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Reinsurance Accounting

  • 04-09-2013 10:48am
    #1
    amimarissa
    Closed Accounts Posts: 21 ✭


    ...a good place to start your ACCA training? I am currently studying F4 & F5

    I am afraid of being pigeon holed in regard to future career prospects. The role is reinsurance accounting/risk management with quite a small firm.

    any advice is greatly appreciated :)


Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,613 Mod ✭✭✭✭Jim2007


    amimarissa wrote: »
    ...a good place to start your ACCA training? I am currently studying F4 & F5

    I am afraid of being pigeon holed in regard to future career prospects. The role is reinsurance accounting/risk management with quite a small firm.

    any advice is greatly appreciated :)

    Well what is your alternative?


  • #3
    amimarissa
    Closed Accounts Posts: 21 ✭amimarissa


    Accounts receivable/payable


  • #4
    Annabananna
    Registered Users, Registered Users 2 Posts: 161 ✭✭Annabananna


    Hey my husband is an compliance manager in a large reinsurance firm in Dublin. He is a qualified acca accountant and has only got opportunities in the reinsurance area. I would advice you to finish acca and then do risk and compliance exams as this is the area where the good jobs and money is within reinsurance. Also maybe try and start out in a bigger firm like Aon or Marsh as you have better exposure.


  • #5
    amimarissa
    Closed Accounts Posts: 21 ✭amimarissa


    Thanks Anna, ill look into it a bit further


  • #6
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,613 Mod ✭✭✭✭Jim2007


    amimarissa wrote: »
    Accounts receivable/payable

    Well it would appear to be a choice between a generalist position and a specialist position, in which case for a trainee I would suggest the a generalist position would be the best option, unless there was some thing really negative about it.


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  • #7
    Johnny_Fontane
    Registered Users, Registered Users 2 Posts: 3,098 ✭✭✭Johnny_Fontane


    Reinsurance can be a gold mine.
    There are about 70 companies in the sector of which about 30 have probably 1-3 finance staff. There are about 15 companies with accounting staff of maybe 6-20 people.

    Reinsurance companies continuously look to find people with reinsurance experience, so once you get it, it can be very lucrative. 12-15% pensions and 25-30% bonuses are not uncommon.


  • #8
    amimarissa
    Closed Accounts Posts: 21 ✭amimarissa


    Thanks Johnny, thats great info to know!

    Its hard to know what is best when you are starting out, especially when you have no experience of these different industries.

    I appreciate your advice :)


  • #9
    Johnny_Fontane
    Registered Users, Registered Users 2 Posts: 3,098 ✭✭✭Johnny_Fontane


    The other plus point with regard to reinsurance is that 95% of the companies are headquartered out of Bermuda, so if you ever wanted to earn some serious $$ in tax free locations, your reinsurance experience would mean that you would have no problems finding work there.


  • #10
    amimarissa
    Closed Accounts Posts: 21 ✭amimarissa


    would a role in payroll count towards PER?


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