I've been having a read through these boards over the last couple of weeks and there is some really good stuff on here and some very knowledgeable people so I'm hoping someone can offer me some advice.
I have been working within book keeping and payroll with some more general admin thrown in for the last 12 years in a medium sized business. I have worked within this business for a number of years but as a veterinary nurse (NVQ level 3) of all things, until 12 years ago I fell into this new role with no financial back ground. I have obtained the foundation level of AAT in 2006 which I found helpful but did not feel compelled to go on to do other levels at that time. Anyway, enough waffle.
I now find myself wanting to do a stock take on my skill set but am not sure what route I should take. On the one hand I feel that as I have started AAT I am probably best to continue down that route, on the other hand I cannot see myself wanting to ever work in an accountancy practice type role (not sure if I'm using the correct sort of terminology to explain myself!) and feel AAT may be a bit overkill for me. I enjoy the discipline of book keeping and payroll, and really enjoy my current role where I can prepare the accounts up to the trial balance stage for submission to the accountant at year end.
Looking to the future, whilst being a self employed book keeper has never been a big feature for me, I can see that if ICB or IAB were suitable to do a stock take of myself they would also be useful if I wanted to go on to self emlployment in the future. Also to consider is that in the future I may want to change employer and is one of the three a bigger seller of my skills as a book keeper than another?
I hope I'm making a bit of sense, it all seems a bit of muddle in my head the more I read. help (whimpered pathetically!)
It sounds as though you don't need a qualification for self employment but are rather looking to extend your knowledge base.
You don't want to be an accountants so moving up to MAAT or the full ACCA qualification would be overkill.
ICB and IAB are really for self employment and in themselves don't get your CV over the desk although your prior experience will.
All things considered have you considered the ACCA FIA (foundations in accountancy) that you can self study without a training provider?
Its not the best option for everyone but reading the sub text in your message I think that you should add it to your list of options.
Got to go out for a couple of hours now but hope to chat later to discuss your aspirations and options further,
All the best,
Shaun.
p.s. welcome to the forum.
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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.
Oh blimey, another one to throw into the equation! Although I'm thinking I can probably park the idea of AAT for time being at least. The ACCA stuff does look good, although I've only had a chance for a cursory look through syllabus at moment. Will spend some more time at the weekend. As you picked up I am wanting to self test my skills and improve confidence in my weak areas so this would be great for that. Does ACCA stuff cover payroll do you know off top of your head?
My personal dilemma is spending my money on the best option to improve my knowledge whilst also keeping my options open for the future. Without wanting to bore, it may be that in the future I feel unable to continue working in my current position due to some job role changes, and whilst it would not be my preference, I do not want to completely exclude myself from being able to pick up some book keeping in the evenings/weekends if I need to supplement my income/hours. Perhaps as this is not my main purpose for further study I should not worry about this aspect at the moment and just get my knowledge base sorted?? I tend to worry that I don't know what I don't know about book keeping, actually I think I probably know more than I realise just need to confirm it to myself.
I feel like I need to be back at high school speaking to the careers advisor - not that ours was much cop from what I remember!
I agree with all of Shaun's advice except for the ACCA FIA. The ACCA FIA will certainly give you a good grounding in accounts and if you chose to you could work towards the ACCA Certifed Accounting Technician qualification.
However, in the employment market the AAT qualification is much more widespread. Jobs are advertised for full and part-qualified AAT. If you search on the Reed Employment website for AAT in London, plenty of jobs are displayed. Try variations of ACCA CAT or FIA and no results are displayed.
My point is that if you continue with AAT, even if you don't complete the qualification, it is still highly marketable in the employment market.
Went in, sat down. Advisor asks about your interests, what are you good at academically, what are your interests.
I let slip that I looked after 18 race horses (made me some pocket money) to which (bearing in mind that the Advisor had seen that I was about six feet tall when I walked in) asked if I had considered a career as a jockey!
On the ACCA front the thing to always be wary of is regulation 8 which permits all members to be bookkeepers whilst they are students BUT, ACCA has a definition that bookkeeping is everything up to trial balance plus VAT and Payroll... No advice, no filing, no documents depended on beyond the business (so management reports are ok to management but not if they are going to use them external to the business (say to the bank)).
Having ACCA on your CV even with FIA after it is a real plus point espechially when combined with a great deal of practical experience.
To give yourself a bit of a test have a look at the pilot paper for F3 here :
Its from the full ACCA qualification but its one of the three knowledge papers which is at FIA level.
ACCA doesn't cover payroll in the same way as something like AAT but it is included within the Taxation module and you would be expected to know how to calculate peoples personal tax long hand.
With the FIA tax isn't covered until you move up to the CAT qualification (last three modules).
I think some other bodies are more involved with knowledge of the actual HMRC forms where ACCA tends to be one step above that in that the forms come and go but the principles remain.
Thats both a good and a bad thing if you are going to be working predominantly in payroll and you would perhaps be as well looking at a seperate Payroll qualification such as through CIPP or IAB.
Note that my answers assume that your main thrust to keep the employment door open with the possibility of self employment on the side being an "if it happens it happens" rather than the focus of your attentions.
HTH,
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.
Also of course there are downsides to CAT such as no option of a practicing certificate.
Of course, if you pass CAT you could convert to the full ACCA qualification which will give you exemptions from the first three and then you are a PQ.
If you did the search of the Reed site again for PQ or Part Qualified you will see 1969 jobs in the last seven days... Then again of course one is pre F4 going against people at P7 for jobs as there are no levels of PQ. You are just either qualified or working towards it.
Generally like yourself for questions geared as this one is I would advise AAT. It was just in this instance the poster indicating that they felt it was a bit of overkill (personally I don't think that it is and regard MAAT level knowledge regardless of the body acquired with to be the base level of knowledge required for someone to work as a bookkeeper).
kind regards,
Shaun.
__________________
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.
Great advice from Shaun & David, but studying toward FIA would close the door on the possibilities of Self Employment in the future, the ACCA don't allow that (is it regulation 8?, I know it's been mentioned before). The AAT also have a restriction where experience must be gained, but perhaps your current work situation covers you for this. Neither of these qualifications deal with Payroll in any depth.
When job hunting experience can be vital and if you marry this with any qualification, proving you have been properly tested, then fantastic. Although Shaun states that ICB wouldn't get your CV beyond the desk, your experience will. This qualification will give you the practicalities of Payroll Management and proper computerised accounting testing (not just data entry), therefore enhancing your employability. Whether you self study or use a provider (your own personal choice) the structure of ICB will allow you to complete all exams quickly, and in my view, setting you up nicely for the future, with the benefit of having the ability and support should you wish to take that self-employment route.
Thanks everyone for your advice and support. Certainly lots of food for thought over the weekend. I obviously need to have a good read around all the different syllabus for each body before I make any decision but based on each of your advice I feel I am now back to either continuing with AAT or looking into ICB - I had my eye on the career path package someone was offering which does payroll and self assessment tax. I had been leaning more heavily towards to ICB before I got your sound advice, however I think my judgement is clouded by the fact that I did AAT foundation level via distance learning and the tutor was rather non existent for periods of time which I found frustrating and has kind of turned me off AAT (no sound reason for that though as it was the college tutor nothing to do with AAT as a body).
Anyway, thanks everyone. Off to ponder for the weekend and then I'll probably be back with more questions!
Shaun, when I saw the careers advisor she asked me what career I had in mind, I said vet nurse, she said OK bye then and off I went. Hardly advice was it!
