Can I become an accountant/work in finance after discharge?

casterlyrock

I'm nearly 30 and unemployed struggling to find a job. Went BR in May earlier this year. I need a new career, long term and finding it tough to find a solution. I don't want to go to university as it'll be 3-4+ years of earning pennies so looking for careers I can enter that don't require university.

I've never worked in the finance industry before and have no experience. One career I have looked at is becoming a chartered accountant, mainly because it doesn't involve a mandatory degree and I can complete the required study in my own time even if it takes a while.

The problem is, clearly, that I'm currently bankruptcy. My discharge date is May next year. Is it feasible for me, nearly 30, discharged from bankruptcy to become an accountant and find employment? Obviously I will have a large gap on my CV that won't help me but I'd like to think there would be at least one firm out there that would take me on as someone who has studied in their own time to retrain in a different career.

Bankruptcy I see as a fresh start, a new beginning of responsibility. I hear things like "why would someone take advice from someone who has been declared bankrupt?" and my reply would be that as a bankrupt I am better placed than a lot of people to know to be wary about my money in future.

Or will the bankruptcy marker be a huge no?

GazHatesBanks

You would need to check with the relevant accounting body that you would be studying with (ACCA, CIMA, ICAEW, etc.) as to whether or not they accept students who are/have been bankrupt - I know that CIMA for example will not cancel a membership because of bankruptcy if you are qualified (unless you were fraudulent), but I don't know their current policy for students. All institutes will expect you to declare the previous bankruptcy though.

There is no legal reason why you should not work as an accountant as accountancy is not a protected profession, but without relevant experience/qualifications you would struggle to find employment above general clerical level.

You may find it easier to look at management accounts roles rather than financial accounts as there are fewer issues with getting access to bank accounts and being internal reporting only, it's solely down to the manager/director of the business (personally I find it more interesting anyway!).

I personally haven't had a problem in getting jobs after bankruptcy, in fact two of my employers do/did look on the positive side of "Well at least you know how a business fails and what to look out for" (the reason for my bankruptcy was a business failure - nothing to do with accountancy though!).

The areas where BR is a big no is anything regulated by the FCA (so IFA, mortgage advisor, insurance, etc) or within the legal profession.

TBagpuss

I don't think it is an absolute bar, but you would have to declare it when applying for membership of any professional body.

I think it is probable that you might then have t attend a formal interview or assessment. While it is not the same thing, I know that a friend of mine had to have a formal interview with the Law Society before she could become a student member, because she had a 12 year old caution for not paying a tube fare. They did allow her to become a member but I am not sure whether that would have been true had it been more recent or more serious.

Try asking the Institute of Chartered Accountants http://www.icaew.com/en/contact-us

casterlyrock

GazHatesBanks wrote: »

You would need to check with the relevant accounting body that you would be studying with (ACCA, CIMA, ICAEW, etc.) as to whether or not they accept students who are/have been bankrupt - I know that CIMA for example will not cancel a membership because of bankruptcy if you are qualified (unless you were fraudulent), but I don't know their current policy for students. All institutes will expect you to declare the previous bankruptcy though.

There is no legal reason why you should not work as an accountant as accountancy is not a protected profession, but without relevant experience/qualifications you would struggle to find employment above general clerical level.

You may find it easier to look at management accounts roles rather than financial accounts as there are fewer issues with getting access to bank accounts and being internal reporting only, it's solely down to the manager/director of the business (personally I find it more interesting anyway!).

I personally haven't had a problem in getting jobs after bankruptcy, in fact two of my employers do/did look on the positive side of "Well at least you know how a business fails and what to look out for" (the reason for my bankruptcy was a business failure - nothing to do with accountancy though!).

The areas where BR is a big no is anything regulated by the FCA (so IFA, mortgage advisor, insurance, etc) or within the legal profession.

Thanks for the reply. Why is BR a big no in anything regulated by the FCA or legal profession? Even if discharged it's a no? I was considering becoming a solicitor (I worked previously in a related industry and did well at A-Level Law) but you're suggesting that I would be barred from taking a contract or anything like that?

My bankruptcy was not company related, it was personal bankruptcy due to mismanagement of debt over several years but thankfully have now seen sense and I am far more responsible now.

Going down the accountancy route is a big consideration for me as I don't wish to go to university and this seems one of the only professions that would satisfy me that doesn't require a degree.

I wouldn't want the fact that I have BR marker against me previously (although discharged) to be held against me for years in any career I choose. Ideally I want to get a clear idea from any governing body whether I would have a realistic chance of pursuing that career.

Another factor to consider is whether I would be employable by a firm too.....would accountancy firms in general hold it against me even if the governing body allowed it?

GazHatesBanks

It's not that the SRA won't allow you to be a solicitor at all, but there are a number of hurdles you would need to clear first.

One of the primary requirements is to pass their suitability test which includes financial evidence. See the link here and scroll down to 5.2 which suggests that in most cases, they will want to see a sustained period (presumably years) of you being able to control your own finances in a fit and proper manner. I don't know whether or not this stops you from studying and taking the exams in the meantime though.

I have less knowledge of the FCA's requirements, but as I understand it they have similar requirements to the SRA.

As to whether or not you would be employable by an accounting practice, that depends on the practice themselves and the role you would be undertaking. Some practices will ask you about your financial history, whereas others (especially the top ones) probably will. I would check with the institute first and if they have no objections (or you can meet those objections) then maybe try calling a few practices or recruiters in the area - this would give you a better idea of potential future employment.