Leaving training contract - completing ACA/ACCA

johnk2015

Hi all

Currently about a year and a half into a training contract (Big 4 audit) and doing ACA exams. Have all the CAP 1s and half CAP2s under my belt, with the other two CAP2s coming up soon and expect to pass them also.

Ever since I began the contract I haven't enjoyed a day of it. I have nice colleagues, managers, etc. and the firm is good so no issue there, the job just doesn't suit me and I have had some exposure to other departments but not particularly interested in them either. I worked in other fields prior to accounting and really enjoyed those jobs, so it isn't a case that I'm just lazy and not wanting to work..

I want to drop out of accounting once I have the CAP2 results, the only thing stopping me is that I want the qualification. I have 2 years remaining on the contract in order to qualify as ACA but I just can't stick it, I have no intention on working in any accounting job after but I just feel its a waste to totally drop it after completing all CAP1 and CAP2.

Would it be possible for me to switch to ACCA and complete that qualification at my own expense and in my own time without actually working in accounting? I know with ACA we have to be in an accounting job and complete the CA diary, etc. but not familiar with how the ACCA system works.

Have already applied for a masters to convert to my desired line of work later this year and likely to be accepted, but if there's really no way to finish off an accounting qualification without staying then I will probably have to just stay put and continue being miserable for another 2 years.

Thanks in advance for any advice you can offer

adrianw

ACCAs have a requirement to complete 36 months relevant work experience. There is no CA diary, but something similar. There are 13/14 objectives that have to be completed. So little or no difference. Similarly, I'm not too familiar with the CA diary, but ACCA objectives are VERY time consuming as you have to demonstrate specific skills / achievements - i.e identifying a time you improved your departments performance.
There does seem to be the impression by ACA students that the ACCAs are easy / easier (such as you don't need any work experience). I may be biased, but the exams are equally as difficult, the only difference being there are more sittings, so if you do fail you do not have to wait a whole year to repeat.

annaP79

Hey

if you dnt like accounts then why would you like to complete ACCA? I think finishing your training would be better idea, might not look good on your CV that you left.you are obviously very clever and talented to get into that training so woul be pity to leave it
ACCA is not bad but you need to get sign off on experience as well but it is bit vague in places, very descriptive, no box ticking

annaP79

Hey

if you dnt like accounts then why would you like to complete ACCA? I think finishing your training would be better idea, might not look good on your CV that you left.you are obviously very clever and talented to get into that training so woul be pity to leave it
ACCA is not bad but you need to get sign off on experience as well but it is bit vague in places, very descriptive, no box ticking

Pawwed Rig

If you do not see yourself working in accounts then why waste another minute of your time studying something you are not interested in. Do a course in something that you are interested in

Whoisin thehouse

If you are making good progress through the exams you should finish them. You will always be on the defensive at interviews explaining why you didn't finish the exams, the assumption will be that you weren't up to finishing them off, secondly a lot of ACAs end off in very different careers, no matter what sector you end off in the ACA qualification and experience will stand to you. Stick with it ............ you can look at career options in a year or 2 from a very strong vantage point

JM_2009

adrianw wrote: »

ACCAs have a requirement to complete 36 months relevant work experience. There is no CA diary, but something similar. There are 13/14 objectives that have to be completed. So little or no difference. Similarly, I'm not too familiar with the CA diary, but ACCA objectives are VERY time consuming as you have to demonstrate specific skills / achievements - i.e identifying a time you improved your departments performance.
There does seem to be the impression by ACA students that the ACCAs are easy / easier (such as you don't need any work experience). I may be biased, but the exams are equally as difficult, the only difference being there are more sittings, so if you do fail you do not have to wait a whole year to repeat.

Agree completely - I have done both and ACCA are tougher. For a start its not open book.

However if I am honest with you - you sound like you dont want to be an accountant at all so why waste your time?

Vancity

I don't know about the difficulty of the exams, I've only done ACA but regardless, even if you could switch and could do them yourself why would you do that? Presumably you'll have to go back and start again at the beginning unless they give you exemptions for having partially completed the ACAs? Since you'll only have the FAEs to do, it seems pointless to go all the way back and start off doing ACCAs. You will definitely need some form of relevant work experience for the ACCA qualification - I think it's not as stringent/formal as ACA in that it can be done in industry but you will definitely need something somewhat relevant.

If I were you I'd be inclined to either stick it out to get the ACA or walk away now and begin your desired career. There doesn't seem to be any point in starting the ACCAs from scratch while working in a different career/doing a masters in something else. And regardless of your pass rate, there will be potential employers in the future who will assume the reason you switched midway through completing the exams was because you failed them. So either do the ACA or don't do accounting at all would be my advice.

Having an accounting qualification is always useful - I work for a mining company and lots of our senior execs were originally accountants. It's a great stepping stone to lots of careers.

ianuss

If you had CAP 1 and CAP 2 I would have thought that ACCA would likely give you exemptions (that you would have to pay for) from papers F1-F9 meaning you'd have 5 papers left to sit. 3 Mandatory and 2 optional ones.

johnk2015

Thanks all for the responses.

I suppose to summarise, from everything I have read it seems that even switching to ACCA wouldn't be an option, as I would need 36 months experience 'relevant' work experience, and as I would be taking a totally different career path, I would not meet that requirement. I was aware that ACCA is as difficult as ACA, but thought that perhaps it was more flexible in terms of work experience - seemingly not.

Even though I don't see myself ever working in accounts again, the reason I (foolishly) joined accounting in the first place was to be ACA qualified as we were constantly told in college how well regarded a qualification it was and how it will stand to you in life. Job opportunities were a lot more limited 3 years ago during the milk rounds, which was one of the main reasons I just kind of gave in to joining accounting despite having no experience. I don't have any issues with doing the exams, or passing them so far (though FAE's might be another story), and I would happily do the exams myself outside of work if I was able to get ACCA qualified without working in accounting, but it seems this isn't an option.

I just feel that being this far in that it is a waste to drop it, but at the same time I am completely miserable, have no enjoyment from work and find myself totally disinterested and constantly thinking about what I'm missing out on by putting my life on hold unnecessarily for this qualification, when I could be excelling in a line of work that I am interested in.

I should really have pulled out before ever starting the contract, but at the time the milkrounds came around at the beginning of final year I was under pressure to find a job for after the exams were over. In hindsight it is my fault for not having pulled out during the summer like a lot of people I knew, and found something I knew I would be interested in rather than taking the chance I did of getting into this for the sake of the ACA qualification and a secure job.

Anybody know how long your ACA exam passes are valid for? As in, if I passed all CAP2s this summer and left, could I come back in a few years if I for some reason wanted to and go straight to FAEs, or would my passes lapse after a year or two?

I have a strong CV and I am not particularly worried about what it would say about me if I left half way through the contract - I gave it a shot, tried my best, passed all the exams I sat and decided it wasn't for me - moved on to a totally different line of work and not for lack of ability or failure.

Thanks again

adrianw

8 years for ACA and 10 for ACCA

adrianw

8 years for ACA and 10 for ACCA to get from start to finish including gaining experience.

briano793

Hi, I know this is years old but came across this as I’m now too almost in an identical situation. Just wondering did you leave / what did you do? Any advice appreciated I’ve 2 years left to go and also feeling miserable in the job and want to pursue something completely different

Jim2007

The OP has not been on the boards since 2016!