Unsure with no experience, thanks!!

stefar

Hi there, you've probably all seen this type of query before so apologies in advance, new user, so all help would be greatly appreciated, thanks!! Basically, started in a Big 4 Audit Dep 3 weeks ago, all well, everyone really nice etc etc...anyway, problem is that i've no experience whatsoever in accountancy, did a science degree for 3 years and my 2.1 and good interview got me in the door, delighted, but i'm struggling with the very basics...i've had several in-house classes on Bal sheets, P&L and DEBK etc, but still not grasping the concept at all...everyone assures me that with lectures starting next week i'll get a grip of the basics quickly enough... i'm just trying to absorb massive amounts of technical jargon etc and i'm a little lost. What i'm wondering is will i be at a major disadvantage when i start on my first audit,day 1, given that most of the other grads that started have at least some accounting experience...are there any of you out there that were the same as me, not having a clue until a few months into the job? I'm just really nervous hat my peers will think i'm not committed enough, even though i am, a little bit of reassurance would be great! i've got all the CAP1 to do, and am fully committed.
Thanks for any help at all.
Steve

thejoker_1986

Just had to ask, why go into audit with no accounting experience at all?? I did a straight accounting degree with a very high 1.1 and masters and will be starting in one of the Big 4, having my Cap 1 exemptions from my degree and cap2 from masters. You just need to knuckle down and prove that you are committed by attending lectures and getting and doing well in the exams...maybe extra classes or grinds to grasp the basic 'accounting' concept might help, although I always wonder why people with no accounting go into the profession!

smcgiff

thejoker_1986 wrote: »

although I always wonder why people with no accounting go into the profession!

?!?

Starting off as a trainee you need not have any prior knowledge - hence the big four hired the OP. You just need to show you have the ability to learn - as demonstrated by obtaining an honours degree.

Stick in there OP, you'll progress in time. You might want to pick up a book on basic accounting ASAP, but the thing to remember is that your firm would not have taken you on if they didn't think you will progress. And you will, it's not rocket science.

In your instance you will benefit from taking your CAP1.

Personally I think taking a "Masters" without having first practical experience just goes to show how little some "masters" are worth.

thejoker_1986

I was not referring to a persons 'ability to learn' and I am well aware that people with no accounting experience or background are hired, I just wonder how they know they will like it or be able for it... I was asking smcgiff, not stefar what made him make this decision as it is quite a big one.

smcgiff wrote: »

Personally I think taking a "Masters" without having first practical experience just goes to show how little some "masters" are worth.

I actually do have practical experience...but you should look at Masters ("Masters") courses throughout the country and you will see that the majority of students have come straight from their "Honours Degree". I am at a loss to see how this makes these "Masters" courses worth less, they are filled with students who are very capable, dedicated, know exactly what they want and are willing to work for it, hence making them so employable and sought after in the workplace :cool:

smcgiff

thejoker_1986 wrote: »

I actually do have practical experience...but you should look at Masters ("Masters") courses throughout the country and you will see that the majority of students have come straight from their "Honours Degree". I am at a loss to see how this makes these "Masters" courses worth less, they are filled with students who are very capable, dedicated, know exactly what they want and are willing to work for it, hence making them so employable and sought after in the workplace :cool:

It's all about perception, I would consider someone with a Masters being, well, a master - someone that's an expert in their area. Not someone's that starting off in their career earning, sorry, only €25k. When you're a qualified ACA you'll have the equivalent of a Master's qualification.

Sorry, someone with a Masters without significant practical experience demeans what a Masters should be about. Of course Bodies are happy to take people with Masters on, but they're also taking people with non-relevant degrees. Do you think you would have been taken on by your current firm if you "only" had a high first degree in accounting. All your Masters has done is given you more exemptions.

hockeygirl

Theres nothing wrong with going in with no experience, so long as you have a logical mind and cop on then I dont see what the difference is. As another poster said you wouldnt be hired if they didnt think you were capable.

A friend of mine had full exemptions from CAP1 (but when the were called prof) he said he wished he had no exemptions. he found that having the degree was great as the terminolgy wasnt new but when youre sitting there with an file infront of you and your trying to get to grips with an accounting package your as lost as the next person

OP im in the same position as yourself. I have a physics degree - but have experience working in banking and invoice discounting so for me accounting seemed to be the next logical step.

I'll be starting CAP1 lectures this weekend.... what fun it will be lol

Dont worry ..I feel like im over my head at times but it takes practise... alot of practise. Ive just got the hang of DEBK, well I think I have, and I put that down to being very mathsy and logical as any scientist would be.

My boss told me when I started that I would be working the hardest as I have so much to cover. Sometimes I worry if Im taking too long to do something... but it doesnt help if the audit file you're workingn on was a mess to begin with.
He also said that it takes a good long time before you fully catch on and then suddenly it'll all become clear.

Hang in there we'll get there in the end

Oh and I did a 2day course in ICAI with Una McDevitt shes excellent woul recommend anyone thinking of getting into accounting to give the course a go. I did "Accounting for non-accounting graduates" and Introducation to new students of accounting