AAT or ACCA

[BlastedPimples]

I'd like to start retraining.

I am educated up to masters level but not in finance. No experience at all.

I've been looking at the courses run by First Intuition.

I can't decide whether to start with the very basic AAT level and then eventually progress to ACCA - you can get some exemptions for ACCA exams with Level 4 AAT - or just plunge into ACCA.

MY main concern right now is time. I am determined and focused but perhaps the sheer amount of time required for ACCA at this stage in my life isn't quite right.

Any insights much appreciated.

perhaps look at getting a finance job that includes training like aat, ACCA or Aca. Don’t know your full situation but it looks like you may be in danger of being overly qualified whilst not having any practical experience which may out employers off as you are likely to want a higher salary due to your qualifications but are no more experienced in the job than a school leaver

My thoughts are if your ultimate goal is ACCA then start on that. Each paper pass still counts. I know some jobs even state they are looking for part qualifieds ACCA. Starting on ACCA also signals your intentions as companies may incorrectly assume you are happy on a AAT role/job.

Would agree with Morph. If you get such a role, then be guided by your employer, but if you are completely new to finance, I would start with AAT.

Need to be careful on this though. When we advertise for part qualifieds we are really after someone at the part qualified stage through training in practice so they’ll be able to step in and do the same role as our home grown part qualifieds, a part qualified with no practical experience wouldn’t be much use to us unless they were willing to start at the grade and pay of a junior-potentially they could progress more quickly if they proved themselves but would be difficult in getting foot in door

I'm happy to start at the pay grade of junior and work my way up.

Find a relevant job first, then choose the right qualification path.

There's no point sitting exams for either qualification without practical experience. You can't qualify ACCA without 3 years of practical experience and completing all the professional practice competencies.

But who will give me a job without even any experience or quals in the area?

I started accountancy in a grad role from an English degree, it's extremely common. No finance or accounting experience at all and no maths since GCSE.

Look at big 4 grad programmes, also look at top 10 accountancy firms for their programmes. You can also look at various non accountancy companies to work as a trainee in the finance team - will usually be CIMA.

Great tips. Thanks. I'm 53 though so I don't think I'd get onto a grad trainee scheme.

When i did it AAT got you exemptions from fist 3 multi choice exams at ACCA. In hindsight i should have skipped AAT as started at bottom of ACCA as much quicker.

I would start with ACCA and perhaps do the exams at a slower pace ie one per session instead of 2-3. Once you have done a few you can look for part qualified jobs. (Again was a while ago so might have to check current set up)

Definitely worth exploring, there was a 40 year old on ours with us! (Top 10 accounting firm outside london)
But you might prefer a company scheme in that case as there is less of a grad intake as such. Also much more interesting than working in audit which is where most grad schemes start.
If you have any larger companies near you just have a look at their website, or contact them.

Literally, any accountancy firm. Taking on people without any experience or relevant qualifications and building them from the ground up is what they do.

You're a graduate - you meet the criteria for a graduate job. Age discrimination isn't really an issue in accountancy. You're in your own head here.

Oh my goodness. You've filled me with optimism. Thank you.

I would say most firms advertising for AAT trainees would expect applicants to have little to no prior knowledge, that's certainly how's it's worked in the 3 firms I have worked at (I was admin in 2 previous accountancy firms, moved to my current firm and after a year decided to start AAT) I've never personally seen a firm who skips out AAT and starts staff on just ACCA (I'm not saying they don't exist, that's just my experience from talking to people on my ACCA courses). I'm also not sure what those 3 exempt exams are like at ACCA but the rest of the exams are a hell of a jump up from AAT level so that is something to bear in mind.
However doing both is definitely time consuming! I started level 3 AAT in September and I'm looking to become ACCA qualified this July so 7 years later, although that has included a 9 month pause due to COVID and a couple of failed ACCA exams! I am actually sat here supposed to be studying for my 2 March exams now...

I also got into accountancy without an accountancy degree my undergrad is Geography and Economics.

I started with a big firm of accountants. Brutal pay, crazy hours and lot of bullying.

I think a job in industry would be better for you. You say you're 53 so at a min you probably have at least 15 years ahead of you.

I think I would start looking for a junior level entry job in accountancy in an industry role, basically with 1 company instead of a firm.

ACCA exams are tough especially with no background. I didn't know a debit from a credit so a bookkeeping qualification might be a softer way to start. You could have that done in 2 years and stop there if you liked. Or continue on with ACCA as you said you would have exemptions.

But you need a job in accountancy first. Part of getting qualified is having 'done your time' and as someone else said. On the job experience is often valued above the qualification (to an extent). But you might be able to see that you want to stop at book keeper, or you do want to go straight for accountant.

Good luck, and no I def don't think you are too old to re-train as an accountant. 3 years could see you qualified and on a good career path.

@ItsMintUpNorth which one are you studying for? I am doing APM next week.

I wouldn't know many people that did a book keeping qualification before doing accountancy. But the firms I worked in mainly took in grads straight from uni/ under 25 and straight onto ACA or ACCA

I have SBR and AAA good luck with APM, I did ATX as my first option so no experience with it!

My firm also take on grads to start at ACA/ACCA level and I have seen so many really struggle compared to those that completed AAT first, so I can't imagine what it's like starting ACA/ACCA with no prior experience (but as I said I don't have experience of how hard the foundation papers are at ACCA).

Have you considered public sector? I’m NHS and we have people coming in on entry level finance admin due to wanting to change career who then go on to study CIMA to become Management Accounts. I’m CIMA qualified and love working with non finance staff to really understand the business.

Can you tell me more about CIMA? This is something else in the mix to consider!!!

I'm doing ACCA with a big 4 firm now. I'm not on the graduate scheme, it's a different finance role where they offer funding for qualifications. It doesn't have the automatic progression of the graduate scheme, but it's also not compulsory that I study, and if I fail or drop out of the course I still stay in the role.

Is CIMA internationally recognised as ACCA?

You can sign up on edX and get free self study courses to do the very beginning levels for ACCA if you want to dip your toe in the water.
That's FA1, FA2, MA1 & MA2.

You would have to pay and be a student member of ACCA to take the exams but the first couple of courses are literally a GCSE equivalent, then the next 2 an A level equivalent so you can do them pretty quickly & the exams are held all year round in lots of places (can even do them at home for some if you can provide the right exam conditions).

I know you are over qualified for those, but they are super cheap (or free if you don't take the exam) & give you the basics.

If you check out the ACCA website, it's full of information & if you phone them you'll get a super helpful, knowledgeable person on the phone who will direct you to the right starting level for you if you have applied knowledge or the right degree to skip steps.

https://www.edx.org/learn/bookkeeping/acca-introduction-to-bookkeeping

edited to add FA is Financial Accounting, MA is Management Accounting.

Thank you @HumanRightsAreHumanRights

What about ACA? The top level qualification. DH qualified in ACCA aged 49 after redundancy from banking. He worked at a small local firm and went to evening classes.

One DC has ACA. Trained at a large City firm with exams and study leave paid for. Now is self employed with one employee.

This is the study resource page for FA1 on the ACCA site if you get a student membership, but if you click back you can get the same info for the other modules.
Includes practice exams (you do have to buy those, but you can 3 lots for a tenner for the beginner ones & not much more after that) & lots of other info.

https://www.accaglobal.com/lk/en/student/exam-support-resources/foundation-level-study-resources/fa1.html