CIPFA Careers Guide 2014

Careers in public services

A DAY IN THEE LIFE

QUALIFICATIONS Q F QUALIFICA

What’s it ike? e? really like?

Do D you a e what w have ta it ttakes?

INTERVIEW TIPSS

What are re ye yers y employers g looking for?

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SECTOR SPOTLIGHT

Health and local government

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creating experts in public financial management The CIPFA Professional Qualification 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: pq@cipfa.org www.cipfa.org/pq

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ND COURSES A NS IO QUALIFICAT

public Think Th Thi ink nk a career cca areeerr in n pu p publi ub bl finance is for you? The first fi rs r t step step iss to o gain gain the the h educational achievements that will l enable enab e you to take CIPFA’s Professional Qualification. The good news is that there’s a range of routes to get tthere. Read on to find qualifications you’ll need and what out what qualification available. training aining courses are av a

GCSES and A-LEVELS To 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 QUALIFICATIONS You 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/

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

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UNIVERSITY Graduates 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: O Accounting/finance O Business/management O Politics/government/public administration O Economics O Mathematics

CIPFA Careers Guide

ACCOUNTANCY QUALIFICATIONS

ISSUE 01

Alongside ngside g CIP CIPFA, FA, A, th there are a number nu of accountancy industry bodies that offer acc cco coun oun u d

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Careers Guide 2014 CIPF CIPFA FA Care Ca

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04 WHAT IS PUBLIC FINANCE? What it is, why choose public finance as a career and how much you can earn.

Get the lowdown on the industry.

06 LANDING YOUR FIRST JOB Find out all you need to know about taking your first step on the public finance career ladder.

07 THE PERSONALITY TEST Do you have what it takes for a career in this field? Take our quick quiz and find out whether you are the perfect fit.

08 CAREER CASE STUDIES

18 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 firms and other bodies where public money needs to be effectively and efficiently managed, CIPFA is the only professional accountancy

Four public finance professionals, at different points in their careers tell us how they got started and why they love their jobs.

body for public finance in the world.

CIPFA’s qualifications are the foundation for a career in public finance. They include the benchmark Professional Qualification 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

12 COURSES AND QUALIFICATIONS What qualifies you for a career in public finance?

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

16 SECTOR SPOTLIGHT A guide to two of the most important sectors in which public finance professionals operate: local government and health.

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

public services around the world to advance public finance and support better public services.

GET IN TOUCH Telephone: 020 7543 5656 Online: www.cipfa.org Twitter: @CIPFAfutures Facebook: www.facebook.com/CIPFA.org

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Introducing

PUBLIC FINANCE What do you need to know about accountancy in public services? 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 finance, you will be in charge of managing aspects of it.

Public finance 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 finance 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.

Efficiency 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-qualified 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-profile 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.

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1 WHAT WILL I ACTUALLY DO? ● Liaise with senior staff, colleagues and clients ● Monitor budgets and accounts ● Control cash flow and spending ● Develop and manage financial management systems ● Implement policy objectives ● Carry out financial 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 financial statements and check for accuracy ● Manage and train staff if you rise up the ranks ● Audit accounts

2 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 firms with public sector clients: as a

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

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MYTH VS FACT

✘ ✓ ✘ ✓ ✘ ✓

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 qualified

There is a lack of career progression Once qualified, public accountants can progress quickly through the finance department and they can also move across to the private sector

✘ ✓

Jobs are insecure and hard to find Despite austerity policies, the recruitment market in public and not-for-profit sectors is buoyant, according to Hays

3 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.

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FESSIONALS S O R P O D AY HAT

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“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. The variety is great, as is being able to see how my job benefits children in education.

I also really enjoy the technical challenges.”

BETH BAINES Principal accountant, LGSS Finance, Northamptonshire County Council

“After my degree (BSc in mathematics with business management), I worked at a company that traded shares. It was too transactional, but it confirmed that I wanted to work in finance. The 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 finance.”

● You can also expect a public services pension,

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

4 WHAT WILL THE WORKING CONDITIONS BE LIKE? ● You’re most likely to be based in an office, 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.

HENRY DICKINSON Graduate finance trainee, corporate accounting, London Borough of Hounslow Read more on page 11

“I’ve just finished 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 finance. 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 ATTWOOLL CIPFA graduate trainee, Hackney Learning Trust Read more on page 8 CIPFA C CIP IPF FA A Car Careers Career eers eer ers Guide Guid Guid de 201 2014 2 4

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G N I D N A L R U YO B O J T w o S N ?

R e FI financ bit.

c i y l k b c i u r p t f e o h t d n o u d o o s t e h w t o Like to know h d e e n you orking in public finance is more varied than you might think. You could be employed by a public services organisation or even a private sector accountancy firm providing services to the public sector – one of the ‘Big Four’ accountancy firms, 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 qualification.

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

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Work placements

Work experience placements can really help you stand out to potential employers. Find out which accountancy firms and public services organisations offer internships or holiday work, or even workshadowing or ‘insight' days, where you

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can find out more about a career option.

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

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Apply at the right time

Employers 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.

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Apprenticeships

CIPFA offers finance 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 qualification.

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How to prepare for an interview

Interviews 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 first 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 fit 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 difficult question, pause before you answer to buy yourself some time ● Ask for clarification if you are unsure of a question ● Use positive language ● Remember to breathe

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PERSONALITY QUIZ C V t ip s Put your most attractive and important selling point near the top – whether educational achievement or work experience – and put the most recent achievement first 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

ts C V do n'' 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 specifically requested Lie

On lin e sea r c h Where to find entrylevel public finance 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 WEBSITE www.prospects.ac.uk ● RECRUITMENT CONSULTANCIES www.accountingweb.co.uk www.hays.co.uk www.jobsgopublic.com www.morganhunt.com www.reed.co.uk http://targetjobs.co.uk/finance

PUBLIC FINANCE

ARE YOU A GOOD FIT? If you think public finance is for you, make sure you have the right traits and abilities to succeed. The ideal public finance professional is:

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KEEN TO MAKE A DIFFERENCE

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

While public finance 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.

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HONEST AND HAS INTEGRITY

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ANALYTICAL

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A GOOD COMMUNICATOR

You’re going to need these traits. Not only are you dealing in an organisation’s finances, but you are dealing in public money. Understanding – and following – the letter of the law on accountancy is essential.

Complex 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 figures.

You 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).

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

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COMPETENT AND RELIABLE

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GOOD AT TIME MANAGEMENT

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ABLE TO SHOW ATTENTION TO DETAIL

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A POTENTIAL LEADER

You’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.

You 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?

Having an eye for detail is vital. Small mistakes can have huge consequences for an organisation’s finances. You need to be able to spot them.

As well as working at your CIPFA qualification and getting as much experience as you can, you might look to progress through the ranks.

Showing strong communication and motivational skills and conflict-resolution skills will be vital.

● Numerical reasoning (not just mathematics, but also the ability to identify patterns and relationships) ● Verbal ability (this includes the ability to explain numerical/financial 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 setbacks, coping with stress) ● Interpersonal skills and emotional intelligence (influencing others and being able to elicit the required information from the people around them)

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S R E E CAR

CASE STUDIES Megan Attwooll CIPFA graduate trainee Hackney Learning Trust

What’s it like to work in public finance?

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.

has also seen intense gentrification 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’s a typical day like?

What essential skills do you need to do your job?

I split my time between six projects, so there’s no such thing as a typical day. The projects include costbenefit analyses for future project implementation, plus budget and efficiency 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

* How did you get started in public finance?

I studied economics at the University of Manchester and in my final year completed a project on the financial crisis, which examined whether too much or too little government intervention played a crucial part. My interest in public finance on both a micro- and

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Flexib ility is cru cia l, as it ha s been necess ary to ada pt to new tas ks an d cha llenges across a nu mber of differen t departments

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 qualification 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 finance?

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.

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What path has your career taken?

Donna Herdsman UKPS director UKPS transformation lead – Hewlett Packard

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?

How did you get started in public finance?

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 finance.

I secured a training contract at the London Borough of Lambeth and worked in housing benefits, finance, audit and housing finance. This gave me experience of a wide range of services delivered by both local authorities and the finance function. I qualified with CIPFA in 1988.

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.

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The impact of the austerity measures means we have to find innovative ways to do more with les s, and to be ab le to discuss bu siness benefits and outcomes How is the profession changing?

CIPFA gave me the foundation to achieve the things I’ve done thus far.

The importance of finance providing leadership and partnering with the business is more important now than ever. 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. 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 challenges do you face?

It’s no different from most people: ensuring I priortise, but remain flexible 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.

What advice would you give someone starting out in public finance?

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 find the passion that lies within.

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CASE STUDIES

What’s it like to work in public finance? 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.

Charlotte Hannam Police resources policy team Efficiency & resources unit, finance & strategy directorate, crime & policing group, 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 fastpaced. 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?

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

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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

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In such a hig h-profile an d dy na mic wo rking en vironm en t, there are alw ays deadlines to meet an d the wo rk produ ced needs to be of a hig h sta ndard, so we often wo rk un der pressu re 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.

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Henry Dickinson Graduate finance trainee, Corporate accounting London 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 finance 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 finance 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 finance professionals providing value-added work to assist departments in their efforts to look at the strategic financial picture. This applies both now and in the coming two to five years.

What’s your favourite thing about your job?

I’ve been at the London Borough of Hounslow for two years and have

How did you get started in public finance?

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 finance in a London Borough.

I was attracted to the prospect of structured career progression, together with gaining a professional qualification.

IMAGE: ALAMY

What’s a typical day like?

My day usually begins with porridge and a cup of tea, while I scan through

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There is a greater em ph asis on fin an ce profes sio na ls pro viding value-added wo rk to assist departments in their efforts to loo k at the strategic fin an cia l pic ture

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 finance 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 qualification and utilise my experience to secure a challenging post-qualification 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 finance position.

What advice would you give to someone starting out in public finance?

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, finally, start exam revision early!

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D N A S E S R COU

S N O I T A C I F I L QUA Th Thiink nk a career cca areeerr in n pu p publi public ub bl finance is for you? The first rrst step step iss to o gain gain the the h educational achievements that will l enable enab e yo you to take CIPFA’s Professional Qualification. The good news is that there’s a t range of routes to get there.

Read on to find cation you’ll need and what out what qualifications aining courses are available. av a training

GCSES and A-LEVELS To 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.

VOCATIONAL QUALIFICATIONS You 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/management and politics/

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

UNIVERSITY Graduates 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 QUALIFICATIONS Alongside CIPFA, there are a number of accountancy industry bodies that offer

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different levels of courses for students.

Graduates of these courses will be able to undertake the CIPFA Professional Qualification 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 Certified Accountants (ACCA). A global body for professional accountants – those who have qualified 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 qualified 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 qualified 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 qualified can complete a nine-month, fast-track course with CIPFA.

TRAINING Employers of public finance professionals cover a wide range of services and there are many topics that you can learn more about – either before or after you have qualified.

Public finance 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 finance professionals, auditors, treasury staff, service managers, frontline personnel and non-finance 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 efficiency techniques ● Influencing skills ● Leadership academy for serving and aspiring CFOs

CIPFA’S PROFESSIONAL QUALIFICATION All routes to becoming a chartered public finance professional must lead to the Professional Qualification for the Chartered Institute for Public Finance and Accountancy (CIPFA), or the International Public Financial Management qualification 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 qualification 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 qualification is modular, you can choose the order and number of papers you study and when you study them.

The three parts are: ● Professional Certificate level, which covers financial accounting, management accounting, financial reporting, audit and assurance. ● Professional Diploma level, which covers public finance and taxation, public services financial reporting, governance, public policy and ethics, financial 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 financial management. On completion you will become a full member of CIPFA, as long as you have at least 400 days’ professional work experience.

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A DAY IN Grace Gardner-Howard Associate, Audit Grant Thornton 08:50

I’m the first 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.

09:00

Carrying 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.

06:30

The 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.

07:30

All set, we leave the house, get in the car and join the morning rush.

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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 catchup as I have been at this client for quite a while. Then we go through the work I had asked for. He confirms some large and unusual payments that we have asked for details on.

10.00 12.30

16.15

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17.00

Finally it's lunchtime.

I sit down to eat the chicken and pasta that I made with another cup of tea.

I turn on my hair straighteners and decide what to wear while they heat up.

Almost ready, I wake up the little one, put Peppa Pig on the TV for her while she slowly comes round and drinks her drink.

After lunch, I get back to work and write up everything that I have discussed with the staff and put it into the file to ensure it is all documented correctly.

Then, I move on to confirming the statements to the ledger balances.

15.30

I sit with the staff and go through the journals and invoices that I am currently testing.

06:50 07:10

13.00

We ha ve a bit of a laugh an d a catch up as I ha ve been at this client for quite a while

I write up anything discussed with the staff and tidy up my work papers and add them to the file. I need to ensure they are all correctly coded to each section.

I ask the manager in charge if he needs me to do any other work for him before I give him back the file to add to the main file. 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.

I head out back to my car for the drive

back home.

18.30

Home again, where I put on a quick dinner and settle down for a relaxing evening.

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THE LIFE

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

Raeesa Chowdhury

13:00

Director, business development Multidrive Limited SANARC Companies, Bangladesh

14.30

Lunchtime – an hour is great, but it depends on communications from Europe and who visits the Volkswagen showroom.

I make a start for meetings, usually scattered around Dhaka. I try not to organise more than two in an afternoon because of the traffic.

17:00

Back to the office.

I have read emails between meetings but can only respond properly when at my desk.

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

18:00 18:30

09.15

07.25

My alarm rings. My curtains have let in light so it’s not a harsh awakening.

07.55

Showered and ready, I have a cup of tea before meeting my father – also my boss – to go to the office.

08.10

Traffic is light, but it means less time to browse The Guardian’s website.

‘World’, ‘Development’ and ‘Society’ are my favourite sections.

08.20

At the office; 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.

08.35

A review of tender notices – online and from newspapers. Using our

The start of morning meetings – I sit with my managing director, and our various departments.

Lifestyle comes first. Vehicles are next; Volkswagen is our biggest brand and we focus on promoting the fuel-efficient vehicle that is unique in Bangladesh.

Time to make a todo list for tomorrow.

Last-minute emails and phone calls take me to the close of play.

Europe is still open and the emails will keep coming.

19:15

Heavy traffic means I can read emails on my smartphone. I draft responses.

10.15

19:45

10.30

20:30

A key meeting is with the tenders’ team. I get a brief about what they are seeking to achieve. Some instruction is always necessary.

A standard 6km run – exercise at the end of the day is crucial for me.

Dinner, 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.

A 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.

11.15

Letters are sent and I make phone calls to colleagues and potential clients. I list my meetings for the afternoon and prepare what is necessary.

12.30

Administrative tasks and logistics – is there anything in the office that needs addressing?

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

Nicole Jolley Finance business partner Imperial College Healthcare NHS Trust he National Health Service is one of the most exciting sectors for public finance 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 finance in the NHS is “like no other organisation I’ve worked in”, says Nicole Jolley, finance 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

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Trusts merged and integrated with the faculty of medicine at Imperial College London. It covers five 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 financial year with a £9 million surplus – £2 million ahead of its costimprovement 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 find 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) first 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 finance-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 financial 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 justified financially.

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

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extremely tight financial 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 financial 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 financial performance.

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

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

Equally, there are many chances for finance professionals to spread their wings outside their traditional domain, and Nicole advises budding public finance 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’ finance 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.

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The pace of cha nge is phenom en al, which ma kes it a very exciting en vironm ent to operate in

LOCAL GOVERNMENT

Jon Rowney Head of fair funding, performance and procurement London Councils

hared services and the effect of contracting on local authority finances are among some of the exciting challenges that finance 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 finance 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

S

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 first-hand the significant influence finance had on how services were shaped and delivered, and the impact it had on residents.”

In fact, the ability to influence is a critical skill for public finance 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 influence 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 finance 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 specific services,” he says. “People will need to feel comfortable working across different organisations and sectors, often in a less defined 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 finance in the local government sector.

This is also what people looking at public finance 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.”

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Q&A Q

What qualities do you look for in candidates for entrylevel public finance 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-profit sector is also helpful.

Then, candidates need to demonstrate numeracy, IT proficiency, 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 financial planning, audit and financial systems, service-based accountancy and treasury management.

Pre-entry experience is beneficial, but it 18

ASK AASSSKK THE TTHHHEE EXPERTS EXXPPERRT EX RTS TTSS As senior consultant at CIPFA Recruitment Services, Simon Bascombe is responsible for matching the right public finance professionals to the right jobs. He explains what employers look for in potential recruits

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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 offices 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 first 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 first impression. 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 finance ● Business and management ● Politics, government and public administration ● Economics ● Mathematics Adopting a flexible approach is also important in the early stages of a career.

IMAGE: GETTY IMAGES

Q

Is it necessary to have a degree in accountancy and/or finance?

A degree in accountancy and/or finance is beneficial, but any degree subject may be accepted. Entrants with relevant degrees may be exempt from papers on the certificate/diploma level of the CIPFA Professional Qualification. A higher national diploma in the following subjects may also increase your chances: ● Accounting/finance ● Business/management ● Politics/government/public administration

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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Be polite to all you com e into con tac t wit h fro m the mo ment you wa lk throug h the doo r

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.

What are your thoughts on working in local/ central government or health for your first role?

Q

Many large public services bodies provide well-structured career paths with a variety of opportunities to develop and specialise.

A career in public services financial 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 finance accountants working in local government are appointed to a specific accounting or auditing role on qualification, and are responsible for the overall financial provision of the department/service. Within a couple of years, many Chartered Institute of Public Finance and Accountancy (CIPFA) qualified 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-profit sector on a consultative basis tend to focus more on reviewing financial systems and efficiency than on central accountancy activities.

The role varies widely from general financial 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 first role could open up your world to a whole new career.

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TRY TO AVOID

THE SNOOZE

BUTTON IN THE

MORNING

Some advice just states the obvious. But the kind of insight that adds real value to dynamic organisations, VXFK DV RXU FOLHQWV WDNHV UHDVRQ LQVWLQFW DQG WKH FRQÀGHQFH 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

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