Do you think I could retrain as an accountant?

[Trubert]

The children are getting to an age where I can contemplate retraining and getting a career.

I am considering accountancy - I've looked into the ACA qualification, I know there are others out there, not sure which is best.

It appears that it is best to get a training contract where your employer pays for your training and you study whilst working.

However, all those contracts are surely aimed at Bright Young Graduates, not thirty-something mothers?

I think it is theoretically possible to study as an independent candidate, but then I'd have no work experience so I'm not sure anyone would employ me.

I would really appreciate any helpful comments from people in the know. TIA.

ACCA qualification may be better for you as you would have a wider choice of employers offering it.

ACA tends to be offered only by firms of accountants (though some large companies do it now i think) who would mostly only be looking at new graduates.

To be realistic, it is going to be difficult to persuade an employer to invest in training a mum returning to work, but is not impossible.

It may be a good idea to do a few modules of the qulaification independently while you look for an employer willing to train you on the job, to show your commitment.

I agree it is best not to just do the whole qualification at college without work experience as you do really need the practical experience.

Perhaps you could speak to local colleges offering the ACCA qualification and see if they have links with local employers?

Thanks very much, DHOA. I will look into ACCA. I would be happy to do modules through self-study - will do some researching.

If you do ACA you can audit and sign off accounts. You can't sign off accounts if you do ACCA, which could limit your career. When choosing you need to think about whether you intend to work "in-house" or for a firm. If you want to work in Audit for a firm, then (although ACCA is OK at operational level), you'll need ACA if you want to work your way to the top. Also, the top finance jobs (Financial Controllers and Finance Directors) tend to go to those who are ACA qualified.

ACA is Financial Accounting. CIMA is Managment Accounting. ACCA is a bit of a mixture. It isn't as highly regarded as ACA.

If you want to work "in-house", then management accounting may be a good option. Here you'd work closely with the operational side of a business to produce forecasts, control costs and model the business.

Your other option is CIPFA. This is Chartered Institute of Public Finance Accountants. You can work for a firm that specialises in the Audit of Public Services, you can train in the public sector or work for the National Audit Office. With CIPFA you can make it to partnership level in a large firm and you are able to sign off public finance accounts. It could also enable you to progress within a public sector body to quite a senior level. Certainly Director of Finance is an option.

Many yonks ago I trained as an ACA with PwC in their Public Services Division (which also offered CIPFA training). I have left the accounting profession as I didn't enjoy it and moved into marketing, but the skills I learnt were invaluable.

There is absolutely no reason why you can't persuade a large firm to take you on as a graduate trainee. There should not be any age or sex discrimination. Therefore, if you want to go for it certainly apply for the large firms (or even smaller firms). If you want to do CIPFA, then likelwise, you could easily apply to a relevant firm OR for a public sector finance graduate training scheme.

You will have to be on a training contract if you want to do ACA. In addition to the exams and study (phenomenally expensive), you also have to complete a portfolio of work experience which you gain as part of your contract. A firm will ensure you get experience in all the areas you need to qualify and certify to the relevant board (ICAEW / ICAI / ICAS) that you have completed it. I can't remember how many days it is, but it's something like 300 odd over 3 years.

Just remember graduate trainee schemes don't preclude mature graduates. There will be a lot you can offer an employer that somebody straight out of university can't.

Good luck!

knackered, you are not quite right. To sign off accounts you need to be a registered auditor, which requires a prectising certificate, which is on top of the basic qualification. ACCA qulaified can alos be registered auditors, it is not limited to ACA qualified.

Op, do you have a first degree? Without this it is not possible to do ACA qualification (there used to be a foundation route for those with A levels but I think this has now been closed).

You do not need a degree to study for ACCA, but having a degree gives exemption from some of the initial stages.

Yes, knackered, in theory graduate training schemes such as ACA training contracts are open to graduates of all ages but in practice it would be very difficult for someone in the OP's position to be taken on. Not fair, I know, but the accountancy profession is notoriously conservative.

If you have no accounting experience, could I suggest you look at the AAT qualification which would give you an emplyable skill, and also exemption from the foundation exam s of the professional bodies. You can study by distance learning or at a local FE college.

Good point, clumber, AAT would be a good first step.

Yep agree about AAT. And the AAT-ACA fast-track is still open with the ICAEW too. Just had a look on their website.

This is definitely a good option if you aren't a graduate / have no relevant work experience to date

AAT a good route - You certainly used to be able to then get credits which meant you skipped some of the ACCA modules. I did ACA (but no longer work as an accountant) but have always suspected ACCA to be more useful ! FWIW, I trained in a big 4 but in a non-audit department and most people in that department did ACCA rather than ACA.

knackered has the professional side covered. From a family PoV, are you happy to travel? If not, don't go big 4. I am training at an accounting firm now and the travel can be extensive (I have been away for up to three weeks at a time). Once I have children I will request that I move to a non audit role when one becomes available.

Yes good point Want2be - One of the reasons for giving up accountancy was because of the travel/long hours in a big 4. I was in Corporate Finance.

I have a first degree (a 2:1 in languages from a Russell Group uni so I hope this is good enough!).

I will have a look at AAT. Thank you all so much for your replies; I have learnt more here in 5 minutes than in an entire day reading websites.

I think going AAT then ACCA route may be more flexible for OP. I just think trying to get a firm of accountants to take you on to do ACA would be an uphill struggle.

WRT top level finance jobs, the specification is usually ACA or ACCA. Beyond that work experience is the key.

your degree is good enough....want2b is right about the big4 and travel...DH was away on a 3 month course when i gave birth to DD1....he was/is a tax specialist.

also don't try and do CTA and ACCA at the same time....

when looking for a contract, try and get a mix of experience from it (DH didn't, and is a bit shafted as most roles ask for personal tax experience, not just corporate)

Trubert, if you have a degree I would skip AAT and go straight to ACCA. You should get some exemptions from the foundation stage.

You lot are great. :) I knew there'd be some accountants on here.

Sorry to disagree with DancingHippo. I teach AAT and also work as an accountant (CIMA) in industry. Every year we get graduates coming in at Intermediate AAT level having failed to progress with ACCA/CIMA since they lack understanding of accounting basics.

Forgot to add, you can be studying for AAT without working in accounts if you have difficulty finding an accounting job.

clumber - are they failing to progress due to lack of work experience though? I would not agree that it is necessary for a graduate to take AAT before progressing to ACCA as long as their study is backed up by good work experience.

You can also study for ACCA without working in accounts, certainly in the initial stages.

Have to agree with DancingHippo here. Although I did ACA, I started straight from university with a 2.1 in a non-relevant Life Sciences degree. I wasn't disadvantaged by not having done AAT first. I was in an Audit job, but only had 4 weeks' experience (nothing considering 2 weeks of that were induction) before being packed off to college to do my Accounting and Audit & Assurance papers. I did these intensively and had no further work experience until after the exams, a couple of months later.

Good supportive work placements are getter rarer with cutbacks in both public and private sector in my experience. To save money, AATs are being employed as "Accountants" particularly in the public sector.

As a graduate entrant myself, I look back and realise how little I knew and understood but luckily I had an excellent placement.

Not saying that it can't be done but depends on your other commitments i.e.family but feel that is is a "kinder" and more forgiving route if you have family to consider. Advocating AAT for OP's situation, not for all.

HTH

I'm looking at all these ideas.

For argument's sake, looking at ACCA, if I managed to get the 9 Fundamentals papers done at home, would I then be Part Qualified? And able to get an actual job to study for the five Professionals papers?

Does that sound theoretically possible? I'm quite excited at the idea that I might gain Part Qualified status as it sounds like a conrete and useful thing to have. (Disclaimer: I am aware this will not be easy!)

Definitely possible, easier to study in the daytime rather than fitting it round the family in the evening or starting after the children have gone to bed (voice of experience!)

Getting a PQ job without any work experience could depend on job market in your area at the time. Very different in the industrial heartlands compared with the southeast.