How to increase your salary in as an accountant in the UK?
How to increase your salary in as an accountant in the UK?
Accountancy is one of the UK’s highest-paying and most sought-after careers, providing excellent opportunities for growth and financial security. However, like any career, accountants often ask themselves, “What can I do to increase my salary?” However, if you can implement strategies like acquiring advanced qualifications, broadening your skills, gaining specialist experience, negotiating salary effectively, and networking with industry professionals, you can make ground to improve your salary. In a highly competitive financial sector, standing out and showing your value is essential. By following these steps, you’ll be able to earn more money and progress in your career, which will ultimately improve your financial situation.
Acquire Professional Qualifications
As an accountant in the UK, getting more professional skills can help you move up in your job and earn more money. Think about getting chartered status through associations like the Association of Chartered Certified Accountants (ACCA), the Institute of Chartered Accountants in England and Wales (ICAEW), or the Chartered Institute of Management Accountants (CIMA). These certificates show that you have a deep knowledge of different accounting and finance areas, which increases your credibility and marketability. Learning more about things like financial analysis, auditing, tax law, and business strategy is imperative. Accounting software skills like using QuickBooks, Xero, or Sage are also essential and highly valued in the market
Gain Relevant Experience
In the field of accounting, experience is a very significant asset. Your marketability can be significantly increased if you have previous experience managing accounts, conducting audits, providing tax counselling, or engaging in financial planning. Make it a goal to obtain experience in a variety of fields so that you may extend your horizons and enhance your skill set. Keep in mind that your ability to command a better income increases in direct proportion to the amount of experience you have.
Develop an Area of Expertise
Figure out which field you are most interested in. This could be accounting for taxes or investigative accounting. Pursue extra qualifications, classes, or licences related to your chosen specialisation. Look for ways to get hands-on training in your field of choice. You could take on related projects at your present job or by looking for new jobs that let you focus. Make a portfolio of your work and share your knowledge through industry groups, blog posts, or LinkedIn pieces. Show managers and possible companies that you know your field well.
Develop Soft Skills
Although having solid technical abilities is vital in accounting, putting too much emphasis on having strong, soft skills is a mistake. Skills such as leadership, communication, problem-solving, and strategic thinking are in great demand. These talents may help you handle complicated circumstances, lead teams, and participate to the strategic decision-making processes, all of which can lead to employment with better salaries.
Stay Updated with Industry Trends
To remain competitive in the ever-evolving accounting field, it is necessary to maintain a continuous commitment to professional development and education. If you work as an accountant in the United Kingdom, it is essential to keep abreast of the latest developments in the field. The fields of finance and accounting are constantly pushing themselves to innovate. You must stay updated with the most recent trends, rules, and best practices to maintain your position in the market and earn a better salary. Participate in activities related to your industry, such as seminars and webinars. To keep up with recent shifts and innovations in the business, it is essential to subscribe to crucial industry journals and engage in relevant internet forums.
Building professional relationships is an effective strategy for advancing one’s career. You may contact professionals in your industry by attending networking events, using online platforms such as LinkedIn, and participating in professional organisations. These contacts open the door to career prospects that pay more than you previously paid.
In the modern digital world, using technology is essential for accountants. Accounting software such as QuickBooks, Xero, or Sage 50 can help you become more productive and boost your worth to potential employers. Having data analytics, machine learning, or blockchain abilities might set you apart from the competition. This is because there is an increasing demand for accountants who can utilise technology for financial forecasting and decision-making.
Pursue Continued Professional Development
Participating in Continuous Professional Development (CPD) is essential if you want to increase your pay as an accountant in the UK. Your passion to professional excellence, which is signalled by your commitment to lifelong learning, will eventually make you an invaluable addition to the firm you work for or to prospective employers. Learning throughout one’s life is essential to progress in one’s accounting profession. CPD is encouraged by ACCA and AAT, allowing you to keep your skills and knowledge current over time. Participating in continuing professional development (CPD) helps you keep your professional relevance and improves your chances of landing better-paying jobs in the future.
Negotiate Your Salary
Do not be afraid to negotiate a higher wage for yourself. It is essential to have an understanding of your market worth and the confidence to explain it. Carry out the necessary research, and present your case in a way that emphasises the value you provide to the organisation in addition to your talents and expertise. Remember that negotiating is a talent and that honing that skill may significantly increase the amount of money you can make.
Consider Contract or Freelance Work
There are many ways to make more money in the UK accounting market. Contractual or independent work are two good ways to make money. Contract work is based on a job and usually lasts a set amount of time. It could pay more than permanent roles. To use this to your advantage, become an expert in a niche field, such as auditing, financial planning, or investigative accounting. Businesses often need these specialised skills for a single job, which can lead to better pay. Register with employment firms specialising in accounting, build a strong professional network, and keep your CV up-to-date to show off your niche knowledge. Freelancing gives you freedom and the chance to make more money. Accountants who work independently can set their rates based on how hard the work is and how much the client is willing to pay. Build a robust online profile on LinkedIn and freelance accounting sites. Show off what you’ve done and are good at, and get recommendations and feedback from past clients or bosses. Check your rates and contracts often to ensure you’re getting a fair amount of money in the market.
In the UK, being a good accountant doesn’t just mean being good with numbers. It’s a mix of getting the proper education, getting different kinds of experience, specialising, learning soft skills, staying up-to-date, making connections, using technology, continuing professional development (CPD), negotiating well, and considering different work arrangements. If you use these tactics, you can be sure they will help you make more money. Don’t forget that it’s a trip, not a race. Take things one step at a time and slowly move up the salary ladder.
Yes, if you enrol onto one of our Xero training courses then Xero advisor certificate is free.
If you are a Xero Certified advisor you can expect a higher salary package then others. Generally a Xero certified advisor earns almost 25% higher than accountants/bookkeepers. A Xero Certified Advisor earns almost £40,000 in a year (glassdoor).
At Tax Care Academy we offer free Xero Certified Advisory course. You just need to enrol onto one of our courses then you will get access to our courses for free.
If you are an university student, the Xero course is one of the essential training programmes that you need to attend to bridge your skill gaps. It will help you to relate accounting theories to accounting software and apply relevant knowledge to with practical accounting scenarios. Xero training programmes will help you to stand out in this competitive job market.
Yes, if you are an AAT student Xero course will help you to stand out from others. Although, you probably know how to use Sage, however, Xero/QuickBooks are simple and user friendly for the businesses. Xero course will open up more opportunities for you.
If you are ACCA student then we recommend attending Xero training courses. ACCA qualification is one of the best and most demanding qualifications in the world. However, one of the major problems with ACCA qualification is the lack of practical approach. Xero courses are designed based on a lotpractical business scenarios. You can apply your key ACCA knowledge onto practice by attending Xero courses.
Xero is onIf you are ACCA student then we recommend attending Xero training courses. ACCA qualification is one of the best and most demanding qualifications in the world. However, one of the major problems with ACCA qualification is the lack of practical approach. Xero courses are designed based on a lotpractical business scenarios. You can apply your key ACCA knowledge onto practice by attending Xero courses. e of the fastest growing accounting software in the world. There are a lot of accountants who are looking for a job. However, there are very few accountants who have good skills on Xero.
Yes, you can claim your CPD if you have never used Xero before. We can provide you CPD verifiable points.
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Three simple steps towards success
Step 1: Training
Step 2: Certification
Step 3: Explore your professional career with a well-paid job or set up your own business
Our Mission is to Upskill Our AccountantsAccording to ONS, 1 in every 3 accounting graduates in the UK are ‘overqualified’ for their current job. This means we are not utilising 33% of our talents properly, resulting in a mismatch in human resource allocation and productivity. In the accounting job market, there is a skill gap between an employer’s expectation and an employee’s capability. Our goal is to bridge this skill gap by offering industry-leading accounting training programmes. Employers are willing to pay a commission to a recruitment agency to find the right candidate (normally 10%-20% of the annual salary of the candidate). However, there are thousands of qualified accountants who are desperate to get a job, but they cannot meet employer expectations. Tax Care Academy are helping accountants to break down barriers in the traditional job market, and upskilling accountants worldwide.
Why Tax Care Academy?
- Tax Care is a specialist training provider in accounting and payroll training courses.
- All accounting and payroll courses are designed and developed by industry expert accountants.
- Personal tutor support throughout your course.
- After training support available to ensure you are not on your own.
- We engage our students with a range of forward-thinking teaching and assessment methods.
- We make sure our students are not alone throughout their accounting learning journey and we ensure the highest level of engagement with our students.
- A technology driven accounting learning centre that focuses on the key accounting skills that add more value to businesses.
- Online Enhanced Learning Resource with extra lessons and tests.
- 24/7 assignment marking with instant results and feedback.