasting
• helping businesses to improve their finances, or dealing with insolvencies
• finding and preventing fraud (known as forensic accountancy).

A key role for private practice accountants is carrying out audits, which are independent assessments of a company’s financial position. During an audit, accountants examine the company accounts, look at the company’s current practices and recommend improvements.

Private practice accountants deal mainly with audits, tax and accounts for fee-paying clients, whilst management accountants deal more with strategic financial management within companies (see the Management Accountant profile for more details).

Hours and Environment

Accountants normally work 9am to 5pm, Monday to Friday. They may need to work extra hours at busy times. Flexible working is common. Part-time work and job sharing may also be available.

Accountants are office-based. They may carry out audits at clients’ premises, so they may need to travel and spend time away from home. Dress code is usually formal.

Skills and Interests

To be an accountant you should:

• have good mathematical skills
• be able to plan and present information
• understand business and economics
• enjoy analysing data and solving problems
• be able to create a good rapport with clients
• have good negotiating skills and be able to act on your own judgement
• have information technology skills
• be discreet, tactful and assertive.

Entry

To become a private practice accountant and be legally allowed to conduct audits, you must qualify as one of the following:

• an associate chartered accountant (ACA) with either the Institute of Chartered Accountants in England and Wales (ICAEW), ICAS in Scotland, or ICAI in Ireland
• a chartered certified accountant with the Association of Chartered Certified Accountants (ACCA)
• an international accountant with the Association of International Accountants (AIA).

Before starting your training, you will need to decide which professional body to study with. You should consider your age, qualifications, experience, and whether you want to train on the job or pass exams before looking for work.

You will usually need the following standard entry qualifications to study with any of the professional bodies:

• three GCSEs (A-C)/S grades at (1-3) including English and maths, plus
• two A levels/three Highers, or any other qualifications that a university might accept for a degree.

Please check with the accountancy organisations about other qualifications that they might accept.

Training

In general, the training for each professional body follows a similar pattern: you must pass examinations at two or three levels and also complete three years’ supervised work experience. If you have a relevant degree or any previous accounting qualifications, you will usually be exempt from some or all of the exams in the first stage – see websites for advice.

ACCA
To qualify as a chartered certified accountant through the ACCA Professional Scheme, you must pass exams at three levels: Part 1, Part 2 and Part 3. You have ten years to complete the exams after registering. You could study full- or part-time, or through distance learning providers. You can also buy textbooks and study independently for exams if you prefer.

You must also get three years’ supervised practical accounting experience and keep a training record to prove it. You can do this before, during or after your exams. For example, you could take Part 1 exams before looking for work, then apply for a job as a part-qualified accountant and take Parts 2 and 3 whilst working.

After qualifying as an ACCA member, you must also take some further training to qualify for a public practising certificate. See the ACCA website for more details and a list of training providers.

ACA with the ICAEW, ICAS or ICAI
To qualify as an associate chartered accountant (ACA), you must pass:

• exams at Professional and Advanced stages with the ICAEW (England and Wales), or
• Tests of Competence, Professional Skills and Professional Expertise with ICAS (Scotland), or
• Professional 2, Professional 3 and Final Admitting Exams with ICAI (Ireland).

You must also gain practical experience by having a three- to five-year training contract with an authorised firm. You could possibly begin to study for first stage of ACA training without a training contract, but you must have one in place before starting the advanced stages.

AIA
To qualify with the AIA, you must complete three years’ supervised training before, during or after passing exams at Foundation, Professional (I) and Professional (II) levels. You can study flexibly, either through distance learning with a tutor, or independent home study with books and online resources.

All of the accountancy organisations normally advertise jobs with training contracts on their websites or through mailing lists. See Further Information section for contact details.

After qualifying as an accountant with any of these professional bodies, you can choose to take further training to qualify as an auditor. See the Auditor profile for more details.

Opportunities

Job prospects are good, and there is scope to move into industry and commerce or the public sector. See the Public Finance Accountant and Management Accountant profiles for more information about working in other sectors. Accountants often move between firms of different sizes to gain promotion and experience.

Accountants working for private firms may become partners of the firm and so increase their income and reputation.

UK accountancy qualifications are recognised across the world so there may be opportunities to work abroad.

Annual Income

Figures are intended as a guideline only. Salaries can depend on the size of the accountancy practice and the accountant’s level of experience and qualifications.

Trainee or part-qualified accountants may earn between £16,000 and £23,000 a year.
Qualified accountants could earn between £28,000 and £40,000.
Private practice accountants with ten years’ experience could earn up to £100,000.

Further information

Tel: 020 7920 8100

Tel: 028 9032 1600

Staithes 3
The Watermark
Metro Riverside
Newcastle upon Tyne
NE11 9SN
Tel: 0191 493 0277

Tel: 0131 347 0161

2 Central Quay
89 Hydepark Street
Glasgow
G3 8DT
Tel: 0141 582 2000

51 Gresham Street
London
EC2V 7HQ
Tel: 0845 257 3772

Pensions managers make sure that pension schemes are run effectively and meet industry standards.

The work of a pensions manager can include:

• making sure that the schemes and the administrative systems meet auditing and regulatory standards
• managing a team of pensions administrators and advisers
• handling complex pension claims and settling disputes
• planning new pension schemes and developing existing schemes
• investing the company’s funds to bring the best return
• reporting on the scheme’s financial performance
• liaising with actuaries, solicitors, auditors, investment consultants and trustees
• being responsible for marketing and communicating about pension schemes
• preparing annual financial reports.

Pensions managers also need to make sure that their staff and products meet the standards of the Financial Services Authority (FSA), which regulates the pensions industry.

Hours and Environment

As a pensions manager you will usually work 9am to 5pm, Monday to Friday. You may need to work extra hours at busy times such as the end of the tax year.

You will be mainly office-based, but may need to travel to visit scheme members, employers and trustees.

Skills and Interests

To be a pensions manager you need:

• the ability to interpret complex information
• good mathematical and business skills
• strong spoken and written communication skills
• confidence in decision making
• accuracy and attention to detail
• good organisational skills
• the ability to lead and motivate a team.

Entry

There are no set qualifications for becoming a pensions manager, but in practice, you will usually need a background in pensions work and a qualification in pensions, insurance, business or accountancy that meets FSA standards.

You may be able to start as a trainee pensions manager through a company’s management training scheme. Entry requirements can vary – some employers may ask for A levels/Highers or an equivalent like a BTEC National Diploma in Business, others may ask for a business, law or finance-related degree.

You could also start as a pensions administrator, and work your way up to a management position. (See the Pensions Administrator profile for more details about starting at this level). You may help your chances of promotion by taking Pensions Management Institute (PMI) or the Chartered Insurance Institute (CII) qualifications while you are working as a pensions administrator. Relevant qualifications include:

• PMI Diploma in Pensions Calculation (DPC)
• PMI Qualification in Pensions Administration (QPA)
• PMI Qualification in Public Sector Pensions Administration (QPSPA)
• CII Certificate in Financial Administration (Pensions Administration).

Contact the PMI and CII for more information about their qualifications.

Training

If you oversee pensions or life assurance activities, you must meet the FSA’s training and competence standards. As a pensions manager you will usually work towards Associate membership of the Pensions Management Institute (APMI), which meets FSA standards.

The APMI covers all aspects of pensions management and administration, plus general management skills. You will study law, tax, designing pension schemes, investing assets, and social security. You can study for all PMI exams by distance learning.

If you already have certain finance, insurance or accountancy qualifications, you may be exempt from some of the APMI exams or assessments – please contact the PMI or CII for advice.

To achieve full APMI status, you must pass all the exams and also have at least three years’ relevant work experience in the pensions industry. Contact the PMI for more details.

Please see the Financial Services Skills Council website for a full list of FSA appropriate exams.

Opportunities

As a pensions manager you could work for any large company or organisation that runs its own pension scheme. You could also work for an investment management company or insurance company that runs pensions on behalf of other companies or individuals.

Jobs are advertised in the local press, in financial industry publications like Pensions Management and Pensions World, on the PMI website, and through financial recruitment agencies.

Changes to laws about investments and pensions mean that opportunities for pensions managers are growing. Contact the Financial Services Skills Council for advice about skills shortages in the finance industry.

With experience, you could progress to manage larger pension departments or schemes, or you move into another area like insurance or general management. You could also choose to become a self-employed pensions consultant.

Annual Income

Figures are intended as a guideline only.

Team leaders with up to five years’ experience can earn £18,000 to £28,000 a year.
Experienced pensions managers usually earn from £25,000 to £40,000 a year.
Senior pensions managers earn between £40,000 and £80,000 a year.

Salary packages may also include insurance, pension benefits and bonuses based on personal or company performance.

Further information

51 Gresham Street
London
EC2V 7HQ
Tel: 0845 257 3772

25 The North Colonnade
Canary Wharf
London
E14 5HS
Tel: 020 7066 1000

20 Aldermanbury
London
EC2V 7HY
Tel: 020 8989 8464

PMI House
4-10 Artillery Lane
London
E1 7LS
Tel: 020 7392 7400

Pensions advisers are financial advisers that specialise in pensions. They help individuals to choose the right pension to meet their needs, and they may also advise business clients about the most suitable pension schemes for their employees.

Pensions advisers can act as tied or independent advisers:

• Tied advisers usually work for a bank, building society or insurance company, and only offer that company’s financial products. Multi-tied advisers are linked with a number of companies and can sell products from only those companies.
• Independent financial advisers (IFAs) must offer whole-of-market advice.

Day-to-day activities include:

• advising clients about different types of pensions and investments
• finding out about the client’s financial circumstances
• discussing how much the client will need to pay in to various pensions and forecasting how much they can hope to receive
• offering information on a number of pension products so that the customer can make an informed choice
• meeting sales targets, if working as a tied adviser
• making sure that the client is aware of the rules about repayments and mortgage protection
• meeting providers of financial products and broker consultants
• keeping clients regularly updated about their pensions and investments
• keeping up to date with new pension products and any changes in the law.

The Financial Services Authority (FSA) regulates pensions and other financial advice provision in the UK. Pensions advisers must follow strict FSA rules and guidelines, to make sure that they act fairly and are properly qualified to give appropriate financial advice. Contact the FSA for more details, or see the Independent Financial Adviser Promotion website for more information about pensions and financial advice.

Hours and Environment

Hours may vary depending on their employer and on whether they are tied or independent. Most pensions advisers work 9am to 5pm, Monday to Friday, however, tied advisers may work Saturdays on a rota basis. Advisers may meet clients during the evenings, as well as during normal office hours.

Most advisers work from an office but some work from home. Independent advisers often travel to see clients so they will need a driving licence.

Skills and Interests

As a pensions adviser you should:

• have good communication skills and be able to explain complex ideas to clients
• be confident and have good people skills
• be persuasive and determined, as you may be selling services or products to your clients
• have good research skills and be able to analyse and present information
• have good listening and questioning skills
• be able to keep up with new products and trends in the financial market
• have good mathematics and IT skills
• be able to inspire confidence and trust.

Entry

There are no fixed entry requirements for pensions advisers. Most employers will ask for some GCSEs (A-C)/S grades (1-3) or equivalent qualifications including maths and English. Some employers may prefer you to have A levels/Highers or equivalent. Some employers consider people skills and a strong financial or sales background to be more important than formal qualifications.

Some pensions or insurance companies offer graduate training schemes for new advisers with degrees.

Tied advisers in banks, building societies or insurance companies have often been promoted from customer service or pensions administration roles after further training and experience.

You may find it useful to take the Retirement Provision Certificate, the entry-level qualification from the Pensions Management Institute (PMI). See the PMI’s website for more details.

You must be willing to complete a recognised financial advice qualification that meets FSA standards (see Training section). If you are not already working in pensions or financial services, you could take one of these qualifications before entering the career. See the Financial Services Skills Council website for a full list of approved examinations.

If you are aged 16 to 24 you can join the financial services industry through an apprentice scheme, but you must also complete an FSA-approved professional qualification to be able to give pensions advice to clients. To find out more about Apprenticeships (level 2) and Advanced Apprenticeships (level 3) in England, visit www.apprenticeships.org.uk.

Apprenticeships may be different in other areas. For further information see Scotland , Wales and Northern Ireland.

Please also see the Financial Adviser profile for more information about starting a career in general financial advice.

Training

If you are working as a tied adviser, you will usually be trained in the company’s pension products through a mixture of formal training courses and on-the-job training with experienced advisers.

As a trainee pensions adviser you must also take an industry-recognised qualification that meets FSA standards for giving financial advice. Employers will usually support your training and pay for the exams. Qualifications include:

• Certificate in Financial Planning, from the Chartered Insurance Institute (CII)
• Certificate for Financial Advisers (CeFA), from the Institute of Financial Services
• Certificates in Investments and Financial Advice (IFA Qualification) from the Securities and Investment Institute (SII).

You can study the courses flexibly through distance learning, or at colleges or private training centres. Contact the professional bodies for more information about the courses and how to study. As mentioned in the Entry section, you can also take these exams if you are not yet working in the industry.

You are also allowed to give pensions advice if you are an Associate member of the Pensions Management Institute (APMI). To become an Associate member, you must pass the PMI’s Associateship examinations and you must also have at least three years’ relevant experience in the pensions industry. APMI usually takes around four years to achieve, and you can study by distance learning. See the PMI’s website for more details.

You can widen your range of financial advice skills by taking further qualifications with either the CII or the IFS. After passing one of the standard financial advice qualifications listed above, you can take more advanced qualifications such as:

• CII Diploma and Advanced Diploma in Financial Planning
• IFS BSc (Hons) degree in Financial Services and Associateship, which jointly gives a degree qualification and Associate membership of the Chartered Institute of Banking (ACIB).

See the Financial Services Skills Council website for a full list of FSA-approved qualifications.

Please see the Financial Adviser profile for more details about qualifications and training for financial advisers.

Opportunities

Pensions advisers can be employed by any organisation responsible for promoting pensions, such as:

• banks
• building societies
• pensions companies
• insurance companies
• large employers with pensions schemes.

Pensions advisers may move into related jobs, for example, financial adviser. They could also become self-employed, usually after around two years’ experience after qualifying.

Annual Income

Figures are intended as a guideline only.

Salaries can either be based upon fees or commission or a combination of the two. Independent pensions advisers must offer the option of being paid a fee, rather than by commission, if the client requests it.

Basic salaries range from around £18,000 to £25,000 plus commission.
Salaries including OTE (on target earnings) may be advertised as between £30,000 and £50,000 a year.
However, these earnings are based upon performance and hitting sales targets and are not guaranteed.
Very successful independent pensions advisers could earn up to £80,000 a year.
Fees are typically £50 to £200 an hour.

A salary package may also include car allowance, insurance and pension benefits.Tied advisers are likely to earn less than independent pensions advisers. Salaries in London can be 10 to 20% more.

Further information

25 The North Colonnade
Canary Wharf
London
E14 5HS
Tel: 020 7066 1000

IFS House
4-9 Burgate Lane
Canterbury
Kent
CT1 2XJ
Tel: 01227 818609

PMI House
4-10 Artillery Lane
London
E1 7LS
Tel: 020 7392 7400

42-48 High Road
South Woodford
London
E18 2JP
Tel: 020 8530 0852

20 Aldermanbury
London
EC2V 7HY
Tel: 020 8989 8464

51 Gresham Street
London
EC2V 7HQ
Tel: 0845 257 3772

Mortgage advisers help their clients find and apply for a suitable mortgage.

The work involves:

• advising clients on the home-buying process
• finding out about the client’s finances
• explaining about different types of mortgage
• offering a number of mortgages for the client to choose from
• helping the customer complete the mortgage application
• explaining about repayments and mortgage protection
• selling related financial products such as buildings insurance
• meeting sales targets
• dealing with estate agents, valuers and mortgage lenders
• keeping up to date with new mortgage products and any changes in the law.

Advisers in banks or building societies only sell their own company’s mortgage products. In estate agents or brokers, they usually offer mortgages from a range of companies. Some mortgage advisers are independent financial advisers (IFAs) and advise on all types of financial product.

Mortgage advisers follow strict rules and guidelines from the Financial Services Authority (FSA), to make sure that they act fairly and are qualified to give appropriate financial advice.

Hours and Environment

As a mortgage adviser in an estate agents, mortgage broker, bank or building society branch, you will usually work 35 to 40 hours a week between 9am and 5pm, Monday to Friday or Monday to Saturday. In contact centres, shift work is common and may include evenings and weekends. Part-time work is available.

If you are an independent adviser, you may have to meet clients in the evening and at weekends.

You will usually be office-based, although some independent advisers work from home.

Skills and Interests

To be a mortgage adviser you need:

• good communication and listening skills
• the ability to explain complex information clearly and simply
• excellent customer service skills
• the drive and motivation to meet targets
• honesty and a trustworthy attitude
• an interest in legal and financial matters
• good mathematical and computer skills.

Entry

There are no set entry requirements for becoming a mortgage adviser. Employers often consider ‘people skills’ and a strong background in customer service, sales or financial services to be more important than formal qualifications.

You will often start as a customer service adviser in a bank or building society, or as a mortgage administrator or insurance technician in a firm of brokers. You can then progress into mortgage advice as you gain experience and Financial Services Authority-approved qualifications.

You may be able to get into the financial services industry through an apprenticeship scheme. Funding for apprenticeships is available for 16-24 year olds and some over-25s. To find out more, visit www.apprenticeships.org.uk. For information about apprenticeships in other parts of the UK, see Scotland, Wales and Northern Ireland.

See the Financial Adviser profile for details on how to become an independent financial adviser.

Training

Your training will usually be a mixture of on-the-job learning and study for qualifications in mortgage advice, possibly through a bank or building society’s structured training scheme.

As a trainee mortgage adviser you must take an industry-recognised qualification that meets Financial Services Authority (FSA) standards, such as:

• Chartered Insurance Institute (CII) Certificate in Mortgage Advice (Cert MA)
• Institute of Financial Services (IFS) Certificate in Mortgage Advice and Practice (CeMAP)
• Chartered Institute of Bankers in Scotland (CIOBS) Mortgage Advice and Practice Certificate (MAPC).

You can study for all of these qualifications by distance learning. Employers will usually support your training and pay for exams.

The IFS also offers the Advanced Certificate in Mortgage Advice and Practice, which is suitable for supervisors.

With experience, you could take further exams to qualify as a financial adviser, such as:

• CII Certificate in Financial Planning
• IFS Certificate for Financial Advisers (CeFA).

See the CII, IFS or CIOBS websites for more information on their qualifications and training (contact details in Further Information below).

You should keep up-to-date with new products and financial regulations throughout your career. CII, IFS and CIOBS all offer a range of short courses and formal continuing professional development (CPD) schemes.

Opportunities

As a mortgage adviser, you could work for banks, building societies, estate agents, firms of mortgage brokers or insurance brokers all over the UK. You could also work as an independent mortgage adviser.

Jobs may be advertised in the local press, on employers’ own websites, in financial services industry magazines like Financial Adviser, and by specialist financial recruitment websites and agencies.

With experience, you could manage a team of mortgage advisers. You could also take further qualifications to become a financial adviser, and either stay within a financial services company or be self-employed.

Annual Income

Figures are intended as a guideline only.

Mortgage advisers working for a company are usually paid a basic salary plus commission. Independent advisers can be paid either by fees or commission.

Basic salaries (without commission) are usually around £18,000 to £25,000 a year.

Salaries including commission (known as OTE or ‘on target earnings’) may be advertised as up to £40,000 or £50,000 a year. However, these earnings are based on meeting targets and are not guaranteed.

A salary package may also include car allowance, insurance and pension benefits.

Further information

IFS House
4-9 Burgate Lane
Canterbury
Kent
CT1 2XJ
Tel: 01227 818609

25 The North Colonnade
Canary Wharf
London
E14 5HS
Tel: 020 7066 1000

51 Gresham Street
London
EC2V 7HQ
Tel: 0845 257 3772

Drumsheugh House
38b Drumsheugh Gardens
Edinburgh
EH3 7SW
Tel: 0131 473 7777

Money advisers, also known as debt counsellors or debt advisers, help people whose debts have become too large or complex for them to manage. They offer free, impartial, independent and confidential advice on how to deal with money and debt problems, and how to cope with the relevant laws and court procedures.

Some money advisers represent their clients in the County or Magistrates courts.

Most money advisers work with clients face-to-face, but some positions exist with telephone helplines.

The main tasks money advisers undertake include:

• helping clients identify their income and expenditure
• deciding, with clients, which outgoings are essential, such as rent/mortgage payments, gas and electricity, council tax, water rates and food
• helping clients maximise their income by identifying welfare benefits they may be eligible for
• identifying priority and non-priority debts
• negotiating with creditors to arrange affordable and realistic repayments
• helping clients plan how they spend their money.

Experienced money advisers may provide support services to other advice workers. They may provide training on the law, and tactics and courses of action which may be taken when dealing with money matters.

Some advisers will be involved in social policy work, seeking to influence the procedures and practices of agencies such as the Department for Work and Pensions. They may pursue court cases to test the interpretation of the law.

Hours and Environment

Full-time money advisers usually work 40 hours a week, though not all paid posts are full-time. Some evening or Saturday work may be required, to suit clients. Flexi-time may be available.

Some money advisers may work entirely in the office, others may visit clients in their homes or attend court hearings.

A driving licence may be needed for posts requiring travel to outreach services or clients outside the locality.

Skills and Interests

To be a money adviser, you should:

• be good with numbers
• be able to communicate clearly and effectively in speech and in writing, with clients, colleagues and outside agencies
• have good listening skills
• have strong negotiation skills
• be well organised and have the ability to work well in a team, and on your own
• be able to set priorities and meet deadlines
• be impartial and treat clients in a way which is non-judgemental and without bias.

Entry

There are no set entry requirements, however, some GCSEs (A-C)/S grades (1-3) may be an advantage.

Many money advisers have experience of working in one of the following areas:

• finance or accounting
• consumer advice
• in an advice centre, as a volunteer
• in an appropriate department of a local council or public utility.

Some posts may require advisers to speak an ethnic minority language.

A common entry route is to volunteer to work in an advice centre and undertake relevant training on issues such as debt management, court procedures and bankruptcy. After volunteering in this field for a year or more you may have acquired suitable skills and knowledge to apply for paid positions.

There is no age limit for starting in this work. Maturity and relevant work experience is often an advantage.

Training

Employers will usually provide new advisers with an induction training programme which combines mentoring from more experienced colleagues with in-house or external courses on specific issues.

Money advisers need an in-depth knowledge of the types of problems people encounter due to low income and debt, unemployment or housing difficulties. They also need to be familiar with relevant legislation, regulations and case law.

To keep up to date, money advisers frequently undertake short training courses covering specialist areas or new legislation and practice.

The Money Advice Trust (MAT) provide training support to member oganisations, which are the leading UK money advice services. The Citizens Advice Bureaux (CAB) provide their own nationally recognised training programme to paid and voluntary advisers. Some CAB courses are available to money advisers working for other organisations.

Money advisers can join the Money Advice Association (MAA). They provide a flexible programme of training days to members on specialist areas of money/debt advice.

Some money advisers choose to work towards a general advice work qualification, such as an NVQ/SVQ level 3 and 4 in Advice and Guidance.

Opportunities

Money advisers work within Citizens Advice Bureaux (CAB), independent advice centres, Money Advice Units (MAU), and in Money Advice Support Units (MASU). Local authorities, voluntary organisations, some charities, and trade union welfare departments may also employ money advisers.

CABs, MASUs, and independent advice centres are mainly based in towns and urban areas, which means that most job vacancies occur in these places. There may be more applicants than vacancies, yet those with the right blend of skills, knowledge and experience are rare.

Within larger advice centres and the CAB network there may be the possibility of promotion to senior money adviser, co-ordinator, or centre or area manager.

Annual Income

Figures are intended as a guideline only.

The starting salary for advisers with appropriate voluntary experience is usually around £18,000 a year.
With greater experience and responsibility, advisers can earn up to £28,000 a year.

Further information

Bridge House
181 Queen Victoria Street
London
EC4V 4DZ
Tel: 020 7489 7796

51 Gresham Street
London
EC2V 7HQ
Tel: 0845 257 3772

Office 2
Voluntary Action Leeds
Stringer House
34 Lupton Street
Leeds
LS10 2QW
Tel: 0113 270 8444

Management accountants in industry and commerce manage their company’s finances, assess financial performance and advise on ways of improving profitability and growth.

The work of a management accountant may include:

• preparing regular financial statements and accounts
• monitoring spending, costs and budgets
• analysing sales figures and making business forecasts
• recommending ways to increase profits
• liaising with other managers and making business decisions
• carrying out internal audits and provide external auditors with company reports and financial data
• managing a team of accounting technicians and finance clerks
• overseeing the company’s payroll, credit control and stock control systems.

A key role for management accountants is forecasting and planning. When business managers need to make a decision they use a management accountant’s expertise to help them predict the costs and financial implications.

The work differs in several ways from private practice accountants, who usually work for accountancy practices and deal mainly with audits, tax and accounts for fee-paying clients. See the Private Practice Accountant profile for more details.

Hours and Environment

Management accountants normally work 9am to 5pm, Monday to Friday. They may need to work extra hours at busy times, such as the end of the financial year. Flexible working is common. Part-time work and job sharing may also be available.

They are usually office-based. They may sometimes need to travel to meetings – depending on the company this could include local, UK-wide or overseas travel. Dress code is usually formal.

Skills and Interests

To be a management accountant you should:

• have excellent mathematical skills
• be able to plan and present information
• understand business and economics
• enjoy analysing data and solving problems
• be able to create a good rapport with clients and colleagues
• have good negotiating skills and be able to act on your own judgement
• have information technology skills
• be discreet, tactful and assertive
• be able to motivate and manage a team.

Entry

All accountancy training involves some strategic business accounting, but the Chartered Institute of Management Accountants (CIMA) is usually considered to be the most business-focused for management accountants.

CIMA training involves two stages of examinations:

• CIMA Certificate in Business Accounting (five computer-based exams)
• CIMA Professional Qualification.

Your entry point will depend on your previous qualifications and experience.

You do not need any set qualifications to begin studying with CIMA, although you will need a good standard of maths and English. Instead, you must pass or gain exemptions from the CIMA Certificate in Business Accounting, which is CIMA’s entry-level qualification.

If you have a relevant degree such as accounting, finance or business, or a professional qualification from another accountancy body, you may be exempt from some or all of the exams in the CIMA Certificate. You may also be exempt from some exams in the CIMA Professional Qualification stage (see the Training section). See the CIMA website for full details of exemptions.

If you are a fully-qualified accounting technician with Association of Accounting Technicians (AAT) Technician Level, you can usually bypass all of the CIMA Certificate exams and go straight to the Professional Qualification stage. See the Accounting Technician profile for more details about starting at this level.

You can also miss out the CIMA Certificate and start at the Professional Qualification stage if you have the Open University’s Certificate in Accounting.

If you have any other academic qualifications (including a degree that is not accountancy or business-related), you must pass all five CIMA Certificate exams before being able to start the CIMA Professional Qualification.

If you qualify with CIMA you can conduct internal audits within your own company, but you are not legally able to perform external audits on other companies. This division is normal in management accounting. See the Private Practice Accountant or Auditor profiles for further details of qualifying routes with other professional bodies.

Some employers ask for CCAB qualifications in their entry requirements. The CCAB is the Consultative Committee of Accountancy Bodies, an advisory organisation made up of six of the main professional accountancy bodies: ACCA, ICAEW, ICAS, ICAI (all dealing mainly with private practice), CIMA and the Chartered Institute of Public Finance Accountants (CIPFA). There is no single CCAB qualification – employers in this case will accept accountancy qualifications from any of these six professional bodies. For more information on CCAB see contacts below.

Training

After passing or being exempt from the CIMA Certificate in Business Accounting, you must pass the CIMA Professional Qualification, which involves:

• six exams at Managerial level, leading to the CIMA Advanced Diploma in Management Accounting
• three exams at Strategic level
• a final Test of Professional Competence in Management Accounting, based on a detailed business case-study.

Each paper in the Professional Qualification usually takes between three and four months. You can study full- or part-time, or through distance learning providers. You can also buy textbooks and study independently for exams if you prefer. See the CIMA website for details of course providers and exam centres.

As well as passing the Professional Qualification exams, you must also gain at least three years’ supervised practical experience. During this time you must keep a training record and be assessed by your employer. After passing all the exams and completing the work experience, you will become an associate member of CIMA and qualify as a chartered management accountant (ACMA).

Alternatively, you could study with the Association of Certified Chartered Accountants (ACCA), but choose the business management modules instead of audit and taxation options in Part 3 of your training. See ACCA website for further details of syllabus and entry requirements.

The Institute of Financial Accountants (IFA) also offers training for those wanting to work in financial management. IFA is a non-chartered organisation with training at Technician, Associate and Fellow levels. See IFA website for further details.

After qualifying, you could choose to take a Masters of Business Administration (MBA) degree, which may help you to further your career in financial and strategic management.

Opportunities

The demand for accountants in all sectors is growing and work is available in all parts of the UK. Management accountants could also become self-employed management consultants.

Once qualified, accountants can move between private practice, the public sector and industry and commerce to gain experience and help career prospects. In larger organisations, promotion to senior management is often possible.

Annual Income

Figures are intended as a guideline only.

Salaries for management accountants vary depending on location and the size and type of firm. Salaries are likely to be higher in London than in the rest of the country.

Trainee and part-qualified accountants could earn between £16,000 and £23,000 a year.
Qualified management accountants could earn £25,000 to £40,000 a year.
Finance directors could earn £50,000 to £120,000 a year.

Further information

51 Gresham Street
London
EC2V 7HQ
Tel: 0845 257 3772

26 Chapter Street
London
SW1P 4NP
Tel: 020 8849 2251

2 Central Quay
89 Hydepark Street
Glasgow
G3 8DT
Tel: 0141 582 2000

Burford House
44 London Road
Sevenoaks
Kent
TN13 1AS
Tel: 01732 458080