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olivia
olivia Registered Posts: 13 New contributor 🐸
Hi,

I have posted this thread on another forum, so sorry if you have already read it. The position im in is that not long coming out of another career and not long since i finished my AAT qualification, I have been offered a job in a practice as a trainee accountant. I never really got an opportunity to ask many questions about the post, so i was hoping somebody could tell me what will be expected of me or what sort of duties i will be doing from the start. I have very little practical experience, also i will be starting ACCA is this a big step up from AAT. All comments would be greatful.

Thanks

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  • peugeot
    peugeot Registered Posts: 624 Epic contributor 🐘
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    Hi Olivia,

    Congratulations on your new role!

    A trainee in practice would normally start off by doing simple sole trader/partnerships/small Ltd co's in order to develop their skills. Relatively straight forward tax work, payroll and VAT would also be introduced to you and from this you would build your skills and develop your role.

    As your skills develop and you progress through ACCA you could expect to build your own portfolio of clients up with a view to managing larger and higher net worth clients and becoming a fee earner towards the end of your ACCA studies. Each practice is different, but that's the route that trainees normally take in practice i.e. start at the bottom and work upwards.

    ACCA is quite a jump from AAT. However, you will have covered the basics at AAT to cope with the demands of ACCA (ACCA assumes quite a lot of knowledge which is covered at AAT), but your practical experience will also help you cope with the exams.

    Kind regards
    Steve
  • olivia
    olivia Registered Posts: 13 New contributor 🐸
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    Cheers Steve, thanks for the reply gives me a better insight of what to expect.
  • Bluewednesday
    Bluewednesday Registered Posts: 1,624 Beyond epic contributor 🧙‍♂️
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    And if its any consolation I have found that AAT students were better prepared for ACCA than degree students.
  • deanshepherd
    deanshepherd Registered Posts: 1,809 Beyond epic contributor 🧙‍♂️
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    And if its any consolation I have found that AAT students were better prepared for ACCA than degree students.

    By a long long way..!
  • Poodle
    Poodle Registered Posts: 711 Epic contributor 🐘
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    Hi Olivia

    I completed my AAT studies many, many years ago and when I decided to become a MIP I started ACCA, to get up to speed again.

    I was delighted to discover that AAT gave me exemptions from all of the first stage allowing me to start at level 2.

    The stages changed slightly last year but are still fundamentally the same, I found that there was a fair amount of overlap in level 2 with Technician AAT and that made things a lot easier. I actually went to Uni one day a week and there were approx 25 in the class. 5 came through the AAT route and we all sat together (obviously) and sailed through.

    There are obviously new subject areas, but if you have already covered the rest then whooppie doo and th best of luck:001_smile:

    Podle
  • beverly hudson
    beverly hudson Registered Posts: 95 Regular contributor ⭐
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    I was always under the impression that you could not work in a self-employed capacity whilst a student of ACCA. Have they relaxed that rule?
  • peugeot
    peugeot Registered Posts: 624 Epic contributor 🐘
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    Hi Beverly,

    No they have definitely not relaxed that rule, it is still a bye-law of the association. You still need the 3 yrs post-qual experience plus complete the further training and assessment prior to being allowed to hold out to be in public practice.

    Steve
  • Poodle
    Poodle Registered Posts: 711 Epic contributor 🐘
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    Err not to put too fine a point on this, I am now an MIP and I studied ACCA in the past.

    I think that you are able to offer services to the public on a self employed basis whilst studying ACCA but it is very limited as to what you can do, no completion of tax returns or signing things off, but basic bookkeeping/payroll is ok, but you have to let the ACCA know.

    Poodle
  • Bluewednesday
    Bluewednesday Registered Posts: 1,624 Beyond epic contributor 🧙‍♂️
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    Poodle, did you finish ACCA?

    The only reason I ask is because there is another thread going on about self employment and ACCA and your experience could be useful
  • Poodle
    Poodle Registered Posts: 711 Epic contributor 🐘
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    I finished level 2 and have to admit that I had a slight overlap with self employment at the end:001_wub: I did not go any further as I wanted to establish my practice and staying as an AAT student was a stumbling block to that.

    I got what I needed out of level 2. The Level 3 sylabus does not cover the clients that I target and as I have no intention of working for someone else as an apprentice to gain the 'chartered' status I stopped there.

    I could have have gained a top up Oxford Brookes degree from level 2 but I did not feel comfortable in doing so as it would have meant deceiving the ACCA and I had no intention of doing that.

    However, I intend to study ATT as you can do that at the same time as practicing, but not until their sylabus catches up with the 2008 Finance Act, some time next year:001_smile:

    Poodle
  • Bluewednesday
    Bluewednesday Registered Posts: 1,624 Beyond epic contributor 🧙‍♂️
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    Quite a few people do the degree after level 2 and don't go any further, I don't understand how you would be deceiving ACCA? Just realised - doh! - the self employment, I don't blame you it's just not worth getting caught out is it?

    I am going to try and do it after level 3 but I guess the motivation will go once the exams are finished!!
  • deanshepherd
    deanshepherd Registered Posts: 1,809 Beyond epic contributor 🧙‍♂️
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    Poodle wrote: »
    ..but not until their sylabus catches up with the 2008 Finance Act, some time next year:001_smile:

    Don't fancy all those taper relief calculations then?!

    ;)
  • Poodle
    Poodle Registered Posts: 711 Epic contributor 🐘
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    Don't fancy all those taper relief calculations then?!

    Nothing to do with it, I am totally happy with the calculations required for CGT as I have covered this in two sets of exams now, AAT and ACCA (89% :001_tt2:) plus practical experience. I explained earlier that I studied ACCA to bring me up to speed.

    I am aware that I still have a long way to go and as I am a firm believer in only learning what is relevant and not learning just for the sake of it. Then there is absolutely no point in me studying ATT now with a sylabus that I am familiar with just to gain the qualification, what use would that be to me or my clients!

    Poodle
  • deanshepherd
    deanshepherd Registered Posts: 1,809 Beyond epic contributor 🧙‍♂️
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    Exams are always going to be a finance act behind by the time you sit them.

    I'm not sure there's any way round that one!
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