Career Change To Accountancy

Dr.Tom · 14-08-2020 7:12am #1

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.

myshirt · 14-08-2020 7:19am

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.

14-08-2020 7:21am

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 · 14-08-2020 8:09am

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?

14-08-2020 8:17am

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.

14-08-2020 8:18am

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 · 14-08-2020 8:33am

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 · 14-08-2020 8:36am

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.

14-08-2020 9:05am

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 · 14-08-2020 9:57am

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.

14-08-2020 10:30am

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 · 14-08-2020 1:33pm

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 · 14-08-2020 7:07pm

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.

14-08-2020 8:38pm

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 · 14-08-2020 9:06pm

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 · 14-08-2020 10:15pm

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

16-08-2020 10:18pm

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 · 17-08-2020 1:07pm

[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 · 21-08-2020 10:21am

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.

21-08-2020 10:28am

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 · 21-08-2020 11:03am

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!

21-08-2020 11:08am

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 · 21-08-2020 11:17am

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 · 21-08-2020 11:19am

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 · 21-08-2020 11:22am

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 · 27-08-2020 12:23am

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.

27-08-2020 11:35am

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 · 31-08-2020 12:33am

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 · 31-08-2020 12:09pm

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 · 02-09-2020 11:57pm

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 · 04-09-2020 5:31pm

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

bobbyy gee · 04-09-2020 5:35pm

Ai might take your job
https://www.journalofaccountancy.com/newsletters/2017/jun/survive-automation-revolution.html

Richard Hillman · 04-09-2020 6:08pm

Josuke wrote: »

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

I got a job in retail, of which the place closed down a few months back. So currently unemployed and looking for a job. I don't even have my degree on my CV anymore :pac:

davindub · 04-09-2020 6:40pm

Richard Hillman wrote: »

I got a job in retail, of which the place closed down a few months back. So currently unemployed and looking for a job. I don't even have my degree on my CV anymore :pac:

It is quite tough to get a traineeship, but if you can manage it, it gets easier after the 1st year.

Maybe try small accountancy practices and industry?

In the meantime trial the online packages, try some practice accounts, download safe accounts production, try with sample questions to build accounts & put that on the cv.

Hope it works out for you.

JustAThought · 04-09-2020 6:54pm

Richard Hillman wrote: »

I got a job in retail, of which the place closed down a few months back. So currently unemployed and looking for a job. I don't even have my degree on my CV anymore :pac:

You shoiud put it on again - it shows hrd wirk and determination & people adknowledge that .

OP I totally retrained TWICE and didn’t regret it. I do have to manage ‘those’ questions in interview and still havn’t found what I’m looking for but it is feasible. Have you looked at funding for retraining from TR1 - EU/HEA funded courses. I am sure there are some accountancy pathways there which would at least save you thousands in fees? Although not springboard courses bizzarely they are on the springboard website - just filter your search or you’ll be there all day. There are definately EU/state funded ACCA courses as well as some ATI courses there - if you have a degree alteady I would hust start the ACCA one and not bother adding 2 years of ATI exams just to get exemptions from a few of the ACCA modules - not a productive trade off at this stage of your life and experience.

You say you want a quick way out from your current job - why is this? And why accountancy specifically?

onrail · 29-09-2020 7:57am

To hop in on this thread, much like an above poster, I've 10 years experience as a Chartered Civil Engineer but looking for a career change.

I'm on the brink of enrolling in the ACA CAP1 Flexible route as a way of 'hedging my bets'. It would allow me to keep my current job and salary while deciding if I'm definitely interested in accountancy. Ultimately I think I'd enjoy a career as a tax advisor, but it's difficult to know for sure.

My thinking is that even if I don't pursue an accountancy career, the CAP1 education/exemption will stand well to me regardless of what career I choose. I work pretty long hours at the minute, but with a new baby, the early career working hours in audit seem unfeasible.

Any advice on whether my reasoning is sound and the ACA flexible route is the best option?

davindub · 29-09-2020 1:40pm

onrail wrote: »

To hop in on this thread, much like an above poster, I've 10 years experience as a Chartered Civil Engineer but looking for a career change.

I'm on the brink of enrolling in the ACA CAP1 Flexible route as a way of 'hedging my bets'. It would allow me to keep my current job and salary while deciding if I'm definitely interested in accountancy. Ultimately I think I'd enjoy a career as a tax advisor, but it's difficult to know for sure.

My thinking is that even if I don't pursue an accountancy career, the CAP1 education/exemption will stand well to me regardless of what career I choose. I work pretty long hours at the minute, but with a new baby, the early career working hours in audit seem unfeasible.

Any advice on whether my reasoning is sound and the ACA flexible route is the best option?

Flex route is fine, but you will not get the required education for the audit qualification, but then you probably won't need it.

You will need to get the 3.5 years work experience though regardless and it is usually only the bigger firms that require crazy hours.

onrail · 30-09-2020 2:07pm

davindub wrote: »

Flex route is fine, but you will not get the required education for the audit qualification, but then you probably won't need it.

You will need to get the 3.5 years work experience though regardless and it is usually only the bigger firms that require crazy hours.

Thanks very much - Is ACA the best option in my case, or would another body be better suited?

TragicJohnson · 30-09-2020 2:17pm

onrail wrote: »

Thanks very much - Is ACA the best option in my case, or would another body be better suited?

I switched from software to accountancy, I went with CIMA. It sounds like ACCA would be more suitable for you if you wish to pursue a career in taxation and continue working in your engineering role. But if you were prepared to pack in your current role, I would suggest going down the ACA route with an accountancy firm of any size.

onrail · 30-09-2020 3:12pm

TragicJohnson wrote: »

I switched from software to accountancy, I went with CIMA. It sounds like ACCA would be more suitable for you if you wish to pursue a career in taxation and continue working in your engineering role. But if you were prepared to pack in your current role, I would suggest going down the ACA route with an accountancy firm of any size.

Thanks very much - a bit for me to think about!

I might ask here on another thread, but has anyone gone through the ACCA route while working? The process doesn't seem all that clear when compared to the ACA flexible route.

30-09-2020 7:01pm

onrail wrote: »

Thanks very much - a bit for me to think about!

I might ask here on another thread, but has anyone gone through the ACCA route while working? The process doesn't seem all that clear when compared to the ACA flexible route.

Most do. But, ACA a fine choice also.

davindub · 01-10-2020 12:41am

onrail wrote: »

Thanks very much - Is ACA the best option in my case, or would another body be better suited?

it actually very much depends on what you want to end up doing.

Round up as I see it:

Practice = ACA, ACCA or CPA. All require work experience of about 3.5 years. ACA requires 1 years work experience before entering FAE and have exam sittings with all subjects examined over a week. ACCA generally have exams every 3 months.

Industry- ACA, ACCA, CPA (all the same as above) but also CIMA - no experience.

With either option, the qualification is only the knowledge, there is skill involved not focused on in courses self checking work, working accurately, various software used, recognition of common issues, good sense of what seems right. It is the latter employers value most and hence, many employers will require some experience before considering you for any role above entry. The education does not make much difference if you are expected to post invoices, reconcile banks, post journals, make assumptions, etc.

I would recommend if you want to pursue accountancy to do the 1st year of any course and then look for a role while doing this. You would really need the work experience as well. But practice with the accounting packages you can trial for free. Any little angle may help when looking for a role.

Multinationals often seek qualified accountants for entry roles and some look for big 4 experience (or at least recruitment agent advertise mysterious unnamed roles seeking the same). So bear that in mind as well.

onrail · 01-10-2020 7:25am

Thanks for the replies all. Think I'll opt against ACA at the last minute as ACCA seems to offer more flexibility with exam sittings - an important consideration when trying to keep a busy family and busy work life in balance.

01-10-2020 9:19am

onrail wrote: »

Thanks for the replies all. Think I'll opt against ACA at the last minute as ACCA seems to offer more flexibility with exam sittings - an important consideration when trying to keep a busy family and busy work life in balance.

Welcome to the club. Like Indy you have chosen wisely.

ari101 · 17-04-2021 6:14pm

Lion Killer wrote: »

How long would you need to tough it out, friend?

Need a min of 3 years relevant experience to be qualified (might be up to 4 depending on chosen qualification and existing education completed). Pre qualification money might be better if working in an accounting role in industry, but in a training contract especially in practice those years can be stark. Larger firms do have
some increasess for passing exams/progressing during those years but realistically the big jump comes when both the exams and time are complete.

hold my beer · 17-04-2021 6:22pm

ari101 wrote: »

Need a min of 3 years relevant experience to be qualified (might be up to 4 depending on chosen qualification and existing education completed). Pre qualification money might be better if working in an accounting role in industry, but in a training contract especially in practice those years can be stark. Larger firms do have
some increasess for passing exams/progressing during those years but realistically the big jump comes when both the exams and time are complete.

You must have been unlucky. My training firm (a small one) gave raises every year if passed exams. Same story for all my mates in College.

ari101 · 17-04-2021 6:24pm

hold my beer wrote: »

You must have been unlucky. My training firm (a small one) gave raises every year if passed exams. Same story for all my mates in College.

I did get increases, but have heard horror stories. Glad to know smaller firms are not all the same!

DmanDmythDledge · 17-04-2021 8:42pm

Chartered Accountants Ireland have recommended and/or minimum salary increments for passing each exam stage

hold my beer · 17-04-2021 9:33pm

DmanDmythDledge wrote: »

Chartered Accountants Ireland have recommended and/or minimum salary increments for passing each exam stage

Do they. Any link?

ari101 · 18-04-2021 2:41pm

Lion Killer wrote: »

Thanks for the response. Any thoughts on whether to go for auditing or advisory graduate programmes? I heard a lot of auditors hate the job and can't wait to leave.

Any general comments on different career paths like TAS, restructuring, deal advisory, valuations? Trying to find something that is more interesting and less mundane.

Auditing is hated by a lot (myself incl having done the big 4 audit training) but in a decent (mid+) size firm you can get good exposure to a wide variety of clients which is respected on a CV if you want to be a financial accountant in industry when qualified, how you shape your career will depend on the choices you make then, industry jobs can offer lots of diversity once you are out the other side.

Graduate trainee programs will generally have set salary and increases over the few years (size depends on performance reviews and passing exams). If you are in a decent size firm it looks good on a CV for later.

What you apply for depends on what you want to do.
For those training focused on financial services, there seems to be a huge number of fin tech jobs going for qualified accountants with experience but fin services isn't everyone's cuppa tea.

Consulting will definitely be more varied / interesting, if that is your desire. Corp Finance roles can be wide reaching too, but you may have to serve your time on the boring bits of TAS/liquidations/etc. before getting to the more interesting stuff. If you get in training in that area then you should be able to make a nice career there. I know I have heard some people going into NTMA find it gets old and want to get out into other corp finance work.

SureYWouldntYa · 18-04-2021 9:40pm

hold my beer wrote: »

Do they. Any link?

https://www.charteredaccountants.ie/docs/default-source/ca-diary-training-support-forms-info/training-package-regulations/20190930_training-package-2019_2020_final.pdf?sfvrsn=32cfdb7c_4

Exam €
CAP1 1,428
CAP2 2,377
Final Admitting Exam 4,763

Career Change To Accountancy

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