I have just passed my final 2 AAT exams. Before doing these I had no bookkeeping experience whatsoever. After a years studying I got a job doing books using SAGE for 4 pubs and a restaurant but unfortunately the company went bust.
After my course ended, the natural progression through the college I attend was to begin ACCA which I have started the classes but not yet fully registered. However after reading some of the discussions on here I now think I may be making a mistake.
My long term goal is to become a fully chartered accountant, however as Im really struggling to get a job within a practise due to lack of experience, I think I may soon attempt to set up my own business bookkeeping. If I continue with ACCA though can anyone advise on how much this will affect what I could do as oppose to if I just remained AAT qualified.
Sorry for so much writing but Im in a real dilemma and about to pay my college fees of £500 so need to make a decision quickly!
passing AAT will have given you MAAT status which, please correct me if I am wrong, allows you to produce accounts for sole traders and limited companies and offer tax advice.
Although ACCA is the natural progression there is a problem in that as soon as you register as a student with ACCA you are then restricted in the services that you can supply unless you are supervised by a properly qualified accountant. In fact as an ACCA student you will only be able to offer Payroll, VAT and bookkeeping to trial balance.
You don't state what ACCA exams you were intending to be studying towards? Don't forget that as you have passed all of the AAT exams you have exemptions from papers F1, F2 and F3 so there is money to be saved there on tuition fee's (you still have to pay the exam fee for each exemption but at least you know that you've got a pass!).
Unlike AAT there is no requirement for you to study ACCA at college. You simply get the books, study hard and pay the ACCA directly for the exams which you want to sit.
You can sit four exams in any sitting but it's a good idea to take no more than two and try to get them in matching pairs as their are similarities between the syllabuses of some papers (P1 and P3 come to mind straight away but it will be some time before you reach those).
In the above there was a brief note about supervision. One problem that we have in the industry is that there are so many unqualified accountants. Some of them are very good and have excellent reputations gained from experience. However, you are only allowed to work for properly and fully qualified chartered or certified accountants.
Twice I've had interviews and been forced to tell the practices that they're not qualified to employ me which is a real bummer when your desperate to get the experience in order to get a practice licence from the ACCA.
I digress. Have you thought of using your MAAT status and experience to date to try and land some temp roles. For people with your qualifications there are assistant accountant roles out there although with so many people in the same boat they do get a lot of applications.
Try introducing yourself to your local recruitment agencies and speak with someone at Reed about yourself.
Once you've got some money coming in from your AAT qualification then think about the ACCA.
When you have your ACCA qualification you still have to do another two years supervised before you get a practicing certificate.
Once you have two years ACCA you can apply to the ICAEW to sit their conversion exam. If you pass you still have to maintain both memberships but you would be a fully qualified chartered accountant then of course if you do your CTA as part of your CPD you could also be a chartered tax advisor.
But first things first. You need to get a job and your AAT combined with accountancy temping experience may open doors for you.
Hope that this helps. If you have any specific questions just ask and if I don't know them off the top of my head I'll be happy to find answers for you as I know all the rocks that the answers hide under.
Mmmm, should be asleep now I know but todays the day that I find out whether I passed my ACCA exams from the December sitting. Took P2, P5 and P7... Got a really, really bad feeling about P2 (watch it now be the only one of the three that I actually pass!).
Talk soon,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
You don't say how much experience you have (how long you did the bookkeeping for the pubs and restaurant for) but you will only be awarded MAAT status and be eligible to become a member in practice of the AAT if you have 12 months relevant experience based on full time service. This needs to be signed off by your previous employer.
Without this experience, you can still become an afifliate member of the AAT and are entitled to retain such status for a maximum of 3 years (I think) after which you would be required to resit the exams (I think).
I have had my work experience signed off my the AAT, I worked for over 2 years bookkeeping for the pubs/restaurants so thats not an issue. I have decided to withdraw from the ACCA and really concentrate on getting into an accounts practice by any means before I continue my education.
I have registered with every agency going and there are just so many people with more experience than me going for each and every job. Its accounts practice work I really desire but Im finding it so difficult.
Do not be deterred if ACCA is what you really want to do.
I completed my AAT last summer, quit my job, applied for my Practising Licence and 6 months later would never look back.
I am studying ACCA home-study, it is cheaper and I can take as long as I like.
They like you to take exams every 6 months - but I am taking just one every year. It'll be years before I am qualified!! But I'm not in a rush, I do not want to be a stressed out accountant stuck in an office, I just want the knowledge so I can be the best bookkeeper I can be.
If you want to work in practice then your commitment to your studies may be in your favour over other applicants. If you decide to start your own business then continuing your studies will help you to generate more profitable work in the longer term.
I am a firm believer in continuing education, so I am biased. But do not be deterred if it is really what you want to do!!
