Career change at 33 - accountancy

[careerswitchtime]

I've just turned 33. I studied Business Mathematics at uni. Spent all my working life in an engineering company putting together invoices for customers and doing project management. I've had enough of the industry and want a change. Salary: 50K.

Accountancy is something that has appealed to me for a long time but was too scared to make the switch, mainly in fear of a pay cut, but I'm not fussed about the money anymore.

Is 33 too late to make a start in Accountancy? Is it reasonable to maybe self study AAT Level 2 whilst working my current job, then find a trainee role once I have completed it so I am more employable and not going in blind?

So so so many threads about this. I wouldn't advise to self-study AAT without a job.

Why accountancy?

What do you want to achieve - to become a qualified accountant?

To work in practice or industry? To use it to launch into c-suite roles? To be a partner? To run your own business?

What's the long term goal and why do you think accountancy is the answer?

Why AAT? Because that's the qualification you've seen advertised at your local college? Or because you want to be an accounting technician rather than an accountant?

You will have to take a significant pay cut to start a training contract.

You're a graduate, you don't need to mess about with AAT to apply for graduate training schemes - your degree subject is irrelevant.

Recruitment for autumn 2024 grad schemes has already started so you'll need to get a move on.

Your age wouldn't be of any particular concern to me, people retrain as accountants all the time. It's your wider plan that would need some attention.

Accountancy is so broad - both in terms of qualifications you can work towards (ACA, ACCA, CIMA etc) and the types of roles you could aim for once qualified.

Do you want to be a management accountant? a business analyst? Financial planning and analysis? Auditor in professional services company?

So many potential options. You need to work out what job you are aiming for - then you will be able to work out how to achieve this.

Its never too late to make the move.

You can call yourself an accountant with no qualifications so you could do this tomorrow. Age is no barrier.

I retrained in accountancy at the age of 38, best thing I did even though I had two young DC that never slept. Was very worth it.

Is 33 too late to make a start in Accountancy?

Of course not. You've potentially got years of working ahead of you.

PPs have some good questions to consider when thinking about your next step, but I wouldn't even remotely consider age to be an issue.

Thanks for everyone's replies. I think I would like to work in industry doing management accounting as I currently work in a very commercial role now dealing with figures. I can't imagine working in an Accountancy firm in practice to be honest. I like the fast-paced environment.

I'd even be happy to stay in my current industry and become an accountant for an engineering firm. unfortunately that option isn't available where I currently work as it's a small to medium sized family run business.

Wow that's amazing! What did you do before? And did you jump straight into a trainee accountant role or start studying first? I'd love to know your story.

Big 4 partner here.

Don't bother with AAT. If you want to make the switch enough you can get a training contract and do the exams with support.

I've had people join us in their (very) late 20's and make Director and Partner quite quickly given their life experience.

If you want to do it and are committed to it - why not go for it. It can be quite all consuming - both exams and work hours - and that would be the main thing I would have you consider before making the switch.

As I'm 33, I feel like I would struggle getting a training contract? Surely it would go to the fresh graduates or those who are still very young in their 20s.

I've seen a few advertised local to me and they all seem to ask for someone who has graduated within the last 3 years.

We've had people post PhD join us at 27 and 28 and I know my recent immediate boss joined us from another industry in her late 20's so it can be done.

If you can articulate your reasons for wanting to make the switch now and your commitment to it, there's no reason you shouldn't get a place. The big firms are quite committed to DE&I and therefore shouldn't exclude on age grounds.

As I'm 33, I feel like I would struggle getting a training contract?

I'm currently working for a big 4, and doing my accountancy qualification. I'm 31 and got the job this year without finance experience.
I'm not on a graduate scheme, it's a different finance role to the ones on the schemes (it's management accounting rather than a client facing audit or tax role), but it offers funding and support for a qualification.

Yes, I did similar. AAT L3 before working, then qualified in industry via self study - ACCA. I had small kids so training contract/big 4 wasn’t an option. They can be extremely demanding, long hours, visits to client sites etc. Industry is more 9-5 with part time possible, but progression can be slower and pay is lower.

Doing AAT helped prove I was good at, and enjoyed, the subject. You can start with chartered quals, AAT is a gentler introduction to double entry. Excel skills will help too. The later exams are tough so you need to really want it and have support. PM if you want more info.

hi, definitely not too late to switch, an AAT qualification would be an investment of time and money. To get back to 50k you may need to fully qualify which would be need many years more work and study support. On the other hand I know someone who is QBE and earning over £85k but it’s relatively rare these days.

the advantages of working in a large accounting firm are study support and speed of training. You get top-quality support and you’ll be qualified in 3 or 4 years, which is a lot faster than grinding through. Don’t assume it’s all fresh-faced grads - there will be people from a variety of backgrounds.

with your background did you also consider a job in supply chain or procurement?

If you do decide on accountancy, whatever you do avoid public sector accountancy at all costs. They don’t pay as much as the private sector and year after year all they care about is where savings can come from and cutting service budgets. It’s soul destroying. And because funding is short it means the accountants are covering more and more areas and the senior management are expecting staff to work miracles. If I had a Time Machine I might be able to actually do everything that is required.

I did half a CIMA whilst working full time during a couple of years work was pretty quiet. I regret not finishing (work got very busy as the financial controller went off long term sick and I had to do their role (as I could then!) and mine. CIMA is well regarded and good for getting in the mindset of using financials for strategy ideas.

I’ve heard from a friend who has worked at KPMG, PWC (can’t remember which other one she said) that people who usually make Partner or Director, is less to do with ability and more about “face that fits”.

is that true?

Forgot to tag @macshoto for pp

I cannot speak for the other firms, but certainly at mine I don’t think that is the case.

You do need to have a breadth of skills, ability to develop yourself, leadership and relationship skills and also to really want it - gaining partnership is not easy… Timing, and to a degree luck play a part - if the economy is doing well, or lots of people are retiring, it is easier to get in than when markets are tough.
I’m sure all of the firms are focussed on DE&I, but gaining mentors and sponsors on the way up is important, and that’s where the DE&I words have to turn into action - so not so much that your face has to fit, but you do need to find existing partners that you can get on with, or who see potential in you - and different firms and areas within the firms are better / worse at delivering on diversity.

Hey I work in a completely different role amd have nothing to do with numbers or accounting but if I did, forensic accounting looks quite cool IMO!

Pretty much.

And pp's excuses about DE&I are saying as much too.

That's not to say that the partners aren't skilled or hardworking, as well as lucky, but that it is not a meritocracy and whether or not you fit in tends to be the determining factor.

People who are just as hardworking and skilled as partners - or even more so - are passed over because of being different or not having the same social capital because of their background.

There is research by ICAEW that finds this.

@Logistria - which of the Big 4 do you work in? Happy for you to PM me if you don't want to post publicly.

I'm quite confident that we are getting more diverse - my fellow partners are mainly state school educated (often comprehensives as I was), and include women from India, America and four from the UK one of whom changed careers in her late 20's - in a team of c. 14. Our director group is similarly diverse - British Indian, Chinese, post PhD joiners, are all represented.

Appreciate, however, that teams in the Big 4 vary at least as much, if not more, than the firms do at a macro level.