Changing Career: Engineer to Accountant

Zekko

I have a degree in mechanical engineering, and have been employed in engineering since leaving university for the last 5+ years. Last year I was promoted to engineering manager, but over the last 6+ months I have come to the conclusion that engineering management is just not suited to me as I prefer to get into the details of problems rather than 'manage'. I have therefore been thinking about other employment opportunities, and also harboured thoughts about completely changing career to accounting.

I am analytical, good with numbers, have a keen eye for detail, and enjoy solving problems and believe these would be well matched to a career in accounting.

How feasible would it be for me to be able to forge a new career in accounting?
Has anyone else done similar? What should I look out for?
Any advise appreciated.

Kynthia

I did a Mechanical Engineering degree but realised it wasn't for me immediately. I worked in admin for a bit before realising I liked finance and accountancy. As I had no experience I started studying the AAT and I've now completed CIMA. I've been working in a large finance department for about 8 years now, been promoted three times and had some sideways moves meaning I have a challenging and interesting role (sometimes very stressfull though).

I'd really recommend CIMA to you. With your experience and abilities you would probably do well and CIMA in particular will suit your engineering background. CIMA is made up of three strands; the performance pillar is all about costing, performance measurement, variance analysis, ABC, pricing, moving up to risk, governance, internal audit, etc; the enterprise pillar starts off with marketing, HR, IT, moving to project managment, leadership, strategy and moving onto the strategic direction the company, environmental analysis, SWOT, etc; the financial pillar is your typical accounting with balance sheets, cash flow analysis, group accounts, moving up to borrowing, company valuations, share pricing, etc. The operational level starts you at an Accounts Assistanct level and you end up at Financial Director level which i really enjoyed.

It's very much about learning to be a managment accountant in business and you could combine it with your engineering background. Many CIMA accountants and engineers end up in senior management or you could do project accounting working in the production industry.

getmore4less

Could be the industry you are in rather than the engineering career choice.

Same can apply if you change to accounting or anything else.

Lavendyr

I worked in publishing for two years before training as a chartered accountant. A colleague of mine worked in engineering (not sure which type - either mechanical or civil) before he changed career and became an accountant. It's totally doable and you should still be able to get onto a graduate training course.

If you want to work in practice you'll tend to study for the ACA (chartered accountant) or ACCA (certified accountant). You can go into practice working in a number of disciplines - for example audit, accounts preparation, tax etc.

On the other hand you can work in industry which broadly means working for a company which has a finance function. You're more likely to do ACCA or CIMA (management accountancy qualification) in practice and are more likely to be working in management accounting (cashflow, budgets, cost control, analysis etc) or financial accounting (preparing monthly accounts for senior staff, statutory accounts etc).

I work in practice which suits me much better as it's more varied and you get exposure to a lot of clients and businesses - particularly audit as it gives you a great chance to get to grips with how lots of different types of business work. However practice isn't for everyone - some people far prefer working in industry.

As I said, you could probably still qualify to get onto a graduate training course either at an accounting firm or in industry. You would need to be prepared to start from the bottom again, although any previous experience in business will probably help you soft-skills wise.

If you want any more info on training contracts in practice, feel free to PM me

saintjammyswine

You can get to Level 4 AAT Qualified in 1 year (fasttrack courses available) and will cost in the region of £2.5 - £3k.

Zekko

Thanks everyone. I appreciate the responses.

If I want to begin studying for the ACCA via a graduate training course it is possible that I may be too late to apply for entry this year?
I understand there is an element of on the job training required in order to achieve the full ACCA qualification, so I assume that many firms are still prepared to hire trainees still learning the ropes, or perhaps this is all set up through the graduate scheme.

In terms of starting the career from scratch, I would be fully prepared for that situation. The long term goal of course is to be employed in a career which will better suit my skill set.

dizzyrascal

Zekko wrote: »

If I want to begin studying for the ACCA via a graduate training course it is possible that I may be too late to apply for entry this year?
Yes you are as most graduate recruiters will have filled their posts as the schemes tend to start in September of each year. However, graduate schemes for the large accountants will almost certainly want you to take the ACA route or you can't audit(even if you end up doing tax or another specialty)

I understand there is an element of on the job training required in order to achieve the full ACCA qualification, so I assume that many firms are still prepared to hire trainees still learning the ropes, or perhaps this is all set up through the graduate scheme.
Smaller, more local firms might have an all year round recruitment cycle or it might be worth looking on Target Jobs or Prospects to see who is recruiting now. Actually most of the larger firms are about to start their annual cycle of recruitment now but for a 2013 start.

In terms of starting the career from scratch, I would be fully prepared for that situation. The long term goal of course is to be employed in a career which will better suit my skill set.

This is not as strange a move as you might think. Engineers become accountants more than you think

Can you get to a Graduate Careers Fair locally and have a chat with some of the firms, the professional bodies like ACCA and ACA are usually there too. I would have a look around your local area too. You have a lot to offer with your work background and a smaller firm might be just what you're looking for, especially if they have links with engineering or manufacturing clients.

barrywhittakerbmw

Zekko wrote: »

Thanks everyone. I appreciate the responses.

In terms of starting the career from scratch, I would be fully prepared for that situation. The long term goal of course is to be employed in a career which will better suit my skill set.

If you have time to spare and are fully prepared then go for a full time degree at the uni. Nothing beats that. But, if you would like to learn and use the practical knowledge while learning then go for distance learning from a recognized service provider. It will help you to learn and earn at the same time. If you like accounting and want to make a career in it, then make sure that you are thorough in the basics and do not skip out on any subject or course area. There might be fast track courses available, but my bet will be to stick to courses which really help you in learning and which do not just hand out certifications. In the long term you want to learn what accounting is and use it in your field of work. Studying the basics and working your way up will also allow you to get certain exemptions for further courses.

dizzyrascal

barrywhittakerbmw wrote: »

If you have time to spare and are fully prepared then go for a full time degree at the uni. Nothing beats that.

But the OP already has a degree so he would not get any funding and would have high fees to pay.
Also, I think it has been established on here many times, that you do not need a degree to become a qualified accountant.

Lavendyr

dizzyrascal wrote: »

Yes you are as most graduate recruiters will have filled their posts as the schemes tend to start in September of each year. However, graduate schemes for the large accountants will almost certainly want you to take the ACA route or you can't audit(even if you end up doing tax or another specialty)

This isn't quite correct. You can audit with ACCA, but in order to be able to sign audit reports (which OP won't be doing for several years anyway!) you have to get the ICAEW (who do the ACA)'s Audit Qualification. Which is exactly the same as is required if you do ACA. You can do either ACA or ACCA to work in audit. My firm accepts school leavers into audit - most of them do ACCA (although you are right that most graduates - certainly in Big 4 firms - will do ACA).

dizzyrascal wrote: »

But the OP already has a degree so he would not get any funding and would have high fees to pay.
Also, I think it has been established on here many times, that you do not need a degree to become a qualified accountant.

Agreed 100%. Also a degree in accounting & finance won't get you any further than the degree you already have - it may get you a couple of exemptions from ACA/ACCA exams but that's about it. Absolutely no point in racking up further fees for another degree.

Even if OP had no degree at all, he could still get into accounting with good enough GCSEs and A-levels.


OP - most graduate routes will be full for this year, but some may have drop-outs due to graduates not making their conditional 2.i offers etc. Best way is to look at the various accounting firm's careers websites and see what's still available. I think some firms do later entry as well.