It’s estimated that last year, people in the UK donated about £12.7bn to charitable causes. That’s a huge display of altruism, which is why it’s so important to have the right financial minds working with these funds to ensure they’re going to the right places and being used in the most effective way.
Being part of the finance team will put you at the very heart of operations. You could be processing invoices, dealing with monthly or annual reports, managing budgets, working with gift aid and donors, managing payrolls or even helping to make strategic decisions.
Those working in finance roles are great at liaising with people across different departments, ensuring that things are running to plan—and within budget. Professionals working in charity finance jobs tend to be very analytical, as they need to analyse both costs and income.
Think this may be the right career move for you? Here’s a quick overview of finance jobs in the charity sector.
What kind of opportunities are there?
Whilst some positions will require specific finance qualifications, there are loads of different opportunities available. Here are just some of the roles you could come across:
Financial accountant
- Main tasks include: keeping financial records, analysing budgets, providing reports.
- Main tasks include: creating and updating payroll policies, managing overpay, sick pay, maternity/paternity pay, and additional expenses.
- Main tasks include: managing invoice payment, creating and updating terms and conditions, starting legal proceedings.
- Main tasks include: creating and presenting annual budgets, analysing finances to ensure they are in budget.
- Main tasks include: creating contracts for internal and external partners, progressing and maintaining relationships with contractors.
- Main tasks include: inspecting financial records, examining policies and accounts.
How can I get into charity finance?
Firstly, make sure that you have thoroughly researched the different types of organisations in the sector. You should have a good idea of the kind of cause that you’d like to promote through your work.
The next step is to look at your skills and experience. Do you have relevant experience for a finance role? This is a good moment to stop and consider your transferable skills too, as these can help you to prove that you’re a great fit for a charity role.
If you already have finance experience but haven’t worked in the sector, you might like to boost your CV by becoming a trustee. Many trustee boards are keen to count finance professionals in their number.
Do I need a qualification?
Bear in mind that many positions will require you to have specific qualifications, for instance CIMA or CIPFA, so make sure you look at job descriptions carefully. If you’re still pursuing a CIMA, CIFPA, ACA, ACCA or similar qualification, you’re likely to be attractive to recruiters too. Actively pursuing one of these shows dedication and commitment to the field, and may even attract a higher salary.
However, if you’re not a qualified accountant and haven’t yet started, you may find that certain organisations are willing to give you study leave, and even fund your training. A lack of qualifications should not deter you. Not all charity finance professionals are qualified accountants, and you may have other great attributes that catch a recruiter’s eye.
In order to boost your relevant experience, consider becoming a volunteer. There are lots of volunteer finance positions that will throw you into the heart of an organisation and give you a great taste of what it’s like.
Really want to stand out?
Finance roles require some very specific knowledge
Make sure you research the laws that affect charities and finance. A good place to start is the charity sector’s updated Standard of Recommended Practice (SORP). This explains a lot of the specific rules that you’ll need to understand. You might also want to familiarise yourself with common accounting packages, such as Sage.
Highlight your communication skills
It’s very important that you can liaise comfortably with all departments in a charity. You need to be able to translate finance into a language that the whole organisation can understand. In turn, you need to have a good understanding of the entire organisation in order to help it reach its goals.
You may also need to be comfortable working with very senior members of staff, as it is often important to Chief Executives that they maintain a strong connection to the organisation’s finances.
Be prepared to ask questions
Charity finance should be clear, not something that frightens you. Every now and again though, you might need to think about risk. Don’t be afraid to ask ‘what if?’ and weigh up different possibilities in a rational manner.
So now you know more about the value of charity finance jobs and what you need to do to get into a finance career. Think you’re ready to dive straight in and find that perfect charity finance role? Find out which charities are hiring finance professionals today.
This post was originally published in 2015. We’ve updated it to ensure relevance and to reflect the current job seeker experience.
