Starting a career in the financial sector at an older age...

Hi guys what is the actual, practical chance of gaining employment in this sector if you don't become qualified well in to your 30's? (not that i'm that old yet, but if I were to pursue this line of training and education).

The most likely route would be through one of the several degree programmes on the Open Uni- econmics, business studies or accounting, or perhaps through the AAT method.

Would employers take you as seriously as someone in their early 20s, fresh out of uni? I know many people go by the philosophy of 'you're never to old to try something new/better yourself/get an education' but how would employers in this field really react?
Thank you

Reply 1

Tokyoround

If your goal is to become an accountant then it's fine age doesn't matter so much. If your aim is to become an M&A banker then you have next to no chance without financial experience or experience in a coverage area in demand.

Reply 2

cipfatrainee

I think that you should go for it if that's what you want to do. I can't imagine that you'd have any problems if you qualify in your thirties, the way I look at it is that you've potentially another thirty years to go until retirement at that age, so plenty of time to try something new.

You mentioned studying for a degree - why not go straight for studying for one of the professional qualifications by distance learning (such as CIPFA or ACCA) ? It would be hard work, but it is possible with dedication, I've taken several exams this way myself.

It might be worth checking if you meet the entry requirements and if not you mentioned studying AAT which should do it (again, check with the institutes), you'd also gain a good understanding of double-entry accountancy going down this route and qualify for exemptions.

I do think that employers value experience as much as a qualification though, so you would probably need to look into how you could gain some experience as you study at some point

Hope that helps

Reply 3

AW1983

You're not too old provided you go about it the right way. I'm judging from your post that you could do with some mentoring on the best way to get into the profession, so feel free to ask me anything.

In the meantime:

1) Can you say what area of finance you want to get into? I'll be more helpful if you say back or middle office and it will also be a lot easier to get in.

2) What's your background? What industry are you coming from and do you already have a degree? Financial institutions rely on all kinds of professionals, some very obvious (lawyers, accountants) and some less so (communications & PR professionals, occupational psychologists etc).

And for general advice:

Don't mess around with a degree. If you want to work in finance, choose a qualification from one of these bodies that's relevant to what you want to do and just get on with it. They'll be much more useful to you than a degree. In no particular order of preference:

Association of Chartered Certified Accountants
Institute of Internal Auditors
Chartered Institute of Management Accountants
Chartered Institute of Public Finance & Accountancy
Institute of Chartered Secretaries & Administrators
International Compliance Association
Chartered Institute of Bankers in Scotland
Institute of Financial Services
Chartered Institute of Securities & Investment
Pensions Management Institute

The list is not exhaustive but I have deliberately left out the various Institutes of Chartered Accountants (other than ACCA and CIMA although I am talking really of Global Accounting Alliance bodies) and the Institute of Actuaries because you either need a degree or a training contract to do their exams.

Alternatively, you could look at Manchester Metropolitans Chartered Accounting degree if accountancy is what you want to do. That gives you a degree and professional qualification.

Reply 4

DaveAvon

Cheers for the replies, guys, and sorry it took me so long to get back, been really busy.

My background is military, but i'm trying to decide what route to go down once I leave.
Still trying to decide between something I'd be content with that pays well (accounting) or something I'd love but I don't think there is all that much money to be made. (Biological anthropology perhaps?)

I know people will often say go with what you really love but by the time I leave I'll have kids and a mortgage to worry about so I have to be a bit more practical I think.

Still got many, many years left though, just in the thinking about things stage at the minute.