Career change, accountancy.
Discussion
Have been considering a career change for some time now and have got myself to a position where I think im goin to give it a go. Just wondered if anybody has got any tips on how to get into accountancy, where to start looking etc and any previous experience's they might care so share?
Lostprophet said:
I am an accountant... I have passed my exams and I am waiting for the Chartered sign off.
I have a few questions to ask before I can answer yours.
Age:
Background/experience:
Degree?
Alevels?
GCSES?
Why do you want to become an accountant?
Cheers,
LP
31,I have a few questions to ask before I can answer yours.
Age:
Background/experience:
Degree?
Alevels?
GCSES?
Why do you want to become an accountant?
Cheers,
LP
Currently working in a transport office,
Yes, Business studies
Yes, Maths, Business Studies, Geography
Yes,
When I did my degree the financial elements were the ones I enjoyed the most and they just seemed easy to me compared to others. Its something that I have thought about before I started my current job and it keeps cropping up in my mind to do, but to be honest I've got comfortable doing what i do and just sort of "stuck in a rut".
I have reached a point now where financially i think i'll be able to cope with taking a pay cut and its something i think i should have started straight from uni but dived into the first job i was offered.
Looking at various different careers and i think it would suit my skills/strengths.
Well okay. There are 2 routes in.
AAT. That goes through the basics of accounting. It is nothing something I have done. I jumped straight into Cima after working in finance for a while. I have a degree in Finance.
You can go through the Acca or Cima route. Any ideas what you would prefer?
The most tricky thing is getting into a finance type role. Thats the biggest hurdle!
AAT. That goes through the basics of accounting. It is nothing something I have done. I jumped straight into Cima after working in finance for a while. I have a degree in Finance.
You can go through the Acca or Cima route. Any ideas what you would prefer?
The most tricky thing is getting into a finance type role. Thats the biggest hurdle!
Lostprophet said:
There are 2 routes in.
You can go through the Acca or Cima route. Any ideas what you would prefer?
The most tricky thing is getting into a finance type role. Thats the biggest hurdle!
I have worked as an accountant for all of my working life so far (twenty years). I have always worked in group finance departments for ctiy firms and most recently I have had a three year stint in a fund of hedge fund. I am now about to join the audit, risk & compliance department for the investment company I work for as the hedge fund is liquidating and closing down. Luckily I have worked for the same investment company for the last eleven years and am transferring internally to an internal audit role.You can go through the Acca or Cima route. Any ideas what you would prefer?
The most tricky thing is getting into a finance type role. Thats the biggest hurdle!
To the OP, you will need to get through the exams in order to command a reasonable salary. It's a few years hard work but worth it and at 31 you are not too old to start the exams and change career, but remember there are an awful lot of people studying and an awful lot of people applying for those roles that command the higher salries in the investment companies and banks, if that's where you want to end up.
Good luck with your decision.
Andy OH said:
I have worked as an accountant for all of my working life so far (twenty years). I have always worked in group finance departments for ctiy firms and most recently I have had a three year stint in a fund of hedge fund. I am now about to join the audit, risk & compliance department for the investment company I work for as the hedge fund is liquidating and closing down. Luckily I have worked for the same investment company for the last eleven years and am transferring internally to an internal audit role.
To the OP, you will need to get through the exams in order to command a reasonable salary. It's a few years hard work but worth it and at 31 you are not too old to start the exams and change career, but remember there are an awful lot of people studying and an awful lot of people applying for those roles that command the higher salries in the investment companies and banks, if that's where you want to end up.
Good luck with your decision.
I too work in funds, but no longer in the City. I haved moved now to a company in Mayfair. To the OP, you will need to get through the exams in order to command a reasonable salary. It's a few years hard work but worth it and at 31 you are not too old to start the exams and change career, but remember there are an awful lot of people studying and an awful lot of people applying for those roles that command the higher salries in the investment companies and banks, if that's where you want to end up.
Good luck with your decision.
Just be open as possible... I'm 30 and just qualified. I hope to move to £60k by 33. £65k by 35. That is the plan!
Edited by Lostprophet on Thursday 10th February 13:19
my brother is an accountant, if you met him you would not be surprised.
http://www.youtube.com/watch?v=XMOmB1q8W4Y
http://www.youtube.com/watch?v=XMOmB1q8W4Y
Definitely do the exams, was looking at either ACCA or ACA.
Will be trying to get a job with a training package, but was pondering starting of my own back then trying to get a job once i've passed the first exams. Any thoughts on this approach?
I was looking at www.bpp.com as a potential training provider.
Will be trying to get a job with a training package, but was pondering starting of my own back then trying to get a job once i've passed the first exams. Any thoughts on this approach?
I was looking at www.bpp.com as a potential training provider.
BPP are good, I did my ACCA through them. Be aware though that it's quite expensive if you're paying for it yourself and it's pretty time consuming- it's possible to pass the exams in a couple of years but you'll have pretty much no life in that time. It took me seven years to pass mine for that very reason. I'm not sure if it's the case now but ACA used to operate on an articles basis, meaning that you were effecively tied to an employer. Unless you're planning on working in Practice I'd also look at CIMA as it's more industry biased and has a tie-in with ACA that may allow you to "upgrade" later.
It's a good career though as it is exportable- I've worked in Financial Services, Electrical Engineering, banking and now housing. Most employment agencies also have a dedicated team for finance jobs so there's always something. I spent ten years in Management Accounting which is interesting and involving (I've spent most of my career on first name terms with members of the Board) but it does have its downsides- two weeks of every month were spent doing monthly reporting meaning holidays have to be planned well in advance. It can also get pretty repetitive as you do the same things at the same time every year (ie March is Year End, June is budget, September is Forecast time). I know accountants who earn £100k plus in their late 20's/early 30's but they can work 18 hour days and regular weekends, and have their laptop and blackberry on hand at all times. I also know others who earn low 20's, it just depends on how hard you're prepared to work and how much of your time you're prepared to invest.
Having said that though I enjoy what I do and don't regret the path I've taken. Just be aware that as in any job the rewards are there but you do have to work for them!
It's a good career though as it is exportable- I've worked in Financial Services, Electrical Engineering, banking and now housing. Most employment agencies also have a dedicated team for finance jobs so there's always something. I spent ten years in Management Accounting which is interesting and involving (I've spent most of my career on first name terms with members of the Board) but it does have its downsides- two weeks of every month were spent doing monthly reporting meaning holidays have to be planned well in advance. It can also get pretty repetitive as you do the same things at the same time every year (ie March is Year End, June is budget, September is Forecast time). I know accountants who earn £100k plus in their late 20's/early 30's but they can work 18 hour days and regular weekends, and have their laptop and blackberry on hand at all times. I also know others who earn low 20's, it just depends on how hard you're prepared to work and how much of your time you're prepared to invest.
Having said that though I enjoy what I do and don't regret the path I've taken. Just be aware that as in any job the rewards are there but you do have to work for them!
As I said, I am 30. Newly qualifed. I work 8.45-6.30pm and I earn £50k pa plus bonus. I am sure I could work less hours for the same cash somewhere and I am sure I could do more hours for £55k pa. Everyone is different.
Work life balance can be achieved quite easily if you select the right industry and job.
I would say do ACCA as you can run your own accounting practise if you want. It makes no difference at the end of the day. I like Cima; less boring accounting rubbish to do!
Work life balance can be achieved quite easily if you select the right industry and job.
I would say do ACCA as you can run your own accounting practise if you want. It makes no difference at the end of the day. I like Cima; less boring accounting rubbish to do!
An ACCA here. I would suggest you do either ACCA or CIMA. There were at least two threads a few weeks back on the differences between the two. It will be hard work studying and working but the benefits will come post qualification. I stayed in audit after qualifying and am now an audit partner. It doesn't have to be boring if you find the right job for you - I have managed to get to 13 countries for work in the last 3 years. The last one was Pakistan (not boring...). We even target Automotive clients.
I suggest you do lots of research on the CIMA vs ACCA routes and find out which suits your skills and character the most.
There are quite a few accountants on here who I am sure will answer more of your questions.
Good luck and enjoy
I suggest you do lots of research on the CIMA vs ACCA routes and find out which suits your skills and character the most.
There are quite a few accountants on here who I am sure will answer more of your questions.
Good luck and enjoy
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