CIMA at the age of 35??

CIMA at the age of 35??

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Hello All,

I am sure some of you might have come across this question before. I am 35 years old married man with a child & work in a 5 star Hotel as a Butler in London. I wish to make a career change into Accounting. I have studied 3 years of Hotel Accounting during my Hotel Mgmt study (I have done 3 years DIPLOMA in Hotel & Business Mgmt) days about 13 years ago after i was never in touch with accounting. I have carefully gone through the contents of CIMA & ACCA. I believe CIMA is something that interests me. 

Do you think CIMA is good for starters like me?

Would it be wise to get a job before embarking on CIMA?

Whats the best way to approach companies for my first job in accounting??

Look fwd to your expert advice. 

Replies (29)

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By tom123
03rd Jul 2015 07:08

Don't let age be a barrier.

In answer to your main point - Why not? It is never to late to learn new things.

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Replying to Paul Crowley:
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By User deleted
03rd Jul 2015 23:15

CIMA at 35??

Thanks for your replies...

 

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By cheekychappy
03rd Jul 2015 07:19

CIMA may be difficult with no prior experience or accountancy qualification. An ICB or AAT qualification is probably the best entry into the profession.

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Accountants Northampton
By Shamrock
03rd Jul 2015 07:39

Go for it
CIMA is a great qualification but it requires a certain amount of confidence to achieve as it forces you to look at things from a director or business owners point of view.

From my experience both as an ACMA and working with them, people who are successful chartered management accountants don't sit around thinking too hard about when they should start.

They wish they had started years ago and get things underway as soon as possible to make up for lost time, momentum is at the heart of what we do and you need to embrace that on day 1.

If you're the sensible studious type then maybe one of the other qualifications like ACA or ACCA could be more suitable.

Otherwise I would urge you to start CIMA as soon as possible, as it will completely change the way you look at business.

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By Andy Collins
03rd Jul 2015 08:52

You could

CIMA isn't a beginners course, but if you apply yourself there's no reason why you can't skip some of the preliminary qualifications if you remember enough of your Diploma from 13 years ago! CIMA will also assess your prior qualifications and decide whether you need to take their own set of preliminary exams (another Diploma). Just so that you're under no illusions, completing the course is 'difficult'. The level of difficulty depends on how quickly you want to complete. Taking one exam at a time is obviously easier and will be less of a strain on family life. If you want to take three at a time and complete the course in 2 years, then your going to have to sacrifice an awful lot of time around April/May and October/November. It usually also means attending seminars on weekends unless you have an employer wiling to release you during the week. I did most of my seminars via distance learning (on the internet) but this method was only being pioneered when I did it. I don't know if it caught on.

There is no question, if you are working as a Management Accountant, there are aspects (only a few) of the exams that you will find easier. It's amazing how much more obvious double entry book-keeping becomes when you do it every day. With that said, it's not strictly necessary to be working as a Management Accountant, but definitely a bonus. You also cannot gain full CIMA membership without at least 3 years 'relevant' experience, so at some point you would definitely want to be working as a Management Accountant.

Apply, apply and apply some more. You might have to start doing something you don't like, but there are always ways to get where you want to be if you put the time/effort in. I personally would begin by applying for almost anything in a finance department and look to work my way into a position that I'm interested in.

 

Hope that helps.

 

 

 

 

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By Melody
03rd Jul 2015 11:17

Go for it - I did!

I did CIMA with a career change into accounting a couple of years older than you. I found quite a bit of prejudice from employers because I had no relevant experience but was no longer fresh out of university, but hopefully that has improved since the Age Discrimination legislation came in.

I passed Stage 1, to show that I was serious (it only took me a couple of months) before getting my first job in accountancy and started at the very bottom, filing and producing thousands of invoices. I quickly worked my way up, though, and passed all the exams in record time, sitting each stage at the very next sitting. 

I did this mainly by private study and a couple of one or two day courses with no financial assistance from my employers although I did get promoted as I progressed and ended up running the department I started by doing the filing for, before moving on to group accounting.

So as long as you're prepared to work hard on your studies and start at the bottom if need be, CIMA is a great qualification for a career changer. CIMA is a qualification that is very proactive in the running of a company, so you'll find your real world hotel experience useful.  Also be willing to be flexible to get that first job in accounts, even if its part timel accounts and part time hotel work (perhaps even for the same organisation) for a while. Once youve got experience from that first accounts job you'll find it easier to get the next one. And if you're lucky you'll find an employer willing to support your studies as well, even if not in the first job.

You'll need your wife's support as studying and working can be quite time consuming,  although you don't have to go through all the exams as quickly as I did. You're also likely to take a drop in income for a time,  while also paying out for your studies.

But, although I can't promise that  you won't have to work long hours as an accountant, especially at year ends, your working hours will be less antisocial than hotel work can be and you'll have weekends with your family (apart from study needs.) And who knows, perhaps you'll end up going back to that hotel as its finance director! 

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By cparker87
04th Jul 2015 00:06

Never too late

It is never too late to take up a new skill. Enjoy. 

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By PracticePartner
04th Jul 2015 08:57

Consider alternatives too

If you want to work in commerce and industry then CIMA or ACCA. If you want to work in a practice be aware that once qualified with CIMA you need to be separately registered with them as a Member in Practice, so you might want to look at ACCA if you want to go down that route.

If in your deliberations you are also considering alternatives to an accountancy qualification (or the hard work required to get it!) that will also give you a career path, you could look at consultancies or software companies that specialise in the hotel sector using your Diploma as an entry point. 

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Replying to Mr_awol:
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By User deleted
04th Jul 2015 19:50

@Practicepartner

@ PracticePartner , I looked at both the curriculum & find that CIMA suits me the most...is it difficult to get into Members in Practice? Also do u think because of my gap since I last did accounting, I should do a level 2 course in AAT?

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Replying to Slim:
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By J T
16th Jul 2015 12:02

AAT has advantages, maybe not level 2

gud8heart wrote:

@ PracticePartner , I looked at both the curriculum & find that CIMA suits me the most...is it difficult to get into Members in Practice? Also do u think because of my gap since I last did accounting, I should do a level 2 course in AAT?

You get exemptions for the certificate level with the AAT level 4 diploma (or you did when I studied). I would recommend starting with level 3 if you did go down AAT route (I skipped level 2). On cost/time grounds it is not worth it as you could do the certificate quicker/cheaper but the AAT will better prepare you for CIMA at strategic/managerial level and you will be glad of the help.

I did AAT level 3 but not level 4. I got certificate exemptions due to my degree (Economics) bu the AAT experience was very helpful with the bread and butter stuff in the CIMA exams proper. Remember you don' have the advantage of doing this stuff in your day job.

You may get exemptions for your existing diploma anyway.

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By timmypunk
04th Jul 2015 09:22

Age is no barrier

I restarted my CIMA at 40 , when I went in the lecture everyone thought I was the lecturer.

 

I think CIMA is the best , gives your more of a insight into business ,and has allowed me to work in many different and varied areas

 

 

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By PracticePartner
05th Jul 2015 12:08

@gud8heart

You need to pass the exams and demonstrate practical experience to qualify, then to become a Member in Practice you need to demonstrate specific experience in the area you want to work in. No doubt ACCA have similar requirements so I wouldn't consider the CIMA process unduly onerous.

On the question of whether its worth doing an AAT first it depends on what exemptions you get, if you spend two years on AAT and it shortens the CIMA study by 2 years then you could consider it, And it might give you more flexibility should your circumstances or motivation change in the meantime, at least you have a complete interim qualification rather than just being a lapsed student.

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By Richard Barnard
16th Jul 2015 11:47

I'm also going down this route and I am 47!  Age is just a number so go for it!!

I was going to start in September, but my wife is having an operation in the same month and I might delay until January.  That said, I am aiming to study one module at a time and sit each respective exam.  I have heaps of practical experience and a Stage 1 equivalent diploma, but I want the qualification and I know it will help me in my current role both now and in the future.

Good luck.

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Replying to DJKL:
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By User deleted
16th Jul 2015 21:31

thats the spirit :)

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By J T
16th Jul 2015 11:56

Not an issue at all

Age is definitely not a barrier I have worked with accountants who started later or never even bothered qualifying. CIMA is definitely a good string to anyone in managements bow. But as other's have said:

- time and cost can be a challenge, if you consider completion is over three years and training of some degree will be needed (text books and fees alone will probably be over a grand each).

- the monthly magazine from CIMA always seems to have an Engineer who decided to get the qualification as he rose through the ranks. So it is certainly possible for those with an understanding of but not working in accounting at the time

The advantage of working in the field is that is how the subject is learnt and will set you in good stead for the accounting roles when qualified. I would rather employ an unqualified accountant who has on the job experience, than a qualified one without experience in industry (others may disagree). So if you do go down that route you may be looking to change career during qualification rather than after.

For myself I studied AAT Level 3. This helped get my trainee accounting role partly as a result of showing the desire and the knowledge/experience of basic accounting you learn either on the job or through AAT but not through CIMA/ICAEW (as they are set at a higher level).

When I started CIMA I was married no children but by the time I sat the final exam my wife was pregnant with our seccond, so it is certainly doable with family life.

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By dmmarler
17th Jul 2015 12:57

3 Yrs Hotel Accounting

If you already have done 3 years' hotel accounts studies, and with the practical experience of dealing with your guests' over the years, you should have no difficulty starting CIMA!  I have undertaking CIMA assessments over many years, and those with employment-related qualifications and experience do well.  You can become a CIMA Member in Practice once you are qualified - check on the rules as you go along. You only need to take ACCA (or ICAEW) if you want to sign off audits - and the need for these is constantly diminishing.  (I managed audits for a big 4 firm, and they were signed off by the client partner.)  Good luck.

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By JDBENJAMIN
17th Jul 2015 14:08

Beware of false impressions about accountancy.

Some people who already have good careers are attracted to train as accountants due to believing the exaggerated salary stories recruitment agents put about. Beware that even if you qualify in three years flat (which will only be possible if you can find entry level accountancy jobs that will give you the necessary experience, and these will be low paid and very difficult to get), you should expect a salary post qualification of around £40,000. That is a good salary, but it is not the great riches people will have you believe are available, and it will only come (if at all) after many years of very hard work and study. You sound like you are on top of your game in your existing work. Is it really worth a career change?

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By michaelstalas
17th Jul 2015 19:44

Don't study accounting

Job opportunities for accountants have been in decline for a long time. The increased use of technology in collecting, recording and reporting information has resulted in a dramatic reduction in the need for those skills. Decades ago, medium and large companies needed an army of accountants. Now everything can be done with a small team.

 

You’re far better off remaining in the service industry where you can’t yet be replaced by a computer, robot or call centre in Asia. 

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Replying to bernard michael:
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By Headbent
19th Jul 2015 00:01

Fudder

michaelstalas wrote:

Job opportunities for accountants have been in decline for a long time. The increased use of technology in collecting, recording and reporting information has resulted in a dramatic reduction in the need for those skills. Decades ago, medium and large companies needed an army of accountants. Now everything can be done with a small team.

 

You’re far better off remaining in the service industry where you can’t yet be replaced by a computer, robot or call centre in Asia. 

Clearly a wind up.

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Replying to bernard michael:
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By sandse15
07th Oct 2015 16:44

This is why you need to study CIMA as the daily routine job tasks are computerized thus accountants need to prepare themselves to add value through value chain and increased perceived values for internal and external customers. Armed with skills for effective financial management, improved working capital management, strategic thinking and many other skills, accountants in today's finance department not only provide historical costing figures about how much something costs but how shape the future of the organization by providing quantified figures for how much value can be created.

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Replying to bernard michael:
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By sandse15
07th Oct 2015 16:46

Future of accounting

michaelstalas wrote:

Job opportunities for accountants have been in decline for a long time. The increased use of technology in collecting, recording and reporting information has resulted in a dramatic reduction in the need for those skills. Decades ago, medium and large companies needed an army of accountants. Now everything can be done with a small team.

 

You’re far better off remaining in the service industry where you can’t yet be replaced by a computer, robot or call centre in Asia. 

This is why you need to study CIMA as the daily routine job tasks are computerized thus accountants need to prepare themselves to add value through value chain and increased perceived values for internal and external customers. Armed with skills for effective financial management, improved working capital management, strategic thinking and many other skills, accountants in today's finance department not only provide historical costing figures about how much something costs but how shape the future of the organization by providing quantified figures for how much value can be created.

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By FCExtraordinaire
20th Jul 2015 09:38

Never too late

I have just finished an OU degree and am doing ATT this year.

It's never too late to learn.  Personally,   I would say go for ACCA.

Considering you probably have over 30 years left working, your second career may be longer than your first.

Good luck.

 

 

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By jcit2013
20th Jul 2015 11:56

CIMA at 35

As others have suggested above, the only way to find out whether CIMA is for you (at the age of 35) is to start studying for your first exam, without further delay. You may find that one (hopefully) successful exam leads to another; equally, you may find that even the Certificate level exams (not to mention the higher levels) require a level of commitment which places too much pressure on other areas of your life. 

I started self-studying for CIMA (with no exemptions) at the age of 30 and qualified three and a half years later. Half way through that process I became a parent. CIMA, like the other accountancy qualifications, is high-volume. Fitting that volume around work and family is a (relatively) major undertaking and you would certainly need your partner's support. In my view, CIMA is as much about time/life management as it is about numbers and strategy. For me, that meant getting up early and doing two hours of study before work. 

As for your age, I wouldn't let it put you off. Your life/work experience to date would no doubt help you put the vast CIMA syllabus into a real-life context (thereby improving your chances of remembering it). In CIMA exam halls, I saw people of all ages (going up to approx. 60 years old) although the 'norm' appears to be 25-30. 

In short, I would say: register with CIMA, buy the first book, spend 6-8 weeks on it (assuming it is a Certificate-level paper), sit the exam and see how you feel...

 

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Replying to Wilson Philips:
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By User deleted
20th Jul 2015 17:27

Thanks for your valuable advice...how bout getting an entry level accounting job first??? Do u think it will be easier for me to get jobs mid way into the course or after the completion

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Replying to Merseyside Mike:
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By J T
21st Jul 2015 09:58

Employment

Personally I think it would be easier to get a job partway.

As a part qualified accountant you should have the skills to do the accounting technician stuff (journals, ledger management, recs). Against this is the lack of specific work experience that anyone trying to start a new career has (again AAT may help with this).

As a fully qualified accountant without on the job experience it will be even harder. For example I would be worried about leaving you managing staff and reviewing their work when they have more experience. Not saying it isn't doable, just harder.

Finally given the challenge of changing careers the earlier you start the more successful you are likely to be. I think showing willingness by starting your studies/passing exams will help. But the higher up the pay grade you are when you make the transfer the harder it is likely to be to find a role.

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By Melody
21st Jul 2015 08:47

Start looking for an entry level job now,
weigh up the market in your area, get your CV together emphasising anything relevant in your current experience and your diploma, sort out your linked-in profile etc as it will make your studies easier to put in context if you can get a job in accounts early. But realistically you may not be so attractive to many employers until you have progressed a little in your studies - passing your first exam shows you have both the ability and commitment for your new career if you don't yet have the experience.

Once you have joined CIMA as a student member you will have access to CIMA meetings where, as well as learning from some of the excellent speakers, you will have the opportunity to network and get helpful advice - I found these meetings quite helpful.

Also look particularly in the hospitality industry where your sector experience will help make up for your lack of experience in accounts - network, use any good contacts you have, look in any industry publications for opportunities, look at organisations such as HOSPA - or even think whether a sideways move into a rung on the management ladder with a strong financial component would work from your current experience. Consider anything that might help you get that first position in finance - and good luck!

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By taylorag
21st Jul 2015 09:40

CIMA Meetings

Melody makes a good point about CIMA meetings.

Why not go along and talk to members and students at a meeting?  THe link below will take you to CIMA's main Areas and Events page and you will be able to find out what's happening in your area from there.

http://www.cimaglobal.com/Our-locations/UK/Member-and-student-network/Ou...

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By User deleted
21st Jul 2015 13:41

Final Question ?? hopefully :)

Does it have to be Kaplan or LSBF from where I should do CIMA to gain weightage or any normal academy or finance institution offering CIMA is OK???? 

 

Suggest some good schools plz. 

 

Thanks 

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29th Dec 2015 05:45

Education don't see ages.

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