Advice Needed

hype84

Hi,

I'm a long time lurker on boards.ie but felt it was time to register as i need some advice about my career path. I only have an ordinary degree in accounting from CIT which will give me a couple of exemptions i think. I have been out of college 2 years now and have fallen into a rutt.

Would really like the challenge of leaping into accountancy. I have heard that there is not many openings for trainee accountants around at the moment so was wondering if anyone had any advice about which body would be most suitable. Is it necessary to have a contract with a firm in order to register for exams?I have no previous working experience in this field but coped well with accountancy during college(would need abit of refreshing though).

Any advice/information would be greatly appreciated

techman

I was going to suggest the Elevation programme from the ICAI but you need 4 years work experience (in any employment) and an honours degree.

What you could do is do the IATI exam over 2 years and work at the same time. You will then qualify for the Elevation programme when you have completed the IATI and also have 4 years work experience.

You may not want to go down the Chartered route so you could also consider doing the ACCA as well.

Why not try and get some experience/work in the accounting area and see if you like it?

smcgiff

techman wrote: »

You may not want to go down the Indenture route so you could also consider doing the ACCA as well.

Fixed your Post techman...

Or you could go down the Chartered route and do ACCA or CIMA. There's also CPA.

You don't need a contract to register with ACCA, CIMA or CPA. You will need three years experience to become a member with ACCA, CIMA or CPA.

I wouldn't go down the Technician level as you already have a degree. Good luck.

jessup

It's the best profession to be getting into now IMO. I don't think the solicitors will ever recover for example. When all the dust settles from the current debacle there will be huge growth in Compliance, Risk and Internal Audit. A little like the external audit boom that happened with Sarbanes Oxley after Enron.

Sure, some of the big firms are not renewing training contracts but they are taking on 'fresh meat' as trainees.

ACA is not the only game in town and other posters are right about ACCA which is good too with a lot more flexibility. There is also the possibility that a bit of apartheid could develop in ACA - Did you do yours in Practice or are you one of the 'Elevation People'.

A big yes on becoming an accountant. Get some more views on which one you should do.

Best of luck.

techman

I cannot see how there will be a distinction made by employers between doing the ACA the traditional "practice" route and the new Elevation programme.

It's the same exams and training period required.

The only difference with Elevation is that you are not tied into a training contract. You can get your REQ at anytime but ideally before you complete the FAE.

jessup

Do me a favour :rolleyes: It happens already. Look at ads for industry jobs that have 'Big Four Experience Required'. Even some of those who train in the 'wrong practice' are treated differently, never mind how some of those who do the Elevation program will be treated. I'm not saying its right but its something that should be considered when looking at their options.

Slippers

jessup wrote: »

There is also the possibility that a bit of apartheid could develop in ACA - Did you do yours in Practice or are you one of the 'Elevation People'.

jessup wrote: »

Do me a favour :rolleyes: It happens already. Look at ads for industry jobs that have 'Big Four Experience Required'. Even some of those who train in the 'wrong practice' are treated differently, never mind how some of those who do the Elevation program will be treated. I'm not saying its right but its something that should be considered when looking at their options.

Where will people who do a regular ACA graduate training contract but in business rather than practice (e.g. BoI Finance Professional Development Programme) rank?

jessup

Slippers wrote: »

Where will people who do a regular ACA graduate training contract but in business rather than practice (e.g. BoI Finance Professional Development Programme) rank?

Not the best example as ACAs in Banking are unlikely to escape from the collateral damage of the behaviour of some high profile ACAs in that industry recently . Anglo in particular :mad:

There are many of the older ACAs out there who are horrified at the concept of the Elevation Program and view it as the Institute lowering themselves to try to eat into the growing ACCA numbers. That's not my own view but its what I heard at an event by some very senior people in Practice and Industry. If I was advising someone who wants to do accountancy outside a practice it would be ACCA. It costs a fraction of Elevation and you have semesterised exams.

The Institute is dominated by those in Practice (The Big 4 in particular) or those who 'earned their spurs' in practice. There is a belief that being a trainee is a rite of passage and it builds character particularly with all the hours in busy season. I know for sure that friends from college on other Graduate programs don't work the hours that I do and I'm guessing those interviewing you for jobs in the early post qualification years will know that too.

I think the Institute are being a little bit sneaky by trying to leverage the 'brand' of ACA through Elevation without telling those doing Elevation that they will be viewed differently. I can't see many of those folks ever going into practice whereas those in practice will always have two choices?

techman

What the obsession with going into practice?

Once qualified with ACA, you can work in industry or practice.

Jeanie-Mac

I'm glad I found some discussion! I'm hoping to do the elevation programme this year too, but I'm a little concerned about the obligatory REQ.

jessup wrote: »

I can't see many of those folks ever going into practice whereas those in practice will always have two choices?

Can you get your REQ within a reasonable length of time without getting into practice?

You still need to do your 3,5 years experience, and that's very specific experience if I understand correctly. So back into competing in the September milkround for the following year???

Surely you'd be competing with fresh graduates who'd be willing to do the traditionaly €14K contract for 3,5 years? You'd have to have very attractive experience to an employer who'd be willing to bump up your salary to compensate for that. Like, what's in it for them?

swanvill

Hi,
My advice is to contact ACA,ACCA,CPA or CIMA and find out which will give you the most exemptions for your qualification. The less professional exams you have to sit the easier it will be to qualify..... sorry to state the obvious

To be honest until you work for a couple of years in practice/industry you will not know if you are going to enjoy the job. In the beginning when training it will be boring / routine work but if you feel happy about getting something balanced! Then accounting could be for you.

I reckon have a good think about it before plunging into the exams as they are all difficult to pass and require a lot of slog unlike college which was a doddle in comparison

What ever you decide best of luck, if you would like to chat informally about my experience pm me.

Regards,
Sean

Excellence Through Service
http://www.accountingplusireland.com