Accounting, chartered or not?
Discussion
Some time ago I asked for and received some very helpful guidance for my son who was offered a great opportunity to train as an accountant.
Having qualified he's now heading down to route of becoming chartered but he really is questioning the value of it.
To my mind its a long term thing that will be of value to him for the rest of his potential career. He's looking at it saying he can earn more as he is working for someone else than staying put and becoming chartered.
Given his existing employer will fund it for him it seems like a no-brainer to keep studying for a few more years to open more doors in the future, especially as he doesnt see him staying in an accounting practice but moving out into industry.
Having qualified he's now heading down to route of becoming chartered but he really is questioning the value of it.
To my mind its a long term thing that will be of value to him for the rest of his potential career. He's looking at it saying he can earn more as he is working for someone else than staying put and becoming chartered.
Given his existing employer will fund it for him it seems like a no-brainer to keep studying for a few more years to open more doors in the future, especially as he doesnt see him staying in an accounting practice but moving out into industry.
Definitely, definitely get his Chartered qualification.
In my experience most Accountancy jobs above £40k now expect you to be qualified or a finalist. If he works in Accountancy and isn't qualified it will severely restrict his career progression
ETA: You say he's "Qualified but now heading down the Chartership route"? Which qualification does he have? If it's AAT than that's a good qualification in its own right but the difference between AAT and ACA/ACCA is a bit ike the difference between A-Levels and a degree.
ETA 2 : Salary whilst you're training has always been low. It will jump signifciantly once he's fully qualified.
In my experience most Accountancy jobs above £40k now expect you to be qualified or a finalist. If he works in Accountancy and isn't qualified it will severely restrict his career progression
ETA: You say he's "Qualified but now heading down the Chartership route"? Which qualification does he have? If it's AAT than that's a good qualification in its own right but the difference between AAT and ACA/ACCA is a bit ike the difference between A-Levels and a degree.
ETA 2 : Salary whilst you're training has always been low. It will jump signifciantly once he's fully qualified.
Edited by Countdown on Monday 22 May 10:23
Tony
I might be minded to outline to him long term earning potential and flexibility.
With an ACA (internationally recognised) he will access to a much wider range of senior financial positions in the future, e.g. CFO. If he decided to start his own practice he will have better credentials. Even if his future path isn’t necessarily accountancy, money drives everything and competency in understanding the system will literally pay dividends.
Also …. Having his employer pay for this, is an amazing benefit, they are investing in him. It might look a but odd not accepting that or continuing it.
I might be minded to outline to him long term earning potential and flexibility.
With an ACA (internationally recognised) he will access to a much wider range of senior financial positions in the future, e.g. CFO. If he decided to start his own practice he will have better credentials. Even if his future path isn’t necessarily accountancy, money drives everything and competency in understanding the system will literally pay dividends.
Also …. Having his employer pay for this, is an amazing benefit, they are investing in him. It might look a but odd not accepting that or continuing it.
Thank you (again). Yes, AAT and you are echoing my thoughts. He's already started the chartership training, I think its just the thought of more studying thats putting him off (he' still only a kid at just 22).
I'll suggest looking at job adverts for roles he wants in 10 years time and see what he needs to do to get there instead of whats happening next week!
I'll suggest looking at job adverts for roles he wants in 10 years time and see what he needs to do to get there instead of whats happening next week!
If he wants to move into industry then plenty of company's out there will help fund it.
Absolutely get it out the way sooner rather than later, it might be a bore but better to do it while young and (relatively) commitment free. Loads of people studying in their 30's/40's who have a family, kids, etc, and it makes it so much harder to find the time and motivation.
Absolutely get it out the way sooner rather than later, it might be a bore but better to do it while young and (relatively) commitment free. Loads of people studying in their 30's/40's who have a family, kids, etc, and it makes it so much harder to find the time and motivation.
21TonyK said:
AndrewCrown said:
I might be minded to outline to him long term earning potential and flexibility.
Thanks, yes, thats the plan. Didn't realise ACA was international, I suspect he doesnt either which is a selling point as he plans to live abroad at some point in the forseeable future.21TonyK said:
Thank you (again). Yes, AAT and you are echoing my thoughts. He's already started the chartership training, I think its just the thought of more studying thats putting him off (he' still only a kid at just 22).
I'll suggest looking at job adverts for roles he wants in 10 years time and see what he needs to do to get there instead of whats happening next week!
I'll be honest with you, I qualified 20+ years ago and studying was an absolute swine. It basically meant no weekends for about 3 years I'll suggest looking at job adverts for roles he wants in 10 years time and see what he needs to do to get there instead of whats happening next week!
I remember quite a few in my cohort dropping out as we progressed (and others joining who had fallen behind or taken time out)
Seems pretty unanimous, get chartered.
I'll reinterate the whole thing about best opportunity now, especially as his GF is away at Uni and he has evenings and weekends "spare". Plus he can live at home and keep saving and not have to worry about early megabucks yet.
Only another year or so!
I'll reinterate the whole thing about best opportunity now, especially as his GF is away at Uni and he has evenings and weekends "spare". Plus he can live at home and keep saving and not have to worry about early megabucks yet.
Only another year or so!
Definitely get chartered.
My wife has chartered banker status and is also a member of chartered institute of internal audit.
She keeps up both of these every year although she is not working in banking any more.
They do open a lot of doors as employers will see you are doing constant work to keep them up.
Take the early pain to gain in future years.
My wife has chartered banker status and is also a member of chartered institute of internal audit.
She keeps up both of these every year although she is not working in banking any more.
They do open a lot of doors as employers will see you are doing constant work to keep them up.
Take the early pain to gain in future years.
ACCA (like me) is also recognised as a quality qualification - although it lacks the "poshness" of ACA.
Qualifying through the ACCA route is usually more flexible as ACA has a fairly rigid system regarding training and work experience. Don't forget that the first letter "C" in ACCA also is for "Chartered" (ACCA - the Association of Chartered Certified Accountants).
The way ACA works is that there is not one ACA. Each country has its own chartered professional body -
ICAEW - Institute of Chartered Accountants in England and Wales
ICAS - Institute of Chartered Accountants Scotland
ICAI - Institute of Chartered Accountants Ireland (covers both sides of the border)
Obviously, if you are based in England, then ICAEW would be the right choice.
All of the Chartered bodies are recognised in overseas areas - especially areas which were once part of the "old Empire" - Canada, Australia, South Africa etc. If wanting to work in practice in an overseas territory, some sort of extra exams are often necessary to be able to practice in those countries.
Qualifying through the ACCA route is usually more flexible as ACA has a fairly rigid system regarding training and work experience. Don't forget that the first letter "C" in ACCA also is for "Chartered" (ACCA - the Association of Chartered Certified Accountants).
The way ACA works is that there is not one ACA. Each country has its own chartered professional body -
ICAEW - Institute of Chartered Accountants in England and Wales
ICAS - Institute of Chartered Accountants Scotland
ICAI - Institute of Chartered Accountants Ireland (covers both sides of the border)
Obviously, if you are based in England, then ICAEW would be the right choice.
All of the Chartered bodies are recognised in overseas areas - especially areas which were once part of the "old Empire" - Canada, Australia, South Africa etc. If wanting to work in practice in an overseas territory, some sort of extra exams are often necessary to be able to practice in those countries.
I would say - do it at 22. I'm 40 and have my finals to finish off for Cima. It all stopped when I had kids at 30. I did AAT and tbh it has stood me well - I'm a Financial Controller of a mid sized company in charge of day to day finances and my salary is as you would expect for such a position qualified or not.
HOWEVER, how portable am I? within my network I am probably ok but more widely nope.
I'm finishing it off starting July, there is financial leadership program with Kaplan that perhaps your son might be interested in. Basically it cuts out the exams except case studies for Cima.
HOWEVER, how portable am I? within my network I am probably ok but more widely nope.
I'm finishing it off starting July, there is financial leadership program with Kaplan that perhaps your son might be interested in. Basically it cuts out the exams except case studies for Cima.
Definitely worth doing.
I got through the exams - as mentioned above it was hell when you're 21 to 24. I left my big 4 firm immediately after qualifying.
Having the ACA (now FCA) qualification has been beneficial in all sorts of ways, despite the fact I've not done any formal accounting for a long time.
It gives you a great foundation for dealing with lawyers, tax advisors, auditors, CFOs etc.
I got through the exams - as mentioned above it was hell when you're 21 to 24. I left my big 4 firm immediately after qualifying.
Having the ACA (now FCA) qualification has been beneficial in all sorts of ways, despite the fact I've not done any formal accounting for a long time.
It gives you a great foundation for dealing with lawyers, tax advisors, auditors, CFOs etc.
Zetec-S said:
If he wants to move into industry then plenty of company's out there will help fund it.
Absolutely get it out the way sooner rather than later, it might be a bore but better to do it while young and (relatively) commitment free. Loads of people studying in their 30's/40's who have a family, kids, etc, and it makes it so much harder to find the time and motivation.
This x1000 (ask me how i know)Absolutely get it out the way sooner rather than later, it might be a bore but better to do it while young and (relatively) commitment free. Loads of people studying in their 30's/40's who have a family, kids, etc, and it makes it so much harder to find the time and motivation.
I eventually qualified with CIMA as it looked more interesting, using accountancy principles for commercial insights & decision making rather than ACA/ACCA which seemed to be more about following accounting rules and audits.
I would also add that having any chartered qual (ACA/ACCA/CIMA) opens doors to other things too - i now work in business supporting SAP, mostly Finance users but also selling & distribution, procurement, treasury with a sprinkling of tech support/interfaces.
Having a Chartered qual could also keep his CV in the "consider" pile rather than being binned at the first cut.
I did ACCA mainly because of the range of areas they covered (Accounting, Audit, Tax). IIRC CIMA don't do any audit and only business tax.
if he definitely wants to work in business rather than practice then CIMA may be the right option, but I'm ACCA qualified and I've never struggled for roles in industry.
if he definitely wants to work in business rather than practice then CIMA may be the right option, but I'm ACCA qualified and I've never struggled for roles in industry.
Countdown said:
I did ACCA mainly because of the range of areas they covered (Accounting, Audit, Tax). IIRC CIMA don't do any audit and only business tax.
if he definitely wants to work in business rather than practice then CIMA may be the right option, but I'm ACCA qualified and I've never struggled for roles in industry.
Yep I agree.if he definitely wants to work in business rather than practice then CIMA may be the right option, but I'm ACCA qualified and I've never struggled for roles in industry.
I'm CIMA, I don't touch Tax and I don't touch statutory reporting - nothing to say I couldn't if I really wanted to move into either but it means my main focus is around company profitability and commercial investment in tech/IT etc. and also when bad times occur - hatchet man. All of those things revert more around bringing the money in, rather than counting it.
Thanks again for the input all. Not easy when all his peers are travelling or partying and he's the only one still studying (or in the gym 
) but I think he can see the picture long term.
Will be having another chat today as he's got an exam this week (audit?) which is not something he normally does.
) but I think he can see the picture long term. Will be having another chat today as he's got an exam this week (audit?) which is not something he normally does.
21TonyK said:
Thanks again for the input all. Not easy when all his peers are travelling or partying and he's the only one still studying (or in the gym ) but I think he can see the picture long term.
Will be having another chat today as he's got an exam this week (audit?) which is not something he normally does.
Try and encourage him to have some fun- I went straight into it after 4 years of uni from the age of 18 so I too never got to travel or go to festivals whilst my peers did. I now feel burnt out at 31 and feel I have missed out on a lot of ‘living’…) but I think he can see the picture long term. Will be having another chat today as he's got an exam this week (audit?) which is not something he normally does.
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