Career Change - Is accounting an option?

Career Change - Is accounting an option?

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Hi

I'm looking for a career change. Someone has suggested accounting and I'm looking into whether it is an option.

I'm currently 31. I'm a graduate (BSc in Biochemistry (2.2) & MSc (conversion) in Computer Science). It is a long complicated story but I've ended up via various other things in Life Sciences recruitment. Its helped me out of a bad financial hole over the past couple of years, but I'm really not cut out for it long term and am considering what to do next. I've heard lots of suggestions from friends, but someone accountancy might suit me, and the idea has struck me as worth looking into. I have an aptitude for figures (A-level Maths and an A* at GCSE), worked in finance briefly a few years back, and help my partner out with sorting her accounts which were previously in a mess.

I've started to do some internet research on where to start, but much of the advice seems to apply to recent grads, and I'm not sure if this would apply to me or not.

Any advice gratefully received!

Tim Wagstaff

Replies (15)

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By tjw_78
13th May 2009 23:23

I wonder is someone could pick up on the points in the post belo
What are people's experiences, perceptions or thoughts on the number of available opportunities for trainees?

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By Swiss Toni
11th May 2009 16:12

Dear Timmy

Hi Yes Hello.

"P.S. err, Swiss Toni, or whatever your name is - do be quiet"

Actually i think you should change career and accounting is an option, go for it!

Please keep me updated with your progress, i am keen to read more!

Many thanks.


Swiss Toni

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By tjw_78
08th May 2009 19:06

Continued thanks for the advice
Thanks to everyone for the advice. It has definitely given me some food for thought.
My current thinking is that this is something I would like to explore further. Practice appeals more than industry as I have working in large corporations, and it is soulless. Also long-term, I like the idea of being self employed. So I am guessing the ACA sounds best. Re: the AAT – sounds like it is worth looking at as a first step, although I would back myself to be able to go straight into the ACA (I did my MSc Conversion course in Computer Science with previously knowing anything about computers, and did fairly well).
The drop in wages sounds a bit daunting. I have still got some student debt to clear, and a wedding to pay for! However I do not have any dependents, and there is no mortgage (just rent), so I think it will just make life hard, not impossible.
Can anyone recommend any good reading I can do to find out more, or open days, or similar that I might be able to attend?
Thanks,
Tim
P.S. err, Swiss Toni, or whatever your name is - do be quiet.

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By mcfarlanetoms
08th May 2009 15:54

Begin with the end in mind!
Lot of good and intersteing comments so far. My thoughts, what they are worth...

Do you want to end up in practice or in industry? Do you want to work with a big company or SME. Once you make that decision then identify what you might like to "specialise" in. Within industry there are going to be areas that are "sexier" than others, the same for practice. Go and speak with both financial and management accountants and find out what they like and dislike about their job, and their employers. Once you can narrow down your preferred focus then this will create more transparency for the qualification route you might want to take.

I am a science grad, who worked for 20 years in sales and marketing, before being put in charge of the finance function, so naturally I became an accountant (with an industrial/business focus) late in life. The hardest part of the transition was the personality by-pass operation and the charisma transplant!

PS: retain a sense of humour (Tim) and recognise irony when you see it. A quick search on Swiss Toni will reveal all!

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By User deleted
08th May 2009 13:28

In reference to the previous poster
Although AAT technician is equivalent to the first year of a degree, it is exceptionally useful for someone with no accounting experience whatsoever.

With AAT you get exemptions for the first stage of ACCA and the only crossover was the tax papers cross with some of the ACCA tax paper.

I'm not sure if exemptions are available otherwise unless there were any modules of accounting in your degree.

Whilst I agree that educationally you may have overtaken AAT, the fact that it takes accounting from basics upwards is very useful. I found that the AAT students were much better prepared for ACCA papers than the degree students were and this seemed to be general knowledge amongst the tutors.

Having said that if you do pick things up quickly you might as well start ACCA (or equivalent) at the fundamental papers as it will be a quicker route into chartered status.

The choice is yours!

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By Helen Stevens
08th May 2009 12:25

AAT not really suitable for a graduate - and can you afford it?
I wouldn't wish to say anything against anybody who has done the AAT, since there are plenty of sole practitioners out there who have taken the AAT route and are more than holding their own, however I would suggest that it is my understanding that the AAT (and the ATT) are really marketed as A Level equivalents, and therefore not really a suitable qualification for a graduate. Plus if you subsequently went on to do the ACCA or the ACA, you may get some credits (you would need to check this with each examining body), but you would probably find yourself studying a lot of the same stuff again.

I think the advice offered has been very good, and I agree that you will almost certainly need to show some level of commitment to the career path before a firm is willing to invest in your training. Unless you start your training yourself, this is likely to mean taking a lowly job in an accountancy firm (doing the most boring stuff which nobody else wants to do) for a year or more before starting your training. The rate you get paid will be appalling, and many younger folk wouldn't stick it, let alone somebody used to a living wage.

Hence if you decide it's the thing for you, then your best bet is probably to pass the first round of exams yourself, as suggested. That will make you a cheaper option for a firm to take on than a new starter who hasn't yet started their exams, and you will have shown your committment already, and will be that much more employable. If you hit the books hard you should be able to crank out the first round of exams in perhaps 6 months (depending on your choice of qualification) and I wouldn't leave it much longer before trying to get a job in the industry, since you cannot qualify without a period of experience in a training contract. For the ACA it's three years, and your wages will leap up on qualification. You should check out the likely wages, and see if you can afford to live. If you have a mortgage and/or a family, you are going to need a major backup plan cash wise. It was a few years ago now, but I started on a £10,000 (gross) salary with a medium sized firm, and I doubt the wage for a new trainee will be much better now.

Choose a good traning provider and whatever you do, don't fail your exams. It will really limit your options about who will employ you if you fail. Don't underestimate how hard it will be or how much time you will need to give to it. If you are working fulltime, you can wave goodbye to your evenings and much of your weekends. I did block release at FTC in Wokingham, and I would definitely recommend this method of study if you want to hit the ground running.

You do have to wonder though how many jobs are out there though.

I hope my input is helpful - best of luck if you decide to go for it.

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By AnonymousUser
07th May 2009 16:51

Tim
Ignore the troll. Every forum has one or two.

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By Swiss Toni
07th May 2009 13:12

I would'nt


Hi Tim, Yes hello.

I dont think you have the qualities people would expect of an accountant, for example you say you helped out your partner sorting her accounts out. Firstly 90% of accountants do not have "lady" friends plus i doubt they would do accountancy work for free.

Secondly your initial post indicates you have friends, accountants do not have friends. Should you decide to study for an accountancy qualification be prepared to lose your friends. Friends are frowned upon within the accountancy profession, one way round this is by renaming your friends as "associates".

Lastly be prepared to grow an unsightly beard, wear shocking green "pullovers", wear hush puppies, have a wardrobe full of cardigans and name your tally wacker "Nigel"

Good Luck

The force is strong within you, do not turn to the darkside!

Swiss Yoda

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By 0682460
07th May 2009 10:26

No-one has mentioned AAT yet...
If you like the idea of working for yourself or going into practise as opposed to industry you could look at www.aat.org.uk
I did AAT distance learning while in full time employment in a sales environment, Then I changed my job to part-time accounts assistant as I progressed through the AAT exams. Having had other part-time jobs to gain further experience I went on to become a sole practioner doing sole traders & small partnerships.

Good luck, whatever you decide!

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By nigel.betts
06th May 2009 17:14

Yes, you can start studying without a trainee position
Hi again,

Answering your last question:

Yes, you can start studying without having a trainee position. (CIMA and ACCA candidates often do this anyway).

For ACA (Chartered Accountancy), the majority of students (90% or more) will be working as they study. However, as I said before, it is a good way to show you are committed.

To qualify as a Chartered Accountant (and I assume the others as well although as a Chartered Accountant I do not know much about the ACCA or CIMA), you need to pass all your exams and have 3 years practice experience with a firm of Chartered Accountants.

You can sit all your exams barring the case study I believe without having a trainee position. Then only in your last year of training i.e. 3rd year you can then sit the case study (unless the ICAEW have changed the rules).

Therefore, start studying now and try to pass the first level. Then after that start looking for a trainee position. Thi s will strengthen your chances a lot.(obviously start looking before, a firm may hire you without this anyway and you will save yourself money).

There are a number of colleges that offer ACA courses. One of the most popular and in my opinion the best one is BPP College.

The courses are not cheap but I would not cut corners and would enrol at BPP.

Good luck.

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By User deleted
06th May 2009 16:46

age shouldn't be a barrier
Don't let your age put you off, if anything it is an advantage - more experience, dedication to chosen career path etc.
I am ex Big 4 - trained in audit and we were crying out for quality graduates, and age certainly was not considered a barrier. My advice is approach non-city firms ie ignore London whose quotas certainly fill up with the new graduates.

Be prepared to work hard though, the exams are pressured enough but you also have to factor in your work too. Rewards are certainly there - it will be tough in the next few months/year but firms will still need to take on trainees - if you have the academics, make sure you stand out in the interviews and you won't not get an offer because of your age...

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By User deleted
06th May 2009 16:43

You could also look at CIMA
CIMA's focus is on industry rather than practice and as such has a focus on the management accounting side and has no audit training.

Take a look at cimaglobal.com for more details.

p.s. if you get any replies that tell you that their institute is best and you should ignore the rest - ignore them. Each institute has plusses and minuses and you should look at the one that best fits with your aspirations.

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By tjw_78
06th May 2009 16:09

Thanks for the advice so far - further question
Thanks for the advice so far. The point that firms may question my commitment due to my age is an interesting one, and is something I feared. So, can you start study without a post at a firm?

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By neileg
06th May 2009 15:21

Excellent advice so far
The problem may be that the pay tends to be abysmal for new trainees in smaller firms.

Don't rule out training in industry or the public sector. The experience may be less varied and perhaps less transferrable, but pay levels and working conditions tend to be better.

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By User deleted
06th May 2009 14:34

Start doing the Professional exams
It seems that you meet the educational criterea most firms have when seeking new trainees.

However, given your age they may question your committment and therefore, it could be worthwhile if you started the professional accounitng exams yourself.

You also need to decide if you want a career in practice i.e. Audit, Stat Accounts preparation and taxation or to work in industry i.e. managment accounts / budgets/ cost accounting / project accounting etc.

If you are unsure then start the ACCA (Certified Accountants) exams as it is opens doors in both Practice and Industry.

If you sure you would like a career in Practice, then the ACA (Chartered Accountant) exams as they are considered more presitgious in Practice (whether that is fair or not).

Anyway, once you have passed the first few levels of the Professional Exams (ideally first time), you will find it easier to find work as it it will show:-

1) you are able to pass the exams (which are hard...well the Chartered Accountancy exams are) and

2) you are committed.

In additon, if you would like a career in Practice, you may have to focus on applying for the smaller firms as they may be more flexible in their intake then say the big firms such as Price Waterhouse Coopers (anyway the work is more interesting if you work for a small 3/4 partner firm).

If you wish to work in industry, then there are number of roles you can try to open the doors, although you may find them boring e.g. credit control,

I hope this helps and good luck.

Regards

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