ADD ADVICE TO FAVPublic finance accountancy
Work in the public services offers real-life challenges and fantastic career prospects. Get the lowdown on what the sector’s really like, and how the Chartered Institute of Public Finance and Accountancy can help you get qualified.
Why public service accountancy?
Working in the public sector means having the opportunity to give something back. ’We all use public services and, while accountants are not front-line workers such as teachers or nurses, they play a key role in delivering those services,’ says Frank Garvey, Student Recruitment Manager at the Chartered Institute of Public Finance and Accountancy (CIPFA).
The public sector offers varied and challenging opportunities, with employers including the NHS, local councils, and Government departments such as the Department for Work & Pensions or HM Treasury.
Accountants’ work can impact on everything from the provision of passports to the funding of Jobcentres. On occasion, they face making tough financial decisions about levels of public-service funding and where it should be channelled.
’Accountancy isn’t all about paperwork. Decisions made at a senior level have a big impact on people’s lives,’ says Garvey. ’Many of our members tell me they get real satisfaction from seeing the results of their hard work, for example seeing a facility that they helped find funding for open its doors.’
Public-service finance is closely related to policy, and accountants must follow the Government’s line in a cost-effective way. The focus is on using often limited resources (in other words, taxpayers’ money) wisely.
But even though public finance isn’t about making money, the sums involved are huge. The average hospital has a budget of over £100m, for example, which is bigger than those of many companies in the private sector.
Employers of public-service accountants
Public-service organisations are generally good employers who are concerned about what’s best for their staff, as well as for the organisation as a whole.
They usually offer good pensions, generous holiday packages and plenty of training. Ensuring a good work/life balance is a high priority, and there are exciting career prospects.
CIPFA’s role
For budding accountants working in the public services, a CIPFA qualification is the natural choice. ’The majority of finance directors in the NHS and local government are CIPFA members,’ says Garvey. But a CIPFA qualification doesn’t mean being confined to the public sector; over 20% of CIPFA members work in the private sector.
Training with CIPFA means getting a work-based qualification. CIPFA students keep a log book of their work-based learning, which is assessed at the end of the course. ’We don’t want to create accountants, we want to create experienced accountants,’ says Garvey. ’We thought about where CIPFA members would be in their careers five years after qualification and set the course up to support that.’
CIPFA was the first professional finance body to introduce mandatory continual professional development. ’It’s not about re-learning the accountancy building blocks,’ says Garvey. ’It’s about learning how to be a better finance director. That’s why we launched CIPFA Learning Centre, which gives members access to the information they need to build their careers.’
