'QBE' too old to become qualified?

'QBE' too old to become qualified?

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I have spent 13 years working in Accounts Manager roles. Working mainly in SMEs I am confident in double entry, working to trial balance and producing basic management accounts.

There have been several opportunites over the years for me to study and become qualified. Unfortunately the companies I have worked for have been very pressurised and the last thing I wanted to do when I got home is study. Not really the right attitude and certainly down to slight laziness on my part.

I turn 38 next month and am more and more regretting not having studied. Is it worthwile me starting now? I was going through some old notebooks yesterday and found some notes I had written on ACCA 2 years ago. If I had started then I'd be well on my way.

Secondly, the age old question which has been covered numerous times I'm sure. My heart tells me to study ACCA but I'm thinking AAT would be a better and quicker option. Does anybody know if the time scale for studying either is the same (ish)?

Any advice from people in the industry would be greatly welcomed.

Replies (11)

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By mrme89
07th Jan 2014 10:49

Hi Jason

 

The timescales are approximately the same.

 

You say would it be worthwhile - you have 20+ years until you reach retirement age. For the sake of 3-4 years (roughly) you have the chance to increase your earning potential and marketability.

 

With your experience I would say CIMA or ACCA are the better options but it is all down to what you want.

 

 

Kind Regards
John

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By dynamo1227
07th Jan 2014 10:54

I'm currently finishing AAT

On the info you've provided:

AAT level 2 = don't bother, you'll be paying for boredom.

AAT level 3 = similar as above, probably not worth it.

AAT level 4 = more worthwhile but as i understand it, these topics are covered in the early parts of ACCA.

 

In summary if you can go straight in and do ACCA then do it. Your experience would mean AAT would be pointless for you.

 

(AAT level 3 & 4 for me is 1 year for each one, doing a class a week in the day or 2 evenings a week)

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By Moonbeam
07th Jan 2014 10:58

You're a mere spring chicken!

I gave up my ACCA exams when I was 28. Years later I decided I needed a prof qual and took AAT. It drove me mad as no allowance was made for me getting 75% of the way through ACCA exams and there was no challenge whatsoever in the subject matter. Bear this in mind, as you may suffer a similar fate.

One of my lecturers that I complained bitterly to advised me to take ATT, and that was much more educational. I finished ATT at the age of 56 and gave up the AAT letters as not being of any benefit to me compared to ATT.

In about 10 years, should I be of sound mind and still able to see, I would like to take the CTA exams. As they are very demanding, another thought is to grow my practice so I can afford to take on someone who already has those exams instead. The extra knowledge would be useful to me in my business. Clients wouldn't care one way or the other.

The point of all this is - what's right for you? I only did what was right for me. Age is neither here nor there if you're paying for yourself and you think a qualification is a benefit to your education apart from anything else.

ACCA is only a useful qualification if without it you can't progress. It is far superior to AAT, but is going to be hard work and may not make a jot of difference to your own job prospects. I am sure your experience is second to none in your particular area. AAT would be an easy qualification for you to obtain, but given your level of experience I don't think it would say any more about you than not having it.

As one goes up the ranks in commerce, man management skills increasingly are the tools required to earn pots of money, and it could be that you are a much more saleable package as just plain you than any amount of exams could indicate.

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By ChrisDL
07th Jan 2014 10:59

Same boat

I'm in the same situation, except I am a bit older than you are. My advice would not be to make the mistake I made and do nothing. As mrme89 says above, the qualification will give you more options and is probably worth the sacrifice of time now.

 

Chris

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By andy.partridge
07th Jan 2014 11:06

Objectives

If your objective is merely to pass examinations then by all means go for it, although it is undoubtedly more difficult to be disciplined if you have other grown-up commitments.

If you are hoping that passing the exams will be a passport to a much higher income, I would suggest that it is your work experience and your character that will be greater determining factors.

 

 

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wolfy
By rob winder
07th Jan 2014 11:11

From your comments I would make the following observations.

I would say that both AAT and ACCA go beyond TB and basic management accounts. Are you working in practice or industry? if it is the later I would suggest CIMA rather than ACCAifa more advanced qualification is your goal. I would imagine that 99% of qualified accounts have had to study whilst pursuing busy careers and haven't used this as an excuse.

You would also need to take into consideration whether or not you are entitled to any exemptions depending upon experience or other qualifications that you hold.

Whilst furthering yourself through qualifications is admirable and can do you no harm, I would also take into consideration that as a newly qualified in the job market you will be up against candidates in their 20's predominantly with degrees. Whilst I am sure that some will argue differently I believe that going for NQ positions against much younger candidates will be problematic.

Good luck if you do go for it though.

 

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By Marion Hayes
07th Jan 2014 11:15

Never too old

but need to have real interest in topics studied.

I would decide whether you want to study for a job related purpose - and if so what extra skills you could sell effectively. Moonbeam's path of taking ATT as an additional skill would work well. I would have thought ACCA or an accounting qualification would count less than your references by now.

Otherwise you might decide to go for Something Completely Different such as computer skills, presentational/marketing skills, being a financial advisor or just something for fun and relaxation!!!

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By neileg
07th Jan 2014 11:16

MBA

The MBA is a very good qualification for the more experienced candidate as it covers marketing, psychology and other areas you may not be up to speed in. I confess that some folks don't reckon much of it as a qualification but the education is really good. It will add to your knowledge and not just add letters after your name.

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By WhichTyler
07th Jan 2014 13:13

Tip

Have a look at the final exam papers for whatever qualification you are thinking of. You may not be able to answer them, but it may enable you to think about wether you would really like to be able to. You will need this kind of motivation to see you through.

I started CIMA at a slightly older age than you and found it a real benefit in extending my horizons beyond simple SME accounts, and helpful in the job market too (apart from technical skills, it shows that you gcan set yourself a long term target and do what is necessary to get there).

 

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By RR-80
07th Jan 2014 14:06

Industry or Practice?

Whilst I'll agree that having a qualification is better than not, I don't think its the 'be all and end all'.

 

Experience is key in life. In fact I know of a Finance director in a well known UK company without any formal qualifications and they're doing fine!

 

I'm a part-qualified ACCA accountant and was shocked to hear from a specialist recruitment agency that becoming qualified will not necessarily result in a massive increase in earnings.

 

In particular, practice accountancy is particularly poorly paid for 'minions', even those who have passed their exams. Industry is the best place to continue in (I worked in industry for 7 years before foolishly going into practice) and likely the place you'll be able to climb the ladder further without a qualification.

 

I'm pondering getting back into the studies myself (I'm 33) but having a 2 year old to look after and house renovations makes it near on impossible. I want a life outside of work!!!

 

...I work to live not live to work 

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By jasonkidd
10th Jan 2014 11:22

Wow!

Just checked back. Wow, lots of food for thought.

I'm going to read through these properly over the weekend and decide for Monday. Am keen to get cracking!

 

Thank you all so much for taking the time to reply.

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