Unemployed Accountant seeks per...ahem...inspiration...

Boredsdotie

Hi all,

I am a one year post-qual. (unemployed) accountant. I trained in practice though I must admit that I really didn't like it (the environment more than the work admittedly). I am trying to find a role in industry in Dublin, but this is proving to be a lot more difficult than I had hoped (for obvious reasons). I am reluctant to go back into practice, as I was put off by my first experience - (I retrained at a later age too, which didn't help - can anyone relate?)

As it is proving to be so difficult to land a role in industry, I am now trying to consider other options, such as self-employment, but I really don't know where to start.

As I have never worked for myself as an accountant before, I really wouldn't know where to start and am concerned that I might come across issues/areas that I may not be familiar with (my training wasn't fantastic in parts and in particular, my exposure to tax-related issues was limited, although I do feel that I understood what I was doing on the auditing side by the end of my contract). I really have no idea where to start in terms of 1) getting clients or 2) knowing how to set myself up or even 3)in terms of what services I could offer and I could really do with some guidance...I'm not even sure what sort of presentation potential clients expect etc. - basically I am a bit clueless and could do with some help...

I find it a bit of a shame that a person can complete a training contract and come out at the other end of it really not having a clue about this sort of thing (not always easy to obtain such information from colleagues in practice I found).

Can anyone help?

Welease

I'm not an accountant, so take this with a pinch of salt...

Assuming you have the correct qualifications, it sounds like you are missing the real business experience and confidence to go it alone at the minute (i know i want my accountant to understand tax implications etc)..

If the experience in practice was personalities, then move on and try another.. it happens..
If the issue was accountancy, then there is a deeper issue... do you actually want to be an accountant? (it has to be asked, there have been a few posts recently by accountancy graduates who don't want to work in the profession).

Boredsdotie

Hi,

Thanks for the reply...

Yes I think I am missing the real business experience, but think I would have the confidence if I just had a bit of help being pointed in the right direction...

To be honest, I found the whole practice experience to be so negative that it has put me off ever working in practice again...

Yes I do want to be an accountant (amongst other things!) and I am qualified...I wouldn't be surprised if a lot of graduates were put off by their training experience to be honest with you...

I do not really have contacts whose brains I could pick as regards the services provided to them by self-employed accountants, so it's all a bit of a mystery to me, albeit I consider myself to be quite skilled and know I could do this if I got a nudge in the right direction.

tenchi-fan

I trained mainly in audit and now work in a company. Working in practice was a horrible experience. And I'll be the first to admit, I wouldn't know where to start with tax. You're definitely not alone on that one... but I'd imagine the only way you'll get any exposure is to work in practice in a non-audit role.

I'm leaving my current job for a number of reasons.. one of which is even if I did another 12 months in my role I doubt I'd have learned anything new.

Have you look into an accounting role in a financial services company?

Boredsdotie

Hi techni-fan,

Thanks - it's reassuring to hear that...I'm trying to get anything in industry/financial services, but the current market and my lack of experience in industry/FS doesn't appear to be doing me any favours...

A non-audit role in practice is something to consider, but as I said, the thought of even setting foot in practice again causes me to break out in a rash, so I'd need to give it some thought.

It would appear that too many people have had similar experiences.

Odats

What qualification are you ACA, ACCA,CPA, IIPA, CIMA? Just recently qualified ACA myself and trained in small practice. I'm going volunteering in Africa for 3 months to set up an accounting system for a charity. Very hard to move into industry at the moment and even accounts assistant jobs for small industry jobs are specifying qualified a/c technicians with ex amount of PQE or part quals with industry exp (probs keeping costs down). Depends on where you trained. IMO if you trained Big4/Top 10 you should have no probs getting a job, Small practice unless lucky not a hope unless it's sideways into another small practice which are scarce aswell. Have you considered moving abroad?

Boredsdotie

ACCA - Top Ten trained...

I've considered moving abroad, but as I'm getting on a bit (!), it's really a last resort, so I'm trying to suss out all my options here first...if I can't secure anything within the next two months tops I think I'll have to go abroad...

jockey#1

Boredsdotie wrote: »

ACCA - Top Ten trained...

I've considered moving abroad, but as I'm getting on a bit (!), it's really a last resort, so I'm trying to suss out all my options here first...if I can't secure anything within the next two months tops I think I'll have to go abroad...

I am ACCA qualified since last year, heading off to Oz in October. I'm nearly 29 and I wouldn't let my age put me off. I would rather continue working than have a big gap in my CV. The longer you are out of work the harder it is to get back into work. Being unemployed now for over four months and haven't had one interview, same story as you done my time in practice!

Boredsdotie

ok - thanks for your input...will have to consider it eventually...

I have been getting some interviews and they have been going reasonably well but I'm falling down due to lack of direct, relevant experience...

pog it

How about fund accountant in Hedge fund financial services?

Boredsdotie

Don't think I have the right experience for fund accounting?? Thought that was a different ballgame altogether...?

tenchi-fan

I'm heading off to canada in November (hence all my posts in the north america board!) . I'm 28.

I actually like my job at the moment .. I mean, it's ok.. but I don't hate it (like I hated both practices I worked in). My managers keep to themselves and I have flexitime.

When I started I kept asking for more responsibility and training and they did give me 2 payrises in that time. The only problem is they took me on 16 months ago as a trainee and even though I'm now qualified the wages don't stack up. I was considering asking for a payrise but you know what, I know exactly the type of work I'll be doing in 12 months time. I just think at this stage the experience is more important to me than a stable job.

pog it

Boredsdotie wrote: »

Don't think I have the right experience for fund accounting?? Thought that was a different ballgame altogether...?

It's not; just do a google search The accas and degree in commerce/finance/business Etc. are what they look for for entry level fund accountant. Naturally it will be a different type of accounts work, but you should have transferrable skills needed. You then have countless options for branching off in that area.

Anyhoo, just a suggestion. Best of luck!

Boredsdotie

Thanks pog it.

If this doesn't work out, I assume I can come back in a year and blame you?(!)

Also, does anyone have any insight re self-employment opportunities? I am currently a full-time, self-employed thumb twiddler, but those skills don't appear to be transferable....

pog it

Boredsdotie wrote: »

Thanks pog it.

If this doesn't work out, I assume I can come back in a year and blame you?(!)

Also, does anyone have any insight re self-employment opportunities? I am currently a full-time, self-employed thumb twiddler, but those skills don't appear to be transferable....

Can I just give you some advice I think you should take.

There is a recruitment agency called Accountancy Solutions, they have a base in Dublin on the Quays, and they are more than a recruitment agency as in they will hear you out, see your qualifications, and suggest the MANY different routes you can take. And only then try to match you with their job openings. They give honest advice, and don't try to get you into a job for the sake of their filling a role. I would never recommend agencies in general, but this is the one exception I will make.

Just send in your CV, then phone them up and be candid. Then go in to meet them for informal interview (Obviously they are not a free career coaching service and so you will need to be job hunting)

You could do far worse and the alternative is staying lost in limbo indefinitely.

But seriously- hedge funds are way more interesting than doing accounts for a small/medium business, and you obviously should research Every option going. You only have one life and it's not standing still.

dory

If you're bored and in need of some work many charities are often looking for some help. Generally can't pay, but it's experience and looks good on your CV, and you'll be helping a charity. Drop me a PM if you want some names.

Boredsdotie

I'm actually already registered with Accountancy Solutions as well as numerous other agencies...

Hedge funds are more interesting than accounts for SMEs?? I've not heard that before if I'm honest...

Re working for charities...hem, I don't know about that...

tenchi-fan

dory wrote: »

If you're bored and in need of some work many charities are often looking for some help. Generally can't pay, but it's experience and looks good on your CV, and you'll be helping a charity. Drop me a PM if you want some names.

It's a nice idea.. but there are plenty of paid roles in charity companies abroad for newly qualified accountants. I wouldn't recommend an accountant working for free. Especially considering the salaries of some charity managers and their marketing budgets!

He who works for free will never be out of work.

dory

tenchi-fan wrote: »

It's a nice idea.. but there are plenty of paid roles in charity companies abroad for newly qualified accountants. I wouldn't recommend an accountant working for free. Especially considering the salaries of some charity managers and their marketing budgets!

He who works for free will never be out of work.

Yes but there are also charities out there in which no one gets paid a cent.

I wasn't suggesting it as a long term plan or anything. But I know a lot of people, including myself who got their job because of their volunteering experience (yes I know this for a fact).

Jim2007

Boredsdotie wrote: »

Also, does anyone have any insight re self-employment opportunities? I am currently a full-time, self-employed thumb twiddler, but those skills don't appear to be transferable....

If you can't figure out how to set up your own practice, who do you expect to be able service your clients! Seriously!

You have access to the internet, check out your institutes requirements for getting a practicing cert. for a start, give them a call and see what advice they can offer.

To find clients you are going to have to learn the art of networking.. us the net to do some searching on business networks in your area and so on...

You've had all the training, now it is time to start acting like a business person....

Good luck with that,

Jim.

Boredsdotie

Well Jim, the idea of posting on this website is to gather the aforementioned type of information. I have actually explored the idea of sourcing information on the internet believe it or not - I thought there might be people in the same boat (and I am convinced there are) - you haven't really answered my question, but thank you for your insightful comments.

Jim2007

Boredsdotie wrote: »

you haven't really answered my question

Really I gave you the two basic requirements to start out on your own, after that it is up to you:

To practice accounting you need authorization from your Institute, have you actually checked out what the requirements are???

To get clients, you need to network with business people, have you got any ideas on where you can do this in your area???

It is really up to you to take it from there....

Jim.