I started my career working in a bank where I occupied many roles culminating in a manager's role so I had experience in things like Branch Cash Reconciliations, cash balancing etc. Since then my career has kind of shoe-horned into sales and through the volatile nature of the industry where I live have had the misfortune of being made redundant twice in the last 18 months. This coupled with the fact that I never really wanted or want to be a salesperson made me consider a career change. I took the decision to pursue learning in Accountancy, something I have always had an interest in and something I dabbled in at uni. In September, I enrolled in a course with AAT. Its a 3-year program which should result in a Diploma. The first year's syllabus I am finding quite straight-forward as over my career, especially in my banking career, I have come across a lot of the processes before. I hope to sit my exams some time in the new year.
The advice I am looking for is regarding my next steps. Should I wait until I achieve my diploma in a few years before I get involved in the industry? Should I start looking now to see if I can get into the industry and work in conjunction with my learning? Is it common practice for someone in my situation to be welcomed into a company in the aim of assisting with my learning whilst gaining an employee at the same time? How difficult is it for someone in my position to make the career switch?
must be that accounting is a home from home for bankers.
There's Joanne (Cheshire) with a background in Corporate and high end client with NatWest & RBS
Clare (Cluck) from HSBC and Clydesdale
Myself, back office systems (Payments, security & fraud) with Barclays, Natwest & RBS.
plus a few others that post occassionally.
I think that you should be able to lop a year off that estimate of three to get to MAAT.
Level II is quite straight forwards and revolves around bookkeeping, it gets more interesting at level III and serious at level IV.
Until you have achieved level IV you will find it difficult to get a first step on the ladder as there are a lot of people out there who are fully qualified and also have experience. You will be going up agaionst them for every job.
From a trainee perspective there are advantages to practices to hire apprentices so trainee positions tend to go to those at the start of their careers fresh out of school, college or Uni.
For the above reasons many set up self employed either to gain the experience required to buy their way into employment (jobs in exchange for a stable of clients) or as an end in itself.
The danger there of course is that one lacks the experience to understand how much you won't actually know at the start.
For that reason I personally would advise holding off setting up until you are qualified, then gain the experience in a self employed capacity, but do not move up to MAAT until you have the experience otherwise you will hit issues over not being able to get a practicing certificate in order to do the work you were doing before you moved up in status.
Once you have experience and qualification roles will start to open up. Perhaps temp roles for starters but they can lead to permanent roles.
If you can, stay employed in another field until this side of the fence takes off as the money accross here can be both dire and intermittent when you are just starting.
You do have a good advantage with the background that you are coming from as the banking and accounting mindsets are very close. You have also made an excellent choice of professional body with the AAT.
Good luck with everything David and I look forwards to chatting a lot over the next few years as you move into this field.
kindest regards,
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.
Yeah I think the link between banking and accounting (for me anyway) is the black and white nature of numbers, balances etc i.e. there's a right way and a wrong way! Compared to the airy-fairy "there's no wrong answers" in retail!!!
You've given me real food for thought there - I appreciate it greatly. The reason I'm doing some groundwork now is that I'm fully committed to this career change and don't want to miss a trick. With a young son and a mortgage to pay I can't continue on the employment merry-go-round within the retail sector, plus deep down I believe this is what I SHOULD be doing with my career and its something which I feel I can excel at.
Anyway - dare I ask which Bank? Just nosey. As Shaun says - mine was NatWest (and RBS after they took over in 2000, although I managed to stay on a NatWest contract until they forced me onto an RBS in my final year, when I managed to engineer my redundancy). So 28 1/2 years in total. Then I stumbled into this game about 3 years ago and have to say this site has been a massive help and I for one couldnt do without it.
Dont need to add anything to what Shaun has put re your new chosen career other than good luck with it and with your attitude of the right/wrong way you could go far. If you get stuck with anything then sling your question on here.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
I'm in good company :) I started out at the RBS and then transferred to NatWest after 2 years when a couple of opportunities came up. Started as a cashier and by the time I had left had managed to get a manager's position. Just 4 years in total for me but I joined in 2008-2012 so was interesting seeing the transition during the economic downturn. Frightening differences between what I joined and what I left.
I will be sure to keep close to this forum. Already I can see the benefits and the support provided will certainly aid me in my journey.
I always say it went downhill after I left! lol. Which was Nov 2007. I still see a few of my old colleagues and the best thing I did was get out when I did. TBH it was never the same after 2000, but I had a fabulous Career in Corporate Banking so Im not complaining really!
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
