Need advice re future accountancy career

Colemania

Hi all,

So I'm going on 3 years now as a trainee accountant and in this time I've only managed to pass 2 ACCA exams. I marginally failed f8 in June and am repeating F7 in September while also attempting F8 again in December along with P1.

Now while my goal is to complete my ACCA qualification, I've been losing interest in accountancy since the middle of last year. I moved jobs earlier in the year as I was stuck in one department at my first practice and wanted to do more. The first job also paid very poorly and in my new job I was getting a rise to put me on par with most trainees in practices.

The practice I'm in at the moment only has 4 employees, excluding receptionist, and I'm currently working in accounts and financial restructuring. I've had no audit experience in my 3 years in practices, which although I don't see myself as an auditor down the line I'd like to gain some experience in it. I enjoy doing accounts and the odd bit of bookeeping such as taking care of VAT and PAYE returns but I just don't get the financial restructuring stuff and don't think i ever will. Unfortunately there's only so much accounts you can do so i will always have a bit of financial restructuring work.

Now here's the main problem. With both jobs, I have gotten very very little training and therefore, especially in my new job, I haven't learnt much more. I thought changing jobs would help motivate me again but it's just not helping. The boss gives out about the most pointless things that are aimed at me even if the problem is very easily fixed and nothing bad has come of it or if the problem was the result of lack of training and understanding. As a result, I dread going to work in the mornings if I know the boss intends to call us in for a work in progress meeting and starts pointing the finger at the most inane things.

I can't change jobs again as it would look bad for my CV but I don't even know where I go from here. I find the work in industry jobs boring and monotonous but it pays well which is why a lot of graduates go to industry initially. I'm not motivated by money (well i want to be on at least minimum wage!!) but I just want a job that I enjoy. I really enjoyed my early days in my first job, albeit doing basic bookeeping, and I know I have to try much harder with my ACCA exams. I just don't know if I'll ever get back that motivation for accountancy.

Has anyone ever gone through a slump like this?

Avatar MIA

A lot of people find the accountancy exams difficult. I would say it is the rule rather than the exception, although only passing two exams in three years isn't encouraging.

Is your pass rate down to not taking exams or taking them but not passing? You've clearly passed other exams before as you got exemptions from ACCA exams.

Do you think if you passed your exams you'd be progressed more in your work place and involved in more interesting work - what are the seniors doing?

If not accountancy what would you see yourself doing?

Colemania

Avatar MIA wrote: »

A lot of people find the accountancy exams difficult. I would say it is the rule rather than the exception, although only passing two exams in three years isn't encouraging.

Is your pass rate down to not taking exams or taking them but not passing? You've clearly passed other exams before as you got exemptions from ACCA exams.

Do you think if you passed your exams you'd be progressed more in your work place and involved in more interesting work - what are the seniors doing?

If not accountancy what would you see yourself doing?

I had 4 attempts at 1 exam before passing it and 3 attempts at another. I'm on my second attempt of F7 and F8 now and haven't done anything else yet.

I don't think progression with my exams would have progressed my career in any way as the seniors are doing what I'm doing but at a higher more advanced level.

I want my ACCA degree and work in accountancy down the line or at least have ACCA to fall back on but i'm afraid my interest in accountancy is waning and this time next year I may not want to do it again.

I feel like I need a break from it all but can't afford not to get paid as I have rent and bills to pay. As it is, I'm losing confidence in my own ability and motivation by the week and I just don't know what my next step is

Avatar MIA

At the very least if you got your exams you could transfer to a larger practice or into a decent job in industry.

Having to repeat the F level exams would be tough going alright, and the P exams don't get any easier.

However, your next step is clear. Pass F7 in September and F8 in December. If you feel you've the course covered then go to a Revision course. It's possibly exam technique that's letting you down.

Get these two exams out of the way and your confidence issue will disappear. No excuses, prioritise these exams. You know you're at a crossroads and need those exams.

BTW, with the exam sessions so close now, will you know that you've passed the F7 exam before taking the F8 exam?

Colemania

Avatar MIA wrote: »

At the very least if you got your exams you could transfer to a larger practice or into a decent job in industry.

Having to repeat the F level exams would be tough going alright, and the P exams don't get any easier.

However, your next step is clear. Pass F7 in September and F8 in December. If you feel you've the course covered then go to a Revision course. It's possibly exam technique that's letting you down.

Get these two exams out of the way and your confidence issue will disappear. No excuses, prioritise these exams. You know you're at a crossroads and need those exams.

BTW, with the exam sessions so close now, will you know that you've passed the F7 exam before taking the F8 exam?

Ya i'll know in early October.

Avatar MIA

Colemania wrote: »

Ya i'll know in early October.

Makes sense, and a big improvement from having to wait 3 months.

Colemania

Avatar MIA wrote: »

Makes sense, and a big improvement from having to wait 3 months.

Ya it is thank god. Regardless of my next career move, I'm determined to finish ACCA so no fear of giving that up. Regards the job, I don't know what to do next. As I said, can't afford not to have a stable job and my plan was to leave after my 2 year contract is up anyway

Pawwed Rig

Correct me if I am wrong here but it sounds like you want to operate as a lower level accountant. Do you need to be chartered? I can't see too many companies paying a CA rate for VAT returns or payroll. Would you consider the accountancy or tax technician exams instead?

Colemania

Pawwed Rig wrote: »

Correct me if I am wrong here but it sounds like you want to operate as a lower level accountant. Do you need to be chartered? I can't see too many companies paying a CA rate for VAT returns or payroll. Would you consider the accountancy or tax technician exams instead?

Well no I was just saying that I like doing those tasks but am open to do more if I get the correct training. With my college degree and exemptions, I technically already have the accounting technician qualification. I'd like to finish ACCA to give me more opportunities down the line

Pawwed Rig

Would you consider a training contract with an accountancy firm? They last 3-3.5 years and will give you great experience.

Colemania

Pawwed Rig wrote: »

Would you consider a training contract with an accountancy firm? They last 3-3.5 years and will give you great experience.

Well you see, my first job was with a practice on a training contract and as is my job now. I just haven't been trained correctly with both jobs. I doubt an employer would take someone on now with 3 years experience in practice on a training contract as they would expect that I would have passed more exams in that space of time also.

gonko

Colemania wrote: »

Well no I was just saying that I like doing those tasks but am open to do more if I get the correct training. With my college degree and exemptions, I technically already have the accounting technician qualification. I'd like to finish ACCA to give me more opportunities down the line

You go to your employer and push for more demanding roles. We are training to be accountants / business leaders here. Not entry level finance staff here. YOU push to where you want. If your boss is being silly and stupid, get another job. If you are not being challenged and learning, then YOU are the one suffering. Not to mention taking muck off the boss.

As for the second comment.....you seem to have no idea where you want to be. Open up more opportunities....?
Define it.
I know I want to be in a senior role in a few years, or run my own business (not sure in what yet ) but hell....I know I need those exams for two main reasons.
1 - It opens the door to a more senior role, more money for family, and a pay packet that more accurately reflects my work effort. (we all work for money, lets not pretend its not a factor....return on invested time and all that lark ).
2 - I need the knowledge as I want to excel in the business environment. Finance is the lifeblood of business. If you want to be a surgeon, go to med school. If you want to be as important as a surgeon, but in the business world, study accounting. It is not just about passing exams, but knowing what you are about....ie knowledge.


In my opinion, you lack motivation as you have no clear path. Define your path. Identify what you want. Go get what you want.

We either progress or we recede, nothing is stationary. :cool:

Colemania

gonko wrote: »

You go to your employer and push for more demanding roles. We are training to be accountants / business leaders here. Not entry level finance staff here. YOU push to where you want. If your boss is being silly and stupid, get another job. If you are not being challenged and learning, then YOU are the one suffering. Not to mention taking muck off the boss.

As for the second comment.....you seem to have no idea where you want to be. Open up more opportunities....?
Define it.
I know I want to be in a senior role in a few years, or run my own business (not sure in what yet ) but hell....I know I need those exams for two main reasons.
1 - It opens the door to a more senior role, more money for family, and a pay packet that more accurately reflects my work effort. (we all work for money, lets not pretend its not a factor....return on invested time and all that lark ).
2 - I need the knowledge as I want to excel in the business environment. Finance is the lifeblood of business. If you want to be a surgeon, go to med school. If you want to be as important as a surgeon, but in the business world, study accounting. It is not just about passing exams, but knowing what you are about....ie knowledge.


In my opinion, you lack motivation as you have no clear path. Define your path. Identify what you want. Go get what you want.

We either progress or we recede, nothing is stationary. :cool:

I appreciate that reply, thanks. You're right about the motivation but regards to getting what I want, I don't know what that is just yet.

When I mentioned that i wanted ACCA to open more opportunities, i meant that as ACCA is highly regarded and if I was to ever take a career break or for some unbeknownst reason change career paths and want to go back to accountancy, having an ACCA background and qualification would look very well on my cv. I have always been against moving to industry but who knows, it may suddenly become appealing to me at some stage.

With regards to possibly leaving this job, I of course would have to have something lined up in its place but i honestly think i need time to figure out what i want and i don't want to be hopping from job to job trying to figure that out so at the end of the day, i'm probably better off staying where i am until i figure out what it is i want.

Lets just say down the line I figure out what i want and this requires leaving my current job, would it look bad on my CV that i stayed in a training contract for 2 years with 1 company and lets just say 10 months with another and thus not completing my training contract in either firm?

Pawwed Rig

I was the same as you. I learned very little of worth during my training contract so I took a new job based on the experience I could get rather than the wages or job title. I explained this in the interview and the panel still hired me. So I don't think that will go against you at all. The important thing for you now is to pass those exams. But bear in mind that the F1-9 exams are alot more straight forward than the P exams*.

*from what I have heard rather than personal experience.

Colemania

Pawwed Rig wrote: »

I was the same as you. I learned very little of worth during my training contract so I took a new job based on the experience I could get rather than the wages or job title. I explained this in the interview and the panel still hired me. So I don't think that will go against you at all. The important thing for you now is to pass those exams. But bear in mind that the F1-9 exams are alot more straight forward than the P exams*.

*from what I have heard rather than personal experience.

Ya the P exams are much harder I've heard also with the exception of P1. What was the new job you took may I ask? Like what position and was it in industry or practice?

Pawwed Rig

Practise in a newly qualified role. The learning curve was sharp but by putting your head down and working hard you can make it happen. I much prefer practise as it gives a much broader level of experience (outside of Big 4).

Colemania

Pawwed Rig wrote: »

Practise in a newly qualified role. The learning curve was sharp but by putting your head down and working hard you can make it happen. I much prefer practise as it gives a much broader level of experience (outside of Big 4).

Are you acca qualified?

Colemania

I won't make any hasty decisions but from looking at available jobs in my area, I'm half thinking now in moving jobs to a position that solely focused on bookkeeping and accounts. Get back that motivation and finish my exams and then move on when i'm qualified. I know it's a bit of a step backwards but I think it's the only option at the moment. I'd only move somewhere where I know I'll be trained though and i'll explain that in any prospective interviews

Immy

Why not look at small practice where you get the overview of everything. I trained in small practice, I once spent about 4 months in a practice as after I moved I realised it was a disaster of a place and not for me.

But you need to step it up with the exams, I would try and make them my main focus over the next few months.

Colemania

By small, how many employees are you talking? I went from one with 17 employees to one with 4 and 4 is way too little to be able to get any training

gonko

Colemania wrote: »

I appreciate that reply, thanks. You're right about the motivation but regards to getting what I want, I don't know what that is just yet.

When I mentioned that i wanted ACCA to open more opportunities, i meant that as ACCA is highly regarded and if I was to ever take a career break or for some unbeknownst reason change career paths and want to go back to accountancy, having an ACCA background and qualification would look very well on my cv. I have always been against moving to industry but who knows, it may suddenly become appealing to me at some stage.

With regards to possibly leaving this job, I of course would have to have something lined up in its place but i honestly think i need time to figure out what i want and i don't want to be hopping from job to job trying to figure that out so at the end of the day, i'm probably better off staying where i am until i figure out what it is i want.

Lets just say down the line I figure out what i want and this requires leaving my current job, would it look bad on my CV that i stayed in a training contract for 2 years with 1 company and lets just say 10 months with another and thus not completing my training contract in either firm?

You can't be thinking like this. You need the confidence to call it yourself. Your training was crap, so you left, and you became much better for it. If a future employer cannot accept that, then you don't want them.

This is about your best development. Practise is all about following rules and procedures, and I know during my internship, I was not allowed to think.....just do what we have been doing for years . In industry, you are typically in a role that can impact the day to day running of the business, and you have scope for seeking improving best practise etc. You may get to participate in many areas of the business and it may open doors to management roles down the line.

Long term career goals will play a part in which road you prefer.