If you're considering a career in accounting, you've likely come across the terms accountant and chartered accountant. While they're often used interchangeably, there are some important differences between the two, particularly when it comes to qualifications, career progression and earning potential.

For many finance professionals, the decision to pursue chartered status comes down to one question: is it worth it?

In this guide, we'll explore the key differences between accountants and Chartered Accountants, compare salary expectations using Sheridan Maine's own recruitment data and look at just how far a career in accountancy could take you.

What Is an Accountant?

An accountant is a professional who manages, analyses and reports on financial information for businesses, organisations and individuals.

Their responsibilities may include:

• Preparing financial statements

• Managing budgets and forecasts

• Processing payroll

• Handling tax returns

• Monitoring cash flow

• Producing management reports

• Supporting financial decision-making

The term accountant is broad and can encompass professionals at various stages of their careers, from Accounts Assistants and Assistant Accountants to Finance Managers and Financial Controllers.

Accountants may hold qualifications such as AAT, an accounting degree or other finance certifications, while some develop their expertise through practical experience.

What Is a Chartered Accountant?

A Chartered Accountant is an accounting professional who has completed a recognised professional qualification and met the relevant practical experience and membership requirements.

In the UK, three of the most widely recognised professional accounting qualifications include:

• ACA – Associate Chartered Accountant, awarded by ICAEW.

• ACCA – Association of Chartered Certified Accountants qualification.

• CIMA – Chartered Institute of Management Accountants, offering a route to the CGMA designation.

Although these qualifications lead to different professional designations, all are highly regarded by employers and demonstrate advanced accounting knowledge, professional competence and a commitment to ethical standards.

Qualified accountants commonly work in areas such as financial reporting, audit, taxation, corporate finance, business advisory services and commercial finance.

Many also progress into senior leadership positions, including Finance Director and Chief Financial Officer (CFO).

Accountant vs Chartered Accountant: What's the Key Difference?

The simplest way to think about it is:

Chartered Accountants are professionally qualified accountants, but not all accountants hold chartered status.

An accountant may have an accounting degree, AAT qualification or significant practical experience. A Chartered Accountant has completed the requirements of a recognised professional body.

While both can enjoy successful careers, achieving chartered status can open doors to specialist positions, greater responsibility and more senior opportunities.

And with increased responsibility often comes greater earning potential.

Accountant vs Chartered Accountant Salary: How Much Can You Earn?

One of the biggest reasons professionals pursue chartered status is the potential increase in earnings.

According to Sheridan Maine's Salary Health Checker, the average advertised salary for an Accountant is £43,454 per year, based on relevant vacancies advertised through Sheridan Maine.

However, salaries vary considerably depending on experience, qualifications, location, sector and the level of responsibility involved.

Our Salary Health Checker draws on current and historical vacancies advertised by Sheridan Maine over the previous two years, providing valuable insight into salaries across a wide range of accounting and finance positions.

Accounting Salaries at Different Career Stages

The following figures illustrate how salaries can develop as accounting professionals progress into more experienced and senior positions.

Job title	Average annual salary
Assistant Accountant	£37,720
Accountant	£43,454
Financial Accountant – London	£50,000
Finance Manager	£60,000
Financial Controller	£90,000

Source: Sheridan Maine Salary Health Checker. Figures reflect advertised vacancies and may change as new roles are added. The Financial Accountant figure relates to permanent London positions, while the other figures reflect the previously retrieved job-title searches. These are role-based salary averages rather than direct comparisons between chartered and non-chartered accountants.

Early-Career Accountant Salaries

Professionals entering the accounting profession commonly start in positions such as:

• Accounts Assistant

• Finance Assistant

• Payroll Administrator

• Accounts Payable Clerk

• Assistant Accountant

Sheridan Maine's Salary Health Checker reports an average annual salary of £37,720 for Assistant Accountant positions.

However, this average includes advertised positions requiring varying levels of experience and should not be interpreted as a typical starting salary for someone entering the profession.

As individuals gain experience and develop their technical skills, opportunities for progression and increased earnings generally improve.

Part-Qualified Accountant Salaries

As accountants begin studying towards ACA, ACCA or CIMA qualifications, they often take on more complex responsibilities and develop specialist accounting knowledge.

Part-qualified professionals may progress into roles such as Assistant Management Accountant, Assistant Financial Accountant or Management Accountant.

Sheridan Maine's salary data reports an average annual salary of £37,500 for permanent Assistant Management Accountant positions.

Actual earnings will depend on practical experience, progress towards qualification, industry sector and location.

Newly Qualified Chartered Accountant Salaries

Completing a professional qualification can open doors to a wider range of opportunities, including roles such as:

• Financial Accountant

• Management Accountant

• Finance Business Partner

• Auditor

• Finance Manager

For example, Sheridan Maine's Salary Health Checker reports an average annual salary of £50,000 for permanent Financial Accountant positions in London.

Although this figure is not exclusively based on newly qualified accountants, it provides a useful indication of the salaries available within this area of the profession.

Newly qualified professionals with strong technical expertise and relevant commercial experience may be particularly well positioned to progress into more senior roles.

Senior Chartered Accountant Salaries: How Much Can You Earn?

One of the most significant advantages of becoming a Chartered Accountant is the potential to progress into senior finance leadership positions, where earning potential can be considerably higher.

Experienced finance professionals may move into roles such as:

• Financial Controller

• Head of Finance

• Finance Director

• Chief Financial Officer (CFO)

• Partner in an accountancy practice

According to Sheridan Maine's Salary Health Checker, the average advertised salary for a Finance Manager is £60,000, rising to £90,000 for a Financial Controller.

However, these figures are by no means the upper limit of what experienced finance professionals can earn.

According to research published by Reed, drawing on its 2024 UK Salary Guides, senior Chartered Accountants can earn between £90,000 and £150,000 per year, particularly in positions such as Finance Director, Chief Financial Officer or Partner within an accountancy practice.

And at the very top of the profession, salaries can be substantially higher.

Reed highlights the example of Tesco's Chief Financial Officer, whose appointment in 2020 came with a basic annual salary of £700,000.

While this represents an exceptional level of remuneration rather than a typical salary, it demonstrates the significant earning potential available to finance professionals who progress into executive leadership positions.

Sectors such as banking, consulting and private equity can also offer particularly competitive remuneration packages, with bonuses and other incentives potentially increasing total earnings.

Although professional qualifications alone do not guarantee a six-figure salary, achieving chartered status can provide a valuable foundation for progression into senior finance positions where experience, commercial expertise and leadership skills are highly valued.

Why Do Chartered Accountants Often Earn More?

The potential salary premium associated with chartered status reflects the expertise, professional development and commitment required to become qualified.

Chartered and professionally qualified accountants have demonstrated:

• Advanced technical accounting knowledge

• Commercial awareness

• Professional ethics and standards

• Relevant practical experience

• Commitment to continuous professional development

These skills can help professionals move into positions involving greater responsibility, complex financial reporting, business advisory services and strategic decision-making.

As accountants progress into management and leadership roles, their earning potential can increase accordingly.

Does Becoming Chartered Guarantee a Higher Salary?

Not necessarily.

Although professional qualifications can strengthen earning potential and career progression, salary is influenced by several factors, including:

• Industry sector

• Location

• Company size

• Technical expertise

• Leadership skills

• Commercial experience

• Level of responsibility

An experienced non-chartered accountant may earn more than a newly qualified Chartered Accountant.

Equally, some of the most successful finance leaders have built their careers through a combination of professional qualifications, extensive practical experience and strong commercial understanding.

The greatest value of becoming professionally qualified is often the wider range of opportunities it can create throughout a finance career.

Which Accounting Qualification Should You Choose?

There is no single "best" qualification. Each route offers distinct advantages depending on your career ambitions.

ACA

Often associated with careers in audit, accountancy practice and corporate finance, ACA is highly regarded by employers and traditionally pursued through structured training agreements.

ACCA

ACCA is internationally recognised and offers flexibility across a broad range of accounting, audit, tax and finance careers.

CIMA

CIMA focuses on management accounting, commercial finance and business strategy, making it popular among professionals aspiring to leadership roles within organisations.

If you're unsure which pathway is best suited to your ambitions, read our guide: ACCA vs CIMA vs ACA: Which Accounting Qualification Is Right for You?

Is Becoming a Chartered Accountant Worth It?

For many professionals, the answer is yes.

Although becoming chartered requires a significant investment of time, commitment and study, the benefits can be substantial:

• Higher earning potential

• Improved career progression

• Greater professional credibility

• Access to senior finance positions

• Increased job opportunities

• International career prospects

Many employers actively seek candidates with ACA, ACCA or CIMA qualifications, particularly for management and leadership positions.

However, practical experience, commercial understanding and interpersonal skills remain equally important when building a successful finance career.

Find Out What Your Accounting Skills Are Worth

Whether you're an Accounts Assistant working towards your first qualification, a part-qualified accountant considering your next move or an experienced finance professional exploring senior opportunities, understanding your market value is an important part of career planning.

With salaries varying according to location, experience and specialism, it pays to have access to relevant market information.

Want to know how your salary compares?

Use Sheridan Maine's Salary Health Checker to explore salary information across accounting and finance roles and see how your current earnings compare with advertised opportunities.

Final Thoughts

The main difference between an accountant and a Chartered Accountant comes down to professional qualifications, recognised status and the career opportunities these can create.

While accountants and Chartered Accountants may perform many of the same core functions, gaining a professional qualification can provide access to more specialist roles and strengthen long-term career progression.

Sheridan Maine's own recruitment data illustrates the earning opportunities available across the profession, with average advertised salaries of £43,454 for Accountants, £60,000 for Finance Managers and £90,000 for Financial Controllers.

And for those who progress into senior executive positions, the potential rewards can be considerably greater, with Finance Directors and CFOs at major organisations sometimes commanding substantial six-figure remuneration packages.

While becoming chartered doesn't guarantee a higher salary, it can provide the technical expertise, professional credibility and career opportunities needed to progress into some of the most rewarding positions in finance.

Considering your next move in accounting or finance?

At Sheridan Maine, our specialist recruitment consultants work with finance professionals at every stage of their careers, helping them explore new opportunities, understand their market value and take the next step towards their professional goals.

Explore our latest accounting and finance opportunities or speak to one of our specialist consultants today.