Career change accountancy advice

[JohnsMCS]

Hi all

Are there any accountants in who may be able to give some advice?

I have a reasonably well paid job which I can't stand and is pretty bad for your health by all accounts.

I would like a steady job with real progression available and I've always been interested in accountancy ever since my work experience years ago as a teenager at an accountancy firm.

I am currently able to find time to study alongside current work commitments and I've been looking at the AAT qualifications. If I were to complete the AAT, and apply for a junior role in an accounting capacity, what sort of salary could I expect to start off with?

After some experience on the job I'd like to progress to ACA, or one of the others depending which path I take.

I just wanted to know if it was a realistic change money wise and if I'd still be able to pay the bills initially until I could move up to maybe an assistant management accountant role on a bit more money.

Any advice greatly appreciated

Cheers

John

[JeremyH5]

How's this for a guide?

https://www.monster.co.uk/jobs/search/?q=AAT-Quali...

[kentlad]

I'm an accountant for an advertising company. It's interesting work & great to get into (people always need Undertakers & Accountants)...I'd advise you to start studying now. Forget experience, the sooner you can get your exams done the better. You'll look more attractive to potential employers. Do be prepared to take an accounts assistants role with quite a pay cut though Circa. £25k in London. Also, set yourself some goals on progression.

I.e.
Year 1 - Accounts Assistant / Purchase ledger role
Year 2 - Move onto Sales ledger / Credit Control
Year 3 - Aim to be taking on some form of Managements accounts role
Year X - Finance Controller/Director? (depending on ambition)

I'd also try and get yourself qualified within 3/4 years just to maximise the earning potential.

Good Luck!

Oh and FWIW don't waste your time with AAT (it's not pointless and is a good base but would be a waste of time if you want to progress and become fully qualified). I don't know any qualified accountants who studied AAT...

Edited by kentlad on Monday 30th October 15:07

[JohnsMCS]

JeremyH5 said:

How's this for a guide?

https://www.monster.co.uk/jobs/search/?q=AAT-Quali...

Thank you, seems to vary a lot depending on area etc but that is helpful

[JohnsMCS]

kentlad said:

I'm an accountant for an advertising company. It's interesting work & great to get into (people always need Undertakers & Accountants)...I'd advise you to start studying now. Forget experience, the sooner you can get your exams done the better. You'll look more attractive to potential employers. Do be prepared to take an accounts assistants role with quite a pay cut though Circa. £25k in London. Also, set yourself some goals on progression.

I.e.
Year 1 - Accounts Assistant / Purchase ledger role
Year 2 - Move onto Sales ledger / Credit Control
Year 3 - Aim to be taking on some form of Managements accounts role
Year X - Finance Controller/Director? (depending on ambition)

I'd also try and get yourself qualified within 3/4 years just to maximise the earning potential.

Good Luck!

Oh and FWIW don't waste your time with AAT (it's not pointless and is a good base but would be a waste of time if you want to progress and become fully qualified). I don't know any qualified accountants who studied AAT...

Edited by kentlad on Monday 30th October 15:07

Thank you for this insight, it's good to get advice from someone in an accountancy role.

So AAT aside then, would you say the higher qualifications are achievable without an actual accountancy job to start off with? Obviously some of the qualifications require on the job experience which I could get once part qualified perhaps?

Thanks

[Countdown]

JohnsMCS said:

Thank you for this insight, it's good to get advice from someone in an accountancy role.

So AAT aside then, would you say the higher qualifications are achievable without an actual accountancy job to start off with? Obviously some of the qualifications require on the job experience which I could get once part qualified perhaps?

Thanks

Technically they ARE achievable but without actually working in Finance the most you would become is a "Passed Finalist" [That's the ACCA version, other (lesser) bodies probably have their own version )

A PF is somebody who's done all the exams but has not got the relevant practical experience. You need to be deemed "competent" in a certain number of areas and to confirm this you need to have your training record signed off by a CCAB qualified accountant who has been line managing you. It's only once you have your training record signed off and pass all your exams that you can get the full qualification.

[CX53]

If you can study alongside your current work as you say, your best bet to avoid a very low wage is to get as qualified as you can before securing a junior position

[kentlad]

Countdown said:

Technically they ARE achievable but without actually working in Finance the most you would become is a "Passed Finalist" [That's the ACCA version, other (lesser) bodies probably have their own version )

A PF is somebody who's done all the exams but has not got the relevant practical experience. You need to be deemed "competent" in a certain number of areas and to confirm this you need to have your training record signed off by a CCAB qualified accountant who has been line managing you. It's only once you have your training record signed off and pass all your exams that you can get the full qualification.

This is definitely worth taking note of, but don't be scared to start studying before changing careers. You'll take roughly 3/4 years to pass all the exams so having a few on your CV before you switch will only be a positive IME.

Good luck & try to find a workplace that offers study support if you can. Less for financial support, more for study & exam days, they're invaluable.

[Doofus]

kentlad said:

I don't know any qualified accountants who studied AAT...

[MOBB]

Doofus said:

kentlad said:

I don't know any qualified accountants who studied AAT...

+1

[kentlad]

I take it you two studied it then? Did you get any benefit when doing your ACCA, ACA or CIMA exams that you can share with the OP? Exemptions etc? Most of our qualified accountants here have come from one of the big 5 & i'm currently studying CIMA myself...I've never seen the benefit in studying AAT as you'd still have to then study one of the three mentioned above to be a qualified accountant?

[Doofus]

kentlad said:

I take it you two studied it then? Did you get any benefit when doing your ACCA, ACA or CIMA exams that you can share with the OP? Exemptions etc? Most of our qualified accountants here have come from one of the big 5 & i'm currently studying CIMA myself...I've never seen the benefit in studying AAT as you'd still have to then study one of the three mentioned above to be a qualified accountant?

I got CIMA exemptions with my MAAT and, if it's relevant, I've never worked in practice. This was 25-30 years ago, so I'm pretty sure syllabuses have changed and exemptions, if available now, will be different.

[MOBB]

Very similar here, I started AAT at the age of 16 in 1988, once I was MAAT it exempted me from the first level of ACCA at the time.

Its probably different nowadays.

[Zetec-S]

Mrs ZS completed AAT about 3 years ago which gave her exemptions from the 1st level of CIMA. One of the reasons for starting with AAT was because she was unsure if she'd want to do CIMA (mainly self doubt), so by studying AAT first it meant she gained a formal qualification which then opened up a lot more job opportunities in the interim. And by passing AAT it gave her the confidence to progress.

AAT gives you a better understanding of the basic fundamental concepts (IMHO), whereas going straight into ACCA/CIMA will be a quicker route to qualification but it will not go into the same level of detail. Not necessarily a big deal but some people benefit from spending that extra bit of time and it helps them further down the line. I've also come across qualified accountants (including those from the big 4) who really had no clue about some pretty basic concepts. (such as how a sales or purchase ledger worked, or basic knowledge of VAT). Of course they didn't need to know about it to do their job, but it hardly fills you with confidence.