How to become an accountant (Scotland)

[wannabeaccountant]

I've put Scotland in the title as not sure if it makes a difference!

I've got a 2:1 BA Psychology degree with honours and PGDE in primary teaching but looking into a possible career change once DC2 is born (currently 11 weeks pregnant).

Would I need to retrain and go back to uni or can I sit the exams with my current qualifications? Really clueless as to where I would start.

A key skill in this career is research.

If you haven't managed to get any information it's possibly not for you.

Start with ICAS.

Also look at ACCA -

I have looked at ICAS and AAT but was looking for any other advice to get me started. Thanks though!

Will look at ACCA, thank you

Look at CIMA too, for those who are more interested in running the business rather than looking from outside (ACCA). You don't need any other qualifications, just pass the exams. I passed just from reading the books! You also don't even need the quals, you can get a job as bookkeeper/cleek and work up. It's a great career paid well and can work from home.

AAT will get you to be a bookkeeper - but i'd be worried about technology/AI replacing me quickly with just that qualification alone (i have it alongside other semi related quals).

I'd definitely look into CIMA if you want to be a management accountant (business focused - internal management of finances) or if you want to practice accountancy i'd look at ACCA.

Though both are highly regarded!

I agree, look at ACCA and CIMA, both highly respected qualifications, but their exams aren't easy and take a few years.

It's a long time since I did mine, but you also needed experience signed off by another qualified accountant before you fully qualified, and especially if you wanted to set up your own practice as you'd need a practising certificate which requires further "supervised" relevant experience.

Potential future employers will also generally want relevant work experience in accountancy alongside you passing the exams.

Have a look to getting a trainee accountant job as then you'd get relevant experience during the years you were studying and taking exams, and most employers would pay for your study materials and exam entries, etc. Downside is that salaries are likely to be low for trainee positions.

I did ACCA. you need 3 years relevant work experience and have objectives to meet along the way so you'd need to find a role like this to complete the qualification.

Why do you want to be an accountant? And what do you want to achieve? What are you imagining it is like?

The first reply may have been a bit sharp but it's a valid point. Your op simply asks about exams, but the qualification pathways and eligibility are freely available and easily accessed. You would need to be able to do that kind of legwork independently to progress.

What else do you want to know?

Training contract salaries are not very high, although look slightly better once you factor in the value of study support.

It's not a badly paid profession but it's also not as highly paid as people assume.

There's a recruitment "crisis" in the sector for good reasons. What attracts you?

I did CIMA as I couldn't afford at 21 to be paid £6,500 a year to work within a firm to be a traditional "accountant" reviewing the accounts of other businesses. (I hope they've had to change this now to be a living wage = it's how professional qualifications stay within the old boys club, only those with family support get to do them, see law also - prob more)

With CIMA I started it while working at the reception desk in an estate agents, got a job doing payroll, then moved to a general accounts office job and then once I had my qualifications got hired as a management accountant for a transport company.

The main difference is CIMA prepare their own companies accounts a ACCA/AITA accountant Will check those accounts you've prepared are truthful or they will prepare accounts for small business or lone traders

There is Still a lot of money to be made with a CIMA qualification and it is a transferable skill as are most accountantancy qualifications
But you'll never get to open your own practice with a CIMA qualification.
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ICAS are changing their syllabus and entry routes - they have some good apprenticeship routes already but from conversation with them, it sounds like they may be expanding this. I'm biased towards ICAS as a member however none of the accountancy professional exams will be easy with a young family in tow and work. ACCA may offer a bit more flexibility in timing of exams if you need it.

You can open your own practice with CIMA

I am ACCA, but it depends what you ultimately want to do

I was paid £25k 8 years ago. I think it would be 30k or so now (big four), which was certainly enough to live on. Most colleagues in the same industry then doubled their salary within 4 years.

If you can get into a grad scheme that will help you build experience and pass prof exams at the same time. The big accountancy firms run them as do council, civil service, NHS.