Any Advice On Becoming An Accountant?

thejovialhost

Well it's early days for me yet but one day in the near future i would like to become an accountant.
I'm starting college in a few weeks (doing a 3 year commerce course in NUIG),i'm only 17 but still, i would like to get some 'tips' if you will, on becoming an accountant.
I know about the exams to become chartered etc. but i would like to hear from people who have/are currently done/doing these exams. What's it like and what's the money like?
Also would i be at a major disadvantage NOT living/moving/working in dublin?I'll probably be based in Galway in the future..that's if it all goes to plan of course

Thanks for the help

CCOVICH

I am a chartered account (qualified), trained with a Big 4 firm and now work for a large plc. Training is no worse than any other job straight out of college, but I would advise you to aim for a Big 4 firm to train with, as the name will stand to you in the long run, and the salaries are much better (especially these days).

Being in Dublin has it's advantages, as you will normally be auditing bigger and more high profile clients, which will look good on your CV (even if you got little exposure to their operations), and the money is better. Also, in the long run, there is a greater variety of well paid jobs on offer in Dublin for accountants, but of course if you don't want to limit yourself to Ireland, there are endless opportunities abroad, especially in the Caribbean.

To be honest, the opportunities in somewhere like Galway are limited. And I'm not biased against Galway, I went to college there and I loved it. Great town/city. The Big 4 have a limited presence there, and only take on a few graduates each year (for which there is huge demand).

Defintiely a wise career move. You will be very employable with an accounting qualification and Big 4 training behind you. Wrt exams, I did a Masters (in Galway) and so was exempt to every stage up to the FAE (another benefit of a Big 4 firm is that most of the Dublin offices give 3 months study leave for your finals), and to be honest I didn't find the FAEs too hard, and very few people I know failed them, or at the worst failed one. I believe that Professional 2 and 3 are more difficult (higher fail rates and less study time), but I never had to sit them.

Hope this helps, and best of luck.

thejovialhost

Well thanks for the advice
but just a few questions:
What is/are the Big 4 Firm??
Also what is FAE?Is that the one nobody can be exempt from?
I myself am thinking of doing a masters too.
How many exams are there to become an accountant? i know you are exempt after doing, say commerce, but of how many?How many more are you exempt from by doing a masters?

CCOVICH

thejovialhost wrote:

What is/are the Big 4 Firm??

PricewaterhouseCoopers, Ernst and Young, Deloitte, and KPMG are the 'Big 4' international accounting firms. Until recently it was the Big 5, until Arthur Andersen were merged into KPMG.

thejovialhost wrote:

Also what is FAE?Is that the one nobody can be exempt from?

The Final Admitting Exam (FAE) is the final exam en route to becoming a chartered accountant with the Institute of Chartered Accountants in Ireland (ICAI). Nobody is exempt from sitting the FAE (unless they have trained and qualified in another country with a similar qualification.

thejovialhost wrote:

I myself am thinking of doing a masters too.

Good idea. You may never actually 'use it', but it saves you having to do Professional 2 and 3 exams while also working. If you get a training contract with a Big 4 firm, they will pay your fees (usually in the €'000s). Be aware that you will need a high 2:1 to gain entry to most masters courses.

thejovialhost wrote:

How many exams are there to become an accountant?

Professional 2, Professional 3, and FAE. There is also a computer competency assessment (everyone must do) and a Company Law assessment (some are exempt). I don't know if Professional 1 still exists, it may have been replaced (only for school leavers AFAIK)

thejovialhost wrote:

i know you are exempt after doing, say commerce, but of how many?How many more are you exempt from by doing a masters?

It depends. If you specialise in Accounting through your B.Comm, you will be exempt from most if not all of Professional 2. You'll need to do a masters to get Professional 3 exemptions. So pick your subjects wisely. A B.Comm in its own right does not entitle you to exemptions, it's the subjects you choose (and pass).

It's also worth noting that firms recruit in September, so you would typically apply at the start of your final year. In order to get an interview, and hopefully a job, you would really need a 2:2 average or higher at the end of 2nd/3rd year (depending on whether it's a 3 or 4 year degree). That's not to say that you can't apply in the September after you finish your primary degree, but most people apply before they finish.

Also, you needn't limit yourself to Big 4 firms, the biggest 10 firms in Ireland are big in their own right, and recruit quite a few people every year. There are also loads of smaller firms, proabaly several in your nearest town. It's just that Big 4 firms give you more experience, pay more, better study leave, better long term prospects. But some of them do work you very hard. I know plenty of people who worked 70/80 hour weeks for months on end, including weekends!!! (But all at overtime rates).

Kinetic^

Yeah the Big 4 is the way to go. You should come up to dublin for your 3/4 years and then go back to wherever it is you want to go, its only a short time and it flies. I've just completed my first year and it was so quick.

OLDYELLAR

Im with a small firm myself based in Waterford , to be honest the moneys pretty lousy , but getting a training contract is the main thing and believe me they are difficult to come by from recognised firms .
The exams are tough going , Im starting into a night course soon for my prof 3`s all in all I find the job quite stressful but doable , . Dont het me wrong I like it , just some weeks I feel loaded down with work but I do thrive a little on being under pressure for some strange reason.
Well if ya throw yer all into it in college ya shouldnt have any problems.

JCB

OLDYELLAR wrote:

Im with a small firm myself based in Waterford , to be honest the moneys pretty lousy , but getting a training contract is the main thing and believe me they are difficult to come by from recognised firms .
The exams are tough going , Im starting into a night course soon for my prof 3`s all in all I find the job quite stressful but doable , . Dont het me wrong I like it , just some weeks I feel loaded down with work but I do thrive a little on being under pressure for some strange reason.
Well if ya throw yer all into it in college ya shouldnt have any problems.

Hi Old Yellar,
I was just wondering, could you get into PwC or Ernst in Waterford for a training contract? Also is Griffith college good for ACA training in waterford? Do you have many lectures and is it very hard?

OLDYELLAR

well the big four wouldnt touch me with a barge pole because I dint have an honours degree , If ya do however have an honours degree ya`d have a good chance with them.I know one guy who got offers from 3 of the big 4 with an honours degree .
Im actually doing my night course in Waterford Institute , griffiths in Cork aint it?

JCB

As far as I know Griffith "administer" for chartered in waterford. If you are doing ACCA that would be different I suppose?

OLDYELLAR

ya im doin acca , wow must look into that because i hear WIT dont run the courses a lot so a 2nd option would be good.

JCB

Also just wondering what is the day job like? As a trainee are you just doing bookkeeping or dealing with clients or what?

JCB

OLDYELLAR wrote:

ya im doin acca , wow must look into that because i hear WIT dont run the courses a lot so a 2nd option would be good.

If you go to the ICAI website and look under "students" tab and find the form to apply for Prof 3 you'll see the griffith college beside waterford.

OLDYELLAR

yea just behind the scenes , ya deal with clients a little more so over the phone or if they pop in unannounced an stuff.
Its grand I like it , it gets stressful alright , find it hard to keep up sometimes but I guess ya need to be trained to cope with deadlines and under pressure an stuff too so its all good.

JCB

Thanks for the info, it all sounds very interesting.

OLDYELLAR

no probs