Does ACCA qualification hold value if I want to escape accountancy post qualification

scouser82 · 12-11-2014 4:44pm #1

About 7-8 years ago I made a very uninformed decision to get into accountancy. Started with Big 4 auditing, which I detested, and left before finishing the contract. Passed all my ACA except the FAE. Moved abroad so coming home to repeat was not an option, so transferred to ACCA. I got 8 exemptions, and in the last 2 years have passed 4 more (all first time passes) and now just have 2 left until I'm qualified (am sitting one in 3 weeks time).

I've worked mainly in industry over the last few years (assistant accountant and financial accountant), with mixed experiences, with a small stint in small practice which was a disaster and reminded me why I left Big 4 to begin with.

I feel like I've been at this accounting, in different forms, forever, and have never been able to find any sort of job satisfaction or self-fulfillment in the field. I know that my personality is not suited to being an accountant one bit. But when you get stuck in a profession, it becomes very very hard to get out of it, and make a career change (going back to college at 30, the cost, no income for a significant period etc).

The funny thing though is that I actually don't mind the ACCA exams at all. While I hated the ACA CAI exams (and the way the FAE is done under the new syllabus), I actually have found many of the ACCA exams interesting, and to be honest, not really all that accountancy related, but more of a business and management type course. I found P3 Business Analysis very interesting, and am currently studying P5 Advanced Performance Management. Both these have very very loose (at best) connections to accountancy (or certainly to the financial accountant side of the profession).

The fact I have liked these subjects have led me to believe that all is not lost and that maybe the ACCA qualification will be valued among employers in all areas of business, rather than just the accountancy side of things, and that the ACCA could help me escape accountancy in the long term. I've always heard people say that the qualification opens doors, but nearly everyone who I know that is qualified seems to still be working in accountancy.

Basically I need to know that getting this qualification will open up doors in all areas of business, and that I'm not wasting my time studying for exams that will just lead me into something I hate and that doesn't suit my personality and interests.

All advice welcome.

smcgiff · 12-11-2014 9:15pm

scouser82 wrote: »

About 7-8 years ago I made a very uninformed decision to get into accountancy. Started with Big 4 auditing, which I detested, and left before finishing the contract. Passed all my ACA except the FAE. Moved abroad so coming home to repeat was not an option, so transferred to ACCA. I got 8 exemptions, and in the last 2 years have passed 4 more (all first time passes) and now just have 2 left until I'm qualified (am sitting one in 3 weeks time).

I've worked mainly in industry over the last few years (assistant accountant and financial accountant), with mixed experiences, with a small stint in small practice which was a disaster and reminded me why I left Big 4 to begin with.

I feel like I've been at this accounting, in different forms, forever, and have never been able to find any sort of job satisfaction or self-fulfillment in the field. I know that my personality is not suited to being an accountant one bit. But when you get stuck in a profession, it becomes very very hard to get out of it, and make a career change (going back to college at 30, the cost, no income for a significant period etc).

The funny thing though is that I actually don't mind the ACCA exams at all. While I hated the ACA CAI exams (and the way the FAE is done under the new syllabus), I actually have found many of the ACCA exams interesting, and to be honest, not really all that accountancy related, but more of a business and management type course. I found P3 Business Analysis very interesting, and am currently studying P5 Advanced Performance Management. Both these have very very loose (at best) connections to accountancy (or certainly to the financial accountant side of the profession).

The fact I have liked these subjects have led me to believe that all is not lost and that maybe the ACCA qualification will be valued among employers in all areas of business, rather than just the accountancy side of things, and that the ACCA could help me escape accountancy in the long term. I've always heard people say that the qualification opens doors, but nearly everyone who I know that is qualified seems to still be working in accountancy.

Basically I need to know that getting this qualification will open up doors in all areas of business, and that I'm not wasting my time studying for exams that will just lead me into something I hate and that doesn't suit my personality and interests.

All advice welcome.

Lots of accountants move into general management. But, probably not from your position.

The ACCA and I had assumed the other bodies exams are very broad. The options help. Likewise I didn't do the final audit or tax exams preferring the business management subjects.

You'll have a masters level qualification, which should stand to you. What would you like to do a post grad in?

Jim2007 · 13-11-2014 9:57am

scouser82 wrote: »

I've always heard people say that the qualification opens doors, but nearly everyone who I know that is qualified seems to still be working in accountancy.

Well I'm certainly not! Like yourself, I realised early on that accounting was not for me and so within about a month of qualifying with a big 4 I handed in my notice and never looked back and that was almost 30 years ago. Looking back on it I suppose the real motivation for accepting the training contract in the first place was that I needed to get a loan as I was planning on spending that summer climbing in the Alps :rolleyes:

Truth be told, I was always more interested in 'bit pushing' than 'bean counting', in college I used to hang out most nights with the computer geeks in the computer labs rather than reading the economist! (This was in the days just before the Apple and the PC became available!)

So I moved to Switzerland and spent the last 24+ years working as a freelance software engineer. Over the years I worked on everything from writing printer drivers and robotics to more recently simulation and risk management applications.

I can't tell you if finishing your accounting qualification is the right thing to do, but I can tell you that it was for me. In the working I'm doing now it definitely opens doors and givens me a level of credibility with potential clients that my competitors do not have. And of course I'm still interested in the profession, which is why I visit the forum.

The only other thing I would say is that you've only got one life to live and spending a major portion of it doing something that you hate is not much of a plan.

annaP79 · 14-11-2014 4:53am

hey

I was thinking i could add my bit here as the issue of ACCA qualifications and whether they open up doors does interest me a lot too

my situation is that i changed to accounts few years ago from humanities, I just competed level f1 -9 and self studying for P1 and P3, I have been doing AP/AR is small company for the last 2.5 yeast but because i am getting no training to move up and money is very small I have been really trying to find something better for the last year and I must say that so far ACCAs haven't opened any door for me yet

I have been trying agencies and direct applications and nothing,

so to answer your question from my experience I dnt know if the qualification opens anything,

considering your experience you have gained so far that will probably stand for you a lot more, I am sure at the end it is good to say - yes I have a qualification , i went through exams, I am sure it looks good on CV ( that is why I keep studying ! )

i know lots of business people did hear about ACCAs and they know exams are not easy to get through so if you are thinking of doing sth business related, people will know you have brain and skills to deliver ( interestingly however, in accounts world I think accounts degree is what get you foot in the door and qualification is just sth you get as you get along . . . so too bad for me)

good luck with whatever you do and if you think you can do sth else then go for it !

there is more to life than accounts right? and if you hate it, well then you need to get out quick
all the best

scouser82 · 14-11-2014 3:38pm

Thanks for the replies. The more the better.

smcgiff wrote: »

You'll have a masters level qualification, which should stand to you. What would you like to do a post grad in?

Trying to figure out what I want to do has been an issue which has plagued me my entire adult life. I think it's nuts to expect an 18 year old in school to know what they want to work in. I chose Business which is broad, but ended up picking Big 4 accounting after because I went like a headless chicken into an area where all the jobs were, and where all my peers were heading. I didn't do my research and I take responsibility for ending up in this field. However I know far more about myself now than I did then.

My biggest passion is sport. Every area of it, from the participation side, the writing/ journalism side, the business aspect, the physio and nutrition side. I'd love to work in sport in some capacity. I guess mixing my qualification and passion and working in the business side of sport would appeal to me, and require the least drastic change in career path. Even if I worked as a financial accountant in the sports industry to start with would still be ok. While I don't find accounting interesting, a huge part of what makes a role interesting is what the company actually does. If I'm working as an accountant in a company that appeals (doesn't necessarily mean sport) then I could possibly be ok with that as a starting point. The problem is that most accountancy jobs here in Dublin seem to be in financial services (that's all agencies are throwing at me anyway). I have next to no interest in FS. I don't find banks, insurance companies, investment banks, funds interesting, and I don't understand much of it, nor do I have any desire to learn. I dislike the pure intangibility of the Financial Services sector if that makes any sense.

Interesting that you say ACCA qualification is of a masters level. I would have assumed that a professional qualification would be viewed above that of the MAcc. Masters only gives a certain amount of exemptions for professional exams after all. You still have to sit more exams after your masters, so how can they be viewed the same?

GR3YFOXXX · 14-11-2014 4:31pm

scouser82 wrote: »

Interesting that you say ACCA qualification is of a masters level. I would have assumed that a professional qualification would be viewed above that of the MAcc. Masters only gives a certain amount of exemptions for professional exams after all. You still have to sit more exams after your masters, so how can they be viewed the same?

Could not agree more.

MsBubbles · 14-11-2014 4:38pm

scouser82 have you applied to any of the betting companies ? Perhaps your accountancy skills would be transferable.

smcgiff · 14-11-2014 6:59pm

I know exactly what you mean - from an academic POV it's the same as a thought in-house corrected MA acc, but the next level up is a phd, and while I've met a few professional doctorate students that would make you seriously wonder if a doctorate means anything other than an ability to stay the course (literally), masters seems about right.

smcgiff · 14-11-2014 7:03pm

MsBubbles wrote: »

scouser82 have you applied to any of the betting companies ? Perhaps your accountancy skills would be transferable.

I've known a fair few accountants that LOVE to bet, but I'd say it's a little left field (see what I did there, wasted! as an accountant) sports related wise.

scouser82 · 12-05-2017 3:08pm

Thought I'd update this. Ended up getting all my exams and qualifying 16 months ago. Since then nothing has changed. I wasn't given a pay rise (despite asking a few times) by my employer who clearly don't value the qualification.

Been in job almost 2 and a half years and it is dead end and to see the financial benefits of the qualification I need to move elsewhere. The problem is I just have no interest in applying for any of the accounting jobs I see listed. I have no interest in accounting. Never had, and can't see that ever changing. I feel stuck in it, desperately want to get out, but feel at a loss how to. Tried applying to non accounting sports related business jobs based on experience I've built up in areas outside of work, but I get nowhere due to lack of employment experience. I feel very pidgeon holed. I went to career guidance a couple of years ago and he said my personality is the exact opposite to that which would be suited towards being an accountant.

All I can think of right now is hopefully land an accounting job with a sports organisation and then move across once inside. But 99% of jobs listed are for the most boring type of organisations imaginable: banks, funds, insurance, car dealers, property development, pensions, service centre after service centre (located in Dublin just to save tax!) etc etc. I've no interest in working in any of these areas.

Sometimes I feel like jacking it in and becoming a tour guide in the Wicklow Mountains or something haha!

Just ranting really. Anybody else feel the same?

s15r330 · 13-05-2017 11:19am

scouser82 wrote: »

Thought I'd update this. Ended up getting all my exams and qualifying 16 months ago. Since then nothing has changed. I wasn't given a pay rise (despite asking a few times) by my employer who clearly don't value the qualification.

Been in job almost 2 and a half years and it is dead end and to see the financial benefits of the qualification I need to move elsewhere. The problem is I just have no interest in applying for any of the accounting jobs I see listed. I have no interest in accounting. Never had, and can't see that ever changing. I feel stuck in it, desperately want to get out, but feel at a loss how to. Tried applying to non accounting sports related business jobs based on experience I've built up in areas outside of work, but I get nowhere due to lack of employment experience. I feel very pidgeon holed. I went to career guidance a couple of years ago and he said my personality is the exact opposite to that which would be suited towards being an accountant.

All I can think of right now is hopefully land an accounting job with a sports organisation and then move across once inside. But 99% of jobs listed are for the most boring type of organisations imaginable: banks, funds, insurance, car dealers, property development, pensions, service centre after service centre (located in Dublin just to save tax!) etc etc. I've no interest in working in any of these areas.

Sometimes I feel like jacking it in and becoming a tour guide in the Wicklow Mountains or something haha!

Just ranting really. Anybody else feel the same?

I'm halfway through an ACA contract with a big 4 firm, audit and I hate it. Has to be the most uninteresting thing in the world.

Feel stuck too as I did 4 years in college as well as 1.5 years at this, so its a long time to throw away.
FAE this August, fingers crossed I pass it and TBH I don't care after that.
I'll stick it out to the end as i've come this far but as for afterwards, i've no idea.

bigmc23 · 13-05-2017 3:04pm

scouser82 wrote:

Sometimes I feel like jacking it in and becoming a tour guide in the Wicklow Mountains or something haha!

Probably time to leave your current job, the ACCA is a very valuable business qualification!

You should have a look at Irish jobs / indeed for other types of roles in finance . Ones that come to mind are corporate finance, insolvency, analysts

bigmc23 · 13-05-2017 3:26pm

Having worked in big four audit and audit in a top 10 firm I understand where your coming from. It's easy to become sickened with the whole accountancy field it really is that toxic of a profession. Like I said from my limited research there seems to be a few different roles within finance out there. I work in insolvency now and although it is quite adminy at times it is more interesting and tangible!

bmwguy · 13-05-2017 3:28pm

I felt the same as you I could have written the post. What I have done, and it's not for everyone, is i got a few clients of my own and went self employed. Not enough to make a living but it's a modest guaranteed income. I don't really want to build an accountancy practice and employ people and I was worried about scale so I also did QFA exams and central bank licence and I now also have my own financial services agency providing all kinds of financial products, pensions, investments, savings, insurance, mortgages etc...

Much more interesting line of work . Will keep on the accounting clients for next year or 2 then pass them to a friend in practice.

Can use my numerical ability but it's a much more personal job and I love it. The accounting qualification gives me great credibility too.

Does ACCA qualification hold value if I want to escape accountancy post qualification

Comments