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BEYOND PROFIT
Forge Your Path in Public Finance
Many AAT students go on to have long and successful careers in public sector finance, where they work towards more than profit
Why public sector finance?
Peak District National Park CFO Ben Cookson’s boss is the public, not profit-seeking shareholders. “It's about contributing towards a healthy functioning society and the stewardship of public funds, which is something I take seriously,” he says.
Similarly, the most rewarding part of Lee Maidment’s role as a finance adviser at Hampshire Country Council is that he gets to see his work directly impact his community through the funding it receives and the services offered.
The public sector – a brief explainer
The public sector is big, in fact, it employs over 9% of the population and counts for 18% of total employment. It’s essentially all the industries and jobs the UK government operates or owns in its provision of services to the public, all of which employ finance professionals:
- Local and central government
- Healthcare
- Emergency services
- Education
- Housing
- Security and defence
- Utilities and infrastructure
Public finance roles
As you can imagine, there are many ways to get into public finance and then many career paths to choose from. Finance professionals are present at every level of government and in every service a public sector provides, making for an incredibly varied scope of roles, including:
- Financial accounting
- Management accounting
- Forensic accounting
- Internal audit and assurance
- Procurement and supply chain accounting
- Change management
- Budgeting
- Project accounting
- Business partnering
- Governance
- Sustainability
- Payroll
- Systems accounting
- Data and financial analysis
- Bookkeeping
Days do not often look the same
“I like the varied nature of my role – one day I can be dealing with statutory reporting and the next I could be helping a project looking at efficiencies,” says Maidment, who is a fellow member of AAT. “More broadly, I like the supportive nature in terms of the training and development opportunities on offer.”
For Cookson, who is an AAT member and holder of the Chartered Institute of Public Finance and Accountancy (CIPFA) qualification, it's all about problem-solving. “In public sector finance, we find ourselves in a position where resources are scant and finance professionals in short supply. However, the work has to be completed. This brings an unbelievable opportunity for learning and growth, through solving complex, multi-faceted problems that you may not get in the private sector.
“As the 'profit motive' has been removed, you’re working towards, or within strategic frameworks that involve many competing stakeholders: taxpayers, central government, the media, elected members/politicians. You have to solve problems all the time.”
You also work with tight budgets but big numbers, particularly within social care and local government, says Maidment. “And while it can be daunting, it can also be exciting to work on supporting these areas, as with the limited funds available and high demand for services, it’s very important that sound financial advice is given.”
Getting your foot in the door
AAT is a great entry route into a career in public sector finance. Many then go on from AAT to gain the Chartered Institute of Public Finance and Accountancy (CIPFA) qualification.
As for valued skills to aim for, public sector finance, as with every other sector, is seeing great change in the face of technology. Enterprise resource planning (ERP) solutions are advancing all the time and support automation and processes across finance, HR, procurement, supply chains and more.
Finance professionals are vital to the implantation and operational use of such systems, which can improve how departments are run and potentially save taxpayer money, or streamline the procurement of medical equipment, among many other things.
A perfect skills blend is a business partner, capable of forging meaningful working relationships with other non-finance departments, and a tech enabler, who can take data from information to intelligence. Every public sector organisation has reams of data, but very few have high value business intelligence.
Skills such as collaboration, business partnering, communication, innovation and change, stakeholder relationships, getting value for money, investment appraisal, and commercial understanding are highly sought after, especially in the context of providing services to the public.
Lastly, public sector finance professionals must have political awareness, be accountable, and understand governance and risk management. Ethics is another important area – finance professionals must be prepared to stand their ground and to always hold their ethics close. Decision makers rely on your judgement to be objective and in the best interest of the public. Ethics is about doing the right thing and using your judgement to share that with others.
Impressing public sector employers
Impressing a public sector boss requires doing your homework, says Cookson. “Understand the regulations that public sector organisations are governed by, and that they are purpose-driven, so talk about the purpose of that organisation and how you align yourself with its strategic objectives.”
Maidment believes it’s important to show that you’re adaptable, flexible and constantly curious. “Don’t be afraid to challenge the status quo, constantly ask ‘why do we do things a certain way’, and review everything that you do to become as efficient and effective as possible.”
The sky’s the limit
Asked where people can go in public finance careers, Cookson is unequivocal: “The sky is the limit – only fear will hold you back.”
A point echoed by Maidment: “You can go as high as you want, in fact, a lot of CFOs and senior finance managers started out with AAT. AAT provides a great grounding and can lead on to other qualifications, while remaining a highly respected and valued qualification in its own right.”
A few last words
Cookson: “It's a tough gig, but very rewarding and stacked full of opportunities for learning, development and growth.”
Maidment: “I’d say to any AAT student contemplating a career in public sector finance to go for it – no two days are the same.”
Tips on breaking into public sector finance
1
Become an AAT member then consider the CIPFA qualification
2
Gain relevant experience, perhaps via volunteering or internships
3
Research the area you want to work in and understand its purpose
4
Grow your network and gain contacts within the public sector
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