Private practice accountant
Private practice accountants prepare accounts and tax returns for businesses and individuals.
In this guide
What you'll do
Day-to-day tasks
As a private practice accountant, you'll:
- prepare financial statements, business plans and budget reports
- produce accounts and financial forecasts
- audit books of accounts and check inventories
- manage clients’ spending and costs
- file tax returns and give financial advice
- investigate fraud - forensic accounting
Working environment
You could work in an office or at a client's business.
Career path and progression
With experience, you could specialise in an area like auditing or forensic accounting, or become a manager in a practice. From there, you could move into a partnership or become a finance director.
You might also become a self-employed consultant or set up your own company.
What it takes
Skills and knowledge
You'll need:
- knowledge of economics and accounting
- maths knowledge
- to be thorough and pay attention to detail
- administration skills
- analytical thinking skills
- the ability to work well with others
- ambition and a desire to succeed
- excellent verbal communication skills
- to have a thorough understanding of computer systems and applications
Related subjects
Most relevant
- Accounting - Private practice accountants prepare financial statements, audit books of accounts, and file tax returns – all of which are core accounting tasks. Studying accounting gives a direct foundation in the principles, standards, and techniques used in this career every day.
- Mathematics - Private practice accountants work with numbers constantly, calculating budgets, analysing financial data, and producing forecasts. Strong maths skills are essential for spotting errors in accounts, working out tax liabilities, and interpreting financial trends accurately.
- Economics - Private practice accountants need to understand how the wider economy affects their clients' businesses, from interest rates and inflation to market conditions. This knowledge helps them give sound financial advice and produce realistic business plans and forecasts.
- Business - Private practice accountants work closely with businesses of all sizes, helping them manage costs, plan budgets, and grow sustainably. Understanding how businesses operate – including cash flow, profit margins, and business strategy – is central to the advice they provide.
Also relevant
- Law - Private practice accountants need to understand tax law, company law, and financial regulations to ensure their clients comply with legal requirements. Those who specialise in forensic accounting also investigate fraud, which involves working within a legal framework.
- English Language - Private practice accountants write detailed financial reports, business plans, and client correspondence that must be clear and precise. They also need strong verbal communication skills to explain complex financial information to clients who may not have a financial background.
- Computer Science - Private practice accountants increasingly work with accounting software, spreadsheet tools, and data analysis systems. Understanding how computer systems and applications work at a deeper level helps when managing large datasets, automating processes, or troubleshooting technical issues.
How to become
You can get into this job through:
- a university course
- an apprenticeship
- working towards this role
- training with a professional body
You could do a degree in any subject then apply for a place on a graduate training scheme to work towards a professional accountancy qualification.
If you want to take a more focused route onto a graduate scheme, you could study for an accountancy related degree, like:
- accountancy
- accounting and finance
- business and management
- maths
Some degree courses may give you exemptions from some of the professional accountancy training modules.
Entry requirements
You'll usually need:
- 4 or 5 GCSEs at grades 9 to 4 (A* to C), or equivalent, including English and maths
- 2 to 3 A levels, or equivalent, for a degree
More Information
You could take steps to gain your professional qualifications by applying for an apprenticeship. These include:
- Assistant Accountant Level 3 Advanced Apprenticeship
- Professional Accountancy or Taxation Technician Level 4 Higher Apprenticeship
- Accountancy and Taxation Professional Level 7 Apprenticeship
The apprenticeship level you start at will depend on the qualifications you already have.
Entry requirements
You'll usually need:
- 5 GCSEs at grades 9 to 4 (A* to C), or equivalent, including English and maths, for an advanced apprenticeship
- 4 or 5 GCSEs at grades 9 to 4 (A* to C) and A levels, or equivalent, for a higher or degree apprenticeship
More Information
You could start as an accounting assistant with an organisation and do professional training on the job, with the support of your employer.
You'll usually need A levels or an equivalent level 3 qualification to follow this route.
You could train with one of the following professional bodies to become a qualified accountant:
- Association of Chartered Certified Accountants (ACCA)
- Institute of Chartered Accountants in England and Wales (ICAEW)
- Association of International Accountants (AIA)
They all have different entry requirements and ways to qualify, so it's important to check with them which is the right route for you. If you already have relevant accounting or business-related qualifications, you may be able to qualify in a shorter time.
Professional and industry bodies
If you've qualified with the Chartered Institute of Management Accountants (CIMA), you can offer most accountancy services in private practice but you'll need to register as a 'member in practice' with CIMA to do this.
Further information
You can find out more about becoming a private practice accountant from:
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