Retraining: How to get into the workplace again (accountancy)

[CAttitude]

Help needed!

I'm in my late 40s and this yr began retraining in accountancy after many many many yrs at home with the kids. Previous career was in the field of science research but I've no interest or opportunity to return to that, if relevant.

Completed AAT level 2. Awaiting final result but on course for distinction, so a good pass but a low level qual. Thing is, I'm toying up pursuing this path with level 3 but I need to start working part time this coming year. And I want to get accountancy experience cos at the moment all I have is theory.

Has anyone been here? How did you get experience? I have ruled out an apprenticeship for various reasons. Agency work seems to require previous experience. How do you get experience? Espec when you need flexibility for college & kids (lone parent) so can't take on a FT role.

Thanks!

Speak to big 4 firms because ironically it’s easier for them to fill roles on a PT basis compared to smaller firms.

If you want to be an accounting technician you need an entry-level finance role in a smallish company alongside your studies for the best outcome.

AP/AR will give you basics and then if you are good and organised you can move up and apply your knowledge to management accounts etc.

The issue with quals without relevant work experience is that you can’t ‘do’ the job you are qualified for.

I’ve interviewed many qualified staff (AAT as well as prof quals) who can’t prepare a payroll journal, can’t process prepayments or identify bank rec issues.

And finance roles are very good for PT work.

I’ve been PT for 10 years, I’m not fully qualified (PQ CIMA) but earn reasonable money part time (36k three days) and have loads of flexibility.

This is the dream!

@Merryoldgoat what's AP / AR..?

Can I ask which are the 4 big firms?

Do you wait for them to advertise or speculatively make enquiries?

Not knowing what Ap/Ar is shows exactly how important working alongside the qualification is.

Its accounts payable/accounts receivable.

I'd ne careful doing too much study without a role.

I'm icb qualified to level 3 and nearly payroll qualified too, plus working in industry not practice and I'm being told I'm not experienced enough for bookkeeping roles within practice.

It's catch 22.

You need to get an entry level position in a small firm - admin with a side of payroll and bookkeeping and sack off the AAT. It’s a pretty useless qualification. You need actual work experience.

Ah thankyou! I know them in the classroom!

SLCA (or RLCA) & PLCA.

But yes that's my point too, completely agree. I just don't know how to break into the field and at my age too if it'll be a barrier.

Can I ask which are the 4 big firms?

Did you research accountancy at all before starting AAT?

The "big 4" are the four large audit firms which dominate globally. PwC, Deloitte, Kpmg and EY. They provide audit, tax and consulting services, and increasingly some technology stuff too.

There are then a next tier of firms, still large, but more uk focussed, including grant thornton and BDO, saffery champness, rsm, evelyn, mazars etc. Again, audit & tax are key focuses.

Below this you have small often local providers of audit, tax & bookkeeping. More accounts prep eg for small businesses at this level.

Then you have accountancy services within corporates, where you'll find roles like AR/AP, financial controllers, FP& A (financial planning and analysis), reportimg, consolidation, internal audit. Bigger corporates will have dedicated teams for tax and treasury, many of whom will also be from accountancy training.

Big 4 tend to take high calibre graduates with top a level grades, who will study for the most prestigious qualifications - ACA, CTA, they also more recently have apprentice schemes for school leavers but they are cherry picking bright high achievers.

2nd tier firms will also take mostly graduates and focus on ACA and CTA.

Smaller providers will often have people training for aat, att, acca, sometimes aca & cta as well.

Corporate finance teams often have trainees doing CIMA, with a few of the other qualifications above.

@CAttitude

AR and AP are more than the control accounts. They’re financial administrative/transactional roles.

You enter or raise invoices and credits, get approval for payments, liaise with billing, reconcile control accounts to day books, schedule payments in line with cash flow. You’d be using accounting software, Excel, taking calls from clients and suppliers with queries.

They are the most basic finance roles but utterly essential and I’ve never met anyone working in a senior (functional) financial role (management accounts, FM, FC) who hasn’t done a stint in one of those areas as part of a previous role.

Honestly, quals without practical experience are a fool’s errand. I’d hire an experienced accounts technician over qualified with no experience any day of the week. I had fully qualified accountants apply for a job recently who couldn’t explain an accrual to me. They ‘know’ the mechanics but imparting knowledge is as important as having it.

Big 4 are Deloitte, KPMG, EY and PWC - the big accountancy and audit firms and they’re prestigious to work but they want a lot back as they’ll put you through training contracts. They have return to work programs for parents who have been raising families or had career breaks so definitely worth a look.

The qual you take depends on they type of job you want.

Mature study and retraining board.

A training contract would give you leave for college.

Why did you rule out apprenticeship? That is essentially the only path to qualify, whether it's a strict apprenticeship or simply a training contract - you need experience alongside studying.

Exams only is a waste of time and money.

With AAT I'd target local small accountancy firms looking for book keeping, or local smaller corporates looking for accounts assistants/technicians, AR/AP.

I agree with everything @Yellowlegobrick has posted on this thread.

Do you know whether you want to work in industry or practise? In industry you will work directly for one company looking after their accounts, in practice you have multiple clients. I have worked for a large accountancy firm (not big 4 but big 10) and there was an expectation you’ll get involved in networking/client gains & retentions.

I prefer working in industry, rather than having to answer to multiple clients and a boss. Many accountants start out gaining their qualification in practise and move into industry.

If you work for a small firm you’ll have a varied role, in a larger company you’ll have less variety but possibly a more defined career path. Maybe think about what you like and then tailor your applications from there.

I started out in accounts doing credit control, there’s always demand for credit controllers and you don’t need a huge amount of technical knowledge to do the role.

There's none of the big 4 near me & I'm not in a position to take on something that pulls me away from my children hugely as I have no support network. So doing AAT 1 day a wk & thought a PT role or supply / temp contract work could fit my situation to get experience of any type initially. But every thing I look at seems to need experience already.

I have a science degree from 2000's, and my AAT level 2. 10 yrs in big pharma doing lab work, and several yrs doing ad hoc work at a local school (no opportunity here for finance stuff, could be outing to explain but it's an odd cliquey school admin wise & my kids go there too now so ideally I'd like to move away from it in time). I just need my foot in the door.

Honestly I’m not sure that’s great advice. As pp said, Big 4 mainly hire HIPO graduates on an “up or out”
training contract for ACA. They don’t do much actual accounting- mainly audit and other advisory- and it’s long hours/ high pressure.

I would look for a finance role in a company as a payroll assistant or in AP/AR and work up.

Have you considered public sector? NHS finance support team roles come up often and you can work your way up from entry level to as high as you want to go. Look on NHS jobs and/or join NHSP locus bank.

@BeanCounterBabe I hadn't so thanks, I'll look into that

Where are you based?

@CAttitude

My reading of this is:

You want a career that can be flexible around your children.

Money and prestige aren’t the biggest motivators but you want to earn a good living.

If this is the case the finance in industry is a good call BUT you need to like the work. It’s not for everyone because jobs like this are fairly pedestrian but challenging at times.

If you had a CV that showed good admin skills, strong reasoning for moving into finance and some common sense I’d interview you.

Beware public sector - they’re very bureaucratic organisations and you may find private sector tricky afterwards. Not always but just something to think about.

Getting experience when you have none is very hard indeed. I'm helping my new boss CFO recruiting an AP and an AR to support me, and I need someone who is experienced who I don't need to train but they can hit the ground running.

Why not try a part time temping role? Then at least you can try and hide your inexperience?