Changing career, accountancy?
Discussion
Would I be right to assume a good path to accountancy and finance roles would be the AAT courses up to level 4, and then while working in a junior/assistant type finance role, study for ACCA/CIMA?
I'm looking for a career change and accountancy seems one of the best options to retrain in something where there are plenty of jobs from entry level to much higher up. I'm currently working on a 2 year project which only requires me to be in the office for 3-4 days a week so it seems like the ideal time to do a course in my spare time.
I find it pretty interesting especially the business side, but the main driving forces in thinking about this path are 1. Job prospects 2. Ability to train in spare time 3. Earning potential once qualified and 4. I would like a steady job with qualifications to fall back on before I start having kids to support etc, and hopefully one with nice office hours to suit, and this seems a good option.
With the masses of advertising the OU has been doing recently I did look in to their courses but future prospects after pretty much any of their degree courses seem fairly questionable, and after three years I could already be AAT level 4 qualified and working in a financial job towards chartered accreditation if I go with accountancy. Minimal disruption in earnings albeit a drop to begin with and a more 'certain' chance of getting a job at the end.
If anyone has retrained as an accountant I'd love to hear your story
Cheers
I'm looking for a career change and accountancy seems one of the best options to retrain in something where there are plenty of jobs from entry level to much higher up. I'm currently working on a 2 year project which only requires me to be in the office for 3-4 days a week so it seems like the ideal time to do a course in my spare time.
I find it pretty interesting especially the business side, but the main driving forces in thinking about this path are 1. Job prospects 2. Ability to train in spare time 3. Earning potential once qualified and 4. I would like a steady job with qualifications to fall back on before I start having kids to support etc, and hopefully one with nice office hours to suit, and this seems a good option.
With the masses of advertising the OU has been doing recently I did look in to their courses but future prospects after pretty much any of their degree courses seem fairly questionable, and after three years I could already be AAT level 4 qualified and working in a financial job towards chartered accreditation if I go with accountancy. Minimal disruption in earnings albeit a drop to begin with and a more 'certain' chance of getting a job at the end.
If anyone has retrained as an accountant I'd love to hear your story
Cheers
AAT is doable in a couple of years if you're switched on and put the effort in. It would give you a good understanding of the basics before moving on to CIMA or ACCA. Get an accounts role asap as it will give you practical understanding of what you're studying which will help. Too many graduates go straight into CIMA/ACCA and to be honest don't really know the fundamental concepts.
Two points spring to mind. 1) are you sure it's what you want? Spending 8hrs a day working with spreadsheets?
and 2) don't be too sure it's a 9-5 job. My previous role had me staying past 7 in the evenings on plenty of occasions as there are a lot of deadline specific tasks (month end, year end, bid work etc) which have to be completed.
Two points spring to mind. 1) are you sure it's what you want? Spending 8hrs a day working with spreadsheets?
and 2) don't be too sure it's a 9-5 job. My previous role had me staying past 7 in the evenings on plenty of occasions as there are a lot of deadline specific tasks (month end, year end, bid work etc) which have to be completed.Farmer Geddon said:
Would I be right to assume a good path to accountancy and finance roles would be the AAT courses up to level 4, and then while working in a junior/assistant type finance role, study for ACCA/CIMA?
Yes.It's a decent job, reasonable pay (once you're qualified), and interesting (if you like Finance).
Pay isn't great whilst you're training and also you need to work out which branch of Accountancy you want to work in (Tax, Audit, Management Accounts) because the later you leave it the harder it becomes to switch streams.
OP, my gf is a chartered accountant (she qualified a few years back).
She managed to get a training contract at a local firm, the pay, until she'd completed her AAT was abysmal. (Basically minimum wage), although, it did quickly climb during AAT training & post qualification.
She then went on to complete her ACA training, she was sent on residential s to a business school, (i think it's called Reed)?
From getting the training contract to qualification of ACA i believe it was around 5 years.
She's definitely had some top quality training,whilst academic (with no common sense), she said it was tough & stressful but doable.
However, since qualification, she does find accountancy boring, if you can transfer it to something else, or go to industry i feel it's the way forward.
For a newly qualified ACA (outside of London) the salary seems to be around £30-37K dependent upon experience, firm etc.
Take £10-£15k off of that for AAT (my figures are based purely on what friends earn in my area).
Another lad i know has just started the process doing exactly what my gf has done (he has a science masters), so again very academic, whilst enjoying the challenge, he is already talking about transferring skills to another industry once qualified, also, if self-funding, the courses i believe are expensive!
She managed to get a training contract at a local firm, the pay, until she'd completed her AAT was abysmal. (Basically minimum wage), although, it did quickly climb during AAT training & post qualification.
She then went on to complete her ACA training, she was sent on residential s to a business school, (i think it's called Reed)?
From getting the training contract to qualification of ACA i believe it was around 5 years.
She's definitely had some top quality training,whilst academic (with no common sense), she said it was tough & stressful but doable.
However, since qualification, she does find accountancy boring, if you can transfer it to something else, or go to industry i feel it's the way forward.
For a newly qualified ACA (outside of London) the salary seems to be around £30-37K dependent upon experience, firm etc.
Take £10-£15k off of that for AAT (my figures are based purely on what friends earn in my area).
Another lad i know has just started the process doing exactly what my gf has done (he has a science masters), so again very academic, whilst enjoying the challenge, he is already talking about transferring skills to another industry once qualified, also, if self-funding, the courses i believe are expensive!
I changed career into accountancy and the studying does take a while. I've just finished my Level 3 AAT and still have some time to go. I Live close to London, so earning potential in the future is decent.
A few years PQE should see you earning £40k even outside London if you move around. Industry will probably be your best bet for decent money early on.
The money you earn while studying AAT is atrocious by the way!! However, my training is around £3000 a year plus a s
t load of days out of the office, in college, so once you factor that in it becomes reasonable.
A few years PQE should see you earning £40k even outside London if you move around. Industry will probably be your best bet for decent money early on.
The money you earn while studying AAT is atrocious by the way!! However, my training is around £3000 a year plus a s
t load of days out of the office, in college, so once you factor that in it becomes reasonable.I'm 3 years ACCA qualified and I started off with AAT. It definitely helped with a good broad grasp of basic concepts, but I don't think I'd have fared much worse though ACCA had I not done AAT.
At the time I did AAT I wasn't in a finance role so had zero understanding of the basics but picked up more from 3 months in an assistant accountant role than the whole of AAT.
Assuming you have a reasonable degree of numeracy - I assume so considering your desired career! - then I see no reason not to go straight into ACCA/CIMA from the off.
If you can find a junior/assistant accountant type role and then study ACCA/CIMA alongside that would be good.
At the time I did AAT I wasn't in a finance role so had zero understanding of the basics but picked up more from 3 months in an assistant accountant role than the whole of AAT.
Assuming you have a reasonable degree of numeracy - I assume so considering your desired career! - then I see no reason not to go straight into ACCA/CIMA from the off.
If you can find a junior/assistant accountant type role and then study ACCA/CIMA alongside that would be good.
Edited by BRISTOL86 on Monday 31st July 12:34
Eric Mc said:
Excel is useful but most accountants will be using bespoke accounting and taxation software.
I use excel every single day and I work in a practice. A good friend of mine works in industry and he uses excel for everything. If you get a job in finance you'll need to be really strong on excel. I suppose it depends on what area of accounting you are working. I use Excel a lot - but generally as a simple replacement for using old style cash books and replacing the tedium of using adding machines and calculators.
For my main work (accounts preparation, tax calculations - of all types and payroll, I use dedicated software specially designed for the tasks.
The general view in the profession is that you use Excel when there is nothing appropriate designed for the job you need to do. I actually think there is an over reliance on Excel. Excel usually involves reinventing the wheel over and over.
For my main work (accounts preparation, tax calculations - of all types and payroll, I use dedicated software specially designed for the tasks.
The general view in the profession is that you use Excel when there is nothing appropriate designed for the job you need to do. I actually think there is an over reliance on Excel. Excel usually involves reinventing the wheel over and over.
Re: Excel - as Eric says it depends on which area of Finance you’re working in, and what level.
In Management or Financial Accounts you’d be using it pretty much everyday – Finance analysts use it for budgeting, forecasting, variance analysis, reporting. The finance assistants will use it for posting journals to Sales/Purchase/Nominal Ledgers. Payroll also use it for reporting purposes, the Assets team use it for recording CapEx, forecasting depreciation and cashflow and so on ad infinitum. Even Audit use it for generating working papers and checklists/PBCLs.
In Management or Financial Accounts you’d be using it pretty much everyday – Finance analysts use it for budgeting, forecasting, variance analysis, reporting. The finance assistants will use it for posting journals to Sales/Purchase/Nominal Ledgers. Payroll also use it for reporting purposes, the Assets team use it for recording CapEx, forecasting depreciation and cashflow and so on ad infinitum. Even Audit use it for generating working papers and checklists/PBCLs.
It's a great idea to retrain in accountancy, lots of good prospects.
If you earn a decent wage now, I would try and put aside a fair few grand to help with the low entry level salary you'll likely achieve. This is what put me off the career change and doing the AAT courses, I just couldn't manage on £15-20k a year until fully qualified with some experience.
Good luck.
If you earn a decent wage now, I would try and put aside a fair few grand to help with the low entry level salary you'll likely achieve. This is what put me off the career change and doing the AAT courses, I just couldn't manage on £15-20k a year until fully qualified with some experience.
Good luck.
Countdown said:
Re: Excel - as Eric says it depends on which area of Finance you’re working in, and what level.
In Management or Financial Accounts you’d be using it pretty much everyday – Finance analysts use it for budgeting, forecasting, variance analysis, reporting. The finance assistants will use it for posting journals to Sales/Purchase/Nominal Ledgers. Payroll also use it for reporting purposes, the Assets team use it for recording CapEx, forecasting depreciation and cashflow and so on ad infinitum. Even Audit use it for generating working papers and checklists/PBCLs.
In many ways Excel a blessing - and it can also be a curse.In Management or Financial Accounts you’d be using it pretty much everyday – Finance analysts use it for budgeting, forecasting, variance analysis, reporting. The finance assistants will use it for posting journals to Sales/Purchase/Nominal Ledgers. Payroll also use it for reporting purposes, the Assets team use it for recording CapEx, forecasting depreciation and cashflow and so on ad infinitum. Even Audit use it for generating working papers and checklists/PBCLs.
Often, the only person who truly understands the intricacies of how a particular Excel spreadsheet works is the person who designed it. If that person moves on and is otherwise no longer around to explain how all the linked components work, in can be a real pain in the neck for those who have to continue using the spreadsheet. There is also the danger that subsequent users may not properly understand the links and embedded formulae and algorithms inserted by the now departed spreadsheet designer.
There have been a number of disastrous business decisions and misstatements of information made by some businesses absolutely linked to staff not really understanding what a spreadsheet was actually doing.
http://www.telegraph.co.uk/finance/newsbysector/ba...
CaptainSlow said:
No they aren't.
I think it depends what you're doing...Transactional systems - SAP & Oracle JDEdwards - invoicing, journals and ledger entries...that's all in the systems.
Consolidation, Reporting & Planning - again probably a specific system - HFM, BPC...
Analysis of the above....Excel.
Most of the systems have tools that work as add-ins to Excel to send and retrieve data...or other whizzy things.
I look on Excel as a useful accessory.
I have a thought process that goes like this -
If I find myself trying to do a calculation in my head - I reach for pen and paper
If I find myself reaching for pen and paper - I reach for an adding machine
If I find myself reaching for an adding machine - I reach for a calculator
If I find myself reaching for a calculator - I reach for an Excel spreadsheet
If I find myself reaching for an Excel spreadsheet - I reach for the appropriate accounting or tax software
(OK, the adding machine bit was ditched almost 20 years ago).
I have a thought process that goes like this -
If I find myself trying to do a calculation in my head - I reach for pen and paper
If I find myself reaching for pen and paper - I reach for an adding machine
If I find myself reaching for an adding machine - I reach for a calculator
If I find myself reaching for a calculator - I reach for an Excel spreadsheet
If I find myself reaching for an Excel spreadsheet - I reach for the appropriate accounting or tax software
(OK, the adding machine bit was ditched almost 20 years ago).
Having previously studied CIMA and deciding that accounting wasn't for me I would like to echo some of the above points.
You don't have to do AAT before you start doing ACCA or CIMA, it certainly does help though to give you a good understanding of the basics if you aren't familiar with basic accounting and business principles. You may be exempt from some of the entry level exams depending on what you studied at university(if you went)
I feel this is more important than my previous point. Studying is alsousesless-difficult if you aren't putting it into practice what you're learning. This is where I struggled as I found at times the theory quite full on but couldn't relate it to any past or current work activities.
You should ideally get yourself at least an entry level accounting role of some sort (this is where AAT might help) so you can better retain what you learn early on during your studies, and learn from senior colleagues who can support you better than a tutor you pay for.
If you find someone along the way who is good at excel, make friends with them forever, get them to teach you EVERYTHING you can soak up. It is a powerful tool in the right hands and isn't used exclusively for accounting purposes and is a transferable skill to other industries should you find you wish to go into industry instead of practice.
Good luck, hope my comments were useful.
You don't have to do AAT before you start doing ACCA or CIMA, it certainly does help though to give you a good understanding of the basics if you aren't familiar with basic accounting and business principles. You may be exempt from some of the entry level exams depending on what you studied at university(if you went)
I feel this is more important than my previous point. Studying is also
You should ideally get yourself at least an entry level accounting role of some sort (this is where AAT might help) so you can better retain what you learn early on during your studies, and learn from senior colleagues who can support you better than a tutor you pay for.
If you find someone along the way who is good at excel, make friends with them forever, get them to teach you EVERYTHING you can soak up. It is a powerful tool in the right hands and isn't used exclusively for accounting purposes and is a transferable skill to other industries should you find you wish to go into industry instead of practice.
Good luck, hope my comments were useful.
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