Accountancy, stick or twist..
Discussion
I posted this yonks ago, but it seems to have been lost in the PH fog
(although it's probably popped up by now!)
I've enjoyed a varied career, which spun off from being a qualified accountant. If you make the move from profession to industry you'll enjoy a much wider brief (if that's what you're looking for)
I found that making a decent career out of accountancy required a lot of perserverance. I know that, in my first two years of my training contract, I had many, many doubts about whether it was the right thing for me. I kept telling myself that if I ever failed at any of the exam levels, I'd seriously reconsider what I was doing and possibly change tack. However, I managed to get through my exams in a reasonably straightfoward manner and this kept me on course.
Even after I qualified I still had my doubts but inertia kept me in the profession. Finally, four years after I qualified, I suddenly found I was actually enjoying doing what I was doing and I settled in to what, in the end, has become a very satisfying and reasonably rewarding (financially speaking) line of work.
My background is different to yours in that I trained and worked in small and medium sized practices and I know that, in these type of operations, there is much better opportunity to be able to converse and communicate directly with your clients. Also, in small practices, you are more likely to cover broader aspects of business as the firms don't tend to hive off the various accounting functions into separate departments.
Even after I qualified I still had my doubts but inertia kept me in the profession. Finally, four years after I qualified, I suddenly found I was actually enjoying doing what I was doing and I settled in to what, in the end, has become a very satisfying and reasonably rewarding (financially speaking) line of work.
My background is different to yours in that I trained and worked in small and medium sized practices and I know that, in these type of operations, there is much better opportunity to be able to converse and communicate directly with your clients. Also, in small practices, you are more likely to cover broader aspects of business as the firms don't tend to hive off the various accounting functions into separate departments.
Edited by Eric Mc on Friday 2nd May 08:24
You will find as you work up through the practice you will give more advice and do less of the mundane work, you might also wish to consider changing departments. I started in Audit and then moved into a mixed role of audit and corporate finance. Audit gives you a very good sounding for whatever else you go onto, especially if you have worked on a wide variety of clients. I am now a partner in a firm not dissimilar in size to yours.
You really need to decide if you want to make it to the top in practice or move into industry. Both have their own challenges and rewards, speak to people in industry and find out what they think. Certainly some of my friends in industry have found it very boring with mainly month end procedures, but then have moved into other work since which is more interesting.
You really need to decide if you want to make it to the top in practice or move into industry. Both have their own challenges and rewards, speak to people in industry and find out what they think. Certainly some of my friends in industry have found it very boring with mainly month end procedures, but then have moved into other work since which is more interesting.
I worked in a large accountancy firm, I always likened it to a factory, get a job, enter the figures, pass it on, never see it again.
I left shortly after, I could see it was boring, and I'd be years working my way up.
I moved to a small practice, less money, but closer to home. Within 6 months I had learnt more from the guy I sat with, than I had in the 3 years previous experience/exams. They got me involved in every aspect of what they were doing, I sat in on meetings from the word go, followed the job all the way through (with plenty of guidance of course).
Big firms are great for money and exams, but I feel it's much more rewarding in a smaller practice. IMO of course. However, in my 7 years here, we've gone from 6 staff to 20, so we're progressing!
I left shortly after, I could see it was boring, and I'd be years working my way up.
I moved to a small practice, less money, but closer to home. Within 6 months I had learnt more from the guy I sat with, than I had in the 3 years previous experience/exams. They got me involved in every aspect of what they were doing, I sat in on meetings from the word go, followed the job all the way through (with plenty of guidance of course).
Big firms are great for money and exams, but I feel it's much more rewarding in a smaller practice. IMO of course. However, in my 7 years here, we've gone from 6 staff to 20, so we're progressing!
Working in practice is dull but a good place to get qualified. You need to get out into the real world of commerce and industry to get into the interesting stuff however..............
.....you can still easily find yourself in the the dull (but worthy) technical areas of companies where half the jobs are.
The interesting stuff is in the commercial finance side of companies but IMHO this suits only a minority of accountants. Why? because you need commercial nouse AND a personality that's comfortable working in the rough and tumble world of marketing, merchandising, production, sales etc etc.
Good luck with your decision
.....you can still easily find yourself in the the dull (but worthy) technical areas of companies where half the jobs are.
The interesting stuff is in the commercial finance side of companies but IMHO this suits only a minority of accountants. Why? because you need commercial nouse AND a personality that's comfortable working in the rough and tumble world of marketing, merchandising, production, sales etc etc.
Good luck with your decision
CooperST said:
So my question is thus; am I wasting my time, or should I see it through and reap the rewards at the end?
How long before you are qualified? Get the grunt work out the way, learn the basics of the trade and then use the qualification to get on with something you want to do. Much as all the non-number crunchers out there hate to admit it, ACA or ACCA will open a lot of doors for you. (I'm not sure what part qualifying then moving on would do for you, I suspect it would be frowned upon, and you might get a bill for anythign your firm have sponsored you to do studywise.)
I'm not an accountant, but I know a fair few. Their careers range from straightforward accountacny work (before you jump on me Eric I appreciate that no accounts are entirely straight forward) through the business advice role you mention in your OP ( I know a couple of them, both with big big firms, not PH'ers or i would push you in their direction) via finacial control for city banks, which comes across as dull but financially rewarding, finally to front office personel at big banks who may have started doing the finacial control roles but have moved into business management or indeed trading.
The demonstrable fact that you understand numbers and their relationship to one another is going to rev a lot of employers engines.
As said I'm not an accountant, and couldn't hack the study, but I think its a dead useful set of letter to have after your name. How you use them is up to you I guess.
I seem to be the opposite to everyone in that I started working in a big 4 firm and experienced a broad range of business. Then moved to a small practice (6 partners 50ish staff) and it was utter boring same old crap day after day. Now work in industry and find that much more interesting.
Have you discussed any of your concerns with a manager / mentor? You shouldn't expect the 'sexy' work to land in your lap, or just from doing a good job in your daily work. You need to express a desire to get exposed to different aspects of the business (and still do a good job at it!)
Edited by Rich H on Monday 12th May 20:29
Rich H said:
Have you discussed any of your concerns with a manager / mentor? You shouldn't expect the 'sexy' work to land in you lap, or just from doing a good job in your daily work. You need to express a desire to get exposed to different aspects of the business (and still do a good job at it!)
Agree with this point. I have just qualified (January) and was getting bored in Audit, doing the same thing day-in-day out. So I thought screw this, no-one is going to come and give me the work I want. I am now transferring into Corporate Tax (more office based) and have requested that I get involved with sales pitches, one-to-one personal tax measures, and that I get 2 hours off a week to help a mate restore Austin-Healeys.
Now I am happy!
Its a living but I always feel that somewhere out there is an out-doorsy job that would fit my personality so much better and pay at least the same.
Trouble is that with a mortgage/family you can't afford to be "caught-between-2-stones".
If your going to jump ship - do it before the 'responsibilities' get you.
Trouble is that with a mortgage/family you can't afford to be "caught-between-2-stones".
If your going to jump ship - do it before the 'responsibilities' get you.
I'd stick with it, you've come this far, at least get the bit of paper...
I started out studying accountancy about 16 years ago, all I had were 8 GCSE's, didnt do college... did AAT first in 3 years, then CIMA in about 4 and a half, (had a couple of resits along the way)...
To a degree i've been lucky as I steered myself away from practice/pure numbers roles, and been fortunate to work in manufacturing all my accounting career, now i'm 35 and doing stuff thats not finance (lean manufacturing/6 Sigma) although I have been with my current employer nearly 11 years..
I'm just saying that the right job will give you plenty of opportunity, I have a couple of mates who did ACA and the practice route, both now work in industry, ones an FD, the other an FC...
Get the qualification, then look for a role outside of the practice environment.. (easier said than done at the moment though)
I started out studying accountancy about 16 years ago, all I had were 8 GCSE's, didnt do college... did AAT first in 3 years, then CIMA in about 4 and a half, (had a couple of resits along the way)...
To a degree i've been lucky as I steered myself away from practice/pure numbers roles, and been fortunate to work in manufacturing all my accounting career, now i'm 35 and doing stuff thats not finance (lean manufacturing/6 Sigma) although I have been with my current employer nearly 11 years..
I'm just saying that the right job will give you plenty of opportunity, I have a couple of mates who did ACA and the practice route, both now work in industry, ones an FD, the other an FC...
Get the qualification, then look for a role outside of the practice environment.. (easier said than done at the moment though)
Just my 2p's worth.
1) The bigger the place you are the longer it takes to get to the "interesting" stuff.
2) Sacking it all off now makes it look to prospective employers that you lack sticking power (rightly or wrongly, you're judged very quickly from a CV or application).
I spent the first few years of my career wondering why I'd bothered to go to university to do many of the tasks that I did, but also with the understanding that everyone has been there and has to do the grunt work to get an understanding of what lies above that.
If you're working in big places, then my view is that accounting is at it's most interesting when it's going wrong!
I work for the NHS, and despite all the criticism levelled at it I genuinely think it's one of the most fascinating places you can work as an accountant. Always changing, plenty of new topics to get your head around and working with some of the brightest and hard working people you can imagine.
However remote I am from it, seeing the magic that doctors can work these days still gives me a sense of satisfaction over 5 years on.
Decent job security and final salary pension is nice too. Money isn't quite what you'd get in financial services, but apart from that it's not a great deal worse than any other industry you could account in.
Bit more interesting than bean counting for making paper or mdf or summat imo.
1) The bigger the place you are the longer it takes to get to the "interesting" stuff.
2) Sacking it all off now makes it look to prospective employers that you lack sticking power (rightly or wrongly, you're judged very quickly from a CV or application).
I spent the first few years of my career wondering why I'd bothered to go to university to do many of the tasks that I did, but also with the understanding that everyone has been there and has to do the grunt work to get an understanding of what lies above that.
If you're working in big places, then my view is that accounting is at it's most interesting when it's going wrong!
I work for the NHS, and despite all the criticism levelled at it I genuinely think it's one of the most fascinating places you can work as an accountant. Always changing, plenty of new topics to get your head around and working with some of the brightest and hard working people you can imagine.
However remote I am from it, seeing the magic that doctors can work these days still gives me a sense of satisfaction over 5 years on.
Decent job security and final salary pension is nice too. Money isn't quite what you'd get in financial services, but apart from that it's not a great deal worse than any other industry you could account in.
Bit more interesting than bean counting for making paper or mdf or summat imo.
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