Experience Requirement for ACCA

sapper

I've been working in financial services (funds) for about 8 years now am now a supervisor for an operations dept of an investment bank in the IFSC. I am beginning to notice that a lot of job advertisements for positions above my current level ask for qualified accountants, even for my kind of fund operations-type jobs which are not specifically accountancy-focused. It appears that after a certain level, accountancy is a desirable qualification no matter what the job...

So last year I joined ACCA, took and passed paper 1.1. I am however wondering if it is worth pursuing as I do not work in accountancy and am pretty sure the kind of positions I work in would not be recognised by ACCA as suitable experience.

So is there any point in taking up accountancy when, even if I passed all 3 years of exams, I can't qualify without having to apply for trainee-accountant-type roles (and taking a big cut in salary....)

Sponge Bob

if you are not auditing I wonder why you bothered with the ACCA , how about CIMA ??

Manny7

I'd disagree Sponge Bob, I think CIMA is purely if you want to do management accounting. ACA is the one for auditors, ACCA is pretty much for anyone else involved in finance. I did mine a couple of years ago and don't regret it at all, even though I don't work in accounting. It's well worth having and like sapper says it's something that employers in finance like to see on a cv.

kluivert

I am a ACCA Student and the ACCA approach is that Accountants are at the forefront of top companies globally so why not train our accountants for this type of role.

ACCA do focus on Accounting and Auditing but there is a continuing thread towards strategic management.

I honestly believe that this is the route for you. I done my finals three in Christmas and only one of the three core papers where accounting orientated the other two where strategic financial management and strategic business development and planning.

Am sure from this you can see where they are moving towards.

sapper

I do think ACCA is the way to go for a "general" accountancy qualification, but the problem I see is that on top of passing your exams, you need to get a few years of relevant experience with an ACCA-recognised employer before you are "fully" qualified - and I am too far down the road to start looking for trainee accountant roles....

Would the lack of experience be a problem or would the fact that I had passed the final exams be enough for an employer who is looking for a "qualified accountant" to head up their operations department?

Manny7

The lack of experience only matters if you're looking at an accounting role. There's plenty of people in the bank i work at who have the ACCA but don't do anything resembling accountancy, it's more that the qualification proves to employers you're financially literate (or numerate i guess!). I'd imagine the fact you had the exams would be all an employer needs. You wouldn't be able to use the letters ACCA after your name but I don't know anyone who does that.

sapper

Thanks Manny7 - roll on paper 1.2 in June then so!

Sponge Bob

grand so, ACCA good

get your log book brought up to date with your current employer and previous employers (that will take a month or two) and then trundle down the ACCA HQ and show it to them.

They may advise you on gaps you need to fill over the next few years or they may tell you its relevant and give you the letters after you do the exam .