Mid 30 career change with CIMA -realistic?

AP007

Roselondon wrote: »

Thanks, AP007. I think I would have to start going after it and try each approach before I know how I could make it happen. But I am prepared to start from junior level or as a trainee. It's fair but promising as long as I am wiling to study for qualification.

Lots of competition out there though now and lots of qualified people out of work

good luck

Any

You seem to have absolutely no idea what any of the professions actually do.
Before you progress to management accountant you will be "an accountant?". To be an accountant you could do for example ACA and I am sorry to say you cannot say I will be "just" that before I will be the other!! In the end they can both do each others job, in theory. But it is a high up qualification!!

Perhaps you meant bookkeeper?

CIMA requires some understanding of financial accounting. But often they are not strong in technical details of financial accounting. They are taught business modelling and interpretation of numbers.

Financial accountants knows the detail and can interpret accounts, therefore can be management accountants. Depends what the firms wants. But theoreticaly their detail of the business processes themselves are more limited.

Historicaly ACA were financial accountants often working in the financial industry - practices (accounting firms).

ACCA is now the international "equivalent" of the ACA. Many argue this point, as ACA are "posh" boys if you like and nothing equals to them. While ACCA was seen for long time as the "local comprehensive" in comparison. In fact now it is ACCA who is on board of discussing and advising international accounts laws and regulations.
But ACCA is mainly financial accounting, with some management papers and modelling techniques too.
Often work in both practice (accounting firm) and industry (accounting dept of a company).

CIMA are more business minded then number minded, as I said above. Very often working in industry. And they cannot sign accounts off, because they are not technicaly accountants per se.

But saying all this, a person also makes a job. The completely right type of qualification is just a detail. I know of CIMAs that lead the whole finance department and I know of ACCAs that advise companies based on management accounts and model them for them.

The day to day job might vary as hell in industry, depends on the size of the department. Because ultimately company needs to technicaly account for something AND know what the results mean. And sometimes in smaller companies you need to do both, meaning by experience you need to be able to financially account and interpret and analyse.

I feel from your posts that your "flaws" are not only about not selling stuff, but also about great deal of interaction, am I right?
Often management accountants have to put their point accross and explain and try to make management see consequences of actions/no action taken. Simulations to be done. Reports to be written and presented.

Are you up for that?

On the other hand you can be analyst really only sitting at your computer and do your analysis and modelling and then pass your results onto the manager and that is it.. depends on the company.

What I am trying to say - if you hope to be something else then a salesman that does not mean you have to be management accountant.

What do you do now??

Roselondon_2

Hi Any,

Thank you very much for the straightforward comments. It sounds like you do know the business. I appreciate every word you said here.

I know I have not much idea about what this career move is about. I'd like to put a few consideration clearer here...

I studied tax in university and worked in the Big 4 as tax consultant for two years. But I didn't like it - I thought it's boring, I was young and wanted to get involved in real business process instead of sitting behind the desk. Since then, I worked in supply chain and purchasing in engineering companies. And I also obtained the MBA degree a few years ago.

As I had a baby, I really prioritise family at the top of everything now. I would want a more or less fixed office hour and want the flexibility to work close to home. My husband suggested if I could look into changing back to accounting/finance-like type of role. I thought that's a good idea which also in long term help the household with a big more money.

Then I had to do some research about which type of role I aim to take. Based on my research and my preference (not in service), I found management accountant is probably the most suitable option.

So if you say that I misunderstood everything and shouldn't aim at management accountant, could you please make it more precise which route I should try? I know there's no guarantee on things, but as you said, I am not familiar with how things work, I can't see which way I shall approach to get a better chance for career path.

On the other hand, I think I am probably overqualified for book-keeping. By the way, I am not bad at communication at all, but my style is rather "over-genuine" sometimes and not "sophisticated" enough to make lots of games work.

Any

I've never said you are completely wrong in your research. But there were points that suggested lack of understanding of finance roles completely. Like "being an accountant" before you move on to management accountant.. because an accountant is a qulification in itself and actually if you are "an accountant" you need it to sign off accounts. So no point of becoming accountant (let's say ACCA) and then do same level slightly different direction qualification again - CIMA.
You would be better off going with ACCA to start off with actually, as most management accountant roles ask for ACCA or CIMA, no exact preference. At least around here. I am ACCA and I am management accountant in my current role (and funnily enough my boss is CIMA and financial accountant - note that he is boss and "an accountant" and the reverse in roles against qualifications. But he was qualified by experience before he even did his qualifications.)

Quite frankly I think that with experience in tax in the Big 4 and having MBA you might not necesarily need any extra qualifications. Though I think they might help. I would also not say you have no experience in finance what so ever.
In the old days, when there was really just ACA as the well known qualification (which was expensive, and often you had to work in practice and if possible in Big4 to afford it) people were working for finance teams in small and medium size companies without all these qualifications. Nowadays it is very different, but I wouldn't count what you've got as nothing.

You are over qualified for bookkeeper. But you are under experienced for an accountant.

I think you might be right about the management accountant being for you. Even a financial accountant would be suitable for your requirements of normal hours etc. Choice of company will be more important, as many both MA and A's work actually long hours, especially near deadlines.

What did you not like about tax? Because there is a lot of boring stuff in management accountant role too... pooring over analysis of expenditure is sometimes not the most fun!

AP007

You say

'As I had a baby, I really prioritise family at the top of everything now. I would want a more or less fixed office hour and want the flexibility to work close to home. My husband suggested if I could look into changing back to accounting/finance-like type of role. I thought that's a good idea which also in long term help the household with a big more money.'


Lots of MA's do not leave the office at 5pm either. Lots of hard work and overtime etc.

Roselondon_2

Hi Any, thanks for being frank and comprehensive on this. I can't thank you enough! :j

Yes, it gets clearer after you explained so much. I now have a bit more confidence to take the leap. I suspected I was about to undersell myself, but really I had little clue after being away from the sector for just over ten years...

About the boredom, I was young and wanted more exciting stuff and wanted to "see the world". Now it's a bit like - I've seen enough and think boredom might not be that bad and having fun at work is not the priority any more.

I do like business and operation in general but didn't enjoy the dark side of the story that much. I know, I would still have to deal with this even if I work in accounting/finance.

Thanks, at least I understand more or less my approach is probable the right one for me after all, even though it still largely depends on luck and selling myself.

Lizling

Roselondon wrote: »

Lizling, may I think you are a management accountant? If yes, could you please give some clue what the normal type of junior level staff is? Graduates with accounting degree or not necessary?

I'm not, but I did once have a job as an assistant management accountant. It was my first proper job out of university, after tempting in various accounts roles (general accounts assistant, accounts payable, that kind of thing.) I had an economics degree with some finance in it, which seemed a pretty typical sort of route in at the time. This was about 2005ish.

Roselondon_2

AP007, thanks. I know for the hours I would have to be slightly flexible. But at least, MA in commerce wouldn't be like those who work in banks or accounting firms!

Roselondon_2

Lizling wrote: »

I'm not, but I did once have a job as an assistant management accountant. It was my first proper job out of university, after tempting in various accounts roles (general accounts assistant, accounts payable, that kind of thing.) I had an economics degree with some finance in it, which seemed a pretty typical sort of route in at the time. This was about 2005ish.

Hi Lizling, thanks! I wouldn't mind to start with graduate opportunity (if there is any). My MBA also had some finance in it and my marks were quite good.

Any

I am glad I can help.
I am completely biased so I won't even say it out loud, but one more advice I would give you - look at the jobs you might be interested in in your area and what they require, then look at what each qualification offers that might interest you and compare them against each other and the job pool in your are.

Also look at the exceptions you can get due to your MBA.

Sometimes people jump from CIMA to ACCA and the other way round.. be confident with your pick from the start.