What experience and/or degree did you have before decided to take the plunge and go on your own?
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A think a professional qualification is more helpful than a degree to enter the profession.
Plenty of experience is a must.
If you have experience and a professional qualification, as Lionofludesch would say, you'll be grand.
I would say its mainly about the experience, but the qualification obviously helps. I did eight years in practice, gaining an AAT qualification, slowly building up my own clients on the side, then introduced them to the practice I worked for and became an associate partner. That lasted a couple of years, then went on my own. It was one of the scariest things I've done, but the most rewarding in the end. The AAT MIP scheme really is helpful when you are on your own. Its now 16 years down the line. Real world practical experience in the area you want to go into is the key.
3+ years of actual senior experience in practice is probably sufficient before going it alone. AAT and ATT are both good qualifications to have. AAT for signing mortgage references, etc and ATT for the tax knowledge.
It really depends on your experience. I had four good years of experience in a large international firm of accountants but it wasn't much help in my own practice. I did spend a summer in their tax department and the people there gave me a lot of small jobs to help me. My work in audit wasn't going to help me very much. I tried to get work in small practices while gearing up for going it alone but it was really down to spending extra time on doing jobs for my own clients - mainly on the tax side - to learn what I was lacking.
Now I think I can do a reasonable job helping clients with issues and the odd tax advice but most of my accounts and tax work involves doing it as quickly as possible. Luckily I have some good software to help me!
Experience is key, I had worked for a small practice for over 15yrs before starting up on my alone even now with nearly 30yrs in the business (all in practice) I still encounter new experiences and roles I have never under taken before You are always learning I am also AAT qualified but no longer a member as once you start up on your own you wont have the time to attend CPD unless you are going to employ someone (good luck with that staff are nigh on impossible to find)
as much experience and exposure to clients issues as possible whilst you are in someones employ is key
Since HMRC is determined to destroy the small practitioner sector, why would you bother these days? Easier to get a sinecure in the public sector or big business. Job for life (if you're lucky) and a pension and you can sleep at nights. No PII, no Practice Assurance, easy CPD paid for by the employer, no add-on fees for "faculties" etc. no worrying about succession and "alternates". No worry about bad debts, no chance of being sued (or even prosecuted under MLA 2007 - isn't it a max. penalty of 13 years in jail!)
It feels to me like it's Autumn for the small practice.
I left school at 16 and joined local accounts firm where I studied AAT then CIMA. I was there 10 years followed by 3 years as a manager in another firm. I then got poached to go and take up FD roles where I spent next 12 years.
After a lot of false promises I decided I wanted to do my own thing. I had the opportunity to take on a small practice 10 years earlier when I was about 30 but bottled it and regretted it everyday since.
I did the ATT to get my tax knowledge up to speed then went for it 3 years ago in my early 40's and now starting to get the benefits after a bit of a long slog.
Just wish I had done it in my 30's when I was more driven and dynamic as feel I would have had a very good business now.
I trained for three years with a big accountancy firm, worked as a company accountant for the next 12 years and then went out on my own. My tax knowledge was very out of date and still isn't great, but most of the time it doesn't need to be. As Peter Saxton says, for most small-business compliance work it is all about doing the work quickly, so picking the right software is crucial. So is systemising your work as much as possible so you are not constantly reinventing the wheel.
If I had my time again, I would have got some experience in a small practice and got some up-to-date tax experience.