Career change to Accountancy - advice pls?!

x

Not having a degree will limit you, because most accountancy firms (firms rather than companies make up the majority of training providers) look for a degree on their entry requirements. I'll leave it to someone else to advise on how to get around that.

Evening all,

I am seriously considering a career to Accountancy and I would very much appreciate any advice/experiences you guys can share with me.

I am in my early 30's and currently work as a Web Developer with a lot of database work. My career history to date has been in I.T. and I DO NOT have a degree. I have thought this decision through and my reasons for wanting a change are very good so I am comfortable in making the change.

I am still reading up on the different areas of the industry and where each path could lead me, but at the same time as doing this I would very like your specific answers too. Okay, so I've listed some questions/areas that I would like advice on:

1) What qualification should I take (AAT, ACCA, CIMA, ACA)?

a) the specific career path each will lead me to?
AAT - a really good foundation in accountancy. Offers many exemptions to ACCA, CIMA and ACA.
Also if you achieve AAT, companies seem more confident that you'll continue studying.
Its a great stepping stone, and a good qualification on its own anyhow! Its NVQ Level 4 which isn't far away from the same level as a degree.
c) is the industry leaning towards a particular qualification for the future?
If you want to work in an accountancy firm - KPMG, Deloittes e.t.c then ACA or ACCA.
If you want to work for one company, then CIMA.
I've seen a lot of accountants who've started out in Practice eventually go an work for businesses.
What do you want to do at the end of the day - tax? Financial Statements? (ACA/ACCA) Or do you want to work with the business, helping to make decisions and influence strategy (CIMA)
d) will not having a degree dictate/limit which qualification I go for?
No. Although I find that organisations that want you to be ACA qualified are usually education snobs, and want you to have a degree as well.

Although it is worth noting, that with both ACCA and CIMA, when you get to a certain level of study you can actually get a lot of credits towards a degree. So you could get one eventually!!! Look at this from CIMA -

http://www.cimaglobal.com/Study-with-us/Combining-CIMA-with-degrees/Manchester-Metropolitan-University/

2) What is the best way to enter the industry?
a) look for a junior position with study support straight off?
b) look for a junior that doesn't have study support but then with 1 years experience look for a position that does provide study support?
c) study the foundation level exams through my own cost but, hopefully, get study support for the intermediate and advanced level exams?
d) is there a particular company I should look to start off with?
e) a good method of home study (CBTs, books)?

I started work in accountancy at 17 - I got a job which promised study support. They didn't give it to me as promised. SO I went elsewhere. I found that all of my jobs, but my first one, were very happy to give me study support.

If I had to do it all again, I would do the same - take any job I could that had a decent job description, try to get study and keep moving until I got what I wanted.


As you can see I have listed a number of questions here and I am still reading into the subject, but it will be a lot quicker if I just ask the questions.

Not having a degree is penalising me in the employment world but having a recognised Accountancy qualification will hopefully put that restriction behind me (i.e. if you study a Accountancy degree you still don't end up an Accountant).

Get accountancy qualified, and a degree! Go for both! Did you know, that once you are CIMA qualified, you can study for an MBA too. I think that you have to complete a couple of papers.

Whilst I'm here - you having IT skills is a massive benefit because obviously gone are the days of accountants using T accounts and paper!

I think having IT skills lends you well to going down the CIMA route and trying to work for a company.

Any good advice will be greatly appreciated.

Thanks in advance.

Can I just say, that when i started out I wanted to work for Practice as well.

But I'm so glad I didn't - it might pay well, but its not all its cracked up to be. I've asked colleagues who used to do it/auditors and I get a similar story.

There's usually a lot of travelling, a lot of team building (nights out of excessive drinking might seem fun to begin with but my friend says it takes its toll), it can be quite lonely if you do something that is very client facing as you don't work with the same people and are at different companies all the time.

I also hear that if you don't pass your exams first time, that you get fired or ruin promotion opportunites! It seems intense.

I've also come across quite a few auditors who don't have the technical working knowledge that I do (AAT, thanks for that!).

Why put yourself through that, when most practice accountants aspire to go work for companies anyhow? Honestly I'd choose working for a private company any day now. I am glad that I didn't have the degree that the Big 4 would have wanted. Its saved me a few years of misery!

Nat

x

Can I just say, that when i started out I wanted to work for Practice as well.

But I'm so glad I didn't - it might pay well, but its not all its cracked up to be. I've asked colleagues who used to do it/auditors and I get a similar story.

There's usually a lot of travelling, a lot of team building (nights out of excessive drinking might seem fun to begin with but my friend says it takes its toll), it can be quite lonely if you do something that is very client facing as you don't work with the same people and are at different companies all the time.

I also hear that if you don't pass your exams first time, that you get fired or ruin promotion opportunites! It seems intense.

I've also come across quite a few auditors who don't have the technical working knowledge that I do (AAT, thanks for that!).

Why put yourself through that, when most practice accountants aspire to go work for companies anyhow? Honestly I'd choose working for a private company any day now. I am glad that I didn't have the degree that the Big 4 would have wanted. Its saved me a few years of misery!

Nat

x

Why put yourself through that, when most practice accountants aspire to go work for companies anyhow? Honestly I'd choose working for a private company any day now. I am glad that I didn't have the degree that the Big 4 would have wanted. Its saved me a few years of misery!

Can I just say, that when i started out I wanted to work for Practice as well.

But I'm so glad I didn't - it might pay well, but its not all its cracked up to be. I've asked colleagues who used to do it/auditors and I get a similar story.

There's usually a lot of travelling, a lot of team building (nights out of excessive drinking might seem fun to begin with but my friend says it takes its toll), it can be quite lonely if you do something that is very client facing as you don't work with the same people and are at different companies all the time.

I also hear that if you don't pass your exams first time, that you get fired or ruin promotion opportunites! It seems intense.

I've also come across quite a few auditors who don't have the technical working knowledge that I do (AAT, thanks for that!).

Why put yourself through that, when most practice accountants aspire to go work for companies anyhow? Honestly I'd choose working for a private company any day now. I am glad that I didn't have the degree that the Big 4 would have wanted. Its saved me a few years of misery!

Nat

x

I know this isn't supposed to be a thread about pros and cons of Big 4, however:

There's an element of truth to this, especially I found in the third year of my trainee programme at a Big 4. I have now qualified and moved up and it is far less true having done that, more time in the office and working more closely with your peer group.

But, I do admit some of what is written above is fair. The difficulties of the Big 4 are well known, long hours, lots of travelling, stressful etc.

There is a balance to that though. As an assistant manager I am paid well it's true. I feel secure in my job. Performance is really well recognised - I recently got vouchers for bringing in additional work at one of my clients.

Last week I had meetings with the Director of Finance, Director of Operations, Medical Director and Director of Workforce at my internal audit client. Some were one to one, some with a manager as well. It's fantastic exposure and networking with very senior people, all of whom I've got good relationships with.

And my job is varied and interesting, which it wouldn't be in practice. I do different things every week, I've got 3 different internal audits in different stages of progress at one client, two charity external audits about to kick off and a university external audit in planning. Safe to say I'm not bored.

How can anyone who never been to uni or worked for the Big 4 made this kind of comment !!

I had fantastic time at uni. and thanks for the Big4, I am now ACA qualified, got my own apartment and earning decent income.

Working as an auditor, you get to know people and build your contact list.

I rest my case.

Last week I had meetings with the Director of Finance, Director of Operations, Medical Director and Director of Workforce at my internal audit client. Some were one to one, some with a manager as well. It's fantastic exposure and networking with very senior people, all of whom I've got good relationships with.

And my job is varied and interesting, which it wouldn't be in practice. I do different things every week, I've got 3 different internal audits in different stages of progress at one client, two charity external audits about to kick off and a university external audit in planning. Safe to say I'm not bored.

1) This first bold paragraph summarises many of the reasons people choose Audit in big firms. Nights out (paid for), client facing, travel, build contacts etc.

2) Are you suggesting that AAT gives more technical knowledge then ACA?

3) Practice accountants choose to apply to competitive positions in top accountancy firms for the career prospects. If they aspired to work for companies straight off the bat then they would apply for companies.

4) While I appreciate you're trying to promote an alternate route (which is perfectly viable), I do wonder how you can make comments about the top accountancy firms in the world without having worked there?

.....