The career pathways available to AAT students and the skills needed for your future

If you’re currently studying an AAT qualification, you’re already building a solid foundation for a career in accounting and finance. But in such a rapidly changing industry, you may be wondering what paths are open to you, how to make yourself stand out from the crowd, and which skills will future proof your career.

Research commissioned by AAT, Filling the Gap, exposes the training gaps in UK businesses who are struggling with recruiting people with finance and business skills . It found that four in five of all employers’ report skill shortages which are leading to a drop in productivity and quality, and an increase in workload for existing employees.

Published in mid-October, the report says that a third of businesses (34%) struggled to recruit for finance and accounting positions in the last year, while 25% of employers say AI and automation (25%), budgeting and forecasting (25%), cybersecurity (20%) and data analysis (18%) will be the most critical finance and accounting skills. Businesses are calling for the skills system to be easier, clearer and more flexible.

The research also suggests that there is a lack of work readiness in younger generations joining the workforce and that employers need to recruit people with “power skills” such as AI literacy, leadership and management, planning and organisation, as well as deep technical skills to run their operations effectively.

Being a student is tough enough, let alone when you’re hearing that there are skills shortages in the sector that you’re working hard to be a part of. AAT recognises that finance and wider business skills matter, which is why its range of qualifications can set students up to succeed.

How is AAT helping to address the skills gap?

In all organisations there is a worrying gap in the technology and AI skills that employers predict they will need in three to five years and the proficiency of their employees in these areas. Filling the Gap also highlights a lack of technical and transferable skills, as well as the need for more financial literacy among new workers in the industry.

With these changes in mind AAT’s new curriculum (Q2022) has been redesigned to create accountants of the future who have the skills needed to succeed in today’s fast paced and rapidly changing environment. Each qualification has an increased focus on digital skills including AI, business awareness, ethics, technology and sustainability.

What qualifications are available through AAT?

• Level 1 Award in Bookkeeping: if you have no prior accounting knowledge, this entry-level bookkeeping qualification will give you an understanding of manual, single-entry bookkeeping basics.
• Level 1 Award in Business Skills: this is another entry-level qualification that helps you support finance teams with everyday business activities while understanding sales and purchases processes.
• Level 2 Certificate in Accounting: perfect for beginners, this covers the fundamentals of bookkeeping, costing and using accounting software.
• Level 2 Certificate in Bookkeeping: gain the skills and essential knowledge needed for completing the manual bookkeeping activities that underpin all accountancy and finance roles.
• Level 2 Certificate in Accounting: get a foundation in finance administration and core accounting skills, including double-entry bookkeeping, basic costing and sales and purchase ledgers.
• Level 3 Diploma in Accounting: at this stage, you’ll dive deeper into advanced bookkeeping, management accounting techniques and ethics in accounting.
• Level 3 Certificate in Bookkeeping: learn enhanced skills and expertise in bookkeeping activities, critical for the smooth and efficient running of all finance departments.
• Level 4 Diploma in Professional Accounting: this advanced level equips you with specialist knowledge in financial statements, budgeting, decision making, and tax, preparing you for more senior roles.

Some of the career routes open to AAT students

Completing your AAT qualification is just the beginning. Many students use it as a springboard into a wide range of finance careers, such as:

• Accounts Assistant / Finance Assistant: often an entry role where you’ll gain hands-on experience with bookkeeping, reconciliations and financial reporting.
• Assistant Accountant: supporting management accountants or financial accountants, with the chance to apply more advanced skills.
• Bookkeeper: recording transactions, ensuring accuracy, compliance and clear financial insight to ensure informed business decisions.
• Payroll administrator: specialising in payroll, pensions and compliance, a critical area for most organisations.
• Tax assistant: working in personal or corporate tax, with opportunities to progress into advisory roles.
• Credit Controller: managing cash flow and customer relationships, vital for business sustainability.

From here, some AAT students go on to further qualifications such as ACCA and CIMA, opening doors to even more roles. Others may branch out into self-employment and set up their own bookkeeping or accountancy practice.

4 things to upskill for your future job

While studying an AAT qualification will stand any newly qualified accountant in good stead, there are several skills that students can aim to improve as part of their training:

1: Financial literacy

AAT’s Filling the Gap research suggests that almost one in five employers mentioned financial literacy as a skills gap in their organisation. Financial literacy isn’t just about balancing books – it’s about understanding the bigger picture. Key things to develop as a student moving into a first role might be to build confidence in using financial data to make informed decisions, being able to advise and not just record data which influences strategy and growing awareness of the numbers and the story behind them.

2: Soft skills

It’s widely spoken about but truly understanding how to move yourself away from the maths and communicate effectively in a team is vital. Big problem-solvers are increasingly seen as just as important as technical knowledge, so being able to work well with others by taking a human and emotional approach can only be a good thing.

3: Digital and technological proficiency

Automation, AI, and cloud-based accounting software are reshaping the industry. Employers want candidates who are confident using digital tools and advanced Excel functions. While parts of your qualification may help you learn the basics, why not master the software to help your future employers out?

4. Seek practical experience

Work experience within an accounting organisation, alongside your AAT qualification, can take you far. Whether through work placements, volunteering for charities, or part-time roles, real-world application of your knowledge is invaluable. You can also consider CPD opportunities to build on the skills you’ve gained.

There is no denying that the finance industry is changing – but for students who are adaptable, curious and willing to keep learning, success will come.

This research explores the skills needs of UK employers in accountancy and finance roles, based on a survey of 1,396 UK employers. Conducted by YouGov on behalf of the AAT (Association of Accounting Technicians), it included responses by HR decision makers, senior managers, directors and members of the C-suite. Filling the Gap provides insights into the current and future skills gap, recruitment challenges, and training priorities.

Further reading

5 ways to develop your leadership skills from day one

Advance your studies with these problem solving skills

From AAT student to AAT member: the next steps for your career

Harry Rogers is AAT Comment’s news writer.