If you had your time again? Career advice

Would you still become an accountant and what would you change in your career

Didn't find your answer?

A simple question,

  ·If you had your time again would you become an accountant?

  ·If so what would you do differently through your career path?

I am currently looking for practice CA training contracts to start my path into the industry, but I would love to hear the opinions of those who have been there and done it.

I am a bit unsure of where I want to be in 10+ years. I am interested in industry roles and the commercial aspects of accounting/business along with the usual practice skills, but then again I really like the thought of setting up to work for myself at some point which I believe would require focussing on a longer career in a practice.  

Replies (37)

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By Accountant A
08th Dec 2017 16:16

No, I wouldn't.

You only have to spend a short time on this site to see just how devalued accountancy as a profession has become.

If I was starting out now, I'd probably opt for a career in law.

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paddle steamer
By DJKL
08th Dec 2017 16:41

Given AI is coming a career that requires both technical knowledge and mobility/dexterity, like an electrician, may be a good idea, though note that more recent Doctor Who series have shown that Daleks don't have an issue with stairs any more.

I think my son has also possibly got it about right, graduate software developer from a sound computing department from a decent UK university and a 2:1; this year age 26 he is on circa 450-500E a day in Germany as a Front End Development contractor . (the bit of the software you the user get to see)

I am cagey re accountancy and law, yes there will be careers but I suspect far fewer and more competition, seems to me anything that deals with tasks may be suspect anything that deals with creation may hold its value better.

Now Lumberjacks, that is another matter.

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By Paul D Utherone
08th Dec 2017 17:30

Can I be first to say "Lion tamer" ;)

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Replying to Paul D Utherone:
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By cathygrimmer
08th Dec 2017 18:35

What - not lumberjack!

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Replying to cathygrimmer:
paddle steamer
By DJKL
08th Dec 2017 22:10

Should certainly not be overlooked, very satisfying when the tree drops just as you plan and you get quite a rush when it does not!

A few years back the neighbouring farm to us in Sweden came on the market and I tried to persuade my wife that we could sell up, move there, rent the extra house out and I would get the fun of playing with a chainsaw on circa 120 acres of forest and driving a tractor on about 60 acres of pasture/rough arable.

I really fancied one of these with trailer package and an ATV/tractor.

http://www.woodmizer.co.uk/Products/Professional/Sawmills/LT70

My wife is more practical, we are still in Edinburgh.

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By stevenmc
08th Dec 2017 18:11

Hmm, quite a clear response so far. There must however be some people in the profession that see some kind of promising future for those taking the leap now? Anywhere?

I'm a bit late to go back and do computer science, but I am very interested in learning to code and get tech savvy as it will be a benefit to my career, but regardless, surely there will still be a need for CAs, somewhere.

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By Ken Howard
08th Dec 2017 19:16

No I wouldn't and I think I've persuaded my son to look elsewhere too. As said above, accountancy is now devalued as there are effectively no barriers to entry. I've told my son to think about careers which have restrictions and entry requirements, such as gas and electrical work, actuaries, insolvency practitioners, architects, even auditing. But certainly not general accountancy either in practice nor industry.

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Replying to Ken Howard:
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By stevenmc
08th Dec 2017 20:43

I understand what you are getting at as my educational background is in engineering. A common issue is that the title is not protected so anyone from the guy designing the Queensferry Crossing to a bloke with a spanner in his hand is an "engineer" regardless of education and complexity of the job.

I am however interested in a career in accounting but surely a good accountant will not be out of work? Or specialising within a particular field of accountancy, although that may lead to boredom.

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Out of my mind
By runningmate
08th Dec 2017 20:39

I think I should become a vet. The trouble is I don't like animals.
RM

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Replying to runningmate:
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By KH
15th Dec 2017 11:08

In which case this is the perfect career since nearly all their work consists of putting people's favourite pets "to sleep"

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Replying to runningmate:
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By KH
15th Dec 2017 11:08

In which case this is the perfect career since nearly all their work consists of putting people's favourite pets "to sleep"

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By D V Fields
08th Dec 2017 20:56

As a Chartered Management Accountant I can speak only for my profession but hopefully will be applicable to all other accountancy professions.
Despite what you may hear to the contrary, people make decisions. Some will spout Artificial Intelligence, but I repeat people make decisions. Unless this is understood the following is irrelevant!
Management decisions are based upon information; that information has to be trusted and respected. If you want to rely on information that you do not trust nor respect then think on. As an accountant you have to both accurately state actuals and exercise judgement in forecasts. If you could sign a deal today for £1m or for £1.25m in two weeks' time, which would you go for? Does that reliance on trust and respect for accurate information have a meaning now?

Whether or not the profession is devalued its relevance is unquestionable. Now accounting and taxation are not exactly the same thing!

I am sure you'll make the right decision.

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By James Green
08th Dec 2017 21:29

At 18 I was undecided between medicine and accounting. I opted for accounting, trained with a "Big 6" firm and have watched as the profession became more and more devalued.

If I was 18 today (I've less than 18 years until I retire) and knew what I know now, I would follow medicine.

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Stuart Walker Yellow Tomato Copy
By winton50
09th Dec 2017 08:36

If I had my time again I'd definitely go into accounting but I'd start earlier and I'd get a training contract with one of the big practices.
It seems to me that you can have as little practical experience as you like on your CV but as long as it says PWC the client will be happy to overlook the fact that you're a F**kwit.
Yes a lot of the more routine accounting work will go by the board but the higher level stuff where we can really add value will still be highly paid.
I contract with larger SME's and one thing you can be certain of is that there will always be meddling in the world by people desperate to prove their worth.
There will always be clients that need to be handheld through IFRS9, GPDR and any number of FCA,OFWAT,OFCOM changes.

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By Maslins
09th Dec 2017 10:14

If I were to go back in time and could potentially make different choices, I don't think I would with any of the significant ones. I'm glad I went into accountanct, it's been great for me.

However, if I was either 18 in today's world, or 36 as I am, and thinking of a career based on things as they are now, I don't think I'd look to accountancy.

It has been and will continue to be a gradual thing, but computing power is taking over the accountancy sector, bit by bit. For those who are shrewd and a bit ahead of the game, they can temporarily reap massive financial reward from this. However for those in a weaker position (eg wannabe trainees), I think it'll increasingly become a case of a large number of people begging for scraps.

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Man of Kent
By Kent accountant
09th Dec 2017 11:03

Do it again? No - but then with the value of hindsight I would have chosen a far different life path which would have seen me leave accountancy just after qualifying.

But, seeing as I stuck with it I'm happy how it turned out. The qualification is still valued so is worth doing. Don't restrict yourself to having a particular career path planned out for you.

I left practice in 1995 a year after qualifying vowing never to return. I did at the end of 2011 and don't regret that.

I now earn far more than I ever did in full time employment (Group FD) and have far more control over when and how I work.

I also see my family at breakfast and dinner and take the kids to school. Something I could never have done had I stayed in the 'corporate world'.

So - get qualified decide on opportunities as they come along but don't restrict yourself.

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Red Leader
By Red Leader
09th Dec 2017 11:41

Get the qualification. There are a lot of options open to you once you have done that.

General practice-small firm
Practice-large firm-audit
Practice-large firm-tax
Practice-large firm-management consultancy
Recruitment consultant
Industry

Any of the above can then open up further avenues.

A lot of how it turns out is down to the individual.

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FT
By FirstTab
09th Dec 2017 13:21

I cannot see myself doing anything else outside accountancy. I do not think; I would be fit for any other sectors. Even various suitable careers tests that I did came out as accountancy being ideal for me.

If I could change history, I would have gone on my own 20 years earlier. It is tough to build a practice now. At the same time, I would not do anything else even when I can get a better return being an employee. That will change.

I would say go into accountancy but do NOT start a practice, unless it is a real passion for you. It is getting more and more challenging.

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By Manchester_man
11th Dec 2017 03:21

It's an interesting question, especially when you sit and think it over. I genuinely love my work. I love working with numbers and have a strange passion for tax. I'm one of those people who didn't do particularly well at school - I can learn very fast and very thoroughly, but ONLY if it is something that interests me, in which case I become obsessed! I did my accountancy and tax studying, not with an overriding desire to pass the exams, but because I was so hungry to increase my knowledge because I had a passion.

I stumbled upon accountancy / tax quite by accident when I was 18/19 and whilst I have spent some time in jobs (practice) that I hated, that was more to do with the rigid master / servant environment which I abhor.

The best thing I ever did was to set up on my own. The first few years were difficult, but I could never look back. This job suits my personality and I cannot imagine doing anything else. I do worry about the future outlook for small practitioners like myself though.

I have mild Asperger's (undiagnosed although my children have been diagnosed) and have an overly analytical mindset, so maybe that is why I enjoy the job so much.

The only other job I have ever fancied has been driving an HGV. The idea appeals to me but I doubt whether it would satisfy my long term.

It is difficult these days, as there is so much competition in this industry, but I'm quite happy (except for the odd annoying client).

Apologies for waffling a bit too much!

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RLI
By lionofludesch
11th Dec 2017 07:29

Yet another duplication.

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RLI
By lionofludesch
11th Dec 2017 07:28

I'd be an MLA.

I used to think teachers had long holidays but these lads have cracked it completely.

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By bernard michael
11th Dec 2017 11:22

I would become an Insolvency Practitioner

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By jon_griffey
11th Dec 2017 11:48

I certainly have no regrets.

You will find that you get the same despondency in every occupation. I see that others here have said they would go into law or medicine if they had their time again. Seriously?

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Replying to jon_griffey:
paddle steamer
By DJKL
11th Dec 2017 14:28

I am the opposite with law, accountancy was my escape route from my father's push for one of us to become a lawyer (both my parents being lawyers),and being third child of out four, with two having already escaped his legal clutches , the odds were increasing and he was getting more desperate; my little sister only escaped by running away to France after her languages degree, so he had to wait a fair few years until one of the grandchildren (my niece) obliged.

It is probably just as well ,for the good of the legal profession in Scotland, my two Business Law class exams at Aberdeen came out at something like 52% and 51%, adequate to permit Duly Performed status re the final exams ,but a pretty good indicator how I might have fared as a lawyer.

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blue sheep
By NH
15th Dec 2017 10:05

Yes I would, having my own practice is still the best fit for me personally, love the work, love meeting people from all sectors with all their foibles (well most anyway). Love the way technology has streamlined the more boring aspects of it.
It has allowed me to have the life I want.
The profession is always changing, for all those that say it is being devalued, I can see your point, but is that not just another way of saying "we can no longer justify charging £1000s to clients for work that can be automated"
Those that do not adapt to the changing landscape will be buried under it.
(I wil now sit back and wait for general abuse from those that disagree)

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By KH
15th Dec 2017 11:15

Yes, I'd be either a weather man, since it doesn't matter how much you screw up, nobody minds and you still earn good money. Or, better yet, a guru since that way you get worshipped, can literally dispense total twaddle to one and sundry, earn masses of money, and get a hundred or so free Rolls into the bargain ... but since none of those really suited my mindset, accountancy has been good ... got divorced from it as soon as I qualified back in 1974, became a professional chef (cook, to you and me), then a meditation teacher, then a whole-food store owner, then a chiropractor, and now back to part-time accountancy which really suits my lifestyle. So yes, accountancy rules ok....

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By Stargazer42
15th Dec 2017 11:39

I became a tax specialist in the 1980's and enjoyed the mix of maths and law. However, now particularly with SA and what that means to the excessive work load in January I would love to be able to leave tax altogether.

Tax staff generally feel demoralised and undervalued by clients and their accountant colleagues, which is such a shame.

When my friends' teenagers have been looking for work experience and talking about career options, I have actively discouraged them from accounting in general and told them to not even consider taxation.

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Replying to Stargazer42:
blue sheep
By NH
15th Dec 2017 11:45

The January buzz is the best part!

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By Michael Davies
15th Dec 2017 13:07

There are so few jobs now,where the employee and employer are not under an extraordinary amount of pressure;that the profession is only slightly worse than most jobs.That said I do feel ,that my generation-retiring after January ,have enjoyed the best of it.In the 50s and 60s I got the impression that accountancy was extremely stuffy;while the future looks as if it will be entirely digitally driven.Which is not entirely a good thing.

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By cyrynpen
15th Dec 2017 13:58

No -it's not worth the hassle. Too many silly changes in my opinion. Stacking shelves in Tesco would be so much simpler!

I think I'd go down the handyman trade route - electrician, plumber or plasterer as it's always bloody difficult to find one when you need one!

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blue sheep
By NH
15th Dec 2017 14:11

What other profession could you say this about? (and I am talking about a self employed practice accountant here).
1. Almost guaranteed repeat business every year.
2. You can stay indoors when its cold and wet and it makes no difference.
3. To a large extent you can turn on or off the amount of work you deal with
4. You can choose when in the day or week to work.
5. Chances are you can carry on earning a decent living well past retirement age.
6.You can work from home, from an office, pretty much from anywhere you like provided you have internet

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By chatman
15th Dec 2017 14:58

If I could make the choice again, I would choose computer programming, engineering, law or medicine over accountancy.

Why don't you want to stay in engineering?

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By Justin Bryant
15th Dec 2017 16:35

Without doubt I would be one of these Persimmon executives:

https://www.accountancylive.com/ftse-100-chair-resigns-over-bonus-policy

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By chatman
15th Dec 2017 18:55

runningmate wrote:

I think I should become a vet. The trouble is I don't like animals.
RM

You could be like this guy https://www.youtube.com/watch?v=WsnlL0CwIY4

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By djn24
15th Dec 2017 21:33

Yes i would do it again. The exams were difficult and there's always something new to learn.
I enjoy running a practice and being my own boss.
I like the work life balance, very little travelling and if run properly- the nice profits that can be made.
Like someone above said, we have repeat business year after year which is great.
Technology is changing things and i do worry for the future but i still think there will be a need for accountants.
Not sure if i would actively encourage my children to follow this path though.

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Morph
By kevinringer
16th Dec 2017 13:04

Civil engineer

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By Pygmy
18th Dec 2017 14:19

Change will be forced on you; Imperial Chemical Industries was the biggest company in the world when I was choosing my first career in Research Chemistry (I would do so again....)

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