CIPFA Careers Guide 2014

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Careers in public services. FINANCE FUTURES.Issue1. What’s it really like? | Do you have what it takes? | What are employers looking for? | Health and local government.

Transcript of CIPFA Careers Guide 2014

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Careers in public services

A DAY IN THE LIFE

What’s it really like?

INTERVIEW TIPS

What are employers looking for?

QUALIFICATIONS

Do you have what

it takes?

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QUALIFICAQ F

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SECTOR SPOTLIGHT

Health and local

government

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The CIPFA Professional Qualification

creating experts in public financial management

We are the only accountancy body in the world that focuses on finance within public services globally. As a result, our internationally recognised qualifications are widely respected.

We offer our Professional Qualification to a range of people, who are able to commence at different entry routes. From those starting out in their careers to those already in leadership roles worldwide.

Find out more:T: 020 7543 5656 E: [email protected] www.cipfa.org/pq

®

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CIPFA Careers Guide

04 WHAT IS PUBLIC FINANCE?What it is, why choose public fi nance as a career and how much you can earn. Get the lowdown on the industry.

06 LANDING YOUR FIRST JOBFind out all you need to know about taking your fi rst step on the public fi nance career ladder.

07 THE PERSONALITY TESTDo you have what it takes for a career in this fi eld? Take our quick quiz and fi nd out whether you are the perfect fi t.

08 CAREER CASE STUDIESFour public fi nance professionals, at different points in their careers tell us how they got started and why they love their jobs.

12 COURSES AND QUALIFICATIONSWhat qualifi es you for a career in public fi nance?

14 DAY IN THE LIFETwo professionals talk us through a typical day: from breakfast, through meetings and spreadsheets until dinner.

16 SECTOR SPOTLIGHTA guide to two of the most important sectors in which public fi nance professionals operate: local government and health.

18 ASK THE EXPERTSimon Bascombe, senior consultant at CIPFA’s Recruitment Services, tells us what employers are looking for in their candidates.

ISSUE 01

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COURSES AND

QUALIFICATIONS

Think a career in public finance is for you? The first step is to gain the educational achievements that will enable you to take CIPFA’s Professional Qualification. The good news is that there’s a range of routes to get there. Read on to find out what qualifications you’ll need and what training courses are available.

management and politics/government/public administration, you will be exempt from the certificate part of the CIPFA qualification.

UNIVERSITYGraduates from any background can train as a chartered public finance accountant, but you’re going to need a 2:2 or above to stand you in good stead.

And, as with HNDs, a degree in one of the following subjects will exempt you from the certificate part of CIPFA’s Professional Qualification:

Accounting/finance Business/management Politics/government/public administration Economics Mathematics

ACCOUNTANCY QUALIFICATIONSAlongside CIPFA, there are a number of accountancy industry bodies that offer

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GCSES and A-LEVELSTo progress to the CIPFA Professional Qualification you’re going to need a minimum of three GCSE passes from A*-C and two A-level passes from A*-C, each time including maths and English. This is the minimum academic requirement for the qualification.

VOCATIONAL QUALIFICATIONSYou can progress to the CIPFA Professional Qualification with a level 3 NVQ or GNVQ, or the Scottish equivalent. And, as with a

degree, if you choose a subject at HND level such as accounting/

finance, business/

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Finance Futures is published in association with the Chartered Institute of Public Finance and Accountancy (CIPFA).

With 14,000 members working throughout the public services in national audit agencies, major accountancy fi rms and other bodies where public money needs to be effectively and effi ciently managed, CIPFA is the only professional accountancy

body for public fi nance in the world.CIPFA’s qualifi cations are the foundation for a career in public fi nance. They include the benchmark Professional Qualifi cation for public services accountants and the Postgraduate Diploma for those already working in leadership positions.

The institute works with donors, partner governments, accountancy bodies and

public services around the world to advance public fi nance and support better public services.

GET IN TOUCH Telephone: 020 7543 5656Online: www.cipfa.orgTwitter: @CIPFAfuturesFacebook: www.facebook.com/CIPFA.org

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What do you need to know about accountancy in public services?

F ancy managing a multi-million pound budget for one of the most important services in the country? How about controlling the income and expenditure of the biggest employer in the UK? Or holding the purse strings for organisations that provide vital services all over the world?

The way taxpayers’ money is spent sparks passionate views, and if you choose a career in public fi nance, you will be in charge of managing aspects of it.

Public fi nance is one of the world’s most important professions. The austerity measures introduced by the government over the past four years have meant the role of the public fi nance accountant is vital to ensure a high standard of services continues to be delivered in education, health and housing, for example.

But reduced budgets mean more must be done with less. Budgets must be balanced. Expectations must be managed. Effi ciency is the watchword for the profession and this means accountants need to take more of a strategic role. You’ll need to be a dynamic thinker with ideas for change across the organisation. It’s often the CIPFA-qualifi ed accountant who will offer guidance to the most senior echelons of an organisation.

You’ll be working in a fast-moving, challenging and varied environment, taking a leading role in responding to the economic crisis. This means being commercially focused is vital, as is adapting quickly to the many changes in the external environment. Responsibilities may include managing issues relating to fraud, data and law, real estate and IT systems.

Working on some of the most important and high-profi le areas of government policy, you’ll be able to understand where changes and improvements are needed. Ultimately, you’ll be able to take a lead role in transforming the lives of people and communities.

WHAT WILL I ACTUALLY DO?● Liaise with senior staff, colleagues and clients● Monitor budgets and accounts● Control cash fl ow and spending● Develop and manage fi nancial management systems● Implement policy objectives● Carry out fi nancial administration● Prepare reports on organisations’ annual reports● Control revenue budgets for departments● Balance cost of services against income● Make recommendations on large-scale projects● Assess funding estimates for projects● Examine fi nancial statements and check for accuracy● Manage and train staff if you rise up the ranks● Audit accounts

WHERE WILL I WORK?● Civil service: for example in national audit agencies, the defence

sector, transport, environment, police authorities and global NGOs.● Local government: covering a range of services, including education,

leisure, transport, environment, planning, housing and utilities.● Healthcare: across NHS Trusts, hospitals, universities and clinics.● Charities: providing support to organisations representing the

interests of different groups, such as the elderly and the disabled. ● Major private sector audit fi rms with public sector clients: as a

CIPFA member, you can use your qualifi cation to transfer into the private sector.

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PUBLICFINANCE

Introducing

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WHAT WILL I EARN?● Starting salaries range from

£18,000 to £30,000. ● After qualifying, with two years’ experience, you

could earn between £32,000 and £65,000.● Senior level post holders can earn upwards of

£80,000.● You can also expect a public services pension,

bonuses, health insurance and company car, excellent annual leave among other benefi ts.

WHAT WILL THE WORKING CONDITIONS BE LIKE?● You’re most likely to be based in an offi ce, although

some travel might be required. Meetings with internal and external clients will be a big part of the job.

● Some parts of the year will be more busy than others, but generally the working week will be 35 to 40 hours’ long.

● You will likely need to study while working so it will be important to be prepared for this pressure. The good news is that most employers will give paid time off for study leave.

● Flexible working policies are increasingly popular.

✘ Accountancy is a solitary role, dealing only with numbers

✓ You could be managing a team, working across a range of departments and stakeholders

✘ Public services pay is low

✓ You could be earning more than £40,000 once you have qualifi ed

✘ There is a lack of career progression

✓ Once qualifi ed, public accountants can progress quickly through the fi nance

department and they can also move across to the private sector

✘ Jobs are insecure and hard to fi nd

✓ Despite austerity policies, the recruitment market in public and not-for-profi t sectors

is buoyant, according to Hays

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MYTH VS FACTWHAT DO PROFESSIONALS SAY?

“My work revolves around spreadsheets: budgets, grant allocations, forecasts, payments

and clawbacks. I receive queries from schools daily on their funding; then I might need to read and interpret information on changes to the funding

formula for schools, early years or for high-needs funding. I also have to make payments and raise invoices to schools, monitor budgets and change

systems and calculations for schools converting to academy status. Th e variety is great, as is being able to

see how my job benefi ts children in education. I also really enjoy the technical challenges.”

“After my degree (BSc in mathematics with business management), I worked at a

company that traded shares. It was too transactional, but it confi rmed that I wanted to work in fi nance. Th e graduate scheme at the London Borough of Hounslow

has allowed me to work on projects in which I add value and am challenged daily. I have recently been appointed to a management accountant position on secondment. It shows that there are opportunities to

make rapid career progress in public fi nance.”

“I’ve just fi nished my second year on the graduate scheme. I have already sampled four

placements within the London Borough of Hackney: central accountancy, internal audit and adult social care fi nance. I’m currently working in a project role

for Hackney Learning Trust, alongside a separate project I’m carrying out in public health. Hopefully,

with the variety of knowledge gained in these roles it should stand me in good stead to gain a substantive

role at the end of the scheme.”

MEGAN ATTWOOLLCIPFA graduate trainee, Hackney Learning Trust

Read more on page 8

HENRY DICKINSONGraduate fi nance trainee, corporate

accounting, London Borough of HounslowRead more on page 11

BETH BAINESPrincipal accountant, LGSS Finance, Northamptonshire County Council

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W orking in public fi nance is more varied than you might think. You could be employed by a public services organisation or even a

private sector accountancy fi rm providing services to the public sector – one of the ‘Big Four’ accountancy fi rms, for example, Deloitte, EY, KPMG or PwC.

Employers are looking to offer training contracts to recruits who can show evidence of skills, aptitude and potential – and who can also pass the CIPFA qualifi cation.

Securing a public fi nance training contract might seem like fi nding the Holy Grail at times – there is fi erce competition for them – but, aside from getting the necessary initial qualifi cations (see page 12), you can take a number of other measures to make yourself more employable.

1 Work placementsWork experience placements can really help you stand out to potential

employers. Find out which accountancy fi rms and public services organisations offer internships or holiday work, or even work-shadowing or ‘insight' days, where you

Like the sound of public fi nance? Now

you need to know how to do the tricky bit.

can fi nd out more about a career option. Volunteering in any fi nancial or offi ce

environment could be useful and will allow you to show any transferable skills you’ve picked up along the way.

2 Apply at the right timeEmployers usually start to advertise training contracts from October

onwards and may have recruitment wrapped up by Christmas. So make sure you start applying for jobs in the autumn term if you are at university.

3 ApprenticeshipsCIPFA offers fi nance apprenticeships for people not currently in education,

employment or training. For one year you will do paid work in a real organisation. You’ll learn on the job four days a week and on the other day you’ll attend a CIPFA training centre to train for the AAT level 4 qualifi cation.

4 How to prepare for an interviewInterviews tend to be nerve-wracking

affairs. Being well-prepared is vital if you are to stand a chance. You have only one chance to make that all-important fi rst impression.

Before the interview● Research the role and the organisation

What is the employer really looking for?● Think of examples of your experience

and skills that will fi t the role● Ensure you know what format the

interview will take. Will there be a panel? Or a psychometric test?

● Aim to arrive 10 minutes early and make sure you know your route

● Dress smartly and comfortably● Prepare answers to the questions you

expect to be asked, particularly if you are asked questions about your weaknesses

● Highlight your strengths● Think of practical examples to illustrate

why you could do the job● Practise giving your answers

During the interview● Think about your body language. Look the

interviewer in the eye and sit up straight Don’t fold your arms. Smile

● Listen carefully to questions and answer them as concisely as you can

● If you are asked a diffi cult question, pause before you answer to buy yourself some time

● Ask for clarifi cation if you are unsure of a question

● Use positive language● Remember to breathe

LANDING

YOUR

FIRST JOB

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Put your most attractive and important selling point near the top – whether educational achievement or work experience – and put the most recent achievement fi rst If you decide to include a personal statement, keep it short and relevant Highlight your skills and competencies, with concrete examples if possible Tailor your CV to the needs of the job Use positive language Make your CV neat and tidy Make sure you include contact details Check for typos

Produce more than two sides of A4 Outline details of a disability, unless you are including a personal statement and it is relevant to the job Include hobbies, unless they include something that highlights desirable skills, such as leadership or teamwork Use a small font to add more words. Instead, make sure only relevant information is included State your salary expectations Include any information that may be used to discriminate against you, such as age Include a photo, unless this is specifi cally requested Lie

Where to fi nd entry- level public fi nance jobs?

● CAREERS FAIRS● CIPFA’S OFFICIAL JOBS BOARD

www.pfjobs.co.uk ● LOCAL GOVERNMENT JOBS

www.lgjobs.com● GOVERNMENT JOBS WEBSITE

https://nationalcareersservice.direct.gov.uk

● GRADUATE CAREERS WEBSITEwww.prospects.ac.uk

● RECRUITMENT CONSULTANCIESwww.accountingweb.co.ukwww.hays.co.ukwww.jobsgopublic.comwww.morganhunt.com www.reed.co.ukhttp://targetjobs.co.uk/fi nance

1 KEEN TO MAKE A DIFFERENCEWhile public fi nance professionals

need the same commercial acumen as accountants in private companies, ultimately their role is ensuring that budgets are appropriately managed, in the public interest. Overseeing this and implementing government policy on education, health and the environment, among many other factors, means your role will make a difference to society.

2 HONEST AND HAS INTEGRITYYou’re going to need these

traits. Not only are you dealing in an organisation’s fi nances, but you are dealing in public money. Understanding – and following – the letter of the law on accountancy is essential.

3 ANALYTICALComplex accounts and complex organisations need an analytical

brain to not just understand what is going on, but to offer solutions and suggestions if anything needs to be changed. You need to be able to spot trends in the fi gures.

4 A GOOD COMMUNICATORYou will have to deal with people from different departments and

professions all the time, not to mention clients. You’re going to need to listen effectively, answers questions, persuade and explain (sometimes assertively).

Adapting the way you communicate to different situations will also be vital.

5 COMPETENT AND RELIABLEYou’ll need to grasp basic

accounting skills from the start, gradually increasing your knowledge as you qualify. Others will look to you for expertise, so ensure you are competent at your chosen profession so they can rely on you.

6 GOOD AT TIME MANAGEMENTYou will be dealing with many

people, pressing deadlines and complex projects. All of this will place demands on your time. You’ll also be setting deadlines for others – if you can’t prioritise and deliver projects on time, how will you persuade other people to do the same?

7 ABLE TO SHOW ATTENTION TO DETAILHaving an eye for detail is

vital. Small mistakes can have huge consequences for an organisation’s fi nances. You need to be able to spot them.

8 A POTENTIAL LEADERAs well as working at your CIPFA qualifi cation and getting as

much experience as you can, you might look to progress through the ranks. Showing strong communication and motivational skills and confl ict-resolution skills will be vital.

ASK THE EXPERT Naysan Firoozman, managing consultant at ASK EUROPE, describes aptitudes and traits we would expect to see in an accountant:

● Abstract reasoning (the ability to draw conclusions from varied sources of data and information

● Numerical reasoning (not just mathematics, but also the ability to identify patterns and relationships)● Verbal ability (this includes the ability to explain numerical/fi nancial information and its potential implications to those working in other areas)● Speed and accuracy (the need to work quickly

and spot errors with a high level of accuracy)● Resilience (dealing with gaps in information, handling set-backs, coping with stress)● Interpersonal skills and emotional intelligence (infl uencing others and being able to elicit the required information from the people around them)

PUBLIC FINANCE

ARE YOU A GOOD FIT?If you think public fi nance is for you,

make sure you have the right traits and abilities to succeed. Th e ideal public

fi nance professional is:

PERSONALITY QUIZCV tips

CV don''ts

Online search

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How did you get started in public fi nance?I studied economics at the University of Manchester and in my fi nal year completed a project on the fi nancial crisis, which examined whether too much or too little government intervention played a crucial part. My interest in public fi nance on both a micro- and

MeganAttwooll CIPFA graduate traineeHackney Learning Trust

What’s it like to work in public fi nance?

macro basis stemmed from this. When I applied for the ‘Finance the Future’ graduate scheme and learned more about the CIPFA syllabus I could see immediately how it would be the ideal platform for building up my knowledge.

What’s a typical day like?I split my time between six projects, so there’s no such thing as a typical day. The projects include cost-benefi t analyses for future project implementation, plus budget and effi ciency reviews across the council.

What’s your favourite thing about your job?I love the variety of the work. Being engaged on lots of different projects means I am able to work both as an individual and as part of a team, meeting lots of people along the way. Hackney is an extremely diverse area – it is still considered as one of the most deprived boroughs in London but

has also seen intense gentrifi cation in recent years in areas such as Shoreditch, Dalston and London Fields. The challenges faced by the borough are ever changing, which means work will always stay interesting.

What essential skills do you need to do your job?I’ve needed a variety of skills since I started my job, both technical (use of accounting systems, spreadsheets and report-writing) and other important skills such as time-management and communication with colleagues and external partners. Flexibility is crucial, as it has been necessary to adapt to new tasks and challenges across a number of different departments over the past two years.

What are your plans for the future?My priority is to complete my CIPFA qualifi cation and where I go from there depends entirely on which interesting opportunities come my way. In an ideal world, I see myself progressing to a more strategic role and being able to make key decisions that really make a difference.

What advice would you give someone starting out in public fi nance?It is extremely important to look at the bigger picture. When starting out, it can be easy to focus on the narrow tasks and number crunching. But in any public services organisation you are surrounded by passionate people who genuinely want to improve people’s lives and it is from there that you can learn the most to gain a truly rewarding career.

*Flexibility is crucial, as it has been necessary to adapt to new tasks and challenges across a number of different departments

CASE STUDIESCAREERS

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How did you get started in public fi nance?I took a business studies degree at South Bank University, then spent a year working at the BBC. That experience – along with Capital Finance, where I looked at the qualitative and quantitative business case for the Victoria Line – introduced me to public services fi nance.

I secured a training contract at the London Borough of Lambeth and worked in housing benefi ts, fi nance, audit and housing fi nance. This gave me experience of a wide range of services delivered by both local authorities and the fi nance function. I qualifi ed with CIPFA in 1988.

Donna HerdsmanUKPS directorUKPS transformation lead – Hewlett Packard

What path has your career taken?I joined Coopers and Lybrand (C&L) as a public sector auditor, undertaking both internal and external audits. I worked for CIPFA, on secondment for a year, which I thoroughly enjoyed. On returning to C&L, I joined the public services consultancy practice, working with local authorities and overseas. One of the highlights was an assignment for the Department for International Development, with the Mozambique government, focused on transforming its customs service. At C&L, and then PricewaterhouseCoopers, I had the opportunity to work with the South African government and then on my return, as a director, focused on central government departments in the UK.

I joined IBM in 2002, bidding for and delivering government consultancy and IT outsource programmers, becoming an executive partner in its public services business. I focused on IT-enabled transformation and risk management. I also spent a year in the oil and gas arena. Most recently, my role at Hewlett Packard – which I began in January 2014 – is as director in the UK public sector team, focusing on transformation.

What’s a typical day like?One of the best things about my job is that there isn’t a typical day. It can range from doing a number of virtual calls, via the laptop, to having team workshops focused on brainstorming how we can leverage IT and our organisation’s experience and skills to deliver services to clients. Also, working in teams that have a ‘commitment’ to the public services reinforces the passion I’ve always had for the public sector.

What challenges do you face?It’s no different from most people: ensuring I priortise, but remain fl exible at the same time. It’s also keeping up with the challenges that my clients face. Social media channels makes it easier to access data now. Using that data selectively to invest time and energy in the right things is something I think we’re all learning to do.

How is the profession changing?CIPFA gave me the foundation to achieve the things I’ve done thus far. The importance of fi nance providing leadership and partnering with the business is more important now than ever. The impact of the austerity measures means we have to fi nd innovative ways to do more with less, and to be able to discuss business benefi ts and outcomes. The profession requires a breadth of understanding that exceeds the compilation of the annual accounts.

What essential skills do you need to do your job?A thirst to continue to learn and develop. The digital agenda, mobility, the management of data all provide opportunities and challenges as they have an impact on how we all engage with each other and government with citizens.

What advice would you give someone starting out in public fi nance?Recognise that this is the beginning of an exciting journey. It will provide you with an opportunity to explore more avenues then you can probably dream of – and enable you to fi nd the passion that lies within.

*The impact of the austerity measures means we have to find innovative ways to do more with less, and to be able to discuss business benefits and outcomes

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How did you get started in public finance?I was involved in a number of clubs and societies while at Edinburgh University (I studied Japanese) and often took on finance/treasurer roles which made me consider applying for a graduate job in finance. This was reinforced during my sabbatical year as President of the Edinburgh University Sports Union, where having ultimate responsibility for a large

Charlotte HannamPolice resources policy teamEffi ciency & resources unit, fi nance & strategy directorate, crime & policing group, Home Offi ce

What’s it like to work in public fi nance?

budget allowed me to develop confidence in financial management. I applied to the Government Financial Management Development Scheme (FMDS) and was offered a trainee post at the Home Office.

What path has your career taken?I joined the Home Office in May 2012 and since then have undertaken a number of different finance placements. For example, I have gained experience from working in management accounting, audit and assurance and am now employed in a technical policy role. Alongside work, I am a CIPFA trainee, so am studying hard to gain the Professional Qualification.

What’s a typical day like?Unlike central finance where there are structured deadlines for financial reporting, I have found the policy environment to be much more fast-paced. Aside from my essential morning coffee, there is no ‘typical’ day– my tasks vary from carrying out technical funding analyses to drafting answers to Parliamentary questions on behalf of ministers.

What’s your favourite thing about your job?Working in central government is never boring and the variety of work is incredible. There is huge public interest and media attention in all the Home Office does. I find in my day-to-day work I am involved in important discussions and decisions that have consequences nationally. I work as part of a successful and respected team, but one that is also very welcoming and I really enjoy being a part of it.

What challenges do you face?Working in a policy area, the challenge is always to ensure that financial implications, affordability and value for money are not an after-thought and are considered early in the policy development process. In such a high-profile and dynamic working environment, there are always deadlines to meet and the work produced needs to be of a high standard, so we often work under pressure. However, having

an effective team around you means the work is shared and there is always someone to lend a hand.

How is the profession changing?As budgets continue to shrink more importance has been placed on finance in decision-making. Government finance professionals are playing an increasingly critical role and should be prepared to challenge policy makers to ensure polices are cost-effective and offer value for money.

What essential skills do you need to do your job?While strong numerical and analytical skills are essential, good communication and interpersonal skills are equally important. As a trainee, it is important to be driven and motivated as juggling work and study can often be difficult.

What advice would you give to someone starting out in public finance?It is not a pre-requisite to have studied accountancy or finance at university and I would encourage graduates from all backgrounds to consider a career in public finance. I have found the skills I developed as part of my language degree – in particular analytical and communication skills – have proved transferable to my current role.

* In such a high-profile and dynamic working environment, there are always deadlines to meet and the work produced needs to be of a high standard, so we often work under pressure

CASE STUDIESCAREERS

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How did you get started in public fi nance?My career began when I applied to The London Treasurer’s Graduate Finance Programme. The scheme was advertised as an opportunity to become a future leader of fi nance in a London Borough. I was attracted to the prospect of structured career progression, together with gaining a professional qualifi cation.

What’s a typical day like?My day usually begins with porridge and a cup of tea, while I scan through

Henry DickinsonGraduate fi nance trainee, Corporate accountingLondon Borough of Hounslow

my emails. I decide which need urgent responses and which just need to be monitored, trying to clear any quick wins as I go. I make a few notes of what I want to achieve in the day and check my diary for meetings. I start the week by minute-taking for the senior fi nance management team meeting which gives me a great insight into the workings of the borough and the range of issues that need addressing. I usually have several ongoing projects that I will spend most of my day on. These include budget monitoring my service area and supporting strategic fi nance colleagues.

What essential skills do you need to do your job?Ambition, enthusiasm, adaptability and patience are essential. And now there are fewer resources and a change in delivery of service, there is also a greater emphasis on fi nance professionals providing value-added work to assist departments in their efforts to look at the strategic fi nancial picture. This applies both now and in the coming two to fi ve years.

What’s your favourite thing about your job?I’ve been at the London Borough of Hounslow for two years and have

worked in several different teams. Each team offers new challenges and opportunities to expand my knowledge. The highlight of each of my placements has been when the team's members have all contributed to a project and it is signed off as a success. There is always pressure on fi nance to meet the next deadline but every time you tick one off it’s a great feeling.

What are your plans for the future?In the next year I hope to complete my CIPFA qualifi cation and utilise my experience to secure a challenging post-qualifi cation role within the London Borough of Hounslow. Longer term, I am keen to be involved in more strategic decision-making so that I can progress to a director of fi nance position.

What advice would you give to someone starting out in public fi nance?Throw yourself into it. Taking on many different projects may be stressful at times, but you will learn a great deal that will help you to progress in your career. Try to always remember how your work affects your organisation as a whole; each individual process leads to the success of an outcome. And, fi nally, start exam revision early!

*There is a greater emphasis on finance professionals providing value-added work to assist departments in their efforts to look at the strategic financial picture

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12 CIPFA Careers Guide 2014

COURSES AND

QUALIFICATIONS

Th ink a career in public fi nance is for you? Th e fi rst step is to gain the educational achievements that will enable you to take CIPFA’s Professional Qualifi cation. Th e good news is that there’s a range of routes to get there. Read on to fi nd out what qualifi cations you’ll need and what training courses are available.

government/public administration, you will be exempt from the certifi cate part of the CIPFA qualifi cation.

UNIVERSITYGraduates from any background can train as a chartered public fi nance accountant, but you’re going to need a 2:2 or above to stand you in good stead.

And, as with HNDs, a degree in one of the following subjects will exempt you from the certifi cate part of CIPFA’s Professional Qualifi cation:● Accounting/fi nance● Business/management● Politics/government/public administration● Economics● Mathematics

ACCOUNTANCY QUALIFICATIONSAlongside CIPFA, there are a number of accountancy industry bodies that offer

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GCSES and A-LEVELSTo progress to the CIPFA Professional Qualifi cation you’re going to need a minimum of three GCSE passes from A*-C and two A-level passes from A*-C, each time including maths and English.

VOCATIONAL QUALIFICATIONSYou can progress to the CIPFA Professional Qualifi cation with a level 3 NVQ or GNVQ, or the Scottish equivalent. And, as with a degree, if you choose a subject at HND

level such as accounting/fi nance, business/management

and politics/

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TRAININGEmployers of public fi nance professionals cover a wide range of services and there are many topics that you can learn more about – either before or after you have qualifi ed.

Public fi nance professionals are employed in organisations that cover a range of service areas. You can undertake a training course from one of the hundreds of programmes that CIPFA offers. These courses are aimed at fi nance professionals, auditors, treasury staff, service managers, frontline personnel and non-fi nance specialists.

The public services-focused training is delivered in a variety of formats, including:

● One-day training courses● E-learning modules● In-house training ● Specialist accredited programmes

Among other subjects, you can learn about:● Developing counter-fraud strategies● Debt management● Emotional intelligence in the workplace● Performance and effi ciency techniques● Infl uencing skills● Leadership academy for serving and aspiring CFOs

CIPFA’S PROFESSIONAL QUALIFICATION All routes to becoming a chartered public fi nance professional must lead to the Professional Qualifi cation for the Chartered Institute for Public Finance and Accountancy (CIPFA), or the International Public Financial Management qualifi cation if you are not in the UK.

New candidates will need to keep detailed records of their professional experience as part of the Practical Experience Portfolio (PEP).

Split into three parts, the qualifi cation can take three years or more to gain, and involves studying for exams while working full time. But you can complete it as part of day release from a job, or via an open learning system. Many employers will offer paid study leave and structured training. And because the qualifi cation is modular, you can choose the order and number of papers you study and when you study them.

The three parts are:● Professional Certifi cate level,

which covers fi nancial accounting, management accounting, fi nancial reporting, audit and assurance.

● Professional Diploma level, which covers public fi nance and taxation, public services fi nancial reporting, governance, public policy and ethics, fi nancial management, business strategy and business management. On completing this you will be eligible to become an associate member of CIPFA.

● Strategic level, which includes strategic leadership and strategic fi nancial management. On completion you will become a full member of CIPFA, as long as you have at least 400 days’ professional work experience.

different levels of courses for students. Graduates of these courses will be able to undertake the CIPFA Professional Qualifi cation more quickly:● The Association of Accounting

Technicians (AAT). A professional body for accountancy professionals. AAT graduates can qualify for CIPFA status with a two-year course.

● The Association of Chartered Certifi ed Accountants (ACCA). A global body for professional accountants – those who have qualifi ed can complete a nine-month, fast-track course with CIPFA.

● Chartered Institute of Management Accountants (CIMA). A professional body of management accountants – those who have qualifi ed can complete a nine-month, fast-track course with CIPFA.

● ICAEW (The Institute of Chartered Accountants in England and Wales). A professional body for chartered accountants – those who have qualifi ed can complete a nine-month, fast-track course with CIPFA.

● Chartered Institute of Internal Auditors (IIA). A professional association for internal auditors in the UK and Ireland – those who have qualifi ed can complete a nine-month, fast-track course with CIPFA.

CIPFA Careers Guide 2014 13

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06:30The alarm goes off. I press snooze

to get that extra 10 minutes, but my cat hears the alarm too and doesn’t rest until I get up to feed him. I roll out of bed, get his food, sort out my own lunch and make a drink for my daughter who is still asleep.

06:50 I turn on my hair straighteners and

decide what to wear while they heat up.

07:10Almost ready, I wake up the little one, put

Peppa Pig on the TV for her while she slowly comes round and drinks her drink.

07:30All set, we leave the house, get in the

car and join the morning rush.

Grace Gardner-HowardAssociate, Audit Grant Th ornton

13.00After lunch, I get back to work

and write up everything that I have discussed with the staff and put it into the fi le to ensure it is all documented correctly. Then, I move on to confi rming the statements to the ledger balances.

14.30 I receive an email from one of the

client’s staff saying they are ready for me to go through some work, so I head to the staff member. We have a bit of a laugh and a catch-up as I have been at this client for quite a while. Then we go through the work I had asked for. He confi rms some large and unusual payments that we have asked for details on.

15.30 I write up anything discussed with the

staff and tidy up my work papers and add them to the fi le. I need to ensure they are all correctly coded to each section.

16.15 I ask the manager in charge if he

needs me to do any other work for him before I give him back the fi le to add to the main fi le. I then tie up any lose ends and write a list of what I need to do tomorrow and give it back to my manager.

17.00 I head out back to my car for the drive

back home.

18.30Home again, where I put on a quick

dinner and settle down for a relaxing evening.

*We have a bit of a laugh and a catch up as I have been at this client for quite a while

A DAY IN

08:50 I’m the fi rst to arrive at work. I set

up my laptop to check my emails, and see what’s on my list for the day. This is closely followed by a cup of tea and a breakfast bar.

09:00Carrying on with my work from

the previous day, I send emails asking the client's staff if they are ready for me to sit with them to go through the work I asked them for.

10.00 I sit with the staff and go through the

journals and invoices that I am currently testing.

12.30Finally it's lunchtime. I sit down to eat the

chicken and pasta that I made with another cup of tea.

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13:00Lunchtime – an hour is great, but

it depends on communications from Europe and who visits the Volkswagen showroom.

14.30 I make a start for meetings, usually

scattered around Dhaka. I try not to organise more than two in an afternoon because of the traffi c.

17:00Back to the offi ce. I have read emails

between meetings but can only respond properly when at my desk.

18:00Time to make a to-do list for tomorrow.

18:30Last-minute emails and phone calls

take me to the close of play. Europe is still open and the emails will keep coming.

19:15Heavy traffi c means I can read emails on

my smartphone. I draft responses.

19:45A standard 6km run – exercise at the

end of the day is crucial for me.

20:30Dinner, followed by a response

to urgent emails. I also spend some time with my family. English is predominant now, as I have spoken Bengali all day. Unless I have plans with friends, I will be asleep in a couple of hours.

*Working with public services clients in Bangladesh means I need to know the latest news

Raeesa ChowdhuryDirector, business development Multidrive Limited SANARC Companies, Bangladesh

THE LIFECould you do these jobs? Find out what it's really like to work in public services fi nance as Grace and Raeesa give you an insight into their days…

contacts, my team and I fi nd out what kind of goods or services are being sought. It is my job to fi nd an appropriate provider for the tender requirements.

09.15The start of morning meetings

– I sit with my managing director, and our various departments. Lifestyle comes fi rst. Vehicles are next; Volkswagen is our biggest brand and we focus on promoting the fuel-effi cient vehicle that is unique in Bangladesh.

10.15A key meeting is with the tenders’

team. I get a brief about what they are seeking to achieve. Some instruction is always necessary.

10.30A small window to draft, approve

and sign formal communications, as the team will leave for the day in 15 minutes. It is important that any hard documents reach public services clients by midday – and it's essential on deadline days.

11.15Letters are sent and I make phone calls to

colleagues and potential clients. I list my meetings for the afternoon and prepare what is necessary.

12.30Administrative tasks and logistics – is

there anything in the offi ce that needs addressing?

07.25My alarm rings. My curtains have let in

light so it’s not a harsh awakening.

07.55Showered and ready, I have a cup

of tea before meeting my father – also my boss – to go to the offi ce.

08.10Traffi c is light, but it means less time

to browse The Guardian’s website. ‘World’, ‘Development’ and ‘Society’ are my favourite sections.

08.20At the offi ce; a read through emails is

essential, as there may have been communication overnight from a different time zone. Working with public services clients in Bangladesh means I need to be up to date with the latest local news.

08.35A review of tender notices – online

and from newspapers. Using our

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Trusts merged and integrated with the faculty of medicine at Imperial College London. It covers fi ve major hospitals within central London and is responsible for the care of hundreds of thousands of patients every year.

It’s most recent annual report reveals the trust reached the year-end of the 2012/2013 fi nancial year with a £9 million surplus – £2 million ahead of its cost-improvement plans target. These savings are the result of tight cost control and a focus on cost improvement, the report states.

Nicole says: “Within my team, we are encouraged to be innovative and constantly strive to fi nd ways to do things better – both to improve the service we provide and also to function more effectively internally.”

After qualifying as a chartered accountant in Australia, Nicole (also a CIPFA member due to a mutual recognition agreement) fi rst worked within the country’s state government, then moved to the UK, working for the Department for Education, before taking a job in the NHS a year ago.

In her current role the variety of work is “huge” – ranging from face-to-face assessments of companies tendering for the trust’s largest services contract, rolling out a new fi nance-delivery model across the organisation and helping directors prepare sound business cases for investment, to training a budget manager to prepare a forecast and developing a directorate’s fi nancial plans.

“There really is no typical day, which is one of the things I really enjoy,” she says.

But, at the other end of the spectrum, the many great ideas developed across the organisation that could lead to qualitative improvements can’t always be justifi ed fi nancially.

“Being able to balance the value for money aspect when operating within

Variety and challenge are key attractions of working in the public services. Nicole Jolley and Jon Rowney reveal what a career in fi nance can be like in health and local government

Sector

The National Health Service is one of the most exciting sectors for public fi nance professionals to work in. Massive changes to

policy and structures within the NHS mean those in the sector have their work cut out, but also have the opportunity to make a mark on the organisation.

Working in public fi nance in the NHS is “like no other organisation I’ve worked in”, says Nicole Jolley, fi nance business partner at the Imperial College Healthcare NHS Trust. “The pace of change is phenomenal,

which makes it a very exciting environment to operate in,” she adds.

One of the largest NHS trusts, it was created in 2007

when St Mary’s and Hammersmith

Hospitals

NicoleJolleyFinance business partner -Imperial College Healthcare NHS Trust

HEALTH

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extremely tight fi nancial boundaries inevitably means that a lot of great ideas simply can’t be funded,” she adds. “And one of the aspects of the job I like least is having to say ‘no’.”

The fi nancial climate over the past few years has meant obvious resource constraints for the trust, but another challenge that Nicole has come across is incentivising operational managers to take ownership of their fi nancial performance.

“This is a relatively new development and there are many managers who see numbers as being within the domain of fi nance and don’t understand how their operational decisions make an impact on the trust fi nancially,” she explains.

“However, once they are trained and are given the right tools, you can see the huge impact this has on their fi nancial performance and therefore that of the trust as a whole,” she adds.

Equally, there are many chances for fi nance professionals to spread their wings outside their traditional domain, and Nicole advises budding public fi nance professionals in the health sector to take every opportunity to try different roles.

“There is a huge variety of work which certainly isn’t limited to ‘traditional’ fi nance and accounting functions and this will be extremely valuable later in your career, whether it’s within the health sector or not,” she says.

In Nicole’s current position though, the opportunity to work with passionate people from extremely diverse backgrounds across the entire health organisation is one of her favourite parts of the job.

Shared services and the effect of contracting on local authority fi nances are among some of the exciting challenges that fi nance

professionals in this sector face.“No two days are the same,” says Jon

Rowney, head of fair funding, performance and procurement at London Councils, a cross-party organisation. “One of the great things about my job – and fi nance more generally – is that it cuts across all services areas. In recent weeks, I have been involved in discussions on how we deliver all the homes and schools we need in London; the best way to reform health and social care funding; the London Finance Commission; and the Growth Deal – all important and challenging issues.”

London Councils represents the capital’s 32 borough councils and the City of London, working on behalf of its member authorities regardless of their political persuasion.

After reading politics and French at

university, Jon took advantage of an opportunity to join the Society of London Treasurers’ graduate trainee scheme.

“During my university holidays, I used to temp at a London borough,” he says. “I saw fi rst-hand the signifi cant infl uence fi nance had on how services were shaped and delivered, and the impact it had on residents.”

In fact, the ability to infl uence is a critical skill for public fi nance professionals in the local government sector. “This relies heavily on understanding who you are talking to, their motivations and issues and a clear sense of what they and you are trying to achieve. Being seen as credible and authoritative is also incredibly important – robust analysis and evidence is often a useful catalyst for discussions,” Jon says.

In his current role, which he has been doing for three years, much of Jon’s work involves trying to infl uence thinking. “I get the opportunity to speak to lots of different people with very different backgrounds, but often with a shared issue or goal,” he says.

However, like most other public services, local government has been challenged by austerity measures, and maintaining government attention long enough to secure lasting change and improvement is a challenge in the sector.

According to Jon, the way public services are delivered and funded is changing and, while the same core skills for public fi nance will remain important, the profession will need to adapt in other ways.

“Arguably, people will become more focused on whole systems rather than organisations or specifi c services,” he says. “People will need to feel comfortable working across different organisations and sectors, often in a less defi ned structure. Negotiation and commercial skills will be increasingly important.”

Just as it has been through Jon’s career, variety will be the watchword for public fi nance in the local government sector. This is also what people looking at public fi nance as a career option should look for, Jon says. He advises people interested in this career to “enjoy it and take as many different opportunities as you can.”

*The pace of change is phenomenal, which makes it a very exciting environment to operate in

Jon RowneyHead of fair funding, performance and procurement - London Councils

LOCAL GOVERNMENT

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18 CIPFA Careers Guide 2014

Q What qualities do you look for in candidates for entry-level public fi nance roles?

Our starting point is familiarity with a range of environments and cultures. An understanding of the ethos and aims of the public and not-for-profi t sector is also helpful. Then, candidates need to demonstrate numeracy, IT profi ciency, strong oral and written communication, teamworking and analytical and problem-solving skills. Motivation is an important quality too. We look for people who can demonstrate an enthusiastic approach that responds positively to the demands of a task.

Q How important is prior experience?

In larger organisations, such as local government, trainees rotate between a number of departments to gain experience of areas such as fi nancial planning, audit and fi nancial systems, service-based accountancy and treasury management.Pre-entry experience is benefi cial, but it

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Q&A

ASK THE EXPERTS

As senior consultant at CIPFA Recruitment Services, Simon Bascombe

is responsible for matching the right public fi nance professionals to the right jobs. He explains what employers look

for in potential recruits

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CIPFA Careers Guide 2014 19

is not essential in securing an entry-level role. To help boost individual chances, we recommend potential candidates develop an awareness of the following topics:● Accounting and fi nance● Business and management● Politics, government and public

administration● Economics● MathematicsAdopting a fl exible approach is also important in the early stages of a career.

Q Is it necessary to have a degree in accountancy and/or fi nance?

A degree in accountancy and/or fi nance is benefi cial, but any degree subject may be accepted. Entrants with relevant degrees may be exempt from papers on the certifi cate/diploma level of the CIPFA Professional Qualifi cation. A higher national diploma in the following subjects may also increase your chances:● Accounting/fi nance● Business/management● Politics/government/public administration

with obvious answers. Take some time to really think about how the business operates. Prepare two or three questions that show you understand what the department or business does and that you are willing to invest time and energy into participating in its vision and ambitions.

Q What are your thoughts on working in local/central government or

health for your fi rst role?

Many large public services bodies provide well-structured career paths with a variety of opportunities to develop and specialise. A career in public services fi nancial management offers a wide range of challenging and rewarding opportunities.

Employment opportunities can be found in areas ranging from local government to the National Health Service, and from education to central government and all its specialist agencies. Career development is based on both ability and mobility.

Public fi nance accountants working in local government are appointed to a specifi c accounting or auditing role on qualifi cation, and are responsible for the overall fi nancial provision of the department/service. Within a couple of years, many Chartered Institute of Public Finance and Accountancy (CIPFA) qualifi ed accountants are in a position to progress in their careers – this may involve responsibility for larger resources or the management of entire departments.

Opportunities exist with a wide range of employers, and movement between public and private sectors is also possible. Roles within private sector companies that provide services to the public or not-for-profi t sector on a consultative basis tend to focus more on reviewing fi nancial systems and effi ciency than on central accountancy activities.

The role varies widely from general fi nancial administration to management accounting. Candidates may be employed directly by the public services or work within it on a consultative basis.

CIPFA specifies that members must undertake mandatory continuing professional development (CPD) as career progress is linked to continued learning through training events, conferences and meetings. An increasing number of public sector employers operate staff development schemes accredited by CIPFA to enable staff development and CPD to run concurrently.

CIPFA is growing globally, so working in local/central government or health for your fi rst role could open up your world to a whole new career.

*Be polite to all you come into contact with from the moment you walk through the door

Q What tips can you give to help candidates stand out from the crowd?

Before the interview:● Research – Learn everything you can

about the company/organisation, its services, customers and its products. Check the location of the offi ces and, if possible do a dummy run to ensure timings. Do not leave home without ensuring you have the contact details of who you are meeting. Aim to get there at least half an hour before the interview to ensure you are on time. Go for a coffee, collect your thoughts and relax before you present yourself in reception. Go over the job description and your notes. Make sure you have some questions in mind.

● Dig deeper – Read articles, press releases and other media coverage. Check out the interviewers on LinkedIn/Google. Be familiar with their backgrounds.

● Develop your ‘pitch’ – Write and recite a clear, concise statement about who you are and why you would be a great employee. This should include your unique strengths and abilities, and relate to what the job requirements are.

● Dress the part – Good fi rst impressions are vital. Dress neatly and professionally for every interview. Be polite to all you come into contact with from the moment you walk through the door. You do not get a second chance to make a good fi rst impression.

During the interview:● Keep it focused – You want to make

sure the interviewer knows about your skills and accomplishments, but make sure you answer their questions fully. Keep the responses concise and to the point. If you don’t know the answer, be honest.

● Ask smart questions – Your research should have provided you with basic information about the company/organisation. Don’t ask questions

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Some advice just states the obvious. But the kind of insight that adds real value to dynamic organisations,

to challenge assumptions right from day one. You’ll enjoy tough challenges, seek out opportunities and be ready to kick start a career as a trusted adviser right at the heart of business.

Find out more about careers in Public Sector Audit www.grant-thornton.co.uk/trainees

TRY TO AVOIDTHE SNOOZEBUTTON IN THEMORNING

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