Any help/advice greatly appreciated.

UJ1987

Just to give a brief outline of my situation:

I was an early school leaver, left at 16 because I was more interested in having cash in my back pocket than studying what I felt were tediously boring and unimaginative school subjects. All fine and dandy until 2008, when I lost my unskilled yet well paying job. Thrown onto the heap with everyone else, at a distinct disadvantage when it came to finding employment due to my lack of education/qualifications. Decided a couple of years ago that I'd get back into education, go to college, get a degree and start on the path of having a sustainable and rewarding career in accountancy. So I started doing FETAC Level 5's (equivalent to Leaving Cert) in September 2013, as part of a two year course, with the aim of progressing to Third Level to enroll on an Accounting and Finance degree. Part of the course entailed a two week work placement, I did mine at a busy accountants in a small town in Munster. I was shown the basics and was able to do my work properly and got on fine. They invited me back in June 2014 and I've been there since doing VAT and various other bits and pieces. I had sent away my CAO application just this week when I was offered a trainee accountant position.
Obviously, I have accepted the offer. I am hoping to go down the ACCA route. I have been looking into what is involved in the exams and would be hoping to start sitting them as soon as possible. My only worry is that because I do not have a college degree in Accountancy or Business, I will struggle with the exams more than most. The F1, F2 and F3 exams seem quite doable from what I have read, but I would be grateful for any opinions on the matter. I could potentially sit all three in June, but given my lack of a college education do you think that goal is unrealistic?

lukayl

UJ1987 wrote: »

Just to give a brief outline of my situation:

I was an early school leaver, left at 16 because I was more interested in having cash in my back pocket than studying what I felt were tediously boring and unimaginative school subjects. All fine and dandy until 2008, when I lost my unskilled yet well paying job. Thrown onto the heap with everyone else, at a distinct disadvantage when it came to finding employment due to my lack of education/qualifications. Decided a couple of years ago that I'd get back into education, go to college, get a degree and start on the path of having a sustainable and rewarding career in accountancy. So I started doing FETAC Level 5's (equivalent to Leaving Cert) in September 2013, as part of a two year course, with the aim of progressing to Third Level to enroll on an Accounting and Finance degree. Part of the course entailed a two week work placement, I did mine at a busy accountants in a small town in Munster. I was shown the basics and was able to do my work properly and got on fine. They invited me back in June 2014 and I've been there since doing VAT and various other bits and pieces. I had sent away my CAO application just this week when I was offered a trainee accountant position.
Obviously, I have accepted the offer. I am hoping to go down the ACCA route. I have been looking into what is involved in the exams and would be hoping to start sitting them as soon as possible. My only worry is that because I do not have a college degree in Accountancy or Business, I will struggle with the exams more than most. The F1, F2 and F3 exams seem quite doable from what I have read, but I would be grateful for any opinions on the matter. I could potentially sit all three in June, but given my lack of a college education do you think that goal is unrealistic?

Maths in accountancy is minimal, up to leaving certificate level. And due to UK/Irish accounting qualification structure, doing ACCA/ACA/CIMA is virtually reading a degree in accountancy. So you shouldn't worry about that.
Now I myself am still doing the F-level, equivalent to degree (you can top up with a Bsc degree from Oxford Brookes University in UK after you finish the F papers plus one research thesis), so I am not sure how maths skills are required in P4 Adv. Financial Management. But if you are uncomfortable with Maths, you can always skip P4 and do 2 of the remaining 3 optional papers, no less difficult though. But I reckon that P4&P5 is more commerical/management accounting geared, while P6/P7 is obviously practice oriented.

marizpan

There is pros and cons in both situations.
It would be more helpful if you told us your end game, where you would like to be in 5-10 yrs.
If you get accepted into college, will you qualify for student grants of any kind? Are you a mature student?

Not having a degree may come against you in future job oppuntities.
It will be a barrier to completing a masters in the future.
It will also be a barrier to entry into the big4/top 10 firms.

All if these things are important depending on where you want your career to develop to.

What kinda of firm have you been offered the trainee contract with? Is it a good one?

If you train with a big4/top 10 you Can move into industry quicker. Usually from big4 audit to internal audit for 2 yrs then moved into gl.

Doing all thoses F papers will not be easy especially while working.

UJ1987

marizpan wrote: »

There is pros and cons in both situations.
It would be more helpful if you told us your end game, where you would like to be in 5-10 yrs.
If you get accepted into college, will you qualify for student grants of any kind? Are you a mature student?

Not having a degree may come against you in future job oppuntities.
It will be a barrier to completing a masters in the future.
It will also be a barrier to entry into the big4/top 10 firms.

All if these things are important depending on where you want your career to develop to.

What kinda of firm have you been offered the trainee contract with? Is it a good one?

If you train with a big4/top 10 you Can move into industry quicker. Usually from big4 audit to internal audit for 2 yrs then moved into gl.

Doing all thoses F papers will not be easy especially while working.

Well I'm 27, so would qualify as mature student, but to be honest given my age and the fact I already have a training contract on offer, I'd rather skip college. I also have a child on the way, so the sooner I start getting exams under my belt and move up the pay scale the better.

The firm I'm with handles a diverse portfolio of clients, it has offices throughout the country and I feel it will give me a very good standard of training. They will pay my exam fees and give me a week of study leave per exam. I have been doing bookkeeping there for the past 7 months.

My older brother is ACCA, done exceptionally well in his exams and is now working in the Channel Islands. I would be hoping to follow in his footsteps eventually. He has intimated to me that if/when I am ACCA qualified the door will always be open for me, so I suppose in 10 years time I would be aiming to be working for a fund in the Channel Islands, the standard of living over there seems excellent and it's a great place to raise a family.

I was on the open tuition website last night and had a go at the sample F1 exam and to be honest I felt alot of it was just common sense.

UJ1987

Forgot to say, thanks for the replies guys, much appreciated.

marizpan

I don't know enough about funds to give advice of any merit.

The exams will begin fairly easy and get progressively more difficult. A reasonable expectation of completing them is 4 yrs. factoring in a young family, work commitments and the occasional fail.

Best of luck

Immy

Go for it. I have no degree and it never closed doors for me.

UJ1987

Immy wrote: »

Go for it. I have no degree and it never closed doors for me.

Glad to hear it!