Quickest way of becoming a qualified accountant

Abracastabya

I'm currently doing a business course which covers accounting and all the basics, and economics. I always had an interest in accounting, and I'm wondering what would be the quickest route for me to becoming qualified now. I'm 26, and having been in a trade for the past 9 years decide I need a career change. Would my best route be to get a degree in business, i.e commerce in UCC or B.A in Accountancy WIT or something and then another couple of years after that to do the other exams, which all in all could take 5-6 years including doing the degree so it's not exactly a short time.. being qualified at 33 with not much income for the next 5-6 years isn't really an ideal option including paying tuition fee's for college etc..


Any other options for me or what would you recommend?

Thanks to all in advance

sReq | uTeK

Abracastabya wrote: »

I'm currently doing a business course which covers accounting and all the basics, and economics. I always had an interest in accounting, and I'm wondering what would be the quickest route for me to becoming qualified now. I'm 26, and having been in a trade for the past 9 years decide I need a career change. Would my best route be to get a degree in business, i.e commerce in UCC or B.A in Accountancy WIT or something and then another couple of years after that to do the other exams, which all in all could take 5-6 years including doing the degree so it's not exactly a short time.. being qualified at 33 with not much income for the next 5-6 years isn't really an ideal option including paying tuition fee's for college etc..


Any other options for me or what would you recommend?

Thanks to all in advance

Could have wrote your post about 2 months ago.

I've gone down this option as in in full time employment in IT.

I'm currently doing the ACCA. You can do it if and when you choose, you have 10 years from enrolling to completion.

You complete modules f1-f9 and you get a recognised degree from Oxford brooks university which I recognised as a level 8 by the NFQ and HETAC you can then use this degree to submit for a contract to one of the big 4-10 accountancy firms where you can then obtain the necessary 3.5 years needed and also complete the remaining 3 professional exams and then you would e qualified.

You can pretty much if you can obtain a degree in 1 year as you can sit 4 exams in one setting twice a year. You do f1-f3 on a computer when you want the remaining f4-f9 can be sat in June and December.

I've started my f1-f3 last week the books with the revision text cost 150 euro. You don't need a degree to enter in if you don't have one, as you sit 3 foundation exams to get in which are the same as f1-f3.

To join the ACCA it's about 80 euro for an entree and 80 for subs a year.

As long as you register for an exam early its about 60 quid an exam.

Courses are ran on a part time basis for all modules in ACCA if you find them difficult. I'm home studying myself.

Feel free to pm me and ill talk you through what ever you need over the phone. I think this route is a very good route if you don't want to give up full time employment.

Abracastabya

Perfect!

Thanks for that, I will be in touch through PM, seems to be exactly what I was looking for.

SBWife

sReq | uTeK wrote: »

complete the remaining 3 professional exams and then you would e qualified.

There are 5 professional exams!

Abracastabya

Would it be possible and it is doable to study at home and pass the exams?

kilburn

You could try CIMA, passing at 3 exam at each sitting you would be qualified in little over a year and a half

Abracastabya

Which is the best option, as in how much it costs and time wise? I am thinking of doing it alongside a degree, possibly, which money will be very tight. My understanding of CIMA is you have to be working in a firm at the same time? Maybe I'm completely wrong.

Basically I won't have any experience in a firm, nor any qualifications. I have done a couple of business courses, and the one I'm doing now is by far and away the best course so far. It's only an internal diploma, which is only really of use for moving onto a degree course in that college.

Basically, is there anyway I could get funding if I decided to not go the degree route and just go through CIMA or ACCA?

sReq | uTeK

SBWife wrote: »

There are 5 professional exams!

iPhone and far fingers meant to say 5

sReq | uTeK

Abracastabya wrote: »

Which is the best option, as in how much it costs and time wise? I am thinking of doing it alongside a degree, possibly, which money will be very tight. My understanding of CIMA is you have to be working in a firm at the same time? Maybe I'm completely wrong.

Basically I won't have any experience in a firm, nor any qualifications. I have done a couple of business courses, and the one I'm doing now is by far and away the best course so far. It's only an internal diploma, which is only really of use for moving onto a degree course in that college.

Basically, is there anyway I could get funding if I decided to not go the degree route and just go through CIMA or ACCA?

Don't quote me on this but CIMA is more geared towards management accounting in industry where as with ACCA it's a more broader course which would enable you to eventually go into industry or practice.

I hear f1-f3 are easy enough I'm not doing any courses just bought the books and doing home study it seems very easy so far but I hear f4 onwards is very different.

In terms of funding, I don't think so, this is all funded outs your own pocket.

mr_edge_to_you

kilburn wrote: »

You could try CIMA, passing at 3 exam at each sitting you would be qualified in little over a year and a half

That's a very tough goal (but doable). Don't know anyone who has managed it.

Either ways you're not qualifed until you have 3 years of relevant management accounting experience, assessed and approved by CIMA. .

Abracastabya

So if doing home study the funding would just be books and examination costs?

I am in two minds whether to start a degree or just go for ACCA. I know it would be nice having a degree but I would be qualified quicker going the ACCA route, and I don't think I could handle doing a degree in college and ACCA at the same time.

What would you all reckon?

mr_edge_to_you

You need to be be mindful of the work experience commitments required for the various qualifications. It's not just about the exams. At some point you have to start working in a finance role and it will more than likely result in a low enough salary. You will be a junior/assistant accountant. The lower salary levels reflect the lack of experience and in most cases you will receive financial support to help with your professional exams.

It might be easier to get a junior role in finance having done your degree.

There is no quick way to get qualified as an accountant.

Have you considered starting out as an accounting technician and going down that route.

It's not unusual for people to take 10 years to qualify.

Abracastabya

What benefit would starting out as an accounting technician be as opposed say, getting a degree and then going for the exams?

mr_edge_to_you

Abracastabya wrote: »

What benefit would starting out as an accounting technician be as opposed say, getting a degree and then going for the exams?

Might be a good starting point to try and get yourself into a finance role. You can do it at night on a part time basis.

Would still allow you to work at your trade during the day and keep the dollars coming in.

It's a great qualification to start off with.

Alan Shore

Abracastabya wrote: »

So if doing home study the funding would just be books and examination costs?

I am in two minds whether to start a degree or just go for ACCA. I know it would be nice having a degree but I would be qualified quicker going the ACCA route, and I don't think I could handle doing a degree in college and ACCA at the same time.

What would you all reckon?

The fastest route is to get a job in an accountancy practice, you can do the exams while getting the required experience.

If you do a degree you may get exemptions but will still need the 3 years experience.

Abracastabya

Alan Shore wrote: »

The fastest route is to get a job in an accountancy practice, you can do the exams while getting the required experience.

If you do a degree you may get exemptions but will still need the 3 years experience.

How would I go about this if I have no experience or qualifications?

I suspect the competition for this with people with actual qualifications would leave me sitting in the dust!

sReq | uTeK

Abracastabya wrote: »

How would I go about this if I have no experience or qualifications?

I suspect the competition for this with people with actual qualifications would leave me sitting in the dust!

Don't know if you picked me up on my 1st post, I was thinking like you, go get a degree get some exemptions and then start into a junior role hoping to finish the professional exams.

It really is pointless going the 4 year route, do ACCA f1-f9 and you get a degree that's as recognised as any. Doing f1-f3 gets you a diploma in accounting then f4-f9 completion entitles you 2 a degree from Oxford brooks in the uk this is a recognised degree by the NFQ and HETAC.

So option 1. Do a 4 year part or full time degree course and quit your full time job.

Option 2 do ACCA f1-f9 pass it and get a degree in your own time or with the help of the odd evening course

Once the professional exams are done in ACCA you are awarded a masters

Abracastabya

Can you send me a link to where it gives info about giving a degree please?

Also, how much would it cost altogether roughly doing it the ACCA way?

Thanks alot

You don't need a degree to start with any of the main accounting bodies in Ireland.

http://www.charteredcareers.net/type_non_grad.php
http://www.agreeonacca.com/
http://www.cimaglobal.com/Study-with-us/Entry-routes/Im-leaving-school/

Your main problem will be getting a start - finding a trainee role or an entry level role you can build from. Having a degree might help with that.

No matter what you will be starting off on small money. Would you consider jobbridge if you qualify for that? Alternatively you are going to have to start networking to find someone who will take you on from scratch.

Abracastabya

Deleted User wrote: »

Would you consider jobbridge if you qualify for that?

But in that year of being on an internship, with no guarantees of being kept on, I could be a year into a three year accountancy degree.

I'm considering applying for the accountancy degree in GMIT which could possibly give me exemptions from f1-f9 not sure which but it could give me most if not all of them.

Possibly, would this be the best route and try get a contract after the degree, hoping I get a good mark?

I'm not getting any younger, and don't want to waste any years. I've done enough of that..

mr_edge_to_you

mr_edge_to_you wrote: »

That's a very tough goal (but doable). Don't know anyone who has managed it.

Either ways you're not qualifed until you have 3 years of relevant management accounting experience, assessed and approved by CIMA. .

2 years is more doable. I did it in 2 years start to finish with no evening classes, just revision weekends. exam q practice and smart & effective studying is the key imo.

you don't need to be in a particular company to do cima. you will need to submit work experience to be awarded the full qualification (i.e. to go from "passed finalist" to ACMA member). But you don't necessarily have to have lots of work financial experience - proj mgt etc can suffice - you can always give it a financial slant on submission.

if you want a financial qualification and work as an accountant or financial analyst then CIMA is good (it's more strategic than ACCA or ACA imo). If you want to practice accountancy (i.e. audit accounts) then ACCA or ACA.

Abracastabya

glasso wrote: »

if you want a financial qualification and work as an accountant or financial analyst then CIMA is good (it's more strategic than ACCA or ACA imo). If you want to practice accountancy (i.e. audit accounts) then ACCA or ACA.

Which would you recommend?

Surely CIMA qualified members also practice accountancy as you mentioned?