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Career Change To Accountancy

Dr.Tom

Hi all,

Currently working as a qualified tradesperson in manufacturing. Have been for almost 20 years (currently 37).

Looking to study online to become an accountant and complete a full career change. I have looked online at the different options available but still have lots of questions so I will contact them.

Has anyone on here from a non-finance background or a totally different industry changed career like I wish to do. If so how and who did you train with.

Many thanks.

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myshirt

I used to be a solicitor but now I'm an accountant. Not directly comparable to your scenario, but somewhat.

The biggest issue you'll face is a drop off in salary. Trainee accountants are paid appallingly. You'll have to bite down hard and rough it out.

[Deleted User]

Hello,

I started working in accountancy after college, so not the exact experience you want.

Id suggest taking the first year exams yourself by distance learning, and, if you can afford try to get a trainee role in a small practice/company and continue with your exams.

You'll likely take a pay hit while training. Good luck.

Dr.Tom

Thanks for the replies so far.

Correct me if I am wrong but from what I see I can study for all aspects online but I must have 1 years experience before sitting the final exam.

Ideally (if the above is true) I would like to get to the situation where I am looking to switch career at that point, ie. starting in a firm only needing to complete final exams.

Does this scenario sound plausible or am I dreaming?

[Deleted User]

Dr.Tom wrote: »

Thanks for the replies so far.

Correct me if I am wrong but from what I see I can study for all aspects online but I must have 1 years experience before sitting the final exam.

Ideally (if the above is true) I would like to get to the situation where I am looking to switch career at that point, ie. starting in a firm only needing to complete final exams.

Does this scenario sound plausible or am I dreaming?

You can complete all exams without working in an accounting area, but need at least 3 years of relevant experience to be a qualified accountant.

I'd say get one years exams under your belt first, then apply for starter jobs.

[Deleted User]

Where did you see that?
There's no particular requirement to be working to sit the exams, but you do need three years of relevant experience to qualify as a member of an accounting body.

Practically I wouldn't recommend going too far in the exams without starting work accounting too - what if you don't like it?

Which body are you looking at?
What sort of jobs are you looking at?

Foodie2012

I did this a few years ago, switched from science/manufacturing to accountancy. I did a full time 1 year diploma in accountancy and then a training contract for 3 years. The diploma gave me CAP 1 exemptions, so I only had to do 2 more sets of exams, so not too bad. There's no getting around the fact you'll need to do 3-3.5 years to get the relevant training, unfortunately.
The salary on a training contract is pretty awful but does go up with passing exams. The pros from a training contract are that they pay for the exams, you can get pretty decent study leave from the bigger firms, I got almost 2 months for my finals!

I was only 26 when I went back, took a hit in earnings for about 3-4 years, but don't regret it at all now. Good salary, job opportunities and no more noisy factories!

Dr.Tom

Deleted User wrote: »

Where did you see that?
There's no particular requirement to be working to sit the exams, but you do need three years of relevant experience to qualify as a member of an accounting body.

Practically I wouldn't recommend going too far in the exams without starting work accounting too - what if you don't like it?

Which body are you looking at?
What sort of jobs are you looking at?

Charteredaccountants.ie Flexible Route states the need for 1 year experience prior to sitting the final exam.

I would like to stay in the manufacturing industry.

[Deleted User]

Dr.Tom wrote: »

Charteredaccountants.ie Flexible Route states the need for 1 year experience prior to sitting the final exam.

I would like to stay in the manufacturing industry.

ACCA and others would not have that requirement. However, its moot as you should be getting into employment well before that stage

Dr.Tom

Thanks all.

Any idea on what body to look at and where to go for courses?

Griffith College Cork and Charteredaccountants online are what I am currently looking at.

[Deleted User]

Dr.Tom wrote: »

Thanks all.

Any idea on what body to look at and where to go for courses?

Griffith College Cork and Charteredaccountants online are what I am currently looking at.

If you're going with ACA you have to do it with them (I think). They have a good pass rate. Good luck.

davindub

Dr.Tom wrote: »

Thanks for the replies so far.

Correct me if I am wrong but from what I see I can study for all aspects online but I must have 1 years experience before sitting the final exam.

Ideally (if the above is true) I would like to get to the situation where I am looking to switch career at that point, ie. starting in a firm only needing to complete final exams.

Does this scenario sound plausible or am I dreaming?

I did this, but from background in law and business.

I did the cap 1 exams (with some exemptions) before taking a training contract.

You will be taken more seriously by employers if you do the 1st year and try and get practical experience from somewhere.

I wouldn't recommend trying Cap 2 without some experience in accounting, the exams are very technical and require speed, something that is helped by working in the area.

If I were to go back I would have started working in accounting a bit sooner than Cap2...

Either way, you will absolutely need study leave (see recommended sl with CAI).

But have a look at what you really want to do, you can do chartered tax advisor and don't need work experience or CIMA do management accounting which is very relevant to business.

Dr.Tom

davindub wrote: »

I did this, but from background in law and business.

I did the cap 1 exams (with some exemptions) before taking a training contract.

You will be taken more seriously by employers if you do the 1st year and try and get practical experience from somewhere.

I wouldn't recommend trying Cap 2 without some experience in accounting, the exams are very technical and require speed, something that is helped by working in the area.

If I were to go back I would have started working in accounting a bit sooner than Cap2...

Either way, you will absolutely need study leave (see recommended sl with CAI).

But have a look at what you really want to do, you can do chartered tax advisor and don't need work experience or CIMA do management accounting which is very relevant to business.

Hi,great reply and food for thought. Thank you.

I recieved a response CAI below,seems a straight entry to the course is not possible:

A degree is required to start our programme as it is essentially a post-graduate qualification. It sits at Level 9 on the NFQ scale, and we allow entry from Level 7 onwards.

With one exception. We are partnered with Accounting Technicians Ireland (ATI). This is usually a two year programme, and upon completion of the programme you can start with Chartered Accountancy, and receive three exemptions from the first set of our exams (CAP 1).

Another option is to sit the first year ATI exams, and once you have received a Merit pass, you can start CAP 1 with no exemptions. You’ll also need to have fulfilled certain Leaving Cert / GCSE requirements.

[Deleted User]

Dr.Tom wrote: »

Hi,great reply and food for thought. Thank you.

I recieved a response CAI below,seems a straight entry to the course is not possible:

A degree is required to start our programme as it is essentially a post-graduate qualification. It sits at Level 9 on the NFQ scale, and we allow entry from Level 7 onwards.

With one exception. We are partnered with Accounting Technicians Ireland (ATI). This is usually a two year programme, and upon completion of the programme you can start with Chartered Accountancy, and receive three exemptions from the first set of our exams (CAP 1).

Another option is to sit the first year ATI exams, and once you have received a Merit pass, you can start CAP 1 with no exemptions. You’ll also need to have fulfilled certain Leaving Cert / GCSE requirements.

I had thought the CAI flexible route was open entry.

ACCA is open entry. You might need to take two exams first and if you pass them you get brought into the regular register. But, you'd need to take those exams anyway.

davindub

Dr.Tom wrote: »

Hi,great reply and food for thought. Thank you.

I recieved a response CAI below,seems a straight entry to the course is not possible:

A degree is required to start our programme as it is essentially a post-graduate qualification. It sits at Level 9 on the NFQ scale, and we allow entry from Level 7 onwards.

With one exception. We are partnered with Accounting Technicians Ireland (ATI). This is usually a two year programme, and upon completion of the programme you can start with Chartered Accountancy, and receive three exemptions from the first set of our exams (CAP 1).

Another option is to sit the first year ATI exams, and once you have received a Merit pass, you can start CAP 1 with no exemptions. You’ll also need to have fulfilled certain Leaving Cert / GCSE requirements.

Yes sorry that is correct, you need a degree to enter straight away.

The Aiti could be a good option to get started, certainly the more exposure you have to training, the better chance you have of getting a trainee accountant position.

I don't know about ACCA, but if you can go straight in, it is a good option as well, their exam structure is a lot more flexible so you can take exams every 3 months rather than once & a year with Cai.

Best of luck anyway, it will be an challenge but very doable!

capefear

I’d look at CTA with the tax institute if I was doing it all again.

[Deleted User]

The CAI Flexible route has never struck me as being all that flexible.
Is there any particular reason you are focusing on them OP?
Other bodies are available.
ACCA for example can offer a direct route based on a leaving cert.

Dr.Tom

[Deleted User] wrote: »

The CAI Flexible route has never struck me as being all that flexible.
Is there any particular reason you are focusing on them OP?
Other bodies are available.
ACCA for example can offer a direct route based on a leaving cert.

No particular reason. I must further investigate the ACCA route. It's the leaving one role to start another career is the hard part. The initial pay drop will be the ultimate challenge

engineerfear1

I'm in a slightly different scenario but I was hoping someone can help me. I'm a qualified engineer with 10 years experience and am looking for an immediate career change to accountancy. What is the best route to go down?

If I left my current position would I be able to join a firm as a trainee accountant straight away whilst also studying for the ACCA exams? I've zero experience so I expect a pretty low salary (€25k?).

What salary could I expect after 1, 2 or 3 years? I understand you need 3.5 years experience to become fully qualified so sounds like a tough slog for that period between studying and finances.

[Deleted User]

engineerfear1 wrote: »

I'm in a slightly different scenario but I was hoping someone can help me. I'm a qualified engineer with 10 years experience and am looking for an immediate career change to accountancy. What is the best route to go down?

If I left my current position would I be able to join a firm as a trainee accountant straight away whilst also studying for the ACCA exams? I've zero experience so I expect a pretty low salary (€25k?).

What salary could I expect after 1, 2 or 3 years? I understand you need 3.5 years experience to become fully qualified so sounds like a tough slog for that period between studying and finances.

Some of the larger (big four) accountancy firms may have a use of your engineering background and take you on as a graduate.

Less so smaller firms in that regards. The Big 4 are obligated to train you with CAI.

If you wanted to go with ACCA (3 year’s experience to qualify) you'd be best to sit at least 4 exams first to show you have application. You'd have a good chance then with firms willing to take you on as a junior.
Working as an engineer and studying at night (you can do this with CAI also) for a year might be the best compromise re initial income drop.

engineerfear1

Deleted User wrote: »

Some of the larger (big four) accountancy firms may have a use of your engineering background and take you on as a graduate.

Less so smaller firms in that regards. The Big 4 are obligated to train you with CAI.

If you wanted to go with ACCA (3 year’s experience to qualify) you'd be best to sit at least 4 exams first to show you have application. You'd have a good chance then with firms willing to take you on as a junior.
Working as an engineer and studying at night (you can do this with CAI also) for a year might be the best compromise re initial income drop.

I assume even with my engineering background I'd still be going in at entry level salary like all other graduates?

I've heard training with the Big 4 can be a nightmare, working long hours and being treated like muck. I don't know how true that is though.

I don't know if I could continue working in my current job much longer if I'm honest. I'm looking for a quick getaway!

[Deleted User]

engineerfear1 wrote: »

I assume even with my engineering background I'd still be going in at entry level salary like all other graduates?

I've heard training with the Big 4 can be a nightmare, working long hours and being treated like muck. I don't know how true that is though.

I don't know if I could continue working in my current job much longer if I'm honest. I'm looking for a quick getaway!

Big four entry (look up milk rounds) would put a value on your engineering qualification, but I'm not best placed to value it.

Big 4 can be difficult, but so can any job. The biggest problem I'd have with Big 4 training is that it can be very niche.

Alas, there's no quick fix especially if you want a half decent starting salary. Bear in mind the success you have in engineering will make you more attractive for a career in accountancy.

engineerfear1

Deleted User wrote: »

Big four entry (look up milk rounds) would put a value on your engineering qualification, but I'm not best placed to value it.

Big 4 can be difficult, but so can any job. The biggest problem I'd have with Big 4 training is that it can be very niche.

Alas, there's no quick fix especially if you want a half decent starting salary. Bear in mind the success you have in engineering will make you more attractive for a career in accountancy.

I've tried to search for milk rounds but can't find out much besides an explanation of what it is, which I knew already! Is there a defined window for applications? Conscious that I may have missed it now.

I am a chartered engineer as well which I would figure holds a bit of weight, especially as it comes with project management experience.

Is there another route to accountancy that I may be missing or are all options essentially 3+ years of study and experience?

Clazbeag

My feedback as a Big4 trained accountant:
1. If you did a big 4 traineeship: Yes the hours and conditions can be horrendously long. Upside of this is the name always opens doors that little bit easier than smaller practise, especially if you ever plan on going abroad. I trained years ago and the eldest in my department/intake was 30- that might deter some people. That said I feel some of my friends who were in smaller practises had more hands on relevant experience.
2. ACCA/CIMA seemed a lot more flexible to people financing their own traineeship. Timings meant they could manage the number of exams they wanted a lot more easier than chartered.
3. Study at night: I think that in CIT in Cork a lot of people converted at night through a night course. If you could do an element of this you would be able to maybe maintain the day job as well- obviously a massive personal commitment though?

All in all I would say that once you're qualified there's so many things you can go into - industry/practise size etc. Good way to get into consulting too if you're an engineer.
If you look on the chartered accountant website they give paths to qualification- might be worth having a chat with them and the equivalent in other bodies as they will be most up to date.
If you have any questions on BIG4 feel free to PM

brinty

Dr.Tom wrote:

Charteredaccountants.ie Flexible Route states the need for 1 year experience prior to sitting the final exam.

I would like to stay in the manufacturing industry.

Unfortunately if you're going the chartered route you really need to be in an office. There's very few places with the training program in place in manufacturing to do the chartered exams.

If manufacturing is where you want to be then CIMA or ACCA are better suited for you to pursue as they're more tailored to that kind of work. ACA is more for people who want to work in big four/audit before moving into industry roles. But there's no hard and fast rules.

I'm an FCA (10+ years qualified chartered accountant) so if there's anything I can help with drop me a DM

Saul Goodman 91

I am in a similar boat regarding considering a career change to accounting. I am 29 years old and have a Level 8 degree in business as well as a Masters in Marketing. My business degree qualifies me for some exemptions under CIMA, but I am not sure whether to look into that or if ACCA would be a better option for broader career opportunities.

Would I be wise maybe to do the ATI first and see how I get on, then maybe progress on to ACCA/CIMA afterwards? I am presently in a job with irregular hours that would make night study difficult, so I am not sure how that would work out yet either.

[Deleted User]

Saul Goodman 91 wrote: »

I am in a similar boat regarding considering a career change to accounting. I am 29 years old and have a Level 8 degree in business as well as a Masters in Marketing. My business degree qualifies me for some exemptions under CIMA, but I am not sure whether to look into that or if ACCA would be a better option for broader career opportunities.

Would I be wise maybe to do the ATI first and see how I get on, then maybe progress on to ACCA/CIMA afterwards? I am presently in a job with irregular hours that would make night study difficult, so I am not sure how that would work out yet either.

With your academic background I would suggest skipping the technician stage.

Handy ACCA exemption database here. https://www.accaglobal.com/an/en/help/exemptions-calculator.html

Richard Hillman

I don't want to put anybody off. Don't not do something because some guy on the Internet had a negative experience. I just think it's important that both sides get represented.

I went to college as a Mature student. Not too mature, I think I finished at 31. Finished with a very decent GPA, missed out on first class honours late on. Had tons of exam exemptions, more than any other 3rd level course in the country at the time.

I went on a few interviews for a trainee after college and found that the tone of the interview changed after I revealed my age. I get the impression that they want somebody that is in their early 20s, full of energy and will work every hour God sends. And to be fair, they are probably right.

I spent over 10k of my own money going to college, had hardly a penny to my name in these years for anything else bar fees, books and travel. Obviously it was the biggest waste of money I have or ever will spend but it was the time wasted that I'll never get back. I finished college over 4 Years ago and even haven't applied for any sort of financial job in about 2 years.

There are lots of positive story's, I'm sure. And good experience in another industry is huge.

Again, I'm just one person. But it's important to get all sides of it.

MartyMcFly84

You can always get a finance related role in industry our banking and do your exams that way. I started off in Finance by accident really in my early 30s

I got started working for a larger company doing Credit Control and moved into Accounts Receivable, and invoicing. From there I moved into another industry role for a small company which meant I had do a wide range of finance tasks and got a great understanding of how the business was ran, and did my exams along the way.

The plus for this is that these kinds of roles starting pay is higher than trainee accountant roles. Depending on experience and role you are looking at starting in the 30-40 range rather than low 20s which is typical for many trainee accountant roles.

Your time in a general finance role will count towards your 3 years of experience required to qualify as an ACCA accountant.

You can tend to expect standard working hours unlike larger practices which are notorious for pushing trainees hard.

On a negative side you will unlikely get much paid study time, or the same level of organised training offered in larger accountancy firms, and your employer may only pay some or you tuition or exam fees. (But this varies greatly on employer some are much better than others)

The larger accounting firms tend to target students coming out of university. Which is why they can offer such low wages.

On the plus side they offer a high level of training and considerable amount of time off to prepare for the exams, and cover all of your tuition and exam fees. People trained in the big 4 are always in demand and it looks great on your CV.

On the negative side, as above its aimed at young folks so difficult to transition if you are older, the pay is really low initially and you are worked incredibly hard and expected to put in long hours to tight deadlines. But it opens up many doors later on.

bobmalooka

engineerfear1 wrote: »

I assume even with my engineering background I'd still be going in at entry level salary like all other graduates?

I've heard training with the Big 4 can be a nightmare, working long hours and being treated like muck. I don't know how true that is though.

I don't know if I could continue working in my current job much longer if I'm honest. I'm looking for a quick getaway!

Big 4 would all jump on an experience engineer looking to go the trainee route. Milkrounds would be officially closed for October 20 start but they’d all have a few places to fill from people who take other jobs etc.

I highly doubt there would be much scope for negotiating salary. Starting at €25k ish, increase maybe 3/4K annually till you qualify and then it would go to €50k ish.

Long hours - work comes first is the culture. It can be a slog.

The big firms are all going through a lot of change with adapting to new tech and automation of processes - there could be some project management type roles in the firms which could be a way to get in outside of the traditional grad role route either.

Josuke

Richard Hillman wrote: »

I don't want to put anybody off. Don't not do something because some guy on the Internet had a negative experience. I just think it's important that both sides get represented.

I went to college as a Mature student. Not too mature, I think I finished at 31. Finished with a very decent GPA, missed out on first class honours late on. Had tons of exam exemptions, more than any other 3rd level course in the country at the time.

I went on a few interviews for a trainee after college and found that the tone of the interview changed after I revealed my age. I get the impression that they want somebody that is in their early 20s, full of energy and will work every hour God sends. And to be fair, they are probably right.

I spent over 10k of my own money going to college, had hardly a penny to my name in these years for anything else bar fees, books and travel. Obviously it was the biggest waste of money I have or ever will spend but it was the time wasted that I'll never get back. I finished college over 4 Years ago and even haven't applied for any sort of financial job in about 2 years.

There are lots of positive story's, I'm sure. And good experience in another industry is huge.

Again, I'm just one person. But it's important to get all sides of it.

What did you end up doing instead? That sounds like a very bad experience, hope things are working out for you