Career development vs Pay

getmore4less

There are plenty of options that offer a career for life many won't be a job for life and the career could well evolve into something quite different to where you start.

Sometimes it is understanding where you fit in to the bigger picture

Even within accountancy you will have those that can do the basics understand enough to pass the exams and become nothing more than advanced bookkeepers.

The more creative and self learners will rise up to bigger challenges

If you are struggling in the data analysis world how far do you think you can get in accountancy?

When it comes to money industry is important, finance will nearly always pay more than most other sectors, once out you may not get back in.

I would be exploring where you can go in the current company first.
do they have a development program where you can learn more about the business through secondments to other groups(even the ones you think you don't like).


Also I think you are wrong in thinking your current jobs developing skill set may not be transferable just because a sector is quite niche a lot of skill will transfer.

Youngsaver

Jay Ritchie - Thanks for the detailed response. I am aware that some study support packages actually offer little "support". My plan would be to stick at the accounts role for at least 1 year, if there is little development or unsatisfactory study support I would then look elsewhere.
There is a lot of study involved, but I would prefer to spend the time now when I have few commitments, than later in life. I do not want to spend the next few years struggling in IT to only change to accounting when I have more commitments (mortgage, family etc).
I also feel data analysis/IT is so broad it can be difficult to know well, my manager could put me on a few courses and I still might not have great understanding of key topics (eg SQL, R, Python, AI and how the company's back end systems work)
I have been on your third route for several months (actually been in my role closer to 2 years than 1). I registered as an ACCA member, paid for my 1 exemption and bought the books for MA and FA a while ago. I have spent the last couple months revising after work so I am further along and so I have an idea what it would be like if I do get an accounting position.
Accounting graduates come out of Uni with 7 to 9 exemptions, I don't plan to self fund that many. Therefore I think getting a lower paid position now and gaining experience would help me progress faster (also I am not currently competing with accounting graduates, should be more likely to be offered something)

SavvySue - If I am offered the role, I will speak to my manager shortly after. I feel I spend a lot of time doing manual work, which is in the process of being automated (greatly reducing my workload). However, my manager may see it different and it is definitely a good idea to find out their opinion. Regards to the internal roles, the suitable positions are customer service based in the different departments . I do not think I would enjoy or perform particularly well in that area.
I have read up on the training policy and for non work related qualifications, they offer little support. Work related they offer very good support, but I would struggle to get a relevant position.

Youngsaver

Getmore4less - Some valid points. There is no guarantee I would be better in accountancy. But if I feel I cannot keep up in data analysis, surely it is worth trying something else.
They do offer a development program for 1 year, however I would prefer to try the accounts assistant role. I know there are areas I am not keen on in the development program, if I got on it I could just be in the same position next year and it would feel like a year wasted.
I have looked at job specifications for analytical roles at other companies and they pretty much all specify comfortable with SAS (I have some knowledge, far from an expert. This is something I feel I could learn) as well as other things I don't know and would struggle to learn (R, python etc)

It is the coding side of things I really struggle, the actual analysis I am comfortable with. To get anywhere in the field I would at least need to possess strong SQL knowledge and one other language

sst1234

Your current role sounds like it’s in a growth area. Data science and machine learning are the future because they are the backbone of automation. The new role, on the other hand, sound like is in an area that will fall victim to automation.
From you post it’s not too clear, what skills you are lacking to excel in your current role. Does it require you to be able to code, etc?
At surface level, your current role definitely sounds like it’s worth sticking with, perhaps with some further training and qualifications to close your skill gaps.

Youngsaver

Currently I am able to get by with minimal SQL and using SAS. However, I'm quite confident in the future I will be required to possess greater coding knowledge and the ins and outs of the various systems used in the organisation. I have done a little self-study in R, Python and SQL. I understand some of it but do not think I will ever be "fluent".

I have gone through the study text for the first 3 ACCA exams and understand this much more, obviously the later modules will be more difficult but I feel I have a better chance of passing the exams than learning various coding languages to the level needed.

I took the data analyst position thinking I would have a lot of guidance from my team and in depth training (over time), but so far I feel like I have been shown the minimum to get the job done and then just left to do it. I asked about further training in my end of year review, to which I was pretty much told find a course I think will help and they will decide if it is worth doing. Before I decide to leave, I will definitely discuss this with my manager.

I disagree that accountants can be replaced by automation (anytime soon anyway). I know of software like quickbooks which can help with some things, but this is not an alternative to having an accounts team. There will still be a need for accountants to explain the information from the automated system to others within the business

Savvy_Sue

Youngsaver wrote: »

I disagree that accountants can be replaced by automation (anytime soon anyway). I know of software like quickbooks which can help with some things, but this is not an alternative to having an accounts team. There will still be a need for accountants to explain the information from the automated system to others within the business

Certainly the bookkeeping side of things is much reduced within our organisation, at least it will be once we get the hang of the automation! I'm on the periphery, but if invoices are sent to the 'right' email address they end up in QB, and if we've coded that supplier correctly then the codes are correct too. Expenses: we now take photos of receipts and email them, a manager gets to 'sign them off' by some magic which is beyond my comprehension.

Yes, someone needs to check and explain all of this, and get it set up, but the low level work is diminishing, as far as I can see. Which might mean that this is not the time to head into the field unless you're aiming high.

jonnygee2

Accounts are already automated in most places to a high degree, but you still need human beings to do things like quality control and reconciliations. Those people aren't being replaced any time soon, especially given the compliance risks around inaccurate accounts.