ACCA and funds?

lightspeed

Hi

Im a part qualified accountant although most of my experience is within audit where i participated in auditing non financial service based public listed companies. I dont have any experience preparing accounts.

Im just a few exams away from completing my ACCA exams but i still cant get a part qualified role within industry. I have got a few interviews but feedback in each is that i dont have the experience they are looking for. Every trainee role industry i see wants 1 - 2 years experience preparing accounts.

Im considering moving into a graduate position in funds despite hearing some negatives of working in funds.

I have heard people sometimes pursue acca to get out of fund accounting but im lost as to what area they go into?

Im assuming if i cant get a trainee role as part qualified it must be equally impossible to come from funds as fully qualified and get an position within industry in a non financial services company?

So if I go into fund accounting, become ACCA qualified, what doors does it open up? what are my options?

Pawwed Rig

Have you considered practise?

lightspeed

Pawwed Rig wrote: »

Have you considered practise?

I have applied to some as i seen them advertised but even such trainee accountant positions ive seen advertised in practice want 1 year experience.

Most seem to be looking for those pursuing chartered accountant exams. I had actually attempted cap 2 exams when i was in audit but I didnt pass them. I didnt fail by much in each, just 3%. It was then that i decided id switch to ACCA and start from scratch in a graduate/trainee role in industry. However, it has been a lot harder to find such a job than i anticipated.

Im considering repeating cap 2 exams in October 2017 if i have to but ill continue with ACCA for now as only few exams left.

Avatar MIA

lightspeed wrote: »

So if I go into fund accounting, become ACCA qualified, what doors does it open up? what are my options?

If you go into fund accounting you'll be pretty much pigeon holed. And fund companies aren't particularly picky - they can't be as the demand to fill positions is high.

However, there are careers to be made in such a big industry.

lightspeed wrote: »

Im considering repeating cap 2 exams in October 2017 if i have to but ill continue with ACCA for now as only few exams left.

Well, as an ACCA you are chartered. Switching from ACCA to CAI isn't going to make any meaningful difference.

What doesn't make sense is that every practice Manager/partner I speak to (and I know a few) say they are finding it very hard to get staff, in particular graduates.

One of the reasons is because of large funds companies sucking up graduates/newly qualified.

lightspeed

Avatar MIA wrote: »

If you go into fund accounting you'll be pretty much pigeon holed. And fund companies aren't particularly picky - they can't be as the demand to fill positions is high.

However, there are careers to be made in such a big industry.

Well, as an ACCA you are chartered. Switching from ACCA to CAI isn't going to make any meaningful difference.

What doesn't make sense is that every practice Manager/partner I speak to (and I know a few) say they are finding it very hard to get staff, in particular graduates.

One of the reasons is because of large funds companies sucking up graduates/newly qualified.

Would such practices look for applicants pursuing ACCA also?

Can you elaborate as to what careers?

If people are pigeon holed to funds and do ACCA to progress or move out of funds, what areas are they moving into?

Would i be able to get a financial reporting position from completing my ACCA?

I have heard very mixed things about salaries in funds. Ive read it can be a well paid industry but i read others complain that salaries are poor and seem to peak at 40k from what i can see and thats for senior fund accounting roles.

Also i hear the working hours are bad in funds but im not sure if the financial reporting departments have it as bad as the guys in fund accounting roles?

Does working within funds involve long hours whether your in a big firm like State Street, Citco etc or in a smaller fund services company?

Avatar MIA

The only practices that don't seek non CAI's are the big four, because that's their USP. And even they take non CAI's for non graduate jobs.

Avatar MIA

lightspeed wrote: »

Can you elaborate as to what careers? Management within funds. As you progress within fund management the money can become very good.

If people are pigeon holed to funds and do ACCA to progress or move out of funds, what areas are they moving into? Car mechanic? :P If you go into fund accounting without much experience, you'll find it very hard to get into other accounting roles

Would i be able to get a financial reporting position from completing my ACCA? The qualification is not as important as the experience, imo. Important yes, but not overly so.

I have heard very mixed things about salaries in funds. Ive read it can be a well paid industry but i read others complain that salaries are poor and seem to peak at 40k from what i can see and thats for senior fund accounting roles. I'm not an expert in fund, but they seem to offer relatively good salaries (for graduates), but move slowly if you remain as a fund accountant (these are the production line accountants), but if you move on to senior or manager they should be decent.

Also i hear the working hours are bad in funds but im not sure if the financial reporting departments have it as bad as the guys in fund accounting roles? No idea, sorry.

Replies in brown

Pawwed Rig

Our firm would not distinguish between ACA or ACCA (top 10 non big 4). Having both would be of no benefit and would actually raise questions.
We are finding it difficult to get suitable candidates which is a similar situation throughout the industry. As a non qualified person I think practise should be your aim at this point.
Btw big 4 are struggling for staff too. When I was in B4 there were plenty with ACCA (including partners).

lightspeed

Pawwed Rig wrote: »

Our firm would not distinguish between ACA or ACCA (top 10 non big 4). Having both would be of no benefit and would actually raise questions.
We are finding it difficult to get suitable candidates which is a similar situation throughout the industry. As a non qualified person I think practise should be your aim at this point.
Btw big 4 are struggling for staff too. When I was in B4 there were plenty with ACCA (including partners).

It was actually a big 4 company i was in for a year when i worked in audit. I didnt particularly like working in audit and the training didnt go beyond "look at last year's file".

I dont think id ever work in a big 4 firm again or at least not in audit. Id consider tax but i know id have to do the AITI tax exams.

That is an option im considering but need to focus on getting ACCA exams out of the way first.

myshirt

If you get into funds, you will get paid well, and you will progress in your career. But you will find it extremely, extremely difficult to move laterally in your career. And I mean extremely. I have worked on the opposite side of the game, in the placement of funds, investment banking, and corporate finance advisory, and this was outsourced for a reason, and not just regulatory.

Avatar MIA, are you mixing up ACA with ACCA? Just because ACCA call themselves Chartered Accountants doesn't mean they are Chartered Accountants.

Avatar MIA

myshirt wrote: »

Avatar MIA, are you mixing up ACA with ACCA? Just because ACCA call themselves Chartered Accountants doesn't mean they are Chartered Accountants.

Not sure I want to get into this again - but still amused by those (possibly even accountants) that aren't aware.

First of all ACA have been CAI for a number of years.

An ACCA qualified accountant is chartered. The only real difference is that CAI's got their charter under Queen Victoria (I think) whereas ACCA accountants got granted their Charter under Queen Elizabeth (the second, for the avoidance of doubt )

The only difference is that ACA got theirs first and have 'dibs' on the term 'chartered accountant', but ACCA's have in my admittedly biased view the grander (more all encompassing ) Chartered Certified Accountant. i.e. not just chartered, but certified :pac:

By the way the reason CAI's have initials ACA is because the Scottish branch got 'dibs' on CA and so the English and subsequently Irish Chartered Accountant's had to add an A before CA.

TL/DR ACCA are chartered.

Pawwed Rig

lightspeed wrote: »

I dont think id ever work in a big 4 firm again or at least not in audit. Id consider tax but i know id have to do the AITI tax exams.

Nope neither would I. My experience of Big 4 is a poor one and I wouldn't recommend it to anyone other than it looks good on a CV. Practice in general gives great experience for a newly qualified accountant.

For tax I would not dismiss the ACCA qualification but would hire you as a trainee rather than a qualified person

Avatar MIA

Pawwed Rig wrote: »

Practice in general gives great experience for a newly qualified accountant.

+1

I know we've the thank button now, but sometimes a little extra agreement is required.