Need some personal direction please - is accountancy for me

TBVF · 08-09-2022 05:53PM #1

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 · 08-09-2022 06:41PM

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 · 08-09-2022 07:12PM

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 · 08-09-2022 07:20PM

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 · 08-09-2022 07:22PM

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

Wow, that's very encouraging. Many Thanks!

SuperBowserWorld · 08-09-2022 07:23PM

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 · 08-09-2022 08:18PM

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 · 08-09-2022 08:43PM

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 · 09-09-2022 09:23AM

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

is that a button · 11-10-2024 02:57PM

Hi All. I currently hold a tax qualification but I never pursued professional accounting exams. I am thinking of applying for the CIMA finance leadership program. I understand the various differences between financial & management accounting, I am just wondering about future potential opportunities.. & would appreciate any advice on the following;

If I (legimitally!) in the future decided to move away from industry & to set up my own individual/small financial accounting business doing book-keeping, accounts & tax for a few local clients, would my CIMA qualification suffice for authorising & validating these financial sets of accounts with Revenue & the CRO?
Similarly would my CIMA qualification suffice for completing & signing off on company audits?
If CIMA qualification does not cover any of the above options, what steps do people usually take to address it? Do you need to go back & study ACCA/ACA?

The new CIMA leadership program looks interesting so would also appreciate to hear any other pointers or advice that anyone may have to offer. 😊

SureYWouldntYa · 11-10-2024 03:14PM

https://www.boards.ie/discussion/comment/122708933#Comment_122708933

1 - There's no requirements to be registered with any particular body to submit Accounts and Tax returns to Revenue or the CRO, anyone can do it actually.

2 - The only issue with a CIMA qualification is you cannot act as an auditor so could not submit audited accounts to the CRO but if you're only looking at smaller clients then that will likely not be an issue. What some CIMA firms do is get an audit firm to do the audit side and sign off there in their own capacity so it might not be a case of turning down a client entirely.

3 - I believe with a CIMA qualification you would get fairly generous exemptions for both ACA and ACCA, i'm sure their sites have the exemptions listed

I've finished the FLP with CIMA myself now, if you have any specific questions I'd be happy to advise, don't have much blanket advise I could give on it really

is that a button · 13-10-2024 01:55PM

https://www.boards.ie/discussion/comment/122709009#Comment_122709009

Thanks so much for your prompt response here & for the advice. You have been very helpful so I appreciate it! 😊 It's good to know this kind of info before I commit to doing the qualification. I hope to enrol & commence towards study in November so I may have more queries regarding the course then! Thanks again!! 👍

Jim2007 · 13-10-2024 04:00PM

https://www.boards.ie/discussion/comment/122708933#Comment_122708933

I don't see the logic here…

There is no easy way to get a professional accounting qualification. The CIMA, ACCA & ACA are all top flight qualifications and have exacting requirements to qualify and operate professionally, if they did not they would not be where they are. And you are choosing to put a hell of a lot of time and effort into getting the qualification that is least best suited to to meet your objective.

All of these qualifications have experience requirements as well as exams. What kind of an environment to you work in? Will you be able to meet the requirements of all or any of these institutions?

Another thing to keep in mind is that most accounting practices provide a lot of their basic services through a limited company, which has no need for an accounting qualification or practice certificate….

Have you considered the possibility of doing the Accounting Technician's qualification - it might provide you with the knowledge you need, but perhaps with a less demanding education schedule..

is that a button · 14-10-2024 02:33PM

https://www.boards.ie/discussion/comment/122715015#Comment_122715015

Thanks for your reply! .. It's great to hear different perspectives & to get some advice. I am interested in doing CIMA to work specifically in Management Accounting. However I have been advised that this is a tough course, exams are difficult & the work environment is tough & very fast paced. That doesn't bother me right now as I would like the challenge! But the reason I was asking about using it in other scenarios was to get a future prospective on it.. No point going through all exams etc if you find you're at a dead end down the road.. I am conscious that into the future as I get older & approach/at retirement I may not be in a position to stay in the corporate world.. Similarly also in the event of potentially raising a family etc, so I am curious to know about other available options. It may be a case into the future where I would have to step back from industry & do some self-employed work for greater flexibility. It's good to know that CIMA qualification would still allow for such opportunity if it was required. Also think having a CIMA qualification offers greater employment potential & salary options over accounting technician. Looking at job market at the moment CIMA is very much in demand.

Jim2007 · 14-10-2024 06:45PM

https://www.boards.ie/discussion/comment/122718624#Comment_122718624

From a career point of view, it really does not matter which qualification you started out with after say ten years experience. The fact that you have one is the main thing.

The technician qualification would give you enough knowledge to provide the kind of basic accounting services you described at the outset. But after a career in business you really should not have to fall back on it when you hit retirement. Executive pension, share options and allocations etc… should cover you.

Need some personal direction please - is accountancy for me

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