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Don't think I'll register after qualifying

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  • 23-02-2021 12:24am
    #1
    Registered Users Posts: 635 ✭✭✭


    Hi all,

    I recently finished my ACA exams but I don't think I'll actually register. I don't see my career going that way anymore.

    It's a lot of money to register and then the annual fee. I don't think I'm throwing all my time away my experience is still on the cv along with the fact I did complete the course is on the cv too I just can't use the letters.

    Would you still register and just pay the annual fee and do the CPD on the off chance of going back to it? My last few positions they were more concerned about experience so I don't think not having my letters would make a huge difference if I did go back. Just a bit torn and wondering what people think?


Comments

  • Registered Users Posts: 848 ✭✭✭duffysfarm


    first off well done on getting the exams

    tbh i think you would be mad not to register. you worked hard for your exams so why not register?
    why did you do the exams in the first place?
    if you are now newly qualified should you now not be on a decent salary with the exams?
    is there a chance that an employer may pay the fees on your behalf?

    i think that if i were a prospective employer and i seen on your cv that you did the exams but didnt register them then it would throw some doubt in my mind and it may be hard to take you seriously (no offence)

    even if you didnt go down the accountancy route in the future i still think it would look well on your cv to have the qualification


  • Moderators, Business & Finance Moderators Posts: 10,286 Mod ✭✭✭✭Jim2007


    My last few positions they were more concerned about experience so I don't think not having my letters would make a huge difference if I did go back. Just a bit torn and wondering what people think?

    And what will you put on your business card?

    I qualified with a big 4 over thirty years ago and resigned with weeks and I have never practiced since. But every time I sit down with the financial people those letters tells them that I know as much about their area as they do.


  • Registered Users Posts: 2,140 ✭✭✭witchgirl26


    Honestly I think you're shooting yourself in the foot not to register. I don't work directly in a role where I need my qualification on a daily basis (does come in handy from time to time) but it definitely helps and work pay my fees for me so doesn't cost me a thing. Why go through the hassle of doing the exams and qualifying to just never bother using the perks that come with it. Having it on your cv, most places will expect you to have the registration to go with the qualification - how would you explain to them that you didn't register? If I was interviewing someone, it would somewhat set alarm bells off in my head that they haven't. I'd be questioning if they did pass the exams. For every role I've had since leaving big 4, I've had to supply a copy of my cert and registration to the company so that they can see it.


  • Registered Users Posts: 2,835 ✭✭✭ari101


    I'm aware of people 10-20 years out whose careers are cemented in a direction other than traditional accounting who have let it lapse and been happy, but not anyone straight out of the gate.

    If you don't complete it may make future employers question why; was it really the money, or did you not complete the official experience, were you refused for some reason, etc...

    I also know people in their 40s+ who found their career in finance had a ceiling on promotion as they didn't have those letters after their name. The official stuff is important in some organisations. Those people were going back to get qualified later to get around that, despite having a wealth of experience.

    If you work in a finance role I'd expect an employer to pay annual sub and support CPD even if you are not in a contract at the moment to get the one off fee paid.


  • Registered Users Posts: 635 ✭✭✭heretothere


    Jim2007 wrote: »
    And what will you put on your business card?

    I qualified with a big 4 over thirty years ago and resigned with weeks and I have never practiced since. But every time I sit down with the financial people those letters tells them that I know as much about their area as they do.

    Sorry not sure if my OP was clear. I'm moving away from accountancy/ finance/ business all together and don't plan on going back unless I really need too. Not going towards an area that anyone would have a business card.

    Just wondering you say you're 30 years out of practice do you still pay your fee and do your CPD every year?

    I think my knowledge will always stand to me so I'm still really glad I did it. I didn't know what to do so I did that.

    Aca said I can have my completion confirmed by them anytime I want I just cant use the ACA after my name. I've never been asked for my Uni degree.

    When I say my last jobs weren't interested in qualifications just experience it's because they were small rural businesses who just wanted the job done. If I was to go back into accountancy it would be somewhere like that I hated big corporations.

    Also not working right now so I would be paying for it myself and I really don't have the money I'd have to get a loan.


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  • Registered Users Posts: 2,835 ✭✭✭ari101


    Only you know what is ok for you OP. If you are working completely away from the field then yes it may be wasted money, because an employer won't pay it.

    Good to know CAI will confirm completion even if you don't proceed should you ever need to. Best of luck in getting back to work soon.


  • Moderators, Business & Finance Moderators Posts: 10,286 Mod ✭✭✭✭Jim2007


    Just wondering you say you're 30 years out of practice do you still pay your fee and do your CPD every year?

    Well I retired at 54, so I’m exempt on the CPD side, accordingly I just pay the annual fees. And as I usually worked or consulted at the European HQ of various MNCs, it was always easy to find courses etc to meet the requirements.


  • Registered Users Posts: 968 ✭✭✭thefa


    I guess needs must. If you don’t have the funds at the moment and don’t see yourself staying in accountancy in the short-term, it makes sense. You are probably limiting your options and pay grade if you decide at some stage to go back to even the small rural businesses but I’m sure some of the skills will stand to you anyways. Best of luck.


  • Registered Users Posts: 635 ✭✭✭heretothere


    Starting to question myself now! I'll think about it some more in case what we are planning doesn't work out.


  • Registered Users Posts: 1,627 ✭✭✭kermitpwee


    Starting to question myself now! I'll think about it some more in case what we are planning doesn't work out.

    What field/career are you moving into?


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  • Registered Users Posts: 635 ✭✭✭heretothere


    kermitpwee wrote: »
    What field/career are you moving into?

    Expanding the cattle herd substantially and my husband has come up with 3 great business ideas to do with farm machinery so hopefully one of them will be a big success he is already getting good interest in all 3. I'm doing the account/ admin/ marketing/ side of things. Along with that I'll be doing a good bit of the farming work too.

    Also have a few fairly unusual farm ideas I have which could be very good.


  • Registered Users Posts: 910 ✭✭✭The Phantom Jipper


    Genuine question but what is to stop somebody putting ACA on their CV but not actually pay the fees? Can employers even check if you're actually a member?


  • Registered Users Posts: 635 ✭✭✭heretothere


    Genuine question but what is to stop somebody putting ACA on their CV but not actually pay the fees? Can employers even check if you're actually a member?

    Yes anyone can check the registrar on the ACA website. I don't know what exactly would happen but I'm sure you'd be sued or it's be some sort of legal issue anyway and a pretty serious one at that I'd imagine. Also completely unethical


  • Registered Users Posts: 968 ✭✭✭thefa


    That’s actually a real interesting route. From a farming background myself and would love to have had an opportunities like you describe. Plenty of ownership and rounded business experience as well as some hands on work too. If the new herd size will provide enough to sustain yourselves and allow time to work on the new ideas, could be well worthwhile and more fulfilling.


  • Registered Users Posts: 2,835 ✭✭✭ari101


    Well if you stick with it a bank manager or outside investor hopefully would take comfort from knowing you trained as an accountant, and not query the standing of your qualification, if ever you were looking for finance/investment.

    I can't think of another reason to warrant keeping it up other than the future possibility of a career change.

    I know you can go back hat in had to some bodies as a lapsed member and ask nicely (beg with story) to rejoin (which may or may not be accepted), but if you never paid the one off transition fee to actually become a member not sure if that would work, also not sure if CAI do this. Does CAI offer unemployed or career break reduced subs and CPD waivers you could avail of to keep the door open cheaply?


  • Moderators, Business & Finance Moderators Posts: 10,286 Mod ✭✭✭✭Jim2007


    Expanding the cattle herd substantially and my husband has come up with 3 great business ideas to do with farm machinery so hopefully one of them will be a big success he is already getting good interest in all 3.

    Well unless you have very deep pockets, you're going to need finance to realise those dreams. And your creditability as a potential business borrower will be more creditable with the qualification after your name.


  • Registered Users Posts: 2,140 ✭✭✭witchgirl26


    Expanding the cattle herd substantially and my husband has come up with 3 great business ideas to do with farm machinery so hopefully one of them will be a big success he is already getting good interest in all 3. I'm doing the account/ admin/ marketing/ side of things. Along with that I'll be doing a good bit of the farming work too.

    Also have a few fairly unusual farm ideas I have which could be very good.

    If you're doing the accounts for it all & therefore dealing with banks etc then I would have thought it would stand to you no end to have the ability to present yourself as a chartered accountant. It shows that you're qualified and experienced in producing accounts and maintaining proper records.


  • Registered Users Posts: 635 ✭✭✭heretothere


    Thanks everyone for the advice I really do appreciate it and I'm going to go back and have a serious think.

    With regards the bank the stock loan was secured for the full amount we wanted and having worked in a bank I doubt having ACA beside my name would have mattered too much that's not how they assess how much you can borrow.

    Just one last question I looked at the CPD courses with ACA they are very expensive roughly how much a year do you spend on CPD?


  • Registered Users Posts: 968 ✭✭✭thefa


    CPD can be done relatively cheap from my experience. I’m ACCA and they do free CPD articles which come with MCQs and are 1 unit but don’t take near an hour to complete.
    https://www.accaglobal.com/in/en/member/ab/cpd-ab.html

    Keep an eye on emails from accountancy bodies too which generally will offer a few free webinars during the year which count towards CPD.

    You can also sign up to online offerings from the likes of BPP but the cost adds up if relying on them. I have picked up a few courses by keeping an eye on the thread below which has courses on Udemy which are free for a couple of days to enroll in and then complete whenever you want. 99% won’t be relevant but there’s the odd one on communication skills, excel or finance which I would deem relevant for CPD. One today for career soft skills for 4 hours.
    https://touch.boards.ie/thread/2057198335/404/#post116389079


  • Registered Users Posts: 32 bluepants


    Hi there,

    I just wanted to point out, in case you weren't aware and it might help, but you can apply for an abatement from the fees if you are unemployed, working part-time or on mat leave. I only found this out recently as I had told them I'm on the PUP.

    Also re CPD, on the chartered website under professional development there are a few free webinars, and I sometimes get emails for free webinars. And on accountingcpd.net iv noticed a couple free CPD courses, eg 1 hour on pivot tables free. But you are right, some of the paid courses are pricey enough.

    I just have a Q on CPD, with the unstructured CPD requirements, what would you guys be reading/watching to make up this, aside from newspapers/accountancy Ireland, any website/article recommendations? I will check out the Acca link above. Or books?
    Like if I was to read a book on marketing, or how to run a successful business, are these types relevant as they are not purely accounting?
    Thank you!


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  • Registered Users Posts: 2,835 ✭✭✭ari101


    bluepants wrote: »
    I just have a Q on CPD, with the unstructured CPD requirements, what would you guys be reading/watching to make up this, aside from newspapers/accountancy Ireland, any website/article recommendations? I will check out the Acca link above. Or books?
    Like if I was to read a book on marketing, or how to run a successful business, are these types relevant as they are not purely accounting?
    Thank you!

    Oh I count any research I do that's somehow relevant... be it IT upskilling, technical, soft skills, etc. A lot of my 2020 time was on docs sourced from Revenue because of Covid. I often read the briefings the big accounting/law firms put out about new rules for standards or tax or secretarial requirements. I use ACCA's evidence recording tool online to keep a note of what and why and usually just put various online sources (it doesn't need to be verified so...).


  • Registered Users Posts: 31 x982021


    Any idea on about how much the fees are?

    I got my exams done too. Debating if I should go for financial accountant role, a lot of senior in the big4 left and went into this role. If I left and did financial accounting for a few years, would it be hard to get back into audit?



  • Registered Users Posts: 31 x982021


    About CPD, is it compulsory once you become member of CAI? does it really impact one becoming FCA?

    Thanks



  • Registered Users Posts: 11,192 ✭✭✭✭B.A._Baracus


    As someone from the outside peaking in, what are the fees like if they are considered expensive?

    We talking mental money?



  • Moderators, Business & Finance Moderators Posts: 10,286 Mod ✭✭✭✭Jim2007




  • Moderators, Business & Finance Moderators Posts: 10,286 Mod ✭✭✭✭Jim2007


    Yes. When you consult a doctor or a specialist to you expect them to be up to date? The people who consult or employ you expect you to be up to date that is why the are available of your skills, they don't want some has been.



  • Registered Users Posts: 2,140 ✭✭✭witchgirl26


    So my fees for 2021 were €582. Now if you're on medical leave, retired or suffering hardship financially, you can apply to them for reduced/waiving fees.

    Honestly I don't know about getting back in. I went from external audit to internal audit and have stayed in that for the past 9 years. That said I can't imagine many people wanting to go from financial accountant role back to audit because the former has a lot more perks and a lot less of the late nights and stress comparatively from talking to friends of mine.



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