Accounting qualification help needed!

[Anotherdayanotherwalk]

Hi, I'm wanting to start on the path to become a qualified accountant. I did a lot of digging and settled upon a training provider to begin my AAT Level 2. Having looked into it again as we're approaching actually being able to afford it, I came across something that said other qualifications such as ACCA would be required to be a chartered accountant. Having looked further into that my mind is boggled. I need to sit down properly and have a good look, but wondered if anyone could give me any advice about where might be best to start, or which qualifications might be best to do first.

Thanks!

Most colleges do AAT but they may call it NVQ Accounting it's essentially the same thing, if you do the NVQ at College you can apply for MAAT status.

Try FTC and BPP they do both distance learning and block release

@Anotherdayanotherwalk OpenLearn do Introduction to bookkeeping course free, that may help you make more sense of what you're doing at work with sage.

I went a totally roundabout way as I did OU business management (Accounting) degree then AAT, and now I've not got a clue what to do. I'm sitting here like I'm on a gap year, I'm 34 and wish I knew what to do but there's feck all jobs remotely nearby anyway so

Cross post I've just seen your post about being self employed, I don't know about ACCA/CIMA but you can't study ICAEW unless you are working for a company approved by ICAEW to "train" ICAEW students as you have to be in what's known as a training contract and be getting structured on the job training/experience - all the info is on the ICAEW website though

I did a 12 week city and guilds bookkeeping certificate which qualified me to start level 3 AAT and gave me the knowledge of double entry and trial balances I needed to get on, but was a lot cheaper and shorter than doing the AAT 2. My local college offered it as an evening class once a week and it was only about £150.

Being a self employed accountant would be quite a long way down the line. With ACCA you would need to get a practicing certificate after you’ve completed the qualification. This would require you to get sign off on practical objectives, ideally by working in a practice although I think it could be possible in industry. The people I know who have gone down the self employed route have considerable practice experience too.

I honestly would recommend you to start at Level 2 because the basics of double entry bookkeeping are just so fundamental and Level 2 really gives you a good grounding in it and will make everything else so much easier. Level 2 is totally doable via self study. Order the Bookkeeping Transactions materials and see how you go then get yourself a student membership and book the exam! That way you’re not signing up for a whole course if you end up hating it and you could have Level 2 done in less than 6 months if you put your mind to it

Just reread your post about charging less if you have less experience. Unfortunately it wouldn’t work that way. People would be employing you to complete their accounts and if you didn’t have the skills/experience you couldn’t complete them and they’d have to go elsewhere. Worse still they would be incorrect.

I hope this doesn’t come across as harsh, I’m just trying to be realistic.

Some comments here have used the words/terms “chartered” and “chartered accountant” rather loosely. A Chartered Accountant is a member of the Institute of Chartered Accountants in England and Wales (there are also Scottish and Irish institutes and some other Commonwealth countries), designated by ACA or FCA. Only an ACA or FCA are legally allowed to call themselves Chartered Accountants. An ACCA member is a “chartered certified” accountant. Probably seems a bit pedantic, but if you are going into accountancy, you should be clear what the differences are.
There are important differences regarding training and regulations, amongst other things, and ACA/FCA is generally seen as more difficult to attain, reflected in higher salaries and higher positions.
Fulmar FCA!

@Fulmar

Some comments here have used the words/terms “chartered” and “chartered accountant” rather loosely. A Chartered Accountant is a member of the Institute of Chartered Accountants in England and Wales (there are also Scottish and Irish institutes and some other Commonwealth countries), designated by ACA or FCA. Only an ACA or FCA are legally allowed to call themselves Chartered Accountants. An ACCA member is a “chartered certified” accountant. Probably seems a bit pedantic, but if you are going into accountancy, you should be clear what the differences are. There are important differences regarding training and regulations, amongst other things, and ACA/FCA is generally seen as more difficult to attain, reflected in higher salaries and higher positions. Fulmar FCA!

I disagree. If you qualified working at a Big 4 firm then you will be at an advantage but I wouldn’t say this is true if you qualified at another practice. Therefore the Big 4 background is key not the specific qualification. Either way, I doubt this is the route the op is looking to take.

@Anotherdayanotherwalk, I am currently using First Intuition for level 4. They offer classroom training, live online classes or on demand which is what I am doing. I can pay in installments too which is handy. They sometimes offer 25% of courses so it's worth enquiring about that. They also offer ACCA courses etc as well.
To be honest, I struggle with time and stopped studying after completing level 3 at college last year. I planned to restart in April but then Covid happened. I am getting back into now but it's tough if I'm honest but it will be worth it in the end.

@Betsyboo87
I'm not sure where Fulmar mentions qualifying at any of the Big 4? Where you qualify isn't the point here, the distinction is in the actual qualification.

ACA is harder to attain than CIMA/ACCA/CIPFA with more stringent training contracts (articles of clerkship in my day lol) and allows the title of Chartered Accountant.

AAT would give a good grounding if not working in an accounting environment - but worth checking the exemptions if planning to go forward with it as it could take longer this way.

@MrJollyLivesNextDoor I was countering the argument that the qualification is more sort after by employers. I believe it only is if it is obtained at a big 4 firm. If it’s obtained at Joe Bloggs firm then it’s no more sought after than ACCA. But the op is looking for something to fit around her family life so I doubt she’s after an 80hr a week/respond to emails on holiday type role anyway.

Sorry if I’ve derailed op!

Most of the professional bodies restrict the kind of work you can do on a self employed basis until you qualify and obtain a practising certificate. You will probably only be able to do book-keeping, VAT returns, management accounting and payroll. You won't be able to prepare/submit accounts nor income tax returns.

You won't get a practising certificate without having approved experience, i.e. by preparing accounts/tax returns as an employee in an accountancy practice normally.

Many people do the studying independently and then find themselves unable to actually "do" accounts/tax returns on a self employed basis because they've never worked in a practice nor under supervision, so can't get the practising certificate they need. It's a massive catch 22 situation, hence why the general advice for those wanting to become any kind of "chartered" accountant is to get a job in an accountancy practice, where they'll acquire the necessary experience and supervision required for the practising certificate.

Thanks again everyone, have read through all your comments and again had a look online and honestly my head is still pickled as to what route is best. It'd be a bit tricky to go into a job right now with the DC as they're still young and I don't want to put them in nursery full time just yet. I'm thinking if I can spend a year or two on gaining qualifications, such as AATs then look for jobs or apprenticeships when they're in school, that's probably the best route. As for which exam, I'm stumped! I had planned on AAT level two, and it does seem a good route to go but as I'm going self funded at the moment I'd ideally not want to spend more on one route when another may be cheaper. More research is needed me thinks!

@anotherdayanotherwalk I’m fully qualified, I studied entirely using distance learning, I started off paying for the full package including online lectures but didn’t find them very useful so after that I just used the text book and practice question book.

I was working full time so used to do half an hour before work, an hour at lunch and when it got close to exam time I’d do extra on the evenings too.

I don’t personally know anyone who has set up on on their own and I’ve been qualified 5 years, so I’m not sure how realistic your plan is but other people may have had a different experience.

@Anotherdayanotherwalk setting up on your own is hardcore. I've been qualified 10 years and it'd scare me - you have all the responsibility and no colleagues to bounce things off. Definitely not an easy option!

AAT and FCCA here - you’ll need 6 months of employer signed off work experience for AAT and then a minimum of 3 years for ACCA. To get a practising certificate you need another 2 years of work experience on top of all that.
Honestly, I think it would be difficult even if you’d jumped through all the hoops of work experience and exams, once businesses get to a certain size they tend to have in house finance staff, small ones might want book keeping possibly but that isn’t something a qualified accountant does (we cost too much money to be doing admin work), free lance accountants tend to be extremely experienced and are recommended via word of mouth, they’re often ex- partners of successful accounting practises who have left and taken clients with them.
If you’ll still not suitably put off, make sure you’re clear what type of accountant you want to be, there are so many different kinds. My best friend is also an accountant but I couldn’t do what she does and vice versa - the only thing we both do in common is use a computer, a lot. It should be noted that maths is not an important prerequisite, accountancy is about interpreting, analysing and manipulating data to say what you want it to say, oh and most importantly being able to explain it all to people of questionable intellect!
Good luck!

That's all really useful, thank you so much. I'm not sure what type of accountant I want to be, but want to keep as many doors open as possible so I can always decide later on if that makes sense. I was always going to be a vet, got into vet school and had a string of personal and MH issues that meant I dropped out. Since then Ive been sorting myself out, met my now husband and have DC so have only now started to look at different career paths, so I'm not overly sure where I want to end up but I'm definitely looking forward to getting into education again and accounting appears to fit me well so far. Definitely not put off yet! 😁

If working for myself doesn't work out that's not the end of the world at all, it was more for the flexibility to be there for DC for nativity.playd and parents evenings etc but I suppose a good employer would allow that also.

Looking at the work element, I've had a look at approved apprenticeships and there's absolutely nothing near me and movings not an option with DHs work. I've seen jobs advertised as being good for people working towards AATs etc. Can they be classed as work experience or do they have to be a part of a certain scheme?

I know I sound very naive but it's been on the back burner for a while and with work, sage course, DC and life in general I just don't seem to have the brain power to get my head around all this when I finally sit down. Thanks for your patience with all my stupid questions 😂

Anyone here started career in accounting in their 40s?