A career in a technical accounting team will allow you to develop a thorough understanding of the latest developments in this area and how they impact the bank. 

The technical accountant usually works within financial control. Their remit is to add value to the business by providing commercial accounting advice to a bank. Technical accounting tends to comprise of specialists in International Accounting Standards (IAS), US GAAP, Irish & UK GAAP and IFRS.

Why choose technical accounting?

The increase in demand for individuals with a strong understanding of technical accounting issues has been fuelled by the introduction of IAS and IFRS. These rules govern the way in which trades are executed and accounted for and have a direct impact on the profitability of a bank. A career in a technical accounting team will allow you to develop a thorough understanding of the latest developments in this area and how they impact the bank. 

A career in a technical accounting team will allow you to develop a thorough understanding of the latest developments in this area and how they impact the bank. Technical accountants very often form part of front office teams where their role is to devise ways in which to use accounting regulations to enhance a bank’s profitability or advise on the accounting rules that could prevent a trade being executed. This involves significant contact across the bank, including front office, legal, compliance as well as all other areas of finance.

As the skill set remains fairly rare in the marketplace there is a premium paid for individuals who have developed a detailed knowledge of this area.

Career progression

Technical accountants can move into multiple areas within a bank:

• Financial control: Use the skills you have developed in relation to IFRS to take on a more wide ranging financial controlling role
• Product control: You will have the opportunity to develop a thorough understanding of the accounting treatment of products, particularly derivatives, so you will be in high demand to take on a more specifically product focused role
• Front Office: Take a seat on a trading desk as the accounting specialist – this can lead to a role as a trader

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