LC student looking to pursue career in Accountancy

LordHypnos

Hi all, I'm a LC student and have a couple questions regarding 3rd level accounting;
I'm hoping to do Commerce (accounting) in NUIG in September. My question is, is accounting in 3rd level much different to LC accounting? I really enjoy accounting and I'm currently repeating the LC. However, I'm struggling and always have struggled with HL maths and I've read there is a module on "Mathematics and Statistics for Business" which has really thrown me off. I also have only done JC Business and am wondering, would you need to be fluent in these subjects to do well in this module and the other business modules?

vikings2012

Hi LordHypnos,

I just finished my four year accounting degree.

Well LC accounting provides the foundations for starting your accounting degree and you will be probably see some elements of your LC accounting in first year in college.

In college, you will examine the reasons why we account for various expenses,gains,assets and liabilities etc, so you will be tested on the various international accounting standards.

I think there is misconception that accounting is all maths but really there isn’t much maths in accounting at all and you certainly don't have to be brilliant at maths to do accounting.

With regards to the maths and Stats module, I wouldn't worry too much about it, it is not as hard and as tricky as leaving cert maths, and in my opinion statistics is pretty easy and mostly common sense. Some of my friends did ordinary maths at LC level and flew through this module with a good result at the end. Remember in college the curriculum is much smaller compared to the LC and most modules run over a 12 week period.

I really dont think you would be at any real disadvantage having never studied business,economics, accounting at LC to do well in an accounting degree. Remember college is a new learning experience for you and generally lecturers start from the basics so dont be worrying about not having and experience of specific modules etc.

I think you are questioning your capabilities too much, do what you like or what you think you might like to do. I was good at accounting and economics in secondary school and therefore I only research accounting/economies degrees to study. This was a mistake I made, as I was limiting my choices.

Good luck with your LC. The accounting sector is booming at the moment and the accounting qualification is a great international qualification to have and allows you to work in loads of sectors. As like anything, if you put in the work you will succeed.

LordHypnos

thanks a lot for this!

wally1990

Agreed with the poster above . The maths is fine it's isn't bonkers and it's very doable and I'd say your well capable .

spurious

To satisfy my own idle curiosity, is it still possible to train as an accountant 'on the job' in an accountant's office as my brother did in the 80s?

Never held him back - now one of the foremost fraud investigators in the Americas and very high up in one of the Big 4 - earning more than the rest of the family put together (and then some).

tanit

spurious wrote: »

To satisfy my own idle curiosity, is it still possible to train as an accountant 'on the job' in an accountant's office as my brother did in the 80s?

Never held him back - now one of the foremost fraud investigators in the Americas and very high up in one of the Big 4 - earning more than the rest of the family put together (and then some).

There are training contracts and the Accounting Technician apprenticeship. On both cases you are working in an accountancy environment, a practice and you take some classes and do exams.

In the case of Accounting Technicians once you pass the exams and have the 2 years experience you are a member and have a level 6 qualification in the NFQ system.

In the case of training contracts with a practice and one of the Accounting certifications: Chartered Accountants, CPA, ACCA, etc once you pass the exams and get the experience in the contract you have a level 9 qualification.

Accounting and Finance degrees it depends. Ordinary degrees will leave you at a level 6 like ATI (Accounting Technicians). Honours degrees will leave you at a level 8, one step below CAI (Chartered Accountants), CPA, ACCA, CIMA, etc. Because there is no big requirement for working experience for degrees accounting practices will generally ask to continue with one of the Accounting Certifications. In the case of Industry (everyone else outside the accounting sector) they are not so picky and it will depend on your experience, results, what they are looking for, etc.

The maximum level in the NFQ is 10 and is Doctor. Masters are considered level 9 like the Accounting Certifications.

IHTH

tanit

I hit send before this.

I assume that what your brother did was some kind of training contract and did the exams with one of the bodies. You work and study at the same time. You don't follow the "traditional" university route, but at the end of the day you get the same (ATI) or higher level of education than if going to college (CAI, CPA, ACCA, CIMA).

The major difference compared to going to college is that you have to study the same and at the same time work and apply what you learn in the working environment. That's the reason why Certifications are valued higher than college degrees, when you get someone fully qualified as a technician or Certified/Chartered Accountant you know you are getting someone with experience already and very focused on Accounting and Finance.

In the case of the traditional Business Degrees you get a mixtures of subjects and Accounting and Finance are not a prime subject. In the case of the new Accounting & Finance Degrees it depends on the centre: some of the degrees are very similar to what you would be doing in an Accounting Certification and others less. That's why the bodies (CAI, CPA, ACCA, CIMA) award you different exemptions from their own certifications, in some cases you might have only 4 subjects to go (1 year aprox) and the experience requirement before you are fully qualified. It's a question of checking the exemptions with each body and checking the syllabus of the degree you are thinking to do.

Please join this two posts together. I couldn't edit the previous one. Thanks

spurious

Yes he did his exams as he was training. He was contacted before he sat his final one by Touche Ross (as they were) and offered a job based on his history of success in his previous exams. He was very smart. It was his misfortune that college fees had to be paid at the time and he was 3rd in the family, so there was no money for college. Following that off to London, headhunted by another big firm, off to NY and more headhunting.

He often says he misses the days of shoeboxes and biscuit tins full of invoices and receipts.

I just wondered was that route still open. Thanks for the replies.