Need some personal direction please - is accountancy for me

TBVF

Sorry if this question has been asked already multiple times before.

I've been doing some reading of stickies , posts etc and I just need advice/direction on my personal circumstances.

I'm in my 50s. Married with family, the usual bills etc. Just have become slightly disillusioned and think I can do better. Carrier progression and especially salary.

I work in IT, earning 60k+ a year plus pension and some additional benefits.

Been in this field 30+ years. I've been feeling a need to change carrier over the last few years. Burnout and the need for something fresh. A challenge in a different area.

I want something that'll supercharge both my interest and also my salary (very important!)

I've a very logical mind and love problem solving. I like following prescribed processes and procedures. But also like to question the status quo and think outside the box.

An article in the times suggests salaries of 120k, and almost 60k for newly qualified professionals www.irishtimes.com/business/2022/09/07/accountants-in-high-demand-as-average-earnings-hit-almost-120000/

So the golden question - am I too old to make the move?

If not, then how do I get there? What courses should I take? ACCA, ACA, CPA...?

I already have an honers BSc degree in IT - a 2.1 from TCD.

My top considerations:-

I'll need to do courses/study in the evenings and weekends. Giving up my current work is not an option.

Remote courses online would be a plus to avoid additional travel time.

Getting a diploma first to skip some exams later on would be of interest. If I find that accountancy isn't my forte at least I'll have gained a diploma and not wasted a few years and money (I expect to be funding this myself).

Has anyone been in a similar position and can offer their experience and advice?

Honestly any advice anyone can provide is really appreciated, one way or the other.

ari101

You are never too old for anything, but it will probably be a minimum of 3-4 years before you might see 60k as an accountant and that is not guaranteed. Trainee salaries can be low starting, though they will go up as you progress through exams and get experience. You will need three (or possibly 3.5 depending on qualification chosen) years relevant signed off experience to qualify and start making better money.

I know ACCA can definitely be started without a training contract, you can get a few under your belt with part time courses before doing the job change. Will a part time diploma offer enough exemptions to make it worth your while doing first?

Depending on what your IT skills are, you might find part qualified roles with maybe systems implementation focus, or as a financial analyst to leverage skills such as R/Python/SQL (if you have them), which could boost your earning power as a trainee.

Would you be able to make a sideways move in IT to get into a new area there without having to give up as much salary? I don't want to discourage you if it is what you want to do, but unless you are very lucky there will be a noticable pay cut for a long enough period before you get back to where you are now.

steamsey

Never too old.

The money is eventually pretty good in Accountancy. ACA Elevation programme might be worth a look for you. Newly qualified ACA in Dublin, in a plc, is 60K easily these days. Plus bonus, plus health, pension and equity if you find the right place. In practice (Big 4, Top 10 firms) you'll get savage experience but less money at lower levels. They are recruiting qualified accountants like mad ATM.

IT plus Accounting is a powerful combo, assuming people skills and gravitas are there too.

If you want money, get your ACA or ACCA then find a job in a plc that offers equity. After 4 years, you could double your salary with the RSU's and other employee share schemes.

TBVF

Cheers for the reply, I was worried my post may not be of interest!

I might add. I live in Dublin. So I guess perhaps working in the big 4 may be a plus salary wise?

I was kind of hoping my IT experience would add a valuable aspect to my abilities. Yes I have SQL and dev experience. And problem solving, system log file/problem analysis., system integration, and some limited work for external auditors on our internal IT systems.

TBVF

https://www.boards.ie/discussion/comment/119592037#Comment_119592037

Wow, that's very encouraging. Many Thanks!

SuperBowserWorld

Maybe try some sideways or different career path in IT. Product, Project management, QA, scrum master, line manager, team lead, development, architect, ...

What do you currently do in IT ? You could make more than 60k easily with all your experience.

I know little about accountancy, but I can't imagine it'd would be that much of a change from IT or office politics.

Jim2007

In theory you are never too old, but in reality once you are over 50 you often are. You are going to need to spend say four or more years working hard outside of work to get back to where you are and you may not get there never mind the 120k, which needs a lot more than a newly minted accounting qualification. So the question is how is your family going to deal with your absences? will you finances be able to take a hit of a lower salary and how will your long term finances look in terms of pension, savings etc....

I don't think it is realistic, I think you'd be better off up skilling and moving to another area of IT, with the target of early retirement.

Drog79

In addition, I believe the hours in the big4 are crazy. Also maybe look up the concepts around billable hours, the culture can be quite different to IT.

SureYWouldntYa

Have a look at the CIMA Finance Leadership Programme (FLP).

It's a flexible way to get a professional accounting qualification, and something that would not heavily impede on your life as some of the other routes. There is less exams this way, you go through material as it suits you, complete that and 3 years relevant work experience and you'll be set

CIMA and the more management accounting focus could be the best way for you to bring across your skills from IT

If you are interested in the FLP and have questions let me know, I'm currently going through it myself