Accountancy and financial services manage money. Accountancy oversees cash flow and monitors profit and loss in industry and public practice. Financial services value assets and operate markets.

Accountancy careers

Graduates can work in public practice (professional firms like the Big 4), commerce/industry and the public sector (including regulatory bodies).

The two accountancy career routes are financial and management. Financial accountants usually work in public practice in areas like auditing, taxation, insolvency and consultancy. They’re responsible for maintaining financial accounting systems, preparing reports on their organisation’s performance and, possibly, operating financial and business systems. Management accountants help managers analyse costs, revenues, opportunities and threats.

Finance careers

Roles encompass positions in marketing, IT and HR as well as the following:

Retail banking/building societies

Deal with personal and business clients, monitoring accounts, arranging loans, discussing lending proposals and preparing background briefs for management. Interpersonal skills and in-depth product knowledge are essential.

Investment banking

Advise companies, institutions and governments on raising capital for corporate and strategic undertakings. Roles are divided into trading (‘front’ office) and operations (‘back’ office). Front office buys and sells bonds and equities; the back office manages the clearance and settlement of transactions. You’ll need analytical and numerical skills, decisiveness and coolness under pressure.

Fund (‘Investment’) management

Increase the value of ‘retail’ (individual investor) or ‘institutional’ funds. Some funds provide regular income for investors whilst others grow capital – each must be managed accordingly. There are four main roles, which can overlap. Research analysts, who must have excellent research and communication/presentation skills, gather and analyse information for forecasts and valuations. This is used by portfolio managers to decide where to invest. Portfolio managers must understand clients’ needs to take accurate decisions quickly. Client relationship managers explain investment decisions to clients, so require sector understanding and people skills. Fund administrators are responsible for the proper management of funds.

Insurance

This can be personal, commercial or life assurance (which will encompass pensions). Technical functions include underwriting claims, insurance broking, actuarial work and accountancy. Actuaries set insurance policies and premiums by calculating the probability of a certain event. This usually requires an economics, statistics or financial mathematics degree discipline, although other roles are usually open to any subject.

Treasury

Work with all levels of an organisation to measure and minimise risks by overseeing cash flows, investing surpluses and meeting funding requirements.

Risk management

A growth area. Graduates work in the banking, public service and consulting sectors. Specialisms include credit, market, liquidity, legal and operational, and you can also focus within this.

Professional qualifications and graduate schemes

To achieve chartered status, an accountancy trainee will sit a professional body’s examinations following training. Your organisation will usually select the body for you.

Many financial organisations offer formal graduate training schemes and take part in the ‘milkround’.

Locations

Ireland is a leading location for the finance sector, with Dublin an important centre. Statistics indicate that Dublin is the fastest growing investment funds centre in the world, although the investment banking opportunities are wider in London. Northern Ireland’s economic growth encourages hopes of financial services jobs remaining strong.

Further information

For more information see the gradireland Finance sector career guide, available to download from our Publications page.

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