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There is a[n extreme] lot of arithmetic in accounting, along with the use of of arithmetic progression and geometric progression (eg for the calculation of depreciation/amortisation); there is also correction for inflation (which I haven't got to yet in my course).
Knowledge and use of a spreadsheet would be useful.
Traffic flow, numerical analysis and analysis of algorithms ([units] of my maths degree) have not featured very much; however, the ability to think logically and systematically is important when trying to sort out the accounts and prepare financial statements of someone who hasn't been doing much bookkeeping (let alone double-entry bookkeeping) and may not know a figure or two.
These days, having a good degree is[/seems to be] vital to get into graduate training (especially with the big firms).
I did see a company advertising for a school leaver and a graduate as trainee Accountants, so a degree is not necessary, but obviously the school leaver would have been on a lower wage/salary and would probably have had to take more lower level exams.
All-in-all I would expect a good grade at GCSE maths would be required, especially the arithmetic side along with being able to do some algebra.
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