Career Change to Accounting / Finance

Hi All

I am 30 years old and considering a career change into Accounting or some area of finance. I have spent 10 years working in a Customer Service / Servicedesk environment were I currently work as a Team Leader. I don't really enjoy this industry and don't really want to spend 38 more years in it
I don't have a very strong education background. To be honest, my leaving cert results were pretty mediocre scoring just below 300. I was very young and unmotivated at the time.
Does anyone know the best way to get started? I've read up on evening degrees, ACA, ACCA, CIMA etc and I am very confused.....
Any help at all would be very appreciated.

CIARAN_BOYLE

Deleted User wrote: »

Hi All

I am 30 years old and considering a career change into Accounting or some area of finance. I have spent 10 years working in a Customer Service / Servicedesk environment were I currently work as a Team Leader. I don't really enjoy this industry and don't really want to spend 38 more years in it
I don't have a very strong education background. To be honest, my leaving cert results were pretty mediocre scoring just below 300. I was very young and unmotivated at the time.
Does anyone know the best way to get started? I've read up on evening degrees, ACA, ACCA, CIMA etc and I am very confused.....
Any help at all would be very appreciated.

Step one, do you have an honours degree? Even in an unrelated field.

Unfortunately not

CIARAN_BOYLE

Deleted User wrote: »

Unfortunately not

ACCA ACA CIMA and CPA all require an honours degree or something like Accounting Technicians to begin the course. They all require circa 3 years experience with a degree or 5 without to grant qualification.

Your first step would be to look at Accounting Technicians course or any equivalents.

Thank you!
I was thinking that was the most likely starting point.

silent_spark

CIARAN_BOYLE wrote: »

ACCA ACA CIMA and CPA all require an honours degree or something like Accounting Technicians to begin the course. They all require circa 3 years experience with a degree or 5 without to grant qualification.

Your first step would be to look at Accounting Technicians course or any equivalents.

I thought ACCA could be started from scratch, starting with some introductory papers? Although the accounting technicians course is probably a better option - short, and if you decide not to go any further after that you will still have a full qualification in something. An evening degree course is another option, with some of them you are awarded as you go along, a certificate after one year, a diploma after two etc - so that might suit you.

Avatar MIA

CIARAN_BOYLE wrote: »

ACCA ACA CIMA and CPA all require an honours degree or something like Accounting Technicians to begin the course.

Eh, what? Since when? ACCA and CPA were open entry. With ACCA you can earn an Oxford Brookes degree WHILE studying ACCA.

Not sure about CIMA, but pretty sure this can be entered without a degree also.

ACA (CAI) used to take people straight from the leaving cert although they used to have a contract sorted as well. This was done away with a few years back and I doubt you'd need a primary degree for this also.

Happy to be updated though.

Edit - Are you getting confused with acceptance by the Big four for a contract?

CIARAN_BOYLE

Avatar MIA wrote: »

Eh, what? Since when? ACCA and CPA were open entry. With ACCA you can earn an Oxford Brookes degree WHILE studying ACCA.

Not sure about CIMA, but pretty sure this can be entered without a degree also.

ACA (CAI) used to take people straight from the leaving cert although they used to have a contract sorted as well. This was done away with a few years back and I doubt you'd need a primary degree for this also.

Happy to be updated though.

Edit - Are you getting confused with acceptance by the Big four for a contract?

Well I may be confused but there are multiple trainees doing technicians in my firm with the aim of doing ACCA when they finish it.

Just checked and asked one of them ACCA has foundation, fundamentals and professional level exams. She claims course like Accounting Technicians is better and easier and gives exemptions from the foundation level exams.

I know for ACA you need either a college degree or to do technicians.

Not certain about CIMA or CPA.

Avatar MIA

CIARAN_BOYLE wrote: »

Well I may be confused but there are multiple trainees doing technicians in my firm with the aim of doing ACCA when they finish it.

Just checked and asked one of them ACCA has foundation, fundamentals and professional level exams. She claims course like Accounting Technicians is better and easier and gives exemptions from the foundation level exams.

I know for ACA you need either a college degree or to do technicians.

Not certain about CIMA or CPA.

Re ACA (CAI) - if a mature student, which the OP is, they would qualify to enter ACA (CAI).

D. Other Entry Routes Prospective students who do not fall into any of the above entry routes are typically:

• Holders of other professional qualifications e.g. Accounting Technicians Ireland
• Mature Students
• Holders of HETAC / NVQ or equivalent awards

There is also a school leaver/direct entry route, but that's not applicable to the OP.



As for whether it's better to join the likes of ACCA/CIMA or CPA as an accounting technician first that is debatable. However, it's not a requirement as requested by the OP.

Accounting and finance is a very broad area.

Many of us probably studied business or commerce or something similar and refined our ideas on jobs as we went along.

Do you have an idea of what you would like to do?
Do you have any connections or family already in accounting who could give you guidance or experience?
What part of the country are you in - it might limit work and training opportunities.
Is there an accounting department at work you could get seconded to?

If you want to start in practice soon smaller accounting practices would normally start hiring in the new year for next September - have a look at accountants Ireland's Web page for firms hiring school leavers.
To start in industry look for entry level jobs in accounts payable or receivable it could be a bridge between what you are doing now and an accounting jobs.

Seve OB

ACCA you can start from scratch. I know, cause I did it.

pilly

CIMA you can start from scratch without a degree but if you've been out of education a while accounting technician might be easier. If you do accounting technician that will exempt you from foundation level on most other accounting qualifications anyway so it won't be time wasted.

I wouldn't recommend doing a degree, you don't need it to work in accounting unless you want to go into the Big 4.

Also, once you've started the accounting technician course try to get a job in any area of accounts to gain the experience to go with your training.

Best of luck, any other questions feel free to ask.

Busyness1

If you wanted to get into finance, I would recommend you do (A) Chartered Financial Analyst (CFA) program and/or (B) Financial Risk Manager (FRM) program. Both you can study for whilst doing your current role. The CFA has 3 examinations held twice annually, the FRM has 2 exams which are held twice annually. Both cost roughly $1,000 per exam, I would recommend doing both charters. These would allow you to bypass the fact that you don't have a degree, and are doable in 3 years if your determined enough. These two charters are the most coveted in finance, most with degree don't get them thus making them much more valuable. If you can pass one of the programs, e.g. the FRM in potentially one year you will walk into a finance position. The syllabus does require a hell of a lot of work though.

There's a big difference between accounting and finance.

If it is finance you are looking to get into, do the above.
If it is accounting you are looking to get into look at the CAI, ACCA etc.

Thanks a million to everybody for the responses.  Its great to have a place to come for information.  I'm in work at the moment but I'll have a proper read through each and ask if I have anything further to ask.  :)

MartyMcFly84

I started ACCA from scratch this year.

It is split into Foundations knowledge :Papers F1, F2, F3 - On passing these exams and an completing an ethics module you get a ACCA Diploma.

Then its the Fundamental skills papers: F4-F9 - This is a degree equivalent, you can get a BA also if you are up for tackling a thesis.

Then its the 5 Professional level papers. Currently three are mandatory and you can choose two more from a few options. I believe these are being revamped however and will likely be in a different format if you go this far.

The long and the short, your can start ACCA from scratch without any previous degrees. If you have one however you might be entitled to some exemptions, so you dont have to sit as many exams. Thats the main difference.

baron von something

Good on you OP, its never too late to change your career path. Have you thought about studying for a degree in Accounting&Finance. The CAO normally open for applications in January. You could apply as a mature student.

I was 30 when I started my Accounting&Finance degree course last year. At the end of the 3 years I'll have gained exemptions from the 9 fundamental ACCA exams and will only have to sit the 5 professional exams.

It can be very hard having to juggle full-time college life, family life, and part-time work but with a positive attitude, hard work and perseverance it'll all pay off in the end.

Killergreene

baron von something wrote: »

Good on you OP, its never too late to change your career path. Have you thought about studying for a degree in Accounting&Finance. The CAO normally open for applications in January. You could apply as a mature student.

I was 30 when I started my Accounting&Finance degree course last year. At the end of the 3 years I'll have gained exemptions from the 9 fundamental ACCA exams and will only have to sit the 5 professional exams.

It can be very hard having to juggle full-time college life, family life, and part-time work but with a positive attitude, hard work and perseverance it'll all pay off in the end.

This route is much longer and more financial taxing than what op seems to be looking for.

I've completed both acca and cfa. Cfa is a different beast altogether and will require many magnitudes more study than that required to get the acca. Cfa probably beyond the scope of what op is aiming for at present. I think it would be hard to tackle that if they didn't have a degree - material is quite difficult and studying for professional exams is a skill that is a bit different than opening the books and reading the pages

SBWife

CFA you do need a degree to start plus you need 4 years of reasonably specific experience to be granted a charter. It's also in my experiencesignificantly more difficult than ACCA. FRM and PRM are easier and more flexible but PRM at least requires higher levels of math than ACCA, I can't comment on FRM as I don't have that designation.

I am thinking of going straight into ACCA but i have a problem... the minimum requirement is 3 Higher level Leaving Cert with C3 or higher. As far as i know, i only have 2. I think the other 2 higher level exams i did i got D2's.

I think this might hold me back or make things longer at least? I don't know much about the foundation route.

pilly

Deleted User wrote: »

I am thinking of going straight into ACCA but i have a problem... the minimum requirement is 3 Higher level Leaving Cert with C3 or higher. As far as i know, i only have 2. I think the other 2 higher level exams i did i got D2's.

I think this might hold me back or make things longer at least? I don't know much about the foundation route.

Are you sure that's the case for a mature student? I didn't have any Leaving Cert starting CIMA?

MartyMcFly84

I wonder how hard they look at it to be honest...

It might be worthwhile calling them. Or sending it in an giving it a shot. I have a feeling they are not extremely strict regarding the minimum entry requirements. More so how you actually progress once you are doing the exams.

Avatar MIA

pilly wrote: »

Are you sure that's the case for a mature student? I didn't have any Leaving Cert starting CIMA?

It doesn't - ACCA is similarly open entry for mature students.