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Ask AAT - any questions on a career in accountancy and finance

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I am currently on an aat full time college course but have decided I would like to go in financial advising,would these qualifications still be worth doing or is this not the right path into this career??

Reply 21

lt35

"I am currently on an aat full time college course but have decided I would like to go in financial advising,would these qualifications still be worth doing or is this not the right path into this career??"

Could be valuable if you're avoiding the Uni route. Many a backroom bookkeeper has advanced through the ranks with the right attitude and networking skills

Reply 22

Onaleesh1

Thank you, do you know the route I would take after college instead of university?

Reply 23

lt35

Original post by Onaleesh1

Thank you, do you know the route I would take after college instead of university?

Sorry, I gave you crap advice. I thought a Financial Adviser was just another name for a Management Accountant (some of which don't have degrees). Sorry!

However I've been doing a bit of research on the FCA qualifications and the job market as it genuinely interests me as I am in a similar situation and can't get a degree really as I've already dropped out of Uni twice :eek:

.

Will post again if I find any evidence of people in the UK gaining FA employment without a degree.

Reply 24

lt35

This is the official line:

"Entry without a degree is possible and employers often regard personal qualities as important as academic qualifications. Relevant experience in a customer service, sales or financial services setting is also viewed positively. New entrants often start in a bank and study part time, learning alongside experienced advisers."

from here

http://www.prospects.ac.uk/financial_adviser_entry_requirements.htm

You'll also notice that it says accountancy diplomas may improve your chances which is encouraging - whether AAT is considered a "proper" accountancy diploma or just enhanced bookkeeping? Will have to do some more reading. Have a bad feeling though that it won't be good enough to get the necessary experience in the banking or insurance sectors pre-FCA :thumbsdown:

Sorry

How far along are you with the AAT? I've just started Level 3 this last month.

Edited to add: Just realised that a degree would not be necessary to progress you're career if you were to to be brave and set yourself up as a Financial Advisory Sole Trader. Not one for the faint-hearted though!

(edited 10 years ago)

Reply 25

lt35

However it does say:

"It is also possible to enter the financial advice sector as a paraplanner, providing research and administrative support to a financial adviser."

**** knows what a paraplanner is but AAT would be perfect for getting a job as a FA's administrator. Great news!

Reply 26

lt35

These are the three main skills that stood out to me that you will need to get considered for a FA position:

•

the ability to explain complex information simply and clearly;

•

the ability to network and establish relationships with clients;

•

research and analytical skills;

The first and third I assume you would get practice with as an FA advisor.

As for networking skills, strangely enough I think the AAT could come in really handy, as you could get a job as a Credit Controller as a stepping-stone and that job is all about networking with the debtors as I'm sure you'll know.

So yes in theory you can do it without a degree :smile:

. Gonna have a look to see if there any real life examples of people managing it out there. Then that's my lot, promise!

Reply 27

lt35

Yep, you really can reach the top of Financial Advisory without a degree according to this story:

http://www.investopedia.com/financial-edge/0312/financial-careers-without-a-college-degree.aspx

Sounds like the insurance industry is less snobby about degrees than banking for experience before your FCA.

I'm quite jealous of your ambition actually - I'm currently looking for pot-washing jobs!

Thanks for listening :wink:

Reply 28

catloverxx

Hi Dan,
I'm in year 11 and will be choosing my A-Level subjects very shortly. Can you suggest some subjects which could help me get in an Accounting degree at university?
Many thanks

Reply 29

Lemon98

hey
im thinking of doing accountancy, im 15 in year 11 and already have a GCSE in maths as a C but i am aiming higher. Im not sure if i should try and go straight into an apprenticeship or study a btec diploma in business or IT or do some A levels and then do an apprenticeship?

Reply 30

lt35

Original post by Lemon98

Hi L98,

You don't need A-levels or diplomas to do AAT (Association of Accounts Technicians) the first rung on the accountancy ladder. This will get you into finance assistant/credit controller jobs and the like. The salary ceiling for these types of jobs for the most talented and experienced candidates (like 5 years) is about £25-£30k. If that's what you're aiming for, then having a Business diploma would be a bonus in my opinion.

However if you really want to become a Chartered Accountant, then you need to have 2 A-levels minimum to be accepted on the ACCA course (the most popular awarding body) and I don't think a Business diploma would be taken seriously.

I wouldn't bother doing IT though (unless you're sure about and have researched a specific role) as all the Excel and Accounting Software training you need is included is included in the AAT syllabus.

Good luck!

M

(edited 10 years ago)

Reply 31

Lemon98

Original post by lt35

Thanks

so i would need A levels to be a charted accountant but i dont think im able to aim that high as im more of a b/c grade student but this has helped me a lot although i might give it ago thanks :smile:

Reply 32

lt35

No problem - all the best :smile:

Reply 33

Runninground

Original post by Lemon98

Thanks

You don't need A Levels to be a chartered accountant, there is ACA and CIMA too.

Reply 34

AAT Advisor

Official Rep

Original post by amyrichards

Hi Dan!
I've recently completed GCSE's with 9 A*'s and 6 A's and am now studying AS Level Mathematics, Further Mathematics, Physics and Geography with predicted grades of all A*'s. I'm very interested in becoming an accountant in the future and am hoping to study an Accounting and Finance Degree once I finish my A Levels.

I'm worried however that because I didn't do GCSE's/AS in business, economics or accounting that my chances of being accepted onto an Accounting and Finance course could be low? I've read through entry requirements for the courses and none of them have specifically said that business, economics or accounting is required but it is preferable and I was wondering if you could give me advice on what I should do? Will I find it overwhelmingly difficult to keep up with the course because I have no qualifications in business, economics or accounting?

Hello,

To begin your AAT journey you do not need any qualifications, just an understading or english, and maths. To have passed with A grades is always a positive. By the sounds of things you have the determination to achieve high grade through your qualifications. AAT is designed so that you can start to study at Level 2 (Level 5 in Scotland) this is the introductory to Accounting and will give you all the base knowledge from Bookkeeping to Working effectively in accounting and finance.

You will also need to think about what method of study you would like to do. Classroom based or Home Learning. To Study Classroom based you will have a schedule to keep you on track and alternatively Home learning will allow you study at your own pace. The choice is yours.

Hope this helps, let me know if you have any further questions.

Thanks

Reply 35

Lemon98

would you have to go to uni to get them or would that be another type of apprenticeship?

Original post by Runninground

You don't need A Levels to be a chartered accountant, there is ACA and CIMA too.

Reply 36

bigwhalegambler

Hi Dan,

What's better- AAT or Verizon?

Reply 37

AAT Advisor

Official Rep

Original post by Onaleesh1

Hi,

That's fantastic news! Hope its all going well.

Every insight into financial planning will be beneficial. Studying AAT will give you an insight into Tax and other topics that will cross over to Financial Planning.

There is a difference between the two. An Accountant will provide a service and will be skilled in these areas:

· Tax preparation
· Financial statements
· Depreciation
· Breakdown of expenses
· Appropriate tax shelter recommendations
· Tax laws and how they affect you
· Business structure recommendations and advice
· Business growth and succession strategy in relation to taxes
· Audit representation

Where as a Financial Planner will be skilled to provide a service relating more towards the following:

· Budgeting
· Investing (short, medium, and long-term, in a variety of vehicles)
· Asset allocation
· Estate planning
· Insurance planning (disability, life, investment, shareholder protection)
· Changes in the industry that affect you
· Business structure and strategy tips
· Wealth accumulation and protection

Hope this helps,

Many thanks

Reply 38

Runninground

Original post by Lemon98

would you have to go to uni to get them or would that be another type of apprenticeship?

You can do them either way. If you go to Uni, then once you've got a degree you'll need to apply for training schemes, on which you will work whilst studying for the qualification (ACA or CIMA). They will pay the fees and you'll be paid too.

If you don't go to Uni, you can go to college to do AAT, then study ACA or CIMA. You can do this all through an employer as I am doing. They pay for everything.

Timewise it is about the same, give or take a year however with the non-uni route you're getting an extra 2/3 years of work experience.

Reply 39

lt35

Hi Dan, I'm sorry but I have an obscure administrative question for you!

Over the past year I've passed the first two modules of Level 2 AAT. However I recently let my AAT membership lapse despite being keen to continue with my studies. I want to enroll with Home Learning College who offer free AAT membership as part of the package. Is there some mechanism by which I can transfer my credits over to the new AAT membership number that I will receive? Can I come into head office with ID to prove I'm the same person for example?

Many Thanks

lt35