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Accountancy - CFAB?

5 replies

Frazzled13 · 28/07/2020 14:13

Looking for some advice. I initially wanted to train as an accountant when I left uni but due to various factors that didn't happen and I got a job in an unrelated field. I am now in a position to look at it again. I looked at training contracts but a lot seemed to want some experience in finance so I got a job at one of the big four auditors, obviously not working on the audits but I work in the internal finance department. So my vague plan was to do this for a couple of years, get some experience, see what pathways were open to me within the company (they're big on development and people in my role tend to only do it for a few years before moving onto to lots of varied roles in the company, some qualifying as accountants, some moving out of the audit branch and into something totally different), or apply for a training contract elsewhere.
But, I was wondering if there was anything else I could do to help my chances and wanted to ask what people thought about the CFAB? My understanding is that I can do this through self-study. My reasoning is that firstly it would just confirm to me that studying is something I'm still able/happy to do (I left uni 7 years ago) rather than find this out if I managed to get a training contract, and secondly it would show employers I can study, and that I'm motivated (I guess my main worry is people doubting I'm committed since I've had a couple of different roles since leaving uni?). Plus if I've passed it maybe I'm seen as less of a risk to employers who fund training contracts? Or is that nonsense?
Does anyone have any experience of this? It's just hard to tell how worthwhile/valuable it is? Would some finance experience plus CFAB give me a good advantage in applying for training contracts? If not, is there anything you could suggest?

OP posts:
complicatedmama85 · 28/07/2020 15:19

Hi I would do AAT if you’re looking for a way in. Through that body they have a jobs section too!
Hope this helps

ReceptacleForTheRespectable · 28/07/2020 15:59

I wouldn't do AAT if you have a degree and ultimately want to do ACA. AAT will exempt you from part of the CFAB element of the ACA syllabus, but you'll still have to sit the CFAB Law exam if you then want to go on and do ACA.

CFAB is, in effect, the first set of modules in the ACA syllabus. The 6 exams are fairly straightforward - they'll take a bit of studying for but will give you a good grounding in accounting.

It's likely that the Big4 firm you're with will fund the ACA if it's relevant for your role - is this the case? Is there any reason you can't do a Big4 training contract where you are, or move into the client facing side of the firm? (I did a big4 training contract as a mature entrant, so age shouldn't be a barrier.)

ReceptacleForTheRespectable · 28/07/2020 16:00

Also, CFAB / AAT might make a difference to your chances of getting a training contract with a smaller firm (not sure), but won't affect your chances with a Big4 at all.

Frazzled13 · 28/07/2020 16:39

It's likely that the Big4 firm you're with will fund the ACA if it's relevant for your role - is this the case?

It's not relevant for the role I'm doing at the moment but lots of people do move out of this role within the company, some into training - they're quite open that this role is a good stepping stone into other areas. I've not been in the role long enough to move yet though really (I started January time and have spent most of my time wfh due to lockdown).
I guess I'm just trying to maximise my options/chances, and I think I worry I don't interview amazingly well so want something to back up what might look like (on my cv) a flighty new interest in a new career path.

OP posts:
DancingDog · 28/07/2020 20:19

I wouldn’t do CFAB, I would wait and move across to a team where you get the study support. The exam and courses for CFAB are about £6k and you need the technical sign off along side to be qualified.

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