Genral advice and accountancy textbook reccomendation

Macsimus

Hi Folks, I am hoping to change careers and get a trainee accountant job.

My degree (which finished 8 yrs ago) held significant exemptions from acca, icai etc., and I hope to try and make use of them and qualify as an accountant.

Obviously my degree course had a good deal of accountancy and finance related subjects - but I'd be pretty rusty on my old tp&l and bal sheet at this stage, and would be very appreciative if anyone could recommend me a decent accountancy textbook which I could use to get back up to speed before getting out the phonebook and calling every accountancy practice in Dublin looking for a trainee job.

Any other advice on my predicament would also be much appreciated i.e. Is ringing around practices the best way to get your foot in the door? Will my age (I'm 31) go against me? I have a QFA - is this an advantage? Are practices taking on trainee's at all at the moment??

Btw (long shot I know), but if anyone knows a practice or company in industry who might be looking for a hardworking trainee please feel free to let me know or pm me

thanks in advance...

Scrummage

Books from BPP and Kaplin are good. Have you applied to any of the Accountancy bodies like ACCA/ACA/CPA? I would suggest to decide on a professional body applying for membership also find out what exemptions you would be entitled to.

TheScriptFan

I started as a CPA trainee accountant and found it great. Like you, I had quite a number of exemptions, but didn't really have the knowledge of what I was exempted from. I bought the books of the subjects I was exempt from - and a good basic accounting text book and that was perfect. The weekend before classes I went over some parts and that helped.
However - you may find it harder to get a trainee position nowadays as there are a huge amount of unemployed accountants around. I presume you will want to go into industry as practice would mean a huge drop in salary for you.
Good luck!

Macsimus

Scrummage wrote: »

Books from BPP and Kaplin are good. Have you applied to any of the Accountancy bodies like ACCA/ACA/CPA? I would suggest to decide on a professional body applying for membership also find out what exemptions you would be entitled to.

Cheers for the info - I know I'm definitely exempt from 6 of the 14 acca exams, and I know people from my course who argued their case further and were exempted from 7.

I have not yet applied for the exemptions as I was worried that one practice might prefer me to go through ICAI or another might prefer me to do the acca - dont know if there is any logic in this idea or not ?? Do different practices have preferences for one accountancy body over another?

Also, even though I have exemptions, I presume I still wouldnt be in a position to apply for part qual jobs?? would this be taking the piss??

smcgiff

Macsimus wrote: »

Also, even though I have exemptions, I presume I still wouldnt be in a position to apply for part qual jobs?? would this be taking the piss??

What work experience have you got? Most likely if you don't have accounting experience you wouldn't get any part qual jobs I'm afraid.

Macsimus

TheScriptFan wrote: »

I started as a CPA trainee accountant and found it great. Like you, I had quite a number of exemptions, but didn't really have the knowledge of what I was exempted from. I bought the books of the subjects I was exempt from - and a good basic accounting text book and that was perfect. The weekend before classes I went over some parts and that helped.
However - you may find it harder to get a trainee position nowadays as there are a huge amount of unemployed accountants around. I presume you will want to go into industry as practice would mean a huge drop in salary for you.
Good luck!

Tbh, I'd take practice or industry - I'm not in a postion to be picky with things as they are. I really just want to get in somewhere and get a few exams under my belt.

Is there much of a difference betwen cpa and the acca and chartered - my missus is acca qualified, so i know a bit about that but dont know much about the cpa

TheScriptFan

I'm afraid your c.v. would be just cast aside if applied for a PQ position as so many others applying would meet those requirements. Alternatively, you could sit the first few exams - or even one, before you start applying for jobs and then you would be a PQ.
It's illegal for an employer to specify which type of accountancy stream they require, they are all supposed to be equal - between ACCA/CIMA/CPA obviousyly ACA doesn't fall into that category.
I would seriously consider not doing ACA as there are very few positions in practice at the moment.
G'luck!

Macsimus

smcgiff wrote: »

What work experience have you got? Most likely if you don't have accounting experience you wouldn't get any part qual jobs I'm afraid.

Thats what I thought alright - Ive 8 yrs experience as a financial adviser - selling the usual suspects, motgages, pensions, life assurance, investments etc etc.

smcgiff

TheScriptFan wrote: »

obviousyly ACA doesn't fall into that category.
I would seriously consider not doing ACA as there are very few positions in practice at the moment.

What?!?

OP,

Your wife will probably know as much about this as we do.

Being a qualified QFA is no small thing, and it means you have professional ability. Quite a few QFA type jobs going around at the minute, but I'm sure you know more about that than I do.

However, being a QFA might be offputting to some employers as they will think you'll get bored or will not be suited to a trainee job.

Oh, and good luck!

smcgiff

btw, where are you based?

Macsimus

smcgiff wrote: »

btw, where are you based?

D9 - well commutable to nearly anywhere in Dublin but ideally I'd be looking for something in or around town, northside or on the m50 (sandyford, dublin west, etc).

I know there's a few bits for QFA's around alright, but I never really loved it, and was only in it because I fell into it and the money was too good to leave during the boom years. I had always planed to get out and try and get further quals.

I'd intended on doing an economics masters at some stage, but my faith in economics and economists has diminished significantly over the past couple of years - I now want to do something practical, and with my exemptions, accountancy seems to be the obvious way to go - I feel that if i dont do it now i never will, and I'll be stuck in financial sales forever.

smcgiff

Okay - I might know of a job that would have suited you perfectly with your QFA experience and willing to train as a trainee accountant. But nowhere near you I'm afraid.

Practice accountancy would not be a million miles away from a QFA's work I imagine, but you could eventually work your way into industry.

Macsimus

No Hassle mcgiff - cheers anyway

BTW if anyone knows the name of a good general textbook that they would recommend, please let me know. What textbook are leaving cert students using these day's?? Any first year college students using a general textbook?

collegemum

Macsimus wrote: »

No Hassle mcgiff - cheers anyway

BTW if anyone knows the name of a good general textbook that they would recommend, please let me know. What textbook are leaving cert students using these day's?? Any first year college students using a general textbook?

I used "FRANK WOODS BUSINESS ACCOUNTING" in 1st year ...it's a really good refresher textbook imo.
Business accounting 2 also by frank woods and deals with consolidated accounts etc
hth

tenchi-fan

QFA might stand to you in a small practice. Their client's often view accountants as a one stop shop for tax planning including pensions and investments.

Your age could go against you.. but only because small practices pay their trainees below €15k (outside Dublin as low as €12k) and they would be embarrassed to offer that sort of salary to some one over 30!

Goes without saying, but the accounting exams are A LOT harder than the qfa exams. If you are working at the same time they will require serious commitment and many employers expect you to pay for them yourself up front, paying you back only if you pass first time.