Accounting and finance

[Prayingtocheesus]

I’m on a big 4 grad training scheme and around 18 months in. I work in corporate finance so essentially analysing the workings of a business through writing a report to present to the client.

I am studying for my ACA (9 passes apart from last 3 but that’s a story for another day!) and have achieved a mid-60s average so not bad. The problem is we rush through the exams so I still feel like there are holes in my knowledge and compared to those who studied the subject at university (I did History), i feel less confident.

It’s mainly pure accounting that is the issue eg why we use key metrics to analyse things, balance sheets, cash flows, SOCEs, P&Ls, they’re just not not second nature to me just yet and I don’t really “get” them inside out.

Can anyone recommend a plan of action? Or a good book? I’m intelligent but feel I have been rushed and want to quickly sort the holes in my knowledge.

Personally I would say those holes are down to experience and application. Rather than a book you need to pick up the FT, review so,e accounts and do some more research on your clients. Don't worry, it will become second nature before you know it! ( I also went through ACA with the big four and was from an arts background.)

thanks! Did you ever feel similar? How long did it take you to feel fully comfortable?

I also think it’s partly because I spend a week on a project that others have been doing for theee weeks so there is a natural time period where of needing to understand what is going on etc.

I probably felt fully comfortable when I left the big four and was in a job where I had time to understand and think (2 years post qualification).

Agree with random - it's not about books as such, it's about experience.

It's not uncommon to be in your position. Whilst the CF work is much more exciting than some of the standard audit/controls work, it does take longer to get up to speed with the pure financial/mgt accts/metrics side of things. I remember some folks 20 years ago Big 6 on my intake in the CF stream experiencing the same midway through the 3 years. You'll be fine by the end. Finishing the professional exams and the next 18 months of experience will get you there.

I think it' would be tricky to get more exposure in the pure/accounting/audit streams if you're doing CF in a Big 4 firm - they're all siloed departmentally . In addition, everyone would think you're nuts wanting to do non-CF work

Good luck

And also agree with randoms comment re PQE. Getting the ACA is just the beginning - more like a licence to learn.

I don't think I properly got understood cash flows & KPIs in depth until I implemented realtime MI systems in my own business

Another one who has been there. The exams are a means to an end, I wouldn't worry too much at this stage (18 mths in isn't a long time in the grand sceme of things).
Get the exams out of the way, once qualified there are plenty of ways of plugging the information gap. It will come.

Too many years later post qualified as an FD I've come across year 3 (so just finishing) with gaps, it's expected the area is so diverse that you can't get it all at once.

I think most of your knowledge will come from the job, is CF the area you want to stay in? Have you friend a secondment elsewhere in the firm? Who is your performance manager, maybe have a chat with them and see how much of this stuff you actually will need to know and what is expected.