Being made redundant - change of career

sharonj

Hi

I currently work for an investment bank in the city of London at the moment but am soon to be made redundant. I've been studying for the AAT for just over a year and am currently half way through intermediate level. I am looking at this redundancy as a 'meant to be situation' and maybe it is the kick I need to try and get a job in a more accountancy geared role (I work in a Treasury/Payments department) which will help me gain the work based experience I need to achieve full MAAT status.

My question is firstly, what sort of job titles should I be searching for, would I be looking at accounts assistant jobs or would I not have anywhere near the qualifications or experience needed. Secondly, does anyone think that an accountancy firm would be willing to employ someone with 15 years banking experience but absolutely no accountancy experience but still pay them a fairly decent wage. i.e early 30's salary wise (for working in London as cost's are expensive and I still have a family to support) or am I completely deluding myself?? I'm extremely willing to learn and a quick learner. I have a lot of experience working in the finance industry just not in accountancy.

Thanks for any advice and help.

blobbyh

Sorry to read that Sharon but good to see you looking forwards and not back.

I think the fact you already have a numerical background combined with an established work ethic will certainly put you ahead of some of your (ahem!) younger, less work/life experienced competitors when it comes to job apps. I think you're probably more geared towards working in the industry, service or public sectors than within an accountancy firm and don't rule out any openings (as I'm sure you wouldn't anyway). I'd say the most suitable jobs would be working within the purchasing/purchase ledger/payments departments which may not pay what you might be expecting but if you were to continue studying and expanding your all round knowledge, you could easily move into other, better paid areas of the organisation.

stevef

Also, large local authorities and large companies will have Treasury Management sections and Pension Investment sections. I used to work for a Welsh Unitary Authority where I headed up just such a section.

sharonj

Thanks for the advice, I'm registering with a quite a few agencies as we speak and will give them a broad idea of what I'm looking for. Luckily a lot of agencies deal with both finance and also banking roles so I can get them on the case and see where the road takes me. Just need to scratch up on my interview techniques.

sharonj

blobbyh wrote: »

I think the fact you already have a numerical background combined with an established work ethic will certainly put you ahead of some of your (ahem!) younger, less work/life experienced competitors when it comes to job apps.

I like to think you're right with this comment blobbyh as I need prospective employers to see past the banking experience alone and look at what I have achieved and hope to continue to achieve. I am hoping someone will see potential in me to change careers and not just expect me to tick all of the boxes when it comes to job specific experience. The way I look at it, I still have another 30 years of work life left (although an early retirement somewhere hot would be nice) left in me and I need to think that it's not too late to change direction so here goes......

Rinske

I would not say it's too late to change. To give you a positive view, my colleague worked for a bank for years and moved away. He got his current job at purchase ledger, with no accounting experience at all. He wants to go back into the banking though, but I guess this was the first that got along in his new area and took it for that reason. After that all the banking issues started and he figured it was a good time not to move jobs for a while.

AatAbi

I assume that you will have to fund your course in the next 2 years, same situation here apart from i finished my course months before the redundancy, I was made redundant from HBOS and still looking for a job since the end of Oct and does not seem very soon, however in London is different and there are lots of opportunities, I would go for an analyst job, there will be lots of skills you have learned in the bank and easy to transfer to similar job..

sharonj

AatAbi wrote: »

I assume that you will have to fund your course in the next 2 years, same situation here apart from i finished my course months before the redundancy, I was made redundant from HBOS and still looking for a job since the end of Oct and does not seem very soon, however in London is different and there are lots of opportunities, I would go for an analyst job, there will be lots of skills you have learned in the bank and easy to transfer to similar job..

I already fund my course myself as my job in banking has nothing to do with accounts. I will more than likely end up trying to get another job in banking as it is an easier step to take than trying to cross over to the finance side of things at such a difficult time. I am still on the lookout for jobs in finance but after speaking to a few agencies the general consensus is that most recruiters and prospective employers as looking for candidates with relevant experience, which I unfortunately do not have at the moment when it comes to accountancy. I am still planning to move from banking to finance but now may not be the right time to do it. I will try both avenues and see where they take me.

Thanks for all your comments.

steveJ

sharonj wrote: »

I already fund my course myself as my job in banking has nothing to do with accounts. I will more than likely end up trying to get another job in banking as it is an easier step to take than trying to cross over to the finance side of things at such a difficult time. I am still on the lookout for jobs in finance but after speaking to a few agencies the general consensus is that most recruiters and prospective employers as looking for candidates with relevant experience, which I unfortunately do not have at the moment when it comes to accountancy. I am still planning to move from banking to finance but now may not be the right time to do it. I will try both avenues and see where they take me.

Thanks for all your comments.

Shal, Check out Totaljobs.co.uk Im signed up to there email alerts and am always seeing credit control, purchase ledger, accountancy vacancies coming up... Most of the salaries range between 20-30k though if you could somehow drop to that (Anything you can cut back on for a while?)

This is one that i got through recently:

Location: City (EC3) Map
Salary: 20k to 22k per year GBP
Company: Jobs@Pertemps - London City
Job type: Permanent
Date posted: 18/03/2010 12:02
Job id: 46933624
Contact: suzanne patel
Ref: Totaljobs/775103676

A leading Accountancy firm are seeking an experienced Credit Controller to join their Credit and Collections Team at their Brentford offices.

The main purpose of the Credit Controller will be to manage a portfolio of accounts and ensure prompt payment of invoices. Duties to include:

*Collecting open and past due balances through various collection tools.
*Assist with management reports.
*Review/approve invoices before they are sent out to customers.
*Arranging meetings with customers to resolve issues or improve payment processes.
*Minimise cash on account by review on a weekly basis and take appropriate actions.
*Attend regular ledger reviews.

The successful Credit Controller will have previous experience in a similar role along with excellent communication and problem solving skills. You will also have excellent MS Office skills and have experience of using the following systems Getpaid, Getpaid Report Writer and Oracle.

This excellent opportunity offers a salary of up to 22'000 plus benefits. Please do not hesitate to apply.

Only short listed applicants will be contacted.


Check 'em out and good luck...


Hey hoes the professiional ethics going ?(YAWWNNNN!!)

sharonj

Thanks Steve,

I'm registered with totaljobs, cityjobs and efinancial along with other non internet based agencies.

I could take a pay cut but only to £30 or just below. I've recently been put forward for a job internally working in a completely different area to payments but with a possibility of some of the work being relevant to the AAT. It's only maternity cover and I will still be made redundant at the end of it but it gives me time to try and find something I really want. Fingers crossed I get it.

As for professional ethics, gonna sit my skills test next weekend. I've well and truly had enough of it. I've started to read the unit 31 book and am a few chapters into it as professional ethics was literally doing my head in. Gonna have to read it againt this week though to freshen up my mind ready for the skills test.

Marga

Steve have you seen my post about a credit control position in london with my company?

Also there is another vacancy posted for a Management Accounts Assistant for a 12 month contract based in Hatfield if anyone interested i think it is done internally at the moment and will be advertised externally on 25/03 i think

and soon there will be a position for a finance manager in hatfield too

steveJ

Marga wrote: »

Steve have you seen my post about a credit control position in london with my company?

Also there is another vacancy posted for a Management Accounts Assistant for a 12 month contract based in Hatfield if anyone interested i think it is done internally at the moment and will be advertised externally on 25/03 i think

and soon there will be a position for a finance manager in hatfield too

Thanks Marga but luckily enough im finally working in finance as a billing clerk! Possible CIMA funding at the end of it aswell....

I noticed there are jobs out ther but couldnt imagine the competition !!!

I say keep building them skills, finance and non-finance !!!