Career change to Accountancy - advice pls?!

[agm1]

Evening all,

I am seriously considering a career to Accountancy and I would very much appreciate any advice/experiences you guys can share with me.

I am in my early 30's and currently work as a Web Developer with a lot of database work. My career history to date has been in I.T. and I DO NOT have a degree. I have thought this decision through and my reasons for wanting a change are very good so I am comfortable in making the change.

I am still reading up on the different areas of the industry and where each path could lead me, but at the same time as doing this I would very like your specific answers too. Okay, so I've listed some questions/areas that I would like advice on:

1) What qualification should I take (AAT, ACCA, CIMA, ACA)?
a) the specific career path each will lead me to?
b) the qualification that is most demanded currently?
c) is the industry leaning towards a particular qualification for the future?
d) will not having a degree dictate/limit which qualification I go for?

2) What is the best way to enter the industry?
a) look for a junior position with study support straight off?
b) look for a junior that doesn't have study support but then with 1 years experience look for a position that does provide study support?
c) study the foundation level exams through my own cost but, hopefully, get study support for the intermediate and advanced level exams?
d) is there a particular company I should look to start off with?
e) a good method of home study (CBTs, books)?

As you can see I have listed a number of questions here and I am still reading into the subject, but it will be a lot quicker if I just ask the questions.

Not having a degree is penalising me in the employment world but having a recognised Accountancy qualification will hopefully put that restriction behind me (i.e. if you study a Accountancy degree you still don't end up an Accountant).

Any good advice will be greatly appreciated.

Thanks in advance.

 

[baker22]

i am currently working as a part time accountant and part time internet marketer. I am in the process to change over careers to no longer be an accountant. internet marketing is definately something i am more interested in now and i am looking forward to the life changes that it is going to bring.
just like you i put much thought into it, so i would like to wish you good luck and i hope that you have your questions answered by someone who is currently still interested in accountancy and can throughly help you. if you have a change of thought once you have taken the road and its not what you expected, try internet marketing, if you find the right mentors you may be surprised.
once again, good luck luck in all you do.

 

[Paul_Rosser]

As you have a development background lots of accountancy firms are looking for industry experts to assist with R&D tax relief claims, the money is very good and will give you experience of working in an accountancy firm, without having to actually become an accountant. You will also learn lots about how accounts are prepared, CT600's, corporation tax and how to file with the HMRC etc

Then once you have done that for a bit you will be much better placed to move into proper accountancy, if you want to.

I had an IT background and did pretty much the same, so if you have any questions feel free to PM me.

P.S. I don't have a degree either ;-)

 

[MyAccountantOnline]

Evening all,

I am seriously considering a career to Accountancy and I would very much appreciate any advice/experiences you guys can share with me.

I am in my early 30's and currently work as a Web Developer with a lot of database work. My career history to date has been in I.T. and I DO NOT have a degree. I have thought this decision through and my reasons for wanting a change are very good so I am comfortable in making the change.

I am still reading up on the different areas of the industry and where each path could lead me, but at the same time as doing this I would very like your specific answers too. Okay, so I've listed some questions/areas that I would like advice on:

1) What qualification should I take (AAT, ACCA, CIMA, ACA)?
a) the specific career path each will lead me to?
b) the qualification that is most demanded currently?
c) is the industry leaning towards a particular qualification for the future?
d) will not having a degree dictate/limit which qualification I go for?

2) What is the best way to enter the industry?
a) look for a junior position with study support straight off?
b) look for a junior that doesn't have study support but then with 1 years experience look for a position that does provide study support?
c) study the foundation level exams through my own cost but, hopefully, get study support for the intermediate and advanced level exams?
d) is there a particular company I should look to start off with?
e) a good method of home study (CBTs, books)?

As you can see I have listed a number of questions here and I am still reading into the subject, but it will be a lot quicker if I just ask the questions.

Not having a degree is penalising me in the employment world but having a recognised Accountancy qualification will hopefully put that restriction behind me (i.e. if you study a Accountancy degree you still don't end up an Accountant).

Any good advice will be greatly appreciated.

Thanks in advance.

Are you planning on working in an accountancy practice or as an accountant in industry?

 

[Maslins]

I imagine your IT background will help you appeal to modern small practices. Typically cloud computing/software integration etc are all things to help make practices run smoother...so being able to assist with things like that should enable you to start on a higher salary than a typical school leaver trainee. I guess it depends in part whether you're happy to continue to use your IT skills, or whether you're sick to death of it and won't want to get involved with anything along those lines.

In terms of the specifics, I think you might need a degree to jump straight into ACA or ACCA, not 100% sure on that. You might need to do AAT first (which is a little more basic)...as a non graduate if you've done AAT you certainly can then go on to do ACA or ACCA.

ACA you'd need to be with a designated training firm, so this is typically mid tier and up firms. Smaller firms would likely get you onto ACCA as they're a little less restrictive.

Nicola raises the valid question of whether you want to actually be an accountant in practice (ie preparing accounts and tax returns from client records) or whether you'd like to go into industry (normally doing management accounts, looking for trends, spotting areas to make savings etc). If the latter, CIMA might be of more interest to you/your employer.

 

[agm2]

ACCA/CIMA and ACA are all tough quals but they are geared towards being a chartered accountant. You need to decide which one to go for by looking on each one's website and deciding for yourself. ACCA is more middle ground. I see a lot of job's requiring ACCA/CIMA. ACA roles are mainly required by practice firms.

ACCA - I see this qual as middle ground. You can go into practice or industry with this qual. The focus is more on financial accounting as opposed to management accounting.
ACA - Practice firms demand ACA/ACCA. It is a globally recognised qual and a highly regarded one. Again, you need to decide if its industry or practice you want to go into.
CIMA - is business orientated. It helps management make business and strategic decisions based on information through budgets, forecasts and management accounts. You can go into different business areas with CIMA, it isn't pigeoned holed to just being a management accountant. You can work in IT or as a finance analyst etc.
AAT - Dont bother doing this. It's good for a foundation of knowledge, but if you are a web developer, you obviously have the learning skills to pass exams and qualify. Why not go straight into ACCA at foundation level. As long as you have GCSE's including Maths, you should be fine.

I see ACCA and CIMA as the most demanding qualifications purely because all companies require their in-house accountants to have these qualifications.

You do not need a degree to do either of these quals as long as you have GCSE's inc Maths.

I had no accounts experience but managed to get myself a trainee accountant role with CIMA study support. If possible, get into a practice OR a trainee accountant/assistant role with ACCA support (presuming you do ACCA) Either way you will have to start off at the bottom and work your way up bearing in mind a salary reduction.

My advice would be to do the foundation level first as homestudy to test the water and see if you like it. Also it will look favourable on your CV to potential employers. They will immediately think you are taking accountancy seriously and you are sacrificing an IT career for this. If it's for you then pursue a role (as described above)

Good luck!!!

 

[agm1]

Thanks for all your replies.

In response to the questions put to me, I am yet undecided if I want to work in Practice or Industry. I need to fully understand the work involved and what options that each qualification will give me. That is the reason why I am on here asking you guys. I would like to leave IT and become an Accountant. Of course I do not mind helping out a company with my IT skills, but I would want to be, first and foremost, an Accountant.

Having read a little in the field I find the following:
1) I have read that CIMA has a Masters (degree) programme and that the CIMA qualification is Masters. I have also read that ACCA is a degree (is it Bachelors degree and not a Masters?). Gaining a degree/masters by doing a qualification to me is VERY appealing.
2) ACA is provided by the Big Four and you need to be in employment and sponsered for it in order to start the ACA.
3) I have read that the ACCA is international. In IT in the UK you gain a certification by hard work, however, in India, for example, you can pay £500 to attend a three day course and then you are given the certification when you don't know what you are doing. So my concern is will ACCA be possibly diluted to due to people being awarded/GIVEN the ACCA in other countries and then coming here taking the jobs (like it is in IT). I'm very concerned by this!
4) I've read the ACA is geared towards auditing, CIMA towards Management Accounts, but the ACCA gives the choice of both Practice and Industry. So once qualified if you want to work in Industry do CIMA or ACCA, and if you want to work in Practice do ACA or ACCA. Sounds like ACCA is best of both worlds.
5) One day should I want to set up my own Accounting Practice I could this with the ACA or ACCA.
6) I expect no one will take me on with no knowledge so I will have to train myself for the first level (few exams). I have no accountancy knowledge but I know I will not have a problem coping with the work involved (afterall IT is not a trivial subject). I would like to know through your experiences which is better to take for a guy in my position (that being no degree and only IT experience).

Guys, I still need you advice. Please give me some links or explain your own experiences?!?!?

Thanks again.

 

[Scalloway]

If you want to have your own accountancy practice and advertise yourself as a qualified accountant (ACA or ACCA) you must gain the relevant experience in an accountancy practice. Their rules are very strict on this.

 

[Maslins]

Agree that ACCA certainly wouldn't be a bad choice and will help keep your options open.

I imagine some firms may well offer you a role with your current lack of accounting knowledge, though obviously it may be a substantial pay cut on what you're used to in IT, at least in the short term. I imagine you'd be able to get somewhere between £15k-20k starting salary.

Studying for and sitting a few exams on your own before applying will likely make it easier for you to get that first job in accountancy...though probably more because it would demonstrate your commitment to accountancy (ie that you're less likely to change your mind and quit 6 months in when the firm has invested heavily in training you) than the actual knowledge you'd gain.

If you lack confidence/don't interview well, then sitting a few exams off your own back is likely a good idea, as any interviewer will look favourably on that so you won't have to sell yourself as hard.

 

[mauahmed]

Start with AAT. If you can spend about 30 hours on study in a week then go for ACCA or ACA.