Made the wrong decision?

Made the wrong decision?

Didn't find your answer?

I am presently working for a small firm of chartered accountants and i have just completed my first year of ACA.

My problem is that i don't think that working in practice is for me. I have always preferred costing and management accounting rather than auditing and stat accounts prep, but was talked in to going down the practice route because ACA is seen as more prestigious. I didn't realise what working in a practice meant!

I am seriously considering giving up my job sooner rather than later, as i am pretty miserable, but where will that leave me career wise? How will employers in industry see this? Will it be seen as a weakness? I am concerned that i will have difficulty in finding an employer willing to offer me a study package to complete the ACA, as ACA is most commonly offered by practices. This may sound crazy but is it possible to even do the two final years with CIMA?

Replies (14)

Please login or register to join the discussion.

avatar
By wilcoskip
27th Sep 2012 20:12

Hmmmmm

I've gone from practice (after qualifying) to industry, and then back again.  It's horses for courses.

I don't have any comment on the CIMA side of things - not my area.  Everyone I sat my ACA exams with was in practice, and I'd certainly find it unusual to train for them in industry (but no doubt there are exceptions.)

The key thing for me is that you're saying that after just one year you can't stand practice.  This is serious.  If you can't stand the working environment then another couple of years is going to be really tough - let alone staying motivated for studying.

Sod what's 'prestigious' - life's too short.

One question you should ask yourself, though: is it really practice you don't like, or is it the firm you're in?  Practice as an experience can vary quite widely.  Some practices I've worked in (like the one I trained in) were great.  Another practice I worked in was beyond awful as a workplace, with bullying and unfair pressure all rampant in the name of profit for the partners.

I still think that the variety and work of practice is, on the whole, quite interesting and sometimes even fun.  You get to know a wide variety of people, and help them in a very meaningful way, all while getting paid.

All the best, and sorry I couldn't give you any clear answers.

WS.

 

Thanks (0)
avatar
By neileg
28th Sep 2012 09:32

Perceived prestige

Whatever perceived prestige the ACA once had, this is irrelevant outside of practice and almost irrelevant inside. (I speak as an FCA). A top tier qualification is valuable but which one is not that important.

Having said that, the first year of any training will be the least stimulating. I found that as my experience and skills grew I was involved in progressively more interesting and challenging work in the small practice where I trained. The best bit for me about practice is that you get exposed to such a wide range of different businesses and busines models and develops a mental financial agility. This has stood me in good stead in my career which has been in industry, commerce and the public sector.

If you really can't stand it, then switch. Providing you have a good chance of qualifying without too much of a struggle, you may be better off biting the bullet and staying where you are. It will be relatively more straight forward to switch sectors as a qualified.

Good luck

Thanks (0)
By ireallyshouldknowthisbut
28th Sep 2012 09:51

.

Stick it out. I am a FCA and found the first year very very dull.  Third year it got interesting, but I got out the second I had my 3 years up and went into industry.

Doing 'both sides' is very valuable and give you a broader base of experiences to draw upon. Being tied to a single firm can give limited scope.

Thanks (0)
Replying to Valbona:
Red Leader
By Red Leader
28th Sep 2012 10:27

first year blues

Yes, the first year of my ACA training was boring. When you qualify, and perhaps towards the end of the training period, you then get much more opportunity to move into the area that really interests you. I speak now as an FCA many years later and my current job is the most satisfying. Stick it out and get the qualification, it will then lead to a wide range of opportunities.

Thanks (0)
avatar
By soul_love9
28th Sep 2012 11:02

Interesting comments

Thanks for your input, all comments are helpful and provide food for thought, my worry is that im signed up for a four year contract which means i have another three years left which is daunting to say the least! I'm thinking should i get out now and cut my losses before its too late? I will have to pay them back for the first years study fees because of breach of contract.

Also, does anyone know how employers look upon candidates that have made a decision such as this? Is it uncommon?

Thank you

Thanks (0)
By Duncan Watt
28th Sep 2012 14:16

CIMA vs ACA in Industry

Speaking as a former recruitment consultant and someone who has worked with both CIMAs and ACAs I would have to agree that the type of qualification is secondary when working in Industry. 

One thing that you do have to be aware of is that if you qualify ACA, then it is likely that your first job in Industry will be based around your existing skill set i.e. financial accounts rather than management accounts.  This could mean another 1-2 years in this area of accounting...

Switching qualification isn't very common, but I have seen it.  The key is to make sure that you only make one "mistake".  If you proceed to qualify CIMA with a reputable company, then the aborted ACA qualification will be forgotten.

It is even possible to turn this to your advantage:  If you sell yourself to prospective employers as a candidate with a good basic knowledge of financial accounts, gained during this first year of your ACA qualification, who felt constrained by the lack of opportunity to show your commercial acumen, then you can turn this last year into a positive.  It is all about how you communicate why you want to change qualification.

One final word of caution: Having spoken to many 1st year CIMA students, the initial work in Industry can be just as uninspiring as the work you are doing now.  The key to making a change, if that's what you decide to do, is in finding the right company.  Perhaps it is the size of company that is limiting the variety of work you can get involved in?  Bear this in mind if you do decide to change.

I hope this helps and good luck with whatever you decide to do.

Thanks (0)
avatar
By soul_love9
28th Sep 2012 16:23

Thank you Duncan, that is very insightful.

Can i ask what types of position a part qualified ACA may be offered in industry?

Thanks (0)
Replying to Paulsoper:
By Duncan Watt
02nd Oct 2012 13:58

Moving to Industry with one year of ACA studies

That is a very broad question...  It will depend on the company.  It is likely that you would be asked to play to your existing strengths and start in something more month-end or financial accounts based.  However, you may simply be offered a fresh start.  As one of the previous contributors suggested, contact CIMA and see if you qualify for any exemptions based on your ACA studies.

How you present this last year on your CV and at interview will be very important in making sure it is seen as a positive and helps you get interviews rather than hampering your chances.

As most people have said, the type of qualification becomes less and less relevant in industry as you gain experience.

The best advice I can give you is, if you move, thoroughly research the company you are moving to and make sure you speak to people who have done or are doing the job as part of the interview process to make sure you don't make another wrong decision. 

Good luck whatever you decide to do.

Thanks (0)
avatar
By Eric T
02nd Oct 2012 11:44

I would say stick with it too. One year isn't really long enough to really know if practice is right or wrong for you.

 

I had a similar crisis of confidence in my early days as a student in practice - and I even spent one year after qulaiifying working outside practice (in local government). In the end, I discovered that practice was what actually suited me best - and I've been working in this area for 30 odd years now - and still enjoy it.

Thanks (0)
By Democratus
02nd Oct 2012 11:59

There are other choices

CIMA is a good option, ACCA will also let you train in industry; if you are persuaded to go down the Public/Civil Service route then the CIPFA qualification has certain attractions (no comment on the attraction outside of the public sector though).

Generally oince you land some sort of Proferssional qualification it's mostly down to experience, skills acquired and motivation.

I speak as an FCCA but i have happily employed Part qualifieds, time barred and qualified accountants in the past and frankly the qualification doesn't really matter that much. It's more of a door opener than a guarantee of quality.

 

Thanks (0)
avatar
By bridgetflett
02nd Oct 2012 12:00

Different types of practices

I left one practice to work for another. The new practice was effectively the accounts department for a large group of companies and I was doing very much 'industry' type work but it meant I could carry on with the same qualification (ACCA in my case as I needed flexibility).

This move taught me that I wasn't cut out for industry as I preferred the variety of clients and work you get in practice where no two days are the same!

In fact I went back to standard practice, having learned some new skills,  and am now many years qualified and a partner. 

Constantly moving won't look good on a CV but admitting you made an error and have the guts to rectify it is not a sign of weakness in my book. 

Thanks (0)
avatar
By asillahi
02nd Oct 2012 12:19

Don't waste yr time

.....doing something you don't enjoy. Get back into industry and complete CIMA. I don't think it will be seen as a wkness. I studied ACCA and then left practice for industry which I much prefer but have recently set up a practice as well which my wife runs. Ironically she studied CIMA but has now one paper to take of the CIOT exams so it's very much horses for courses as someone else said.

The only thing you may regret is not being able to set up in practice for yourself as it's very different doing your own thing compared to working for s'one else.

Thanks (0)
avatar
By JWB
02nd Oct 2012 13:26

Will your current employer be sympathetic to a change in qualification - ie will they allow you to change to CIMA or do they only support ACA ?  Speak to CIMA and see if they will allow any dispensation for having studied (and passed?) one year of ACCA...

 

Where do you want to be in 5 years?  if you want to be in practice then stick with ACA, if you want to be working at costing / management accounts in industry switch to CIMA.

 

I'm a CIMA accountant! 

 

 

 

Thanks (0)
avatar
By duncanphilpstate
02nd Oct 2012 15:23

First year of anything is tedious and drudgery?

Here's my two-pennyworth. And keep reading to the end for the twist in the tail if it starts to sound critical.

As others have mentioned, the first year of any career can seem endless. Remember that whatever qualifications you think you've brought along with you, if it's a training position of any kind they probably don't count for as much as you think. The firm will  be getting the measure of you and like it or not you will be learning how they do things at the ground level. If (and from what you say it may be a big "if") you stay in practice that bottom-end knowledge will be useful later on.

Not wanting to be critical or personal, but there's a lot of young'uns in all spheres these days that come in expecting to run things within months. Life isn't like that (I blame the schools). Apart from anything else, the people who were there before you are going to fight to protect their positions which they'll see as hard-earned.

Unless things have changed enormously, the first year of accountancy training is seen as dogsbody-work, partly because you'll be assumed to be studying hard and so focussed primarily on that. But it's also true that someone has to do it and in what is effectively an apprentice situation, it's you. In the second year you should get to do more with less supervision and in year three you might be bossing people around (you mileage may vary as the Americans say).

Lastly, on the positive side of practice, you (should) get to see a variety of client companies and how they do things in their business. That's in valuable later on if you take the trouble to look and think about their business and how you might do things differently. Whereas if you're in "industry" you won't get that variety of insight.

I know I said lastly - but one more thing: I personally switched out of computing after two years of "not getting anywhere" into accountancy and while training I transferred articles between firms after year two (almost unheard of at the time). And I don't regret either of those decisions. If it's the right thing for you, do it.

 

 

Thanks (0)