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Share your dilemmas and get honest opinions from other Mumsnetters.

To want to retrain as an accountant...

29 replies

IBloodyLoveMichaelJackson · 23/01/2022 14:34

I'm 37 and in a senior administrator role, have worked previously as a secretary, receptionist etc. All administration roles. I'm sick of it. I want out. I work for a great company so I'm not knocking them but I want qualifications and a proper career. I don't even know if I'm capable of achieving anything and I've always lacked self belief but I went back to college in September to gain a GCSE in Maths and when the lecturer threw us into a real exam a couple of months in just to see what it was like (we were told to treat it as mock) I actually passed and much to my absolute astonishment was only 5 marks away from getting a level 5 (a "high C"). So whilst I'm never going to be Carol Vorderman I'm hopefully not as clueless as I'd imagined. Going back to college has really given me a new zest for learning.

But what skills do you need in order to be an accountant? How academic does one have to be? Is it even possible to juggle this with a full time job? I can't quit and do full time university unfortunately. I will look at courses later but where do I even start? A bookkeeping course? Level 1 AAT? Ironically I actually work with accountants so I'll be asking them of course, but I've previously come on here for mortgage advice and anxiety support so extra advice is very much welcome!

I know this is going to cost me a lot of time and expense but it's a serious investment in both my future and my mind and I will be taking it very seriously.

OP posts:
Strawberry0909 · 23/01/2022 14:47

Well you don't need to be Carol Vorderman, along as you enjoy figures, there's alot more than adding numbers, lots of reconciliation and balancing, and plenty of areas to diversify in.
it's entirely possible to study whilst working full time, AAT is a great starting point, I don't know about level 1 but I started with level 2 , it will be a lot of commitment but pays off after you qualify 😀
I would recommend trying to get a role in finance whilst studying, anything remotley to do with accounts, it really helps if your doing it practically and not just theoretically

Moonshine5 · 23/01/2022 14:52

There's an Apprenticeship available in accountancy. Check with the national service what it is called; maybe you could speak to your current employer about it

Mosaic123 · 23/01/2022 14:55

Or look at ACCA exams instead. Less specialised.

Your current employer might even want to sponsor you to qualify?

cheekychaplin · 23/01/2022 15:16

Open university?

Logistria · 23/01/2022 15:22

You don't need a degree for accountancy so quitting work for full time university would have been pointless anyway and therefore it's good that you can't do that. Wink

The qualifications require both exams to be passed (professional exams not academic exams so it is a different style of writing) and practical experience requirements to be demonstrated in the workplace. Usually 3 years of relevant workplace experience is also required (during which time specific competencies have to be demonstrated and signed off).

Might not hurt to do an entry level course like AAT to see how you get on with it. Most of accountancy is less about the numbers and more what you do with the numbers, legal and regulatory compliance, business advice, etc. Depending on specialism.

Normal accountancy training involves working full time whilst studying and doing exams. If you were on a training contract the employer would pay for your study courses and also give you time to attend them, but you'd have to do your own study and revision beyond that.

What would your end goal be? To become a chartered accountant? You would need to do the ICAEW or ACCA qualification for that, although AAT might be a good entry point for you. To set up your own business or to offer services to the public? You'd need a practising certificate in most cases.

Audit and accountancy tend to have the most roles, but then there are specialisms like tax or consultancy you could consider.

Financial accounting generally means you'd work for an accountancy practice preparing statutory accounts or doing audits for lots of other businesses. You'd help meet legal compliance requirements and provide business advice. ICAEW or ACCA would be more useful here.

Audits involve spending time at a client's premises conducting various forms of testing and having discussions with the client. Things like attending stock takes, examining physical assets to confirm they exist (in reality not just in the accounts), reviewing payroll records, assessing business processes, etc.

Management accounting you'd work in industry dealing with the affairs for one business. You'd maintain the books and ledgers, do monthly management accounts, cashflow forecasts, budgets, etc. CIMA or maybe ACCA would probably be more useful on this path.

Or outsourcing / bookkeeping, maintaining the ledgers and records for lots of businesses and preparing management accounts and VAT returns. AAT might be sufficient although people do go on to do chartered exams.

Or tax, helping businesses or individuals manage their tax affairs, deal with HMRC, preparing tax returns, explaining complex law to lay people, giving advice on the tax consequences of decisions and the best way to structure affairs or business restructuring. You would need ATT and/or CTA. This is more technical and specialised, involves lots of legal knowledge, and a bit smaller recruitment market than audit/accounting/consultancy.

As well as numbers you would need to be comfortable with technology and digital ways of working for all of these. There is a lot of change happening in the field.

Number crunching is a small part of most roles - numbers are more the medium the work is expressed through.

In audit, hardly any of the work will be about doing anything with the numbers, they are more like a language.

In tax, especially in advisory most of the work is about analysing and applying law (some of which can be complex).

In financial accounting, the numbers are important but if you look at a set of statutory accounts the vast majority of the pages are actually words explaining policies and performance - as a financial accountant you would also be involved in preparing / reviewing those, and ensuring compliance with accounting standards in how the numbers are prepared.

Bookkeeping / outsourcing, and some parts of management accounting that involve quite complex calculations and formula, have the most focus on the numbers themselves.

Logistria · 23/01/2022 15:32

Oh, and if you went down a tax accountant / adviser pathway, that has its own range of specialisms: personal tax, inheritance tax, VAT, stamp duty, trusts and estates, corporate tax, R&D, etc.

Some people end up working in VAT after starting out in outsourcing / bookkeeping. Some people move into corporate tax from audit or accounting.

I know people who work in trusts or private client who say what they enjoy is helping people navigate the best and worst times of their lives because as their tax adviser they're there through births, deaths, marriage, illness, business success and business failure. Helping plan for their children's futures, helping someone navigate the aftermath of losing a spouse.

Whereas corporate tax you might be there as someone takes a fragile venture to heights of success with a group of companies, through international operations, being bought out, planning for retirement, advising on R&D projects or infrastructure plans.

IBloodyLoveMichaelJackson · 23/01/2022 17:41

@Logistria thanks that's all really good advice! I'm seeing lots of courses for AAT level 2 but not level 1 is it not worth doing or something?! Thanks.

OP posts:
Logistria · 23/01/2022 18:02

All of the accounting qualifications are offered by a professional body. The best source of information on each qualification is that professional body's website rather than reading the blurb on a college page. So AAT, ICAEW, ACCA, CIMA, ATT, CIOT, etc.

www.aatskillcheck.org/ will tell you the best place to start your AAT studies if you decide that's the right path for you.

There are more training providers than just your local colleges if that's where you are looking? I assume so since that's where most people get the idea to start AAT without realising there are other routes and AAT doesn't lead to chartered status.

BPP and Kaplan are major providers of accountancy training. There are others.

I would recommend reading up on the different qualifications so that you are sure you are starting the right one for you before spending money on a course for a pathway that will take years to complete - you don't want to get to the end of 3 years and realise you need to start another 3 years of study to get where you want to be.

That said, AAT can be a good entry route if you have no experiencing in accounting, but there may be an alternative that suits you and your goals better. ACCA also offers a qualification called CAT which is equivalent to AAT. ATT is the tax version. The T stands for Technician. The C in the other quals stands for Chartered.

Logistria · 23/01/2022 18:21

The reason I am slightly labouring the distinction between technician and chartered status is because lots of people start AAT/ATT/CAT without realising if they want to become a chartered accountant they will also have to do ACA/ACCA etc on top afterwards.

You won't see courses for the chartered courses in normal colleges, whereas AAT is commonly offered. It's not unusual therefore when people are thinking of career changes for them to see AAT in their local college prospectus and assume that is what will make them an accountant or that that's the only option. (It is a mistake I nearly made.)

I really would encourage you to take a look at the professional body websites to understand your options and what they mean for your career possibilities before you spend money on a course.

You will need to register with your chosen professional body as a student, book your exams through them, use their portal to log your practical experience and later your CPD, so better to be comfortable with it from the start rather than being dependent on a college for third hand information.

Also, one last point you may not be aware of - once you qualify (with any of these) in order to maintain your qualified status you will have to pay an annual membership fee and meet the CPD requirements of your professional body. It's not like a GCSE qualification where it's awarded to you and that's it - you'll have a relationship with and obligations to your professional body for the rest of your career.

If you are in an accounting role your employer will usually cover the cost of your annual subscription fee (few hundred pounds). CPD requirements start at around 40 hours each year. Again if you are in an accounting role your employer will usually pay for a certain number of hours of CPD training each year once qualified but you will have to do reading and some courses or webinars in your own time.

Logistria · 23/01/2022 18:24

If you are self-funding, the advertised course fees will not include your student registration fee or exam fees. Just to be aware for budgeting.

NorthernDuck · 23/01/2022 18:36

I would be cautious of doing exams without the support of an employer, as PP said you need 3 years of relevant experience to qualify as a chartered accountant. I have a firm of accountants and have a huge number of applicants for vacancies from candidates that have self-studied and need the experience but I wouldn’t hire them because usually they have done ACCA and we are regulated by the ICAEW and also they have no experience but have the exams so aren’t at a qualified level but aren’t a trainee either.
If you want to do ACA they have a specific area of their site for training vacancies, now is a great time to look because firms are recruiting for a September start. Often these firms may also have AAT vacancies so it’s worth contacting them directly if any are local to you or looking on their websites.
www.icaewtrainingvacancies.com/

It is definitely worth training with a firm, if you are paying for all courses (attending college), exam fees and subscriptions you’ll be looking at c£20k for ACA/ACCA.
The exams are hard, I’ve had 5 trainees in the past 3 years and 2 have dropped out of doing their exams (one doing AAT and one ACA) if you are doing chartered you need to spend c200 hours studying for each exam and usually sit 2-3 at a time every 3 months.

NorthernDuck · 23/01/2022 18:42

Also if you contact Kaplan or BPP who are the main accountancy qualification providers they have an apprenticeship department that acts as a type of recruitment agency that places students with companies.
We’ve used Kaplan 3 times for AAT students, as an employer you ask Kaplan to send the CVs through of students without placements and pick one. It works really well for us, if you have experience of working in admin you would be snapped up because a lot of the cvs are either school leavers or candidates working in shops/bars with no experience of working in an office.
I don’t know how it works from a student perspective though.

Merryoldgoat · 23/01/2022 18:43

Don’t bother with AAT.

What do you want to do ultimately? Work in business or practice?

If business then I’d start with CIMA. Their entry level qual is equivalent to AAT but quicker and a good grounding.

If in practice try to get a training contract and do ICAEW or ACCA.

AAT is largely not that helpful if you’ve got decent work history in my experience.

Merryoldgoat · 23/01/2022 18:46

Also, getting a job where you will use the skills is the biggest asset - the number of qualified accountants I’ve had come my way who can’t do a payroll journal or reconcile a bank account in the real world is really frustrating.

Training whilst working in a relevant area is what will give you the best chance of success.

trilbydoll · 23/01/2022 18:51

Is that a typo @NorthernDuck because I am not sure I did 200 hours study in total let alone for one exam Grin

AAT is a decent grounding and a cheaper way of finding out if it really is for you or not. It goes over basic concepts laboriously at times but that's not necessarily the end of the world if you're starting from scratch.

The exams are going to be 100x harder without some real world experience to go with them so if you can get a training style position it will be easier, because you can match the theory with the practical.

Gladioli23 · 23/01/2022 18:57

I would agree with all of the above comments to really look at what career you want and make the decision on your exam choices based on that.

I'd also really recommend getting sponsored through your qualification if you can.

One thing I'm not sure about from your post is whether you have A levels/an a level equivalent qualification already?

I think a least quite a lot of the big firms want you to have A levels to join, although ICAEW have segregated off the first 6 exams and they have no formal entry requirements - so if you found an employer to sponsor you, you could essentially do that bit first then do your 450 days + the remaining 9 exams. I assume that CIMA/ACCA may offer similar.

There's also an apprenticeship route now but that came in after I trained and I am now in industry rather than practice so I'm not certain how that works.

Gladioli23 · 23/01/2022 19:03

@trilbydoll - I used to get 2 weeks study leave per exam (for the last 9) and top it up with a couple of weekends work - so I reckon I did 100 hours work per exam maybe, but I was also pretty decent at exams and other people used to study into the wee small hours etc etc, so I can see how you could rack up 200 hours studying.

The plus side is though that the first 6 were much simpler (1 weeks study for the first 2, so 2.5 days each) and then 1 days study for the next 4. Once they're over with you only have 9 left, so if you split them 2, 2, 2, 2, 1 then you only need 5 sittings over 2-2.5 years - so in theory you could do September, March, June, November, July which wouldn't be too horrendous? (ACA timings and exam numbers there though, can see it would vary by syllabus!)

NorthernDuck · 23/01/2022 19:18

@trilbydoll that’s what I tell my students to set expectations because otherwise there is some sever underestimation of the work involved. I would expect 3-5 days in college for tuition and the same for revision per exam depending on the work (c 50-70 hours), there are 4 x 3 hour mocks to sit outside college (12 hours) to submit and then I would expect them to top it up for revision.

One of my recent students flew through them, probably didn’t do more than about 120 hours an exam but I have one that was doing a lot more than 200 hours but they weren’t a “natural” at exams.

topcat2014 · 23/01/2022 19:27

As a Chief Finance Officer, with CIMA, AAT, ATT and an accountancy degree I wholly support all the previous answers - I luffs a good accountancy question on MN :)

winter12345 · 23/01/2022 19:53

It also depends what kind of accountant you want to be. When people think of accountants, they think of bean counters, but there is much diversity.

I am CIPFA qualified and work in a senior strategy role I the public sector. I never look at budget statements or balance sheets!

Gladioli23 · 23/01/2022 20:08

@winter12345

It also depends what kind of accountant you want to be. When people think of accountants, they think of bean counters, but there is much diversity.

I am CIPFA qualified and work in a senior strategy role I the public sector. I never look at budget statements or balance sheets!

I trained in Audit but now similarly am very rarely involved in balance sheets or budgets - I deal with year end accounts but otherwise do other work that doesn't relate to the monthly cycles of postings etc (and would have absolutely no idea how to post a payroll journal as noted as an essential skill up thread!) but my different skillset is still valuable to my organisation.
IBloodyLoveMichaelJackson · 23/01/2022 21:39

In answer to some questions I don't have any A levels or degrees, I literally have a few GCSEs and an NVQ2 in business administration. I am starting from the very bottom here. Most if not all of the accountants I know were / are AAT qualified before anything else. So my initial thinking would be to fund this part myself (I am assuming this will cost me around £6k and four-ish years) and then leave my current role and take a pay cut to work as a trainee accountant with an employer sponsoring me for my ACCA or ICAEW qualification. Again this is only the beginning of the plan I'm not sure how feasible this is!

OP posts:
Merryoldgoat · 23/01/2022 21:47

How much do you earn now and what do you do day to day in your job?

StartingGrid · 23/01/2022 21:59

@IBloodyLoveMichaelJackson

In answer to some questions I don't have any A levels or degrees, I literally have a few GCSEs and an NVQ2 in business administration. I am starting from the very bottom here. Most if not all of the accountants I know were / are AAT qualified before anything else. So my initial thinking would be to fund this part myself (I am assuming this will cost me around £6k and four-ish years) and then leave my current role and take a pay cut to work as a trainee accountant with an employer sponsoring me for my ACCA or ICAEW qualification. Again this is only the beginning of the plan I'm not sure how feasible this is!
You have similar qualifications to what I had when I started studying AAT, I only did Level 2 via distance learning before I decided it wasn't the career path for me. When I was doing it you needed not only to pass the course but also to have earned experience, whether in the workplace or volunteering - that may have changed but I doubt it! I took on a volunteering role but with that, working full time, and trying to study it was too much effort for me. I've recently employed someone who also did AAT, Levels 2&3 in college, and decided that she didn't want a career in accountancy either.

I'd suggest maybe buy/borrow from a library a couple of text books to see if it does appeal to you, and if you can get your head around it well enough, before you sign up to anything expensive - I hope it works out for you!

Luredbyapomegranate · 23/01/2022 22:12

It’s a cracking idea

Also just to say that being a data analyst is a hugely expanding field, if you want to throw anything else into the mix.