Is this a realistic way of becoming an Accountant?

Starblossom

Hi

I am new to the site and would like it if I could get some opinions on my future planning.

A little background. I have recently become divorced after leaving an abusive marriage. I am now happily raising my 4 small children on my own. Unfortunately I was a SAHM when I left so no job to help, so have had to go on benefits. I have been looking for a job/jobs that would pay my bills but none for what I am qualified for even cover the cost of childcare. I have been thinking of how I can improve this and be able to support my children myself decently.

My experience is in Accounts. I have worked in Accounts departments in small companies for over 10 years, but the work was fairly basic: Purchase Ledger, Sales Ledger, Petty Cash. I do like working with figures and always liked these jobs, so I figured going to the top will give me the oppurtunity to support my family and career satisfaction.

How to get there? I would love to do my degree, but the childcare issues at this time make it too hard. So I thought while I am at home with my children I could study for the IAB qualifications in Manual book-keeping and any other (payroll for example). Then when my youngest is in school I can try to get a job as a book-keeper and earn a bit more than my previous jobs and gain experience.

I thought then I could try and get a job as a Book-Keeper in an Accountants and do my degree part time and take it from there.

Is this realistic?

Thank you for reading this I look forward to your replies.

bobajob_1966

Have you looked at OU?

Owain_Moneysaver

You could look at AAT - as well as being a recognised qualification in its own right, it counts as UCAS points for entry to university and many universities allow fast track entry to the second year of an accountancy degree, or you can take a non-graduate route to chartered accountancy.

Starblossom

Thanks for your replies.

I did think of OU, but of two places I worked previously the employers had dim views of the OU degrees and prefered their employees have them from "real universities" their words not mine.

I have thought about AAT, I didn't know about the fast track. I was weighing up what I can do at home versus putting youngest two into childcare and going to AAT course at college next town away.

All your thoughts are appreciated so I can work out which is the best path.

Thanks x

MoneySavingUser

Owain_Moneysaver wrote: »

You could look at AAT - as well as being a recognised qualification in its own right, it counts as UCAS points for entry to university and many universities allow fast track entry to the second year of an accountancy degree, or you can take a non-graduate route to chartered accountancy.

I would agree with this - the AAT courses are often part-time and you could look after the kids/work the rest of the time maybe. You should be able to talk to your local college to see what the timetable is and discuss with a tutor.

(Or you could do it by distance learning) - you might be eligible for help with course costs if you are on benefits but I am not sure.

(they may also allow you to skip a level based on previous experience - see: http://www.aatskillcheck.org/home.aspx)

AAT will allow you to fast track onto ACA, CIMA or CIPFA - not ACCA I think (As they have their own technician qualification called CAT) but people do tend to go onto ACCA after AAT anyway

I wouldn't recommend the degree route as for you experience and getting a qualification like AAT etc. will be more important.

Some places regard OU as good, some don't but as mentioned I don't think it would be the best option as you'd still need to get experience and do some qualification

IAB/Payroll can be a good way to get into the habit of learning again but direct to AAT might be preferable

edit: might not be possible due to your childcare needs but you could try local charities to see if they need any bookkeeping etc. help - try http://www.do-it.org.uk/

Starblossom

I can see what your saying regarding AAT and experience, it is starting to make more sense. I think I will ring the College on Monday and see about timetables, costs, childcare options etc.

When I looked previously (although not thoroughly due to change of tactics) I couldn't see a AAT course run via distance. I'll have to look more.

Thank you again for your wisdom.

MoneySavingUser

Starblossom wrote: »

I can see what your saying regarding AAT and experience, it is starting to make more sense. I think I will ring the College on Monday and see about timetables, costs, childcare options etc.

When I looked previously (although not thoroughly due to change of tactics) I couldn't see a AAT course run via distance. I'll have to look more.

Thank you again for your wisdom.

http://www.aat.org.uk/content/item2634/

http://financial.kaplan.co.uk/TrainingandQuals/DistanceLearning/AAT/Pages/default.aspx (Kaplan also have classroom/online courses - http://financial.kaplan.co.uk/TrainingandQuals/Accountancy/AAT/Pages/default.aspx & http://financial.kaplan.co.uk/TrainingandQuals/Learn-Online/aat-courses-online/Pages/default.aspx)

Though from what I hear colleges can be cheaper and more flexible but you'll need to research this

http://www.bpp.com/courses/examination-courses/accounting--finance/aat.aspx

googling 'aat distance learning' will find more providers

You may also consider getting some cheapish books to brush up some computer/tax knowledge etc:

http://www.amazon.co.uk/Sage-Accounts-Dummies-Updated-2011/dp/0470715588

http://www.amazon.co.uk/Handbook-2011-Which-Essential-Guides/dp/184490119X/ref=sr_1_1?s=books&ie=UTF8&qid=1317501277&sr=1-1

donquine

A university degree is a route into accountancy, but it's not the only one and it's not the best one. It's just a route.

If you study for the AAT qualification, you will be eligible to train to be a chartered accountant, same as a graduate, but you won't be saddled with student debt, you'll likely have lots of relevant work experience (which may well swing things in your favour if up against a graduate for a chartered training contract) and you'll have a good solid entry level professional qualification to your name.

For someone like you, who sounds as if she knows what she wants and is prepared to work hard to get it because it's important to her, I would recommend the AAT route. University is a great way for the indecisive to spend three to five years of their life (you can train to be a a chartered accountant with any degree, not necessarily an accountancy degree), but if you're dead set on accountancy, there's no need.

Once you're a chartered accountant (either CA or ACA, both are broadly equivalent), your lack of degree will not hold you back. Equally, if you have a degree, it won't be advantageous. Professional qualifications are what count.

Sounds as if you have a long slog ahead of you, so good luck.

Owain_Moneysaver

There are also good opportunties at the accounting technician level, and also opportunities for part time or working at home doing small business accounts and tax returns (below the level at which audit is required).

duckandcover

I've met with may people who were once in your situation and the AAT route seems to be a very popular one in these circumstances!

Carl31

The AAT Qualification would allow you exemption from the first 3 papers of ACCA, and first 5 in CIMA

if you wish to be professionally qualified, AAT alone would not be enough, and you would have to continue with ACA/ACCA/CIMA or one of the other professional quals, depending on where and how you wish to work once qualified. For example ACA/ACCA type quals tend to lean towards the Financial side of accounting, and are often preferred by practice type employers or to follow a self employed route, where as CIMA is targeted more at industry jobs, it tends to focus more on Management accounting, Forecasting, Budgeting and Financial management

If your intention is to go professional, i would advise bypassing the AAT qualification, it will just take longer to reach your goal. Both ACCA and CIMA offer mature student entry, with the first level papers all having Computer based Assessments (CBA) for the exams, meaning you can sit the exams when you like. Realistically you could gain the equivalent of the AAT qual within 6 months

Just to add, the ACCA offers an additional degree option if you study with them. It requires a little more work though

Im nearing the end of my ACCA now, i have a family and full time job as an Accountant in industry. I will warn you now, its a long slog, its very much worth it but it requires utmost dedication. Its certainly not something to enter into if you are not committed and interested in the profession. But i think its an extremely rewarding and diverse career options out there