Career in Accountancy
Discussion
Ive been looking at a change of career path. Having finished my A-levels a few years ago, ive just been generally working wherever i can to pay the bills. Im now 21 and id really not like to be stuck doing this the rest of my life.
I managed to secure an apprenticeship mechanics course at my local college, but nowhere has work placements right now as the car industry is on its arse so to speak. I tried getting onto the full time city and guilds placement, but so far no luck as its full. Having helped out a freind who is a mechanic, seen how much has to be spent on tools etc, and the relativly average wage you get paid for doing the more boring jobs of brakes etc most of the time, ive decided ill keep cars and fixing them to a hobby.
This has led me onto accountancy. The pay ranges from decent to bloody great depending on the position, theres always room to move further up the career ladder, whereas a mechanic will be stuck generally at mot tester for the rest of his life, unless he opens up his own garage.
Now the issue im struggling with is how to get into it. I dont really want to go the univeristy route of a degree and then training, as its a lot of money etc that i just dont have. My eye was caught by doing the AAT course, and then following it up by the ACCA etc course, as you get paid whilst you do the AAT, and it generally takes less time then a uni course.
The problem is i dont really know how to get on it etc. Ive been on the AAT website, and it says just phone your local college and get on the AAT course, but erm thats it. I dont know if you need a work placement, or just a normal job aswell, or does it have to be accountancy based job etc this is where im stuck.
Any help with this from people who are accountants, or are in the process of learning to, would be greatly apprieceated
I managed to secure an apprenticeship mechanics course at my local college, but nowhere has work placements right now as the car industry is on its arse so to speak. I tried getting onto the full time city and guilds placement, but so far no luck as its full. Having helped out a freind who is a mechanic, seen how much has to be spent on tools etc, and the relativly average wage you get paid for doing the more boring jobs of brakes etc most of the time, ive decided ill keep cars and fixing them to a hobby.
This has led me onto accountancy. The pay ranges from decent to bloody great depending on the position, theres always room to move further up the career ladder, whereas a mechanic will be stuck generally at mot tester for the rest of his life, unless he opens up his own garage.
Now the issue im struggling with is how to get into it. I dont really want to go the univeristy route of a degree and then training, as its a lot of money etc that i just dont have. My eye was caught by doing the AAT course, and then following it up by the ACCA etc course, as you get paid whilst you do the AAT, and it generally takes less time then a uni course.
The problem is i dont really know how to get on it etc. Ive been on the AAT website, and it says just phone your local college and get on the AAT course, but erm thats it. I dont know if you need a work placement, or just a normal job aswell, or does it have to be accountancy based job etc this is where im stuck.
Any help with this from people who are accountants, or are in the process of learning to, would be greatly apprieceated
The biggest problem I had (I have a Have No Degree) was the lack of experience, I had worked in catering and carpentry, but zilch office experience. I am studying my CIMA through where I work, still have a while to go though.
You may have to suffer a crappy junior role (really poor money) unless you are lucky, but in the long run it should be worth it.
You may have to suffer a crappy junior role (really poor money) unless you are lucky, but in the long run it should be worth it.
It can all sound a bit complicated, but isn't once you get into it.
You are best off getting a job with an audit/accountancy firm and going straight onto ACCA or ACA (you don't need a degree for either). AAT is all well and good, but it is a lot of work, and only gets you a couple of steps in to ACCA anyway, so why not just go straight in?
That is what I did. My background is very similar to yours, did mechanical engineering whilst waiting for the flying industry to pick up, with a view to becoming an airline pilot. Did a few other jobs whilst waiting, all pretty deadend really, then decided I needed to start a careers. Joined a medium sized practice (no prior experience needed) on a very low wages for the first year or two, but as you pass exams, you get pay rises.
Did all 14 exams in just under 3 years, no fails, and my pay had gone up about x4. Then left to join a city firm and my pay doubled again. Things continued to get better over the years, with unlimited potential.
Let me know if you want to ask anything more specific.
Cheers
Rich
You are best off getting a job with an audit/accountancy firm and going straight onto ACCA or ACA (you don't need a degree for either). AAT is all well and good, but it is a lot of work, and only gets you a couple of steps in to ACCA anyway, so why not just go straight in?
That is what I did. My background is very similar to yours, did mechanical engineering whilst waiting for the flying industry to pick up, with a view to becoming an airline pilot. Did a few other jobs whilst waiting, all pretty deadend really, then decided I needed to start a careers. Joined a medium sized practice (no prior experience needed) on a very low wages for the first year or two, but as you pass exams, you get pay rises.
Did all 14 exams in just under 3 years, no fails, and my pay had gone up about x4. Then left to join a city firm and my pay doubled again. Things continued to get better over the years, with unlimited potential.
Let me know if you want to ask anything more specific.
Cheers
Rich
Firstly and most importantly, accountancy is interminably dull (unless perhaps, if you are self-employed). That said, you can make a very good living from it and it’s pretty recession proof (everyone needs someone to do their accounts). You should be able to get a junior accountants job without any experience (Accounts Payable, Credit Control etc), as long as you show a modicum of aptitude and interest. Not sure how important AAT is – I certainly wouldn’t do it if my company wasn’t paying for it. A job in auditing is a good way to fast-track your learning and experience.
You can earn decent money without being qualified, upto around £40k with experience but you really need to become fully qualified to earn good money. To become fully qualified (either ACCA or CIMA) will require you to commit 4-5years of your life to study, study, a bit more study and exams. So think long and hard before jumping into it. Oh yeah, it’s very dull, repetitive and tedious until you get much further up the ladder and in a position of power….
You can earn decent money without being qualified, upto around £40k with experience but you really need to become fully qualified to earn good money. To become fully qualified (either ACCA or CIMA) will require you to commit 4-5years of your life to study, study, a bit more study and exams. So think long and hard before jumping into it. Oh yeah, it’s very dull, repetitive and tedious until you get much further up the ladder and in a position of power….
Whilst it is ideal to have a job in a related role, it is not necessary, you can still do the course. The course is usualy one day a week 1-9pm or 2 evenings.
Get in contact with the college ASAP as the current year is about to or already has started. As you are over 19 you will have to fund the course yourself.
Good luck in finding an accounts job, they are few and far between at the moment.
The college may be able to assist with this, but usually it's down to you to find a job.
Get in contact with the college ASAP as the current year is about to or already has started. As you are over 19 you will have to fund the course yourself.
Good luck in finding an accounts job, they are few and far between at the moment.
The college may be able to assist with this, but usually it's down to you to find a job.Thanks for the replys guys. I had no idea i didnt need to do AAT to get into accountancy without a degree. If ive read the replys right, i need to get a basic job in auditing etc that doesnt require specific experience, and then work straight for the ACCA qualification? I dont mind if i have to start right at the bottom, as long as im earning about 12k i should manage.
Is there anything else i can do to help? Ive got plently of GCSE's, kinda cocked about in my a-levels as i was stupid and young, but im hardly thick. Id be happy to cram as much info in as possible to help myself if its needed, just ive no idea where to start.
Is there anything else i can do to help? Ive got plently of GCSE's, kinda cocked about in my a-levels as i was stupid and young, but im hardly thick. Id be happy to cram as much info in as possible to help myself if its needed, just ive no idea where to start.
I am in the same situation you are talking about at the moment. I left a good job in Engineering to go down the accountancy route.
As stated you can go straight into doing the ACCA using the mature student entry route. This will make you do papers F2 & F3 before you can progress any further. You dont need any experience, or a job in accountancy to do these. You just buy the books (Kaplan or BPP) and study, study and study some more, then sit the computer based exams when you're ready.
From memory if you do the AAT you sit 6 exams, but you only get exemptions from the first 3 ACCA exams with this (I think). So if your ultimate goal is ACCA it is not really worth it.
I started in Feb this year and have sat F2 & F3 by July. It is a lot of study but if you do the work it is not that hard. My marks for these papers were 80% and 94% with the pass mark being 50%. I had no accountancy experience previously so it is all possible.
As for work just get a job in any practice you can. You will be on about £12k although as stated this will go up. If you're serious about it register as a student with the ACCA then just buy one of the books and start studying while you look for a job. Then if it takes a couple of months to find a job you will already be underway and more employable, epecially if you have already passed an ACCA exam.
To gain full membership to the ACCA you do however need to do a minimum of 3 years relevant work experience (PER) so you will need to find a job at some point just not immediately.
Also once you get passed the first 9 papers (14 in total)you can gain a degree from Oxford Brookes in applied accounting.
HTH
As stated you can go straight into doing the ACCA using the mature student entry route. This will make you do papers F2 & F3 before you can progress any further. You dont need any experience, or a job in accountancy to do these. You just buy the books (Kaplan or BPP) and study, study and study some more, then sit the computer based exams when you're ready.
From memory if you do the AAT you sit 6 exams, but you only get exemptions from the first 3 ACCA exams with this (I think). So if your ultimate goal is ACCA it is not really worth it.
I started in Feb this year and have sat F2 & F3 by July. It is a lot of study but if you do the work it is not that hard. My marks for these papers were 80% and 94% with the pass mark being 50%. I had no accountancy experience previously so it is all possible.
As for work just get a job in any practice you can. You will be on about £12k although as stated this will go up. If you're serious about it register as a student with the ACCA then just buy one of the books and start studying while you look for a job. Then if it takes a couple of months to find a job you will already be underway and more employable, epecially if you have already passed an ACCA exam.
To gain full membership to the ACCA you do however need to do a minimum of 3 years relevant work experience (PER) so you will need to find a job at some point just not immediately.
Also once you get passed the first 9 papers (14 in total)you can gain a degree from Oxford Brookes in applied accounting.
HTH
It is all well can good saying go straight for the ACCA but if you really have no idea of how accounts are produced etc then you won't understand a bloody word of the ACCA course. The AAT course is a recognised stepping stone to the ACCA for a reason. That's the way i took and it made alot of sense. the 2 people on the course i took that missed out the AAT part dropped out of ACCA very quickly.
Devilstreak said:
It is all well can good saying go straight for the ACCA but if you really have no idea of how accounts are produced etc then you won't understand a bloody word of the ACCA course. The AAT course is a recognised stepping stone to the ACCA for a reason. That's the way i took and it made alot of sense. the 2 people on the course i took that missed out the AAT part dropped out of ACCA very quickly.
I dont disagree with you on this. It is just that it is not impossible if you do the work to go stright into ACCA. I assume this is why the ACCA makes you sit the basic paper F2 & F3 before you can sit anymore to ensure you have the potential to finish before you waste any more of your time.
Devilstreak said:
Depends really. Each one (Cima/aca/acca) is just specialist to certain areas of accountancy..
Can you elaborate please?ACA - Practice?
CIMA - Management Accounts (what does that mean?)
ACCA - No idea!
I have looked at ACCA in the past but it wasn't particularly clear what it was aimed at. Accountants working within a firm, but how is it any different to CIMA?
Or any links to decent, idiots guides ?
Cima - Management yup.
Acca is Charted certified accountant
ACA is certified...
Cima is "easiest" with Acca/aca around the same these days.
Although i'm told that Charted certified used to be the one for the "elite", but nowadays Aca/acca are near enough the same with slight changes to certain modules of study. But there is speak of the 2 merging.
ETA
this is what I was trying to say. >> http://www.thestudentroom.co.uk/showthread.php?t=3...
Acca is Charted certified accountant
ACA is certified...
Cima is "easiest" with Acca/aca around the same these days.
Although i'm told that Charted certified used to be the one for the "elite", but nowadays Aca/acca are near enough the same with slight changes to certain modules of study. But there is speak of the 2 merging.
ETA
this is what I was trying to say. >> http://www.thestudentroom.co.uk/showthread.php?t=3...
Edited by Devilstreak on Thursday 17th September 15:33
sebo said:
Devilstreak said:
Depends really. Each one (Cima/aca/acca) is just specialist to certain areas of accountancy..
Can you elaborate please?ACA - Practice?
CIMA - Management Accounts (what does that mean?)
ACCA - No idea!
I have looked at ACCA in the past but it wasn't particularly clear what it was aimed at. Accountants working within a firm, but how is it any different to CIMA?
Or any links to decent, idiots guides ?
ACA - best one to have, but hardest to get into as it is block study based, i.e. 6 months working, 6 months study then exams (IIRC).
ACCA - more financial account bias - preparation of financial statements, reconciliation etc
CIMA - Management accounting - analysis of accounts, forecasting etc.
The highest paid ACCA is more than the highest paid CIMA (according to their salary surveys), but average about the same. Most people will tell you their chosen route is harder/worth more, but IMO if someone is going to be able to qualify for any of them they are not likely to be thick, and therefore should be able to adjust to any particular role.
ACA
Commonly referred to as Chartered Accountants.
The oldest of the qualifications and the one THEY look on as the best (they would, wouldn't they
)
In actual fact, the ACA qualification does not technically exist in such a simple way. In the British Isles,(INCLUSIVE of the Irish Republic), there are three Chartered Accountancy institutes
ICAEW - Institute of Chartered Accountants of England and Wales
ICAS - Institute of Chartered Accountants of Scotland
ICAI - Institute of Chartered Accountants of Ireland
ALL accountants who have qualified with the above institutes are allowed call themselves Chartered Accountants and ALL these qualifications are recognised throughout the UK and Ireland (North and South).
Anyone who wants to qualify as a Chartered Accountant will have to train under the auspices of a recognised training accountancy practice and must complete a set number of years in a practice environment. This is on top of their basic exams.
ACCA
Association of Chartered Certified Accountants
This is an alternative body which many opt for as it is a well respected qualification but has a more flexible approach to entrance and study. There are quite a few Certified practices so many people will train for the ACCA qualification in a very similar way to ACA i.e. as trainee accountants in an accountancy firm. However, if the individual wants to work outside of practise, they may be able to train in a more general commercial environment - this is where the flexibility comes in. IF a prospective Certified Accountant really DOES want to work in practice, they will need to train in an accountancy practice. Some Chartered firms will gladly take on Certified trainees.
CIMA
Chartered Institute of Management Accountants
This qualification is aimed at those who want to qualify outside of the practice environment and suits those who want a career in commerce or industry. As a result, most CIMA students will be working iin a more general commercial office rather than an accountancy firm.
CIPFA
Chartered Institute of Public Finance Accountants.
A professional body set up for those who want to work in government or local government.
Hope that clarifies things. Knowing who's who and what's what in accountancy can be quite tricky.
Commonly referred to as Chartered Accountants.
The oldest of the qualifications and the one THEY look on as the best (they would, wouldn't they
)In actual fact, the ACA qualification does not technically exist in such a simple way. In the British Isles,(INCLUSIVE of the Irish Republic), there are three Chartered Accountancy institutes
ICAEW - Institute of Chartered Accountants of England and Wales
ICAS - Institute of Chartered Accountants of Scotland
ICAI - Institute of Chartered Accountants of Ireland
ALL accountants who have qualified with the above institutes are allowed call themselves Chartered Accountants and ALL these qualifications are recognised throughout the UK and Ireland (North and South).
Anyone who wants to qualify as a Chartered Accountant will have to train under the auspices of a recognised training accountancy practice and must complete a set number of years in a practice environment. This is on top of their basic exams.
ACCA
Association of Chartered Certified Accountants
This is an alternative body which many opt for as it is a well respected qualification but has a more flexible approach to entrance and study. There are quite a few Certified practices so many people will train for the ACCA qualification in a very similar way to ACA i.e. as trainee accountants in an accountancy firm. However, if the individual wants to work outside of practise, they may be able to train in a more general commercial environment - this is where the flexibility comes in. IF a prospective Certified Accountant really DOES want to work in practice, they will need to train in an accountancy practice. Some Chartered firms will gladly take on Certified trainees.
CIMA
Chartered Institute of Management Accountants
This qualification is aimed at those who want to qualify outside of the practice environment and suits those who want a career in commerce or industry. As a result, most CIMA students will be working iin a more general commercial office rather than an accountancy firm.
CIPFA
Chartered Institute of Public Finance Accountants.
A professional body set up for those who want to work in government or local government.
Hope that clarifies things. Knowing who's who and what's what in accountancy can be quite tricky.
Edited by Eric Mc on Thursday 17th September 16:00
Right, thanks for all the extra info. Having read whats been posted, i like the idea best of jumping straight into ACCA and just studying my ass off.
So if ive got this right (and please correct me if im wrong) i grab any job i can do with with accountancy that doesnt need experience like a junior clerk etc, and then start working on ACCA straight away? Ive had a quick check on ebay, and i can pick up F2 & F3 for pennies so i could get studying straight away if needs be.
If i was to try and grab an accounts etc role, would you say it would be worth me learning sage line 50 etc to try and make me more employable? and is it some thing i can do at home, or would i need to do a course?
So if ive got this right (and please correct me if im wrong) i grab any job i can do with with accountancy that doesnt need experience like a junior clerk etc, and then start working on ACCA straight away? Ive had a quick check on ebay, and i can pick up F2 & F3 for pennies so i could get studying straight away if needs be.
If i was to try and grab an accounts etc role, would you say it would be worth me learning sage line 50 etc to try and make me more employable? and is it some thing i can do at home, or would i need to do a course?
Most computerised book-keeping/accounting systems work best if the user has a good grounding in the basics of debits and credits and the double entry book-keeping system - Sage, in particular.
I would get hold of a basic "Accounting and Book-keeping" for beginners type book and have a good read of it before splashing out on expensive courses.
I would get hold of a basic "Accounting and Book-keeping" for beginners type book and have a good read of it before splashing out on expensive courses.
I did A Level accountancy and we used a book by Frank Woods I think. It was a general bookeeping book and covered things like double entry, suspense accounts, trial balance, not for profit accounting, partnership accounting etc.
(On train at the month but if I dig it out later / search Amazon, I'll put a link up).
(On train at the month but if I dig it out later / search Amazon, I'll put a link up).
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