You are here because you have decided to pursue your dream in legal finance and, or accountancy. I must commend your tenacity and zeal in your pursuance to become a legal finance professional. But zeal and perseverance alone do NOT cut it. You must have specific skills and hold a myriad of qualifications before being considered by the big firms in the industry.
What skills? What qualifications?
The legal finance industry is concerned with the collation, analysis, and reportage of financial transactions of companies and individuals. It also concerns itself with the management of these (company and individual) accounts within the confines of the law.
By nature, this industry leaves no room for errors and, as a result, only employs individuals that are responsible, reliable, and accountable.
You can show the responsibility and accountability required by holding the required qualifications in the field and the following set of skills. Check out ILFM courses for advice and more information on the qualifications you need and exemptions available for you.
- Attention to detail
You need to guarantee that no stone would be left unturned. Your employers must be confident in your ability to deliver thorough, accurate work.
- Time Management
Time is indeed money, and no one knows this better than your employer. Therefore, all your good work does not matter if you cannot turn it in on schedule.
- Order in Chaos
Not every day would be the hustle and bustle in a firm with an organized structure, but there would be days where you would have put in an extra shift to stay ahead of the curve and order the chaos in times where there is’s too much to handle.
What’s a doctor without a medical degree? It does not matter if you have raw talent; your employers want to see certifications that can attest to and confirm your skill.
Below are some of the essential qualifications you need to bag a lucrative legal finance and accounting job.
- Chartered Certified Account (ACCA)
- Certified Public Accountant (CPA) certification
- Financial Risk Manager (FRM) certification
- Certified Financial Planner (CFP)
- Chartered Financial Analyst (CFA)
Your career path would determine which of the above-listed certifications you need. However, the options available are near-infinite, and with some qualifications allowing you exemptions, guidance would come in handy to help you bag the right ones.
How much do financial accountants make?
While factors like education, location, and experience significantly determine how much you can earn in accountancy, the average annual salary is about $56,043 (July 5, 2021), as reported by PayScale.
What is an exemption?
If you already have some certifications, you would be expected to have enough skill and knowledge already to skip some exams when writing for other certificates. This is called an exemption, and as a result, you would start your studies at your current knowledge and skill level.
What are the job opportunities available for a legal finance and accounting professional?
Legal finance and accounting professionals have various responsibilities in a wide range of industries. How much responsibility is conferred on the individual depends on the size and type of the organization.
The following are some of the career opportunities available:
- Financial analyst
- Financial accountant
- Financial Manager
- Management accountant
Are CPAs and accountants the same?
Simply put, all CPAs are accountants, but not accountants are CPAs. An accountant is anybody that has been trained in accounting practices, while CPAs are accounts that take it a step further to be certified.
Certification is the approval and recognition of the accountant’s skill by state agencies.