Life as an accountant

3 years isn't that long. You have to look at what you want to do in 10/15/20 years time. Also, working in a small practice or not having financial services experince is a significant disadvantage if you want to work in financial services, as employers look for people with experince, as there is a steep learning curve in the sector.

However if you feel that your future lies outside Dublin, and in industry or practice as opposed to say, financial services, you may be better suited to a smaller practice. Be prepared to work for less and have less entitlements to study leave etc., but that is a trade off you will have to be prepared to make.

As Kiddo points out, there are other options such as ACCA that you can persue if you feel that you don't want to be tied down for 3 years. However, I would take the view that 3 years is a fairly short period of time in the context of your career.
 
I am just pointing out that studying ACA with Big 4 is not the only way to become an accountant, there are other options.

Re Financial Services jobs...surely the oppertunities would be limited to those who have Financial Services audit experiance? Do all trainees get this?

Some people are suited to Big4 practice some are not. I know from talking to others that it wouldn't be for me and I have always steered clear. Another popular option is to train in a small pracitce and move into Big 4 for a year or two. I know a couple of people who have done this.

I'm also pointing out that as an ACCA student you have the freedom to move jobs and can get the exams out of the way quicker. I worked in Financial Services for a while before I qualified, but didn't like it and moved back to practice.

As for the extra study leave...aren't most Big 4 students taking extra study leave in lieu of overtime?

It also depends on the practice re salary...as with most jobs some pay better than others. In my last job I was being paid at least €5k more that I would get in Big4...so it does vary.
 
ACCA is also very well recognised world wide, which is nice to know if you wish to travel as an accountant. I believe New Zealand has a shortage of Accountants and ....men interestingly?
 
Kiddo said:
Re Financial Services jobs...surely the oppertunities would be limited to those who have Financial Services audit experiance? Do all trainees get this?
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I had no Financial Services audit experience but now work in the area, so this isn't necessarily true

Kiddo said:
As for the extra study leave...aren't most Big 4 students taking extra study leave in lieu of overtime?
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I think Big 4 firms tend to be more generous with study leave than smaller firms.
 
With all the argueing between ACA and ACCA I though I'd give the CPA a mention
Irrespective of snobbery on par with ACCA even if they won't admit it
You also have the freedom to train in practice or industry
I am a trained CPA but was given ACCA by applying for it and sitting an interview (throgh a reciprical agreement between the institues)

Just to give a quick run down of my career path

I started a IATI course after the leaving cert and after 2 years of this post elaving cert couse started CPA with exemptions from the first year and half of the second
There is not a necessity to go to university or college to become an accountant
After all most studying will be done through night course depending on which designation you decide to with

I trained in two small practice in Ireland with a short stint in the tax office between both
I moved to London when qualified and workled there for two years in, by Irish standards, a medium sized practice, with some pretty large clients
After that I went to Barbados for two years working for a Big 4 firm

When I came back to Ireland got a job as a financial controller part-time and got my own practicing cert
Now run my own small (but growing) practice

The Big 4 experience is valuable (in some ways) but the small practice experience is what is relevant to what I am doing now
If I had not got that and trained in a Big 4 firm I would not have enough knowledge to go out on my own, I believe
But unless you see yourself running your own practice I'd say stay away from training in practice as you will probably get better paid in industry and defiently will in financial services

Hope that helps

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I'm an accountant 11 years, no big 4 experience, choose the ACCA route as was very flexible so I could gain my experience through temping, I'm now in middle management and have made the progression through experience and not having to work all the hours God sends, comfortable lifesytyle and if I wanted to go further I could but my lifestyle is fine and I'm happy.
If I was hiring in the morning big 4 experience is huge and a definate advantage over someone without it.
I managed without it but from a management perspective, big 4 is a critical requirement in an ever compliant industry
 
Are the exams majorally different between ACCA and ACA? If so, is it alot of work to getboth qualifications? Is it an advantage to have both or not necessary?
 
I would say the examination are probably similar enough,

I wouldnt see the need to have both qualifications as you could probably go for same jobs with either. I would say to have the Tax exams or Corporate treasury exams and/ or ACCA/ACA would be a better choice for you if you wanted to keep doing exams
 
In our experience regarding recruiting from the big 4, unless they have audited similar companies as ours in their training, there is little advantage over any other qualified accountant who has no experience of the business. Any immediate benefit from a compliancy point of view would be quickly negated if we ourselves were not so diligent in continuing professional development. Accountants have an onus to keep up to date with standards and ethical requirements themselves. After a few years experience, whether they be CIMA, ACA, CPA or ACCA the good ones will always rise to the top.
 
Ok,

I think if you want to be an accoutant & get the opportunity to train with Big 4 I would defo go for it above a smaller practice...........better pay, greater flexibility in terms of time off, more opportunity to widen experience & go abroad on secondment etc. also great college-like enviroment among all the trainees.
Only thing I would say is that if you don't eventually want to go into financial services make sure you arent put in this dept as it is very hard to find your way out of this area (not so bad going other way around)
3 year contract is hell at times but worth it in the end........ & defininitely better job prospects immediatly after qualification (though this prob lessens later on in your career)

Good luck
 
Just to put a countrywide perspective on it, I work in practice in the west, in a fairly big local firm. For new trainees starting off last year, the basic package was €11,500 p.a. Good experience in all areas I suppose, but for that money you wonder whats the point of going to college for 4 years. Not just our firm either, same starting pay in nearly all firms in the area.
 
Money is accountancy practices can be pretty poor.

Size of practice can metter little.

Hours can be un sociable.

Got out of it myself and went back to college - I am now back to sqare one.

I will not be returning to public practice.

I could name and shame a couple of big practices but I think bad working conditions is far more common than not.
 
Money in Big4 is a lot better than small practices - starter this year I think were on €25k ......... no great for someone with a degree/masters but get pay increase every year & after pass FAEs goes up considerably. Most of the Big 4 are paying so well now that if you leave you take a pay cut.

In saying that everyone thinks that accountants are loaded but wages arent really as good as other professions - ie lawyers etc. In fact a good plumber prob earns more......
 
Especially in the first few years after qualification and when you consider that tradespeople get paid for their overtime. In a lot of cases newly qualified Accountants work long hours for a salary and average bonuses. There is great opportunity though for high earning potential as you get more experienced.
 
Anybody considered the personality traits required (am I'm not referring to the "borin basted" sterotype).

You need attention to detail, diligence, probably a bit of greed as not huge motivation outside of money and maybe, generally, liking doing a good job.

Probably not for someone who has to love their work, or who wants to feel what great good they are doing for the world - not a dreamers profession.

Should people at leaving cert be encourged more to weigh up whether, given the demands of the job and what you get out of it, its "for them". Its seen as a nice safe lucrative professsion but if you're a bad accountant there arent too many places to go.......
 
Bonafide said:
As opposed to Tax Consultancy? ;)
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God help us no !!

I suppose the odd one "dreams" up something creative but most batter away and hold their indemnity insurance policy tightly while they sleep :D
 
I disagree with the comment about not being passionate about accountancy.

I work as an accountant in a small company, doing everything from debtors/creditors to year end accounts. I always loved figures at school. I love spotting a figure which looks unusual, then looking up transactions, finding out an explanation. I also like the debt collection most of the time. I like lodging X amount of money to the account, trying to get discounts from suppliers. I love it when the cash flow works right and there is a nice healthy bank balance. I also

I think that if you are a bad accountant, you will be found out, as you need to be very accurate.
 
I disagree with the comment about not being passionate about accountancy.

I work as an accountant in a small company, doing everything from debtors/creditors to year end accounts. I always loved figures at school. I love spotting a figure which looks unusual, then looking up transactions, finding out an explanation. I also like the debt collection most of the time. I like lodging X amount of money to the account, trying to get discounts from suppliers. I love it when the cash flow works right and there is a nice healthy bank balance. I also like

I think that if you are a bad accountant, you will be found out, as you need to be very accurate.
 
Sorry, posted twice.

I also think that the big money is a myth, and that you have to work in a large company in a senior role to earn really good money. Even then, you have to work so many hours, that the pay only averages out at a reasonable amount per hour.

Smaller companies, and in particular practices just don't pay well. I qualified last year, and I am on 28K. (Prior to this I was on 23K) I have to do all the accounts and payroll for this, work well over the 40 hrs a week. I haven't taken hols yet in this job, as I darent think of the backlog.

In fact trainee accountants would be as well off to work as accounts assistants while studying for exams as they would earn more money.

If you are motivated by money, I don't think accountancy is the profession, unless you are prepared to open up a practice.

The good thing about accountancy, as with office work, is that it is a 'sitting down' job, and you are inside out of the cold weather. The money is reasonable when you are qualified as compared to a shop assistant, but not brilliant.
 
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