Turnover rate for Accountants

danube

Just looking for some advice here. I have an arts degree and I am thinking about doing a conversion course in Accountancy. However I heard that a lot of accountants don't like their job. I know one who left to join the Army.
So I would like to know what is the best and worst aspects of your job and would you recommend it as a career?
I have a feeling its something I might get bored of after a few years.

Jim2007

danube wrote: »

However I heard that a lot of accountants don't like their job. I know one who left to join the Army.

And I know one who left to spend a summer trekking in the Alps and never return (me!) and another that became a potter, another a professional fiddle player and yet another that became a sheep farmer in north Donegal. And we were all ex-Big Four, where did we go wrong? We just were not passionate about it, that is all. But this tells you nothing about how you will find it.

Every job not matter what it is has it's boring side to it, you will always find task you would rather not have to deal with and people that drive you nuts. But if you are passionate about what you do, then you will be able to deal with it, if not it will be hell!

So what are you passionate about? What is going to make you want to get out of bed in the morning and go into the office? Are you genuinely interest in businesses, what makes them tick, how are the progressing etc... do you enjoy mastering a large volume of data and drawing conclusions etc....

KlausFlouride

Can you get work experience anywhere even for a couple of weeks? It might give you some indication on what the day to day is like and if it's for you. I doubt any two accountants will give you the same impression. The job varies from place to place and day to day, some days it will melt your head, other days it's nice to have a job in a warm office where for the most part people leave you alone. The one big advantage is you know when a company is going under, as the numbers (typically) don't lie, so you can GTFO before it all goes wallop.

myshirt

KlausFlouride wrote: »

..... as the numbers (typically) don't lie, so you can GTFO before it all goes wallop.

Or you can roll up the sleeves and get stuck in :pac:
Thankless job though. If anything goes wrong, it's always the accountant to get the blame. I say to these people, when you are pointing the finger at an accountant, remember there are three fingers pointing back at you.

Because I blame poor governance.

In the latter half of my experience in training it was all stabilisation plans and restructuring. Seriously high stress, and you cross swords with a lot of people - that was the only drawback - an absolute shedload of arguing; a shedload of strategic maneuvering/tussling.

PhiliousPhogg

Following on from Myshirt's comments, I would say that the accountant or finance professional is a position of leadership or authority, while the stereotype is of a backoffice support function. You need to realise that at more junior levels while you are training, the challenge is in the numerical side of things, spreadsheets, reconciling, finding the difference etc and it is all learn learn learn, but as you progress to senior positions the key is in interpersonal skills like being authoritative, influencing, disciplining people, and drawing information out of people (the right information/cutting through the bull). So in 2 different ways it can be a difficult occupation - people with the interpersonal skills will find the numerical & analytical stuff challenging, and if they get to grips with the accounting technically, they will then find it boring if they don't get an opportunity to progress to a new challenge in management; while people more numerically minded, or with studious/introverted personality might be good with the analytical stuff but struggle with moving into management positions.

Also bear in mind you don't just become a generic accountant, you could end up in something very specialised like reporting compliance in a multinational, or forensic accounting in a bank or one of the big firms, or at the other end of the scale you could end up with your own practice dealing with SMEs and you'd be interacting with clients ie business people, company directors, entrepreneurs on a daily basis.

Actually I think the accounting bodies could do a lot better explaining the career progression thing and giving potential accountants a better idea of what they're getting into.

Here this'll give you a different perspective of an accountant:
http://www.esquire.com/lifestyle/sex/a6458/pull-out-method-effectiveness-1109/

danube

I suppose the reason I want to go into accounting is because of the demand for accountants. I have no job prospects with my current degree. My plan would be to become a chartered accountant and eventually specialise in forensic accounting (I have a degree in law). I was the treasurer for a club and I enjoyed it even though I appreciate the difference!

My only concerns is the maths part. I scraped a pass in ordinary level maths for the LC, but I heard Accounting is just basic maths?

tina1040

In certain jobs such as financial services and American companies there can be long hours, lots of deadlines and stress for little or no reward. That would lead to discontent.

PhiliousPhogg

Most of the exams wouldn't be mathematically complex, the exception being the finance module which covers financial model stuff like net present values, portfolio theory. That is challenging but people who are really determined tend to get over the line, maybe after a repeat or two.

But exams aside, the world now is very automated and any finance function needs to be savvy with systems and having a good process for closing the books rapidly after month-end/year-end. So financial control functions and management accountants need to be able to understand the technical side of the data flow and how to investigate rapidly when a glitch arises, which involves thinking something through and figuring it out, much the same way as approaching a mathematical problem or a game of chess.

Now in forensic accounting you might not be exposed to these issues but I wouldn't know much about that area. I just don't think you can avoid that aspect of being a CA. Some other people might have a different view, I wouldn't want to put you off. Ask yourself do you really want it and make sure you are very determined if you do go for it because it's a slog.

I think some of the bigger firms have trainee positions in their liquidations/receivership depts, and some smaller firms specialise in that area too. The amount of openings would be small I reckon, but it's a possibility.

thomlin

My advice would be don't go into a job because you think you might be good at it or because its a job that has demand, trust me I've been there. I used to work in IT because at one point I didn't think I had the skills to be an accountant (another story) so went into IT as I was good with computers and networks.

Big mistake was well able for the job and IT is still a hobby of mine that has served me well as an accountant, but I hated it even got to the point of dreading going to work in the mornings.

If you have an interest in accounting and business and think it's something that can drive you to be where you want to be then do it, but if its only because it's in demand you'll regret it and the time and effort you put into getting there.

You also need to remember the demand is for qualified and experienced people so you'll be starting at the bottom on crap pay, crap hours and crap possibilities for a few years (been there done that) so accounting (like IT) is not for the faint hearted,

Accounting is not hard for the most part there are some technical applications to it, but all manageable so if you're serious about forensic accounting you will need to be very technical at the accounting level and IT level too so bear that in mind. Easier said than done, but you also need to think like a criminal to some point (just don't practice it we are professionals you know lol)

As you progress you will want to move up the food chain yes that's correct food chain because in time you will see that in some businesses that is what it is not a career ladder so like others have said you need to work on your people and communication skills

On a final note I would always say follow your passion and you'll never be sorry for the choices you make in your life and career.

All the best

Tom