Considering switching careers to accountancy

TracyFlick

Hi there, hope someone can shed some light, or even recommend somewhere that advises on this sort of thing?

I have a 2.2 degree from Trinity in Engineering, and have been working in an engineering job totally unrelated to accountancy or finance for 5+ years. I've recently returned to Ireland and am exploring my options, and the more I look into accounting, the more interested I am. So, I know there's the flexible route where you can do CAP1 and CAP2 exams while working full time, but if you have to gain 3.5 years recognised experience anyway, are you better just trying to get a training contract in a firm?

Is there any way to switch to a career in accountancy without being on €20-25k for those years? Does my 2.2 screw me over for even those jobs?? I'm also looking at CIMA, but struggling to see what sorts of jobs support training for CIMA? It seems to be strategic finance, where ACCA is pure numbers?

Sorry if these are stupid questions! There is a lot of information out there and some of it is clear but some of it isn't! Thanks

Pawwed Rig

As a trainee accountant with no relevant experience I can't see how you would be worth more than € 25k to an employer.
Be warned it is a hard slog and your previous college exams will be like a walk in the park compared to what is ahead of you.

TracyFlick

Thanks for your honesty, I appreciate it. I agree that my qualifications and experience don't make me worth much to any accountancy firm. Just looking into it all and wondering if such a pay cut is worth it if a career is ultimately more satisfying long term.

What type of people study CIMA? And is there any advantage to the flexible route to becoming qualified as a chartered accountant, if you have to gain relevant experience? And is it true that once you become fully chartered, you can earn around €58k? It seems high to me!

Pawwed Rig

Youll get to €58k if you push yourself. Probably not as soon as you're chartered though.

Accountancy is a broad church. Some areas are more lucrative than others. What do you want to do?

ZeroThreat

TracyFlick wrote: »

Thanks for your honesty, I appreciate it. I agree that my qualifications and experience don't make me worth much to any accountancy firm. Just looking into it all and wondering if such a pay cut is worth it if a career is ultimately more satisfying long term.

What type of people study CIMA? And is there any advantage to the flexible route to becoming qualified as a chartered accountant, if you have to gain relevant experience? And is it true that once you become fully chartered, you can earn around €58k? It seems high to me!

CIMA is focussed on management accounting, so I'd assume that it's pretty much catering for those planning on remaining exclusively in industry rather than practice??

The_Pretender

TracyFlick wrote: »

Thanks for your honesty, I appreciate it. I agree that my qualifications and experience don't make me worth much to any accountancy firm. Just looking into it all and wondering if such a pay cut is worth it if a career is ultimately more satisfying long term.

What type of people study CIMA? And is there any advantage to the flexible route to becoming qualified as a chartered accountant, if you have to gain relevant experience? And is it true that once you become fully chartered, you can earn around €58k? It seems high to me!

CIMA is really for people intending to stay in industry.

There's no advantage to the flexible route really. I think it's geared towards those who'd like to do ACA but either can't commit to the full training contract for various reasons. They have the option of studying and getting the experience later on.

It's possible to get that salary, not sure how likely it is at the minute. If I remember from the latest survey by CAI the €58k was for a newly qualified ACA in the financial services, I think practice was about €50k.

L.Jenkins

TracyFlick wrote: »

Hi there, hope someone can shed some light, or even recommend somewhere that advises on this sort of thing?

I have a 2.2 degree from Trinity in Engineering, and have been working in an engineering job totally unrelated to accountancy or finance for 5+ years. I've recently returned to Ireland and am exploring my options, and the more I look into accounting, the more interested I am. So, I know there's the flexible route where you can do CAP1 and CAP2 exams while working full time, but if you have to gain 3.5 years recognised experience anyway, are you better just trying to get a training contract in a firm?....

Sadly I can't answer any of your questions, but I too am coming from an Engineering Degree. I'm going down the CPA route and I'm still working on Formation 1, which has focused on Accounting (Retired Subject), Business Law, Management and Economics.

I can't avoid Management Accounting aspects, but I will go down the practice route when possible.