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.

Chipping in again to agree with everyone saying not to worry too much about the hierarchy of the different professional bodies. They are all Level 7 (i.e. equivalent to a Masters) and tailored to different sectors. If someone really thinks ACA is superior to the other four, that probably says more about that person.

In terms of difficulty, I'll expand on my earlier answer. Learning how to do double entry bookkeeping (which is what you would do for AAT) is learning a set of rules to follow. So the difficulty is learning all the rules (of which there are many) and how to apply them in a range of scenarios.

At professional level, there is a lot more "stuff" to learn, but you will also need to understand the principles behind the system and be able to apply them in complex situations.

Whichever you do, it's hard work as PP have said, especially alongside holding down a job, the content of which may not bear much relation to what you are learning in college. For example, you may be working in a management accounts team, producing monthly reports for internal use, and at the same time studying how to put together a set of statutory accounts for external publication.

Thanks I have been using it a bit I must use it more so I am 100% sure on it. Do you need to ask for a loo break? I'm pregnant and they have granted me additional 'comfort' breaks but obviously I don't want to spend half the exam in the bathroom. Nausea is nearly gone now, I wouldn't have signed up for the exam if I'd have know how sick I'd be.

I am thinking it should hopefully help a bit too. I type quicker than I write and my writing is shocking bad.

Sorry OP for jumping on your thread!

@pontipinemum at the centre I go to you just have to put your hand up and wait for an invigilator to come over who then locks the exam and waits by your desk until you are back, my best piece of advice for the actual exam is wear layers as sometimes it's really hot but other times (last June when it was roasting outside but they had the air con blasting) it's freezing!
I can only speak for the centre I go to but the invigilators are all absolutely lovely.
Also hats off to you doing it whilst pregnant, it's hard enough as it is!

I'm CIMA and ouching at the analysis above! I have never experienced books being allowed in exams?!

Either way, you can't do ACA unless in the right firm so that is out.

ACCA and CIMA are, in my opinion, very similar in difficulty level but if you think you might ever want to practice, then go for ACCA. I did CIMA as I worked for a huge financial services organisation (who funded my studies) and that's what was needed / wanted.

CIMA is a bit more 'wordy' than the other two, I like words as well as numbers so it suited me.

I wouldn't bother with AAT given your existing level of qualification.

And good luck getting the junior role - it's definitely doable!

@ItsMintUpNorth I'll be sitting the exam from home. Slightly regretting that decision. I think the exam centre would have been easier but it's about 2 hours away. That sounds similar to 'in the old days' an invigilator would turn over your written paper when you went to the loo. I'll call ACCA and ask what I do.

This is baby no 2 and I wasn't sick at all with the 1st, I wanted to have 2 exams done before they're born this August - the 2 electives. Then take a year/ 18 months off and do the last 2 in a year.

Btw, in my organisation you were either qualified or not qualified. Noone cared which of the 3 qualifications you had.

My manager is CPA only for the fact I pay supplier I wouldn't know that. Unless you are an arse and as @DistractMe said it says more about them. No one really cares which one you have. As long as you have one! And even right now me nearly having 1 has been good enough for the last 7 years.

I did work with some men, (yes it was always the men) who were adamant that ACA was the better one. But let them to their 'old boys club' unless you want to be a partner in a big firm that values ACA above all else it does not matter.

@Chewbecca yeah it's the golden ACA that is open book

@ItsMintUpNorth can I ask why you're doin both AAT and ACCA and it sounds like at the same time? And working and a family too. Bloody hell.

@Ipadannie no not Scotland although I'd love to live in Scotland again one day. I'm in the EU.

@Mardyybum so you did AAT and found the initial ACCA papers easy? And now you're finding it tough? Could you elaborate a bit more?

Also how long for you to complete AAT to Level 4 please?

Sorry I don't think I was very clear! I have done both but not at the same time.

I moved from an admin role to an AAT trainee role (junior accounts assistant) and as I had no previous qualifications other than GCSE's and 2 irrelevant A levels I started at level 3.

Completed levels 3 and 4 AAT which took 4 years but there was about a 6 month pause in that due to COVID, I was also doing it via apprenticeship at a local college which meant it took longer than it would take via other routes (but wherever you get a job will have a preferred training route I imagine). I think you can do it in about 2-2.5 years at some places. I certainly could have done it much quicker as I found it easy as it relates quite closely to your day to day job.

Then I had a 9 month break before starting my ACCA in sept 21 and hoping to sit my last exam this June and therefore qualify in July so 3 years later. As I said I'm finding it hard but as pp said it's because a lot of it doesn't apply to your role as it covers lots of different aspects, so I'm currently struggling with group accounting but it's something I will never ever do due to the type of job I do.

Oh I see. Thank you for the clarification. Impressive progress!

Also if you are curious about salaries I work for a medium sized firm in the north of England and I'd say during AAT my salary ranged from £19-23k (this was a few years back though, minimum wage is going up to £22k soon so would be more now) and then since starting ACCA my salary has gradually risen to £30k now and will be £33k after my next 3 exams, but I should hopefully then get a promotion and be on closer to £40k

I've got AAA next week. Already did ATX and SBR.

@Yearendjoy despite never completing an audit in my life I'm not too worried about AAA but SBR is bleughhhh . Good luck for AAA though!

Agree! Audit feels easy, really did not enjoy SBR, glad it's over. Good luck to you too!

I mean if it helps you to quote founding dates, sure.

But in the real world, that's how they are rated by most employers. You don't have to like it. It's not my fault they are seen as different difficulty levels. They are different qualifications.

I'm not "silly" enough to think I could apply for a job as an ACCA candidate and not know I'm on the back foot if another candidate holds ACA.

Doing SBL next week......Already did ATX SBR and AAA....

AAT level 4 you have to get 75% to pass. ACCA Knowledge level there are only three and you only need 50% to pass. I would go straight to ACCA as you can get those three done in 9 months....

I can assure you it would have made zero difference in any job I have recruited to over the years.

Finance and accountancy is a much bigger world than is seen through the lens of the "elite" firms.

And it's not really helping the OP who is most likely to get her first post in a small local firm, or industry or even (shock, horror!) the public sector.

Agree, as a hiring manager it is simply qualified or not, none of the qualifications gain a 'foot in front' of the others.
Once the qualified box is ticked it is forgotten and it is the varying work experiences that differentiates candidates.

I will agree with those saying ACA is seen as elite. It’s definitely an old stereotype but firms love it, that’s the reason why. It is VERY easy to get top jobs with an ACA and it has always made me more desirable than an ACCA. Realistically, I don’t actually think there’s any difference and I still sometimes have to google DEAD CLIC to remind myself the rules 😂 that ACA was worth it…

My salary progression:
EY audit grad year 1: 27k (2016)
year 2: 30k
year 3: 35k until qualified, I left once I time qualified
2019: Job in consulting (not accounting, but they needed ACA to do the job) £53k
2020: left as I hated it for another consulting job - £65k
2021: promoted and on £72k
2022: decided maybe accounting was for me and went into industry £120k

I have no progression at my company and I don’t want to. I like my balance and my life. I run a business on the side unrelated with DH which is becoming successful and hopefully in a few years I’ll give up the day job!

I am ACA qualified and have taught AAT and ACCA over many years. The pp's order to choice is correct, if a little old fashioned. It used to be the case that you could only become a partner in a practice of ACAs if you had their qualification so it was much more important than it is now.

As the pp mentioned CIMA is solely for accountants working in a single company and so has less flexibility that the others.

Although the content of both ACCA and ACA is similar, the other issue was always that with ACCA you could take as many or few exams as you wanted at each sitting, whereas with ACA it was all or nothing. It was considered much harder to do all the exams for each level in one sitting than spread them out over several years. There are various other nuances that keep ACA elite but they are much less important and you will do well with either.

I would say that doing the ACCA taster exams is a good idea and then go and get a job when you are sure it is what you want to do. The job you get will then dictate which route you take to qualification.

As someone who has hired many qualified individuals at a top 10 firm, ACCA Vs ACA isn't even considered once you've got some work experience. Someone who can demonstrate they know what they're doing is far more important than the letters after your name.

If you're really desperate to be ACA instead of ACCA, but the firm you're with puts staff through ACCA you can convert later.

@Gettingcolder you've taught AAT too? What level would you say it is? Is it really basic?

I see ACCA have a foundation course on their website for people to get started on when they have no experience or knowledge.