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Advice on re-training as an accountant - please?

83 replies

BoingBoing · 01/08/2007 14:34

I'm looking into retraining as an accountant, and what I'd like to know from those of you already qualified, or part qualified, is exactly how hard will it be in terms of study and exams? I have a 2 year old and a DH who works away during the week, which adds to the fun. Because of what I want to do with it afterwards, I want to do ACCA, which I understand is the hardest of the lot. Would it be better to wait a couple of years until DS starts school, or should I just start once someone is mad enough to employ me as a trainee?
Thanks!

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ChasingSquirrels · 01/08/2007 14:40

I wouldn't say that ACCA is 'the hardest', but it is definately difficult (for the record I wouldn't say that any are harder or easier than the others) and personally I wouldn't want to be doing it with a small child - so all credit to you.
Are you working atm, if so I would start looking for a position as a trainee, you can take the exams slowly. If you aren't working then it is a more difficult decision, as it isn't so much to do with the accountancy as to whether you want to be at work or with your son.
The study is on a part with doing a-levels, as well as doing a full time job - which is what makes it tough.

BoingBoing · 01/08/2007 14:45

Thanks Squirrels. Yes, I'm working, and would continue to do so, as I couldn't afford to fund myself otherwise. I also understand that employers prefer 'on the job' training, which is fine by me. But would it be more sensible for me to wait a couple more years - I have a decent job already which I'm in no rush to leave, but to 'get on' rather than keep trogging, I do need to get a professional qualification. I'm also 38, so I ain't getting any younger!

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ChasingSquirrels · 01/08/2007 14:47

whatare you looking for - training in an accountancy practice (tbh I think you would be very lucky to get a job) or in the accounts department of a trading business.

BoingBoing · 01/08/2007 14:53

In theory, in private practice, but I think until I stick my toe in the water, I don't know how feasible it's going to be. However, in my favour, I do have extensive corporate finance experience, and actually started off many years ago working for one of the Big Five (in a professional support capacity) so I'm not a total finance virgin, which at least helps me stand out from other wanabees....I hope!
Are you a qualified accountant Squirrel?

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Wheelybug · 01/08/2007 15:00

BoingBoing - I did ACA, which is obviously the hardest of the lot ().

Seriously though when I trained (qualified in 2002) the differences syllabus wise weren't much - ACCA was slightly more geared towards working in a commercial situation than in a firm (although I think ACA is going more that way). The advantage of ACA is that you tend to block study i.e. go into college for a couple of months at a time rather than a day here or there. However, this means I think you take more exams in one go. TBH, I found it hard being a slightly mature student studying with those who had just come straight out of university because I had some grown up responsibilities and then I didn't have children. I think it owuld be VERY hard to do it with children (especially if DH isn't around to help - which I know what that is like). Having said that, it would be a good and useful qualification to get.

I know that with ACCA you used to be able to take breaks in between the exams (and you can retake it as often as you like, unlike ACA), you didn't have to complete it in 3-4 years like you did with ACA which might make it easier to do with children.

If you're working anyway at the moment I'd say try and find someone to employ you with a training contract sooner as long as they are flexible about it and don't mind if you take a while to do the exams (as you might only want to do one set a year), at least then you're getting some practical experience along the way.

Mellin · 01/08/2007 15:01

BoingBoing, I am in the final stages of studying for the ACCA professional qualification. I was working and studying at the same time (my employer sponsors me to study) but have had a break in studying for the past year since DD was born.

The ACCA qualification requires practical experience as well as passing the exams, so you would need to be working in some kind of relevant role for 3 years sometime before qualifying.

There are lots of options of how to study ie. weekend courses, weekly etc however I just get the textbook and sit the exam. Courses tend to be expensive and don't suit my study style anyway.

As for studying with a young child, I think it just depends on how focused and disciplined you are. And what your studying style/experience is too. Have you done any further education since leaving school? That was the biggest shock for me, getting back into that studying mentality.

Wheelybug · 01/08/2007 15:01

I worked in a big 5 firm btw in Corporate finance and my knowledge of ACCA is from there so they are quite flexible in allowing you to take time to complete the exams (especially in the field I was in).

ShrinkingViolet · 01/08/2007 15:06

It's also possible to convert an ACCA qualification into an ACA one provided you meet certain criteria - DH is doing this at the moment. ACA trainign contracts are quite hard to get and (at least used to) include "must pass first time or you're out" clauses.

jura · 01/08/2007 15:14

This reply has been deleted

Message withdrawn at poster's request.

BoingBoing · 01/08/2007 15:16

Doh! I was forgetting about ACA as well as ACCA. Realistically, I don't think I'd get onto any of the ACA training contracts, and I'm not sure I fancy the risk of 'fail and you're out'. Time to dust off the cv and poke it out at a few agencies down here to see what they say about my chances.

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ShrinkingViolet · 01/08/2007 15:22

there's also CIMA (management accoutants) which I think is easier, but I'm not entirely sure what they do - industry I think

BoingBoing · 01/08/2007 15:27

Yes, CIMA is one of the others, but it's not quite where I need to go.

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Oblomov · 01/08/2007 15:38

Where is it that you want to go, Boing Boing ?

BoingBoing · 01/08/2007 15:56

Private practice business advisor and/or corporate finance (low level, not City stuff!)

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Oblomov · 01/08/2007 16:06

Interesting. I do think that private practice is very ageist though.

BoingBoing · 01/08/2007 16:14

And here in the West Country pretty sexist too!

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Oblomov · 01/08/2007 16:20

Boing, I am a Devon girl, so understand. The more SW you go the worse it is. As I moved to Bristol, it was bad, got a tiny bit better as I moved towards London.

BoingBoing · 01/08/2007 16:35

I have neighbours who I strongly suspect seriously believe I'm a Bad Mother because I work

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ChasingSquirrels · 01/08/2007 18:06

Yes I am an accountant (ACA), I did a training contract straight after uni and qualified 10 years ago. I now work in practice in a smallish firm (80 people, 2 offices) in Cambridgeshire.
Despite the fact that you have a background in finance, I still think it will be difficult for you to find a training contract in a practice (go ahead and prove me wrong though!). We have just interviewed a 34yo for a trainee, and tbh we are tempted to offer it to him, so it isn't impossible. BUT if we had any decent graduates or school leavers we probably wouldn't have even interviewed him.
We don't have a fail and your out clause (god we would hardly have anyone left!), but if we did we would apply it to ACA and ACCA equally, and I think many firms would do this.
We have an equal amount of ACA and ACCA trainees - and both do block release study rather than a few days here and there.
Given what you want to do thought it sounds like you need to train in practice - you might find it easier to get directly into corporate finance where your maturity could well be considered an advantage - this would probably have to be with a big 4 or 2nd tier firm.

Mellin · 01/08/2007 19:30

Correct me if I'm wrong, but I thought it was your employer and not ACA who applied "fail and you're out". My employer has a similar policy, they will only pay for the first sitting of an exam, if you fail you have to pay for subsequent sittings.

I agree with ChasingSquirrels that your best option is probably to get a job in your area of expertise and apply to study that way. You could easily justify accountancy study as being relevant to any job in corporate finance. That way you won't have to stomach trainee pay (!) and in my experience most big companies encourage staff to do further study. I've never worked for a big accounting firm though.

ChasingSquirrels, does your firm judge traineeship applications based on age? Isn't that ageist? Not being sarcastic, just interested.

ChasingSquirrels · 01/08/2007 19:56

fail and out - if definately up to the employer, we pay for the first sitting (study & leave) and after that they have to pay for it themselves and take annual/unpaid leave for any courses .

Yes it is ageist, do we do it - humm not sure, we have just interviewed this guy so that tends towards not - but would we have even considered him if we had some decent 18/21yo's applying - tbh I couldn't say that we would.

Oblomov · 02/08/2007 08:25

I was 'fail and outed', and that wasn't even for a big 4, or big 5 as it was when I were young - it was for a small firm in Surrey !

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supertrouper · 02/08/2007 08:44

I did CIMA which is for accountants working in industry. Not sure it's easier, just a different route depending on where you want to work. I had no children when I studied for it, was working and doing Saturdays at college and found it extremely hard as I felt like I gave up a social life for the duration of the studying.

Good luck, I can't imagine what it would be like studying with children but am sure you can do it! Hope it goes well whatever you decide.

CantSleepWontSleep · 02/08/2007 08:44

It's funny how everyone thinks that the type of qualification that they have is the hardest, and that the others are easier . In my studying days, ACA was considered the hardest (certainly in terms of intensity), then CIMA, and ACCA was always the 'easy' option. Not forgetting CIPFA of course, which is hard to rank as it's a bit different.

Best of luck BoingBoing. I would agree that better to look for a training contract sooner rather than later.

Oblomov · 02/08/2007 08:51

I was studying as I met dh. It was awful. I made myself do 3 hrs a night = 15 hrs a week - which is what they recommend for ACA, when all I really wanted was to spend time with him.
I could never do it now, now that I have ds. I have the utmost respect for anyone who can.

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