You’ve spent three hard years working towards completing the AAT levels, and you’ve finally completed the Professional Diploma in Accounting. Congratulations! So, what next?
The world of work beckons, but, before you jump in, it’s important to have a clear idea of the salary you can expect depending on your level of qualification. Today we’ll run through the various post-level-4 AAT memberships and what salary you can expect to achieve at each.
Post Level 4 – Affiliate Status
Upon completion of the Professional Diploma in Accounting you will automatically gain AAT affiliate status. With this membership, you’ll be able to command a higher wage and more responsibility. £20,897 is the average salary for an accountant with affiliate membership; they’re also likely to finish the year with a £600 bonus. It’s worth noting that these numbers change quite dramatically depending on the location of the job. London AAT affiliate level accountants take home an extra £6,000 per annum, whereas the equivalently qualified accountant in the north-east of England takes home £18,000 per annum.
Full AAT Membership (MAAT)
Full AAT membership status is gained through work experience, specifically by demonstrating your competency levels in both personal and technical skills. MAAT status comes with a salary boost – £27,804 is now the average salary – along with a yearly £1,000 average bonus. Again, factors such as location can greatly affect the final yearly salary.
Fellowship AAT Membership
After five years at MAAT status, you’ll be able to apply for fellow AAT membership. FMAAT represents a commitment to accounting, and businesses from both the public and private sector recognise the dedication needed to gain FMAAT status. FMAAT accountants are rewarded with an average salary bump of £37,490 per annum and take home an on-average bonus of £1,400.
For some accountants, the final logical step after gaining MAAT or FMAAT status is going on to train to be a chartered accountant (a third of graduates from the Professional Diploma in Accounting go on to study chartered accounting). AAT qualifications and memberships offer one of the fastest paths to chartered accountant status. All of the UK’s chartered accountancy bodies allow exemptions for both full and fellow AAT members. MAAT and FMAAT members will be put on a fast track to achieving chartered status.
Achieving chartered accounting status takes around three years and is completed by partaking in a mentorship programme. Once achieved, chartered accountants can expect to earn £47,900 per year before bonus (based on two years’ experience).
Want to know more about your professional possibilities after finishing the Professional Diploma in Accounting? Get in touch with Aspiring Accountants today and start planning your accounting future.