Career Change To Accountancy

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.

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 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 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.

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.

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.

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

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.

I started my traineeship in 2010, of the 40 or so of us who were taken on about 10 were over 30 and they had mainly come from construction/pharma jobs, really qualified/intelligent people.

I don't think there was anyone who was 37, but there were a few who were knocking on 35.

A few came in with some exams, but once you're in it doesn't matter.

They're all doing well now.