I am hoping someone can help with what is seeming a hopeless situation.
I gave up work as a financial advisor when I had children and studied bookkeeping to earn an income initially with the idea of continuing to study accountancy (self study at home) so that i may then take a job as a part qualified accountant when the children went to school.
I now have a relatively good steady bookkeeping business and all my IAB qualifications but have reached a hurdle on the further study. From speaking to all the main accountancy bodies, I have found that
a) If i take all my exams possible without the training contract I would be unlikely to then find an employer to take me on for the supervised part.
b) Many of the bodies restrict the work that can be carried out so as far as I can see I could not continue with most of my work which is predominately year end accounts and tax (it is this work which i would hope to pay for my studies)
I know there are a number of ACCA members on this forum and I can see your frustration
What to do?
This has been a long held dream and I don't want to abandon it but I also dont want to spend a lot of money on studying if it will not come to fruition
Please some one help!
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No matter what you were qualified to do before as soon as you sign up with the ACCA you are only allowed to do bookkeeping to trial balance, VAT and Payroll... And that's it.
If it wasn't for a second income stream there is no way that what I am allowed to do could sustain me as I find that people for the most part are not really interested in bookkeepers who have those restrictions!
A better route for you may be to look at the AAT. A fully qualified MAAT MIP is to all intent and purpose and accountant and can call themselves such.
Even AAT needs a year post qualification but with your existing experience it shouldn't be that hard to get a position in practice for a year or so.
You might also want to look at the IFA (Institute of financial accountants... They just happen to have the same three letter acronym as about half a dozen other organisations!).
Personally I'm persisting with the ACCA but I've all but given up on ever being a member in practice so it will just be a qualification to help me with the banking consultancy side of my business.
Good luck and talk soon,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I'd not considered AAT as I'd always considered it as a bookkeeping qualification. I would be concerned that It would not be viewed as well as a qualification from one of the main accountancy bodies.
I shall take a look at the IFA, do they have less constraints on work carried out? Do you think I would be more likely to get a training contract with this qualification?
Thanks for taking the time to reply
Valerie
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the main ones will always be ICAEW / ACCA / ICAS (And CIMA for management accountants).
IFA is non chartered but it's been around for a while. From what I understand there are close links between it and the IAB and a lot of people take that route. However, I don't have a lot of info on them so you would be better off if we have an IFA member on here (if we have they've been keeping very quiet!).
I really respect the AAT qualification but I know what you mean as you will always be in the shadow of the four at the top. It seems more like the missing link really between bookkeeping and accountancy rather than fitting into either camp.
There's also ATT and CTA but those would be for a tax specialisation route.
Actually, before you despair. check CIMA again as I'm sure that they have less restrictions than the ACCA.
Good luck,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I'm ATT and I think it bridges the gap rather well. You can already do the bookeeping and prepare a set of accounts, the bit you need now is tax knowledge and how to apply it. This morning I was sat at a fairly basic P11d cpd event amongst a whole host of accountants and trainee accountants and many struggled with parts of the course, mainly I guess because they don't necessarily deal with it themselves, but your clients need someone who can advise on this area possibly greater than any other area.
I'm pretty certain that once you are qualified you need to have had three years experience (which you have aklready it seems) and you need to get your application for membership signed by two relevant persons (ACCA, ATT, ACA, etc) who know of your work. Best to check this last part though as it's been a long time since I passed mine.
Two of the years have to be post qualification... Don't ask me why. I suppose it might be to help practices recover some of their investment before their trainee's become their competition!
With ACCA you also have to have completed your PER which list a load of things that you need to do before your allowed to practice.
Under the old STR audit was an option but now it's become compulsory and a lot of practices don't offer audit which stuff's up ACCA's even more.
Thankfully my STR has been fully signed off and parked pending my passing the exams so at least that's one hurdle I don't need to jump.
The signed off STR / PER with the exams passed gives you ACCA status but it's the two years post qualification that gets you the practice licence.
Cheers,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Not sure about the ATT as I dont particularly fancy specialising in tax although I have considered doint a IAB or ICB course in this as despite currently dealing with clients tax returns I have no formal tax qualification.
CIMA does appear to have less restrictions on the work you can carry out as a student so I guess this may be a better option than ACCA but I feel it may just be a bit restrictive as I am not 100% sure about management accounting and ACCA just seems to allow more options for specialising.
The main problem however still seems to remain in the form of the post qualification experience, while I am extremely willing I feel there may be a distinct lack of employers prepared to take me on.
Oh the sleepless nights!
Valerie
-- Edited by lots to learn on Tuesday 20th of April 2010 07:35:00 PM
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Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Would that be sufficient, I just figured it had to be in a training contract/paid employment situation
Valerie
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Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
