Tough decision...

Esme
Esme Experienced MentorRegistered Posts: 711
I work in industry at the moment and have (fingers crossed) just finished my AAT, if I pass I will be on £22k, I produce month end accounts but sit at a desk all day and the work is pretty repetative. I had an interview today to work in a practise and it went really well, I'd be supervising trainees and travelling about 30 miles twice a week to meet with clients (a job which souunds much more varied and interesiting).. however I will only be getting paid £14k.

Does working in a practise have much better future prospects or if I got the new job would I be suffering financially for little reason?

Comments

  • A-Vic
    A-Vic Expertise Guaranteed Registered Posts: 6,970
    Can i be honest and please think long and hard -

    I think it depends more on the size of the practise - if they are only going to pay you 14k now you have to think how long it will take you to get to 22k. ive worked in practise for five and a half years deal with clients on a daly basis and have done for some time train staff do year end and accounts and did start to do tax returns and am only on 14.5k.

    If money plays a major factor personally i would re-think the job offer
  • anniem
    anniem Experienced Mentor Pewsey, WiltshireRegistered Posts: 1,326
    Esme, it really depends what you want to do with your qualification.

    If ultimately you want to set up your own business then a stint working in practice will really assist you. If you persevere you can learn lots of different aspects of 'practice' life. In this case you could view the drop in salary as 'training' for your own business.

    You don't say if the £14k comes with a study package which increases the pay.

    Be aware that some practices have a clause in their job contracts to prevent their staff setting up in business too locally and/or stealing clients!

    The other option is to look for something another rung up the ladder you are already on; something a little bit more challenging than you are already doing, and possibly earning more money.

    You need to decide whether you want to carry on studying for a higher qualification (I assume you are currently an AAT student), or set up your own practice, or whether to be better paid (potentially only short term) and stay in industry.

    Only you know what you really want to do!
    FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire
  • A-Vic
    A-Vic Expertise Guaranteed Registered Posts: 6,970
    Wow just read beck and sounded very negative - anniem post was a lot better and i do agree :)
  • blobbyh
    blobbyh Font Of All Knowledge Registered Posts: 2,415
    No it wasn't Vic, it was a realistic viewpoint from someone who knows what they're talking about first hand. Yes, you!

    If it's money and variety, there are still many more opportunities in industry for you to explore. With higher wages will hopefully come higher responsibility and career progression. This could lead to Financial Controller, Senior Company Accountant or whatnot positions.

    There are more companies in industry needing accountants than there are accountancy practices needing industries (subjective opinion!) and the bigger they are, the more in-house they become.
  • Monsoon
    Monsoon Font Of All Knowledge FMAAT, AAT Licensed Accountant Posts: 4,071
    In my understanding, there is far more money in industry than there is in practice, unless you get to partner level (and even then it depends on the size of the practice). As others have said, it really does depend what you want to be doing with your career.
    anniem wrote: »
    Be aware that some practices have a clause in their job contracts to prevent their staff setting up in business too locally and/or stealing clients!

    This is true but in general it is very hard to enforce these clauses and in some cases these clauses can be unlawful. Actually poaching clients is just plain rude though!

    On a tangent, as an employer this thread has been an eye-opener. I'm really quite surprised at the salary levels being quoted in this thread. I would expect to be paying someone with the job descriptions in this thread rather more. I also thought most full AAT-qual positions were on average £18k+.
  • A-Vic
    A-Vic Expertise Guaranteed Registered Posts: 6,970
    I wish Monsoon even my manager who is awaiting their final exam result for ACCA i bet isnt even on that. Its a tuff employment market at the moment thats what ive lernt these last couple of months and find myself fighting for my job against people who are prepared to not take a salary to get into practise!
  • AK002
    AK002 Font Of All Knowledge Registered Posts: 2,492
    I think this is kinda the same as Glynis' thread, in that do you know enough about practice to be training other people? I.e. Ltd coy accounts disclosure etc?

    Monsoon, can I have a job please?! LOL.
  • Esme
    Esme Experienced Mentor Registered Posts: 711
    Thanks for all of your advice, was very useful...my industry role at the moment is willing to pay to put me through ACCA as well as a decent salary so I think I'll stay where I am for the time being. I don't think I'd ever have enough drive to set up my own practice so will look at moving my way up in industry.
  • Esme
    Esme Experienced Mentor Registered Posts: 711
    AK002 wrote: »
    I think this is kinda the same as Glynis' thread, in that do you know enough about practice to be training other people? I.e. Ltd coy accounts disclosure etc?

    Monsoon, can I have a job please?! LOL.

    And no, I wouldn't have a clue which is why I was suprised that the interviewer thought I would be good at the job, he did say I'd have a very intense first few months learning how to produce a different set of accounts. Which is another reason why I was hestitant, as I could find myself out of employment if I didn't 'live up' to his expectations!
  • Monsoon
    Monsoon Font Of All Knowledge FMAAT, AAT Licensed Accountant Posts: 4,071
    I'm honestly gobsmacked. I know the job market is tough and I know (oh I know!) all businesses are having to cut costs, but I wouldn't dream of paying someone with that level of responsibility at those rates.

    All I can say is if that's what they are paying, either they are greedy or their businses model isn't working.

    (And sorry, we aren't recruiting at the moment!)

    Esme I think you've made the right decision, especially as they will pay to put you through ACCA. Good luck.
  • A-Vic
    A-Vic Expertise Guaranteed Registered Posts: 6,970
    Agreed - and who knows in the future something better may come along and am sure the job market will pick up.

    Good luck for the future
  • Esme
    Esme Experienced Mentor Registered Posts: 711
    Thanks Monsoon and A-Vic :)
  • jorja1986
    jorja1986 Well-Known Registered Posts: 210
    When I was in Practice I got paid £8k to produce accounts and I met a few clients as I had to help them with training on the sytems. I earnt more bookeeping. Grate of this though was they cut my pay from the above and gave the goon family friend a payrise! I left to temp in a market shop and got better pay and worked for nicer people.

    Now work in the public sector and on a mulitple (albeit very small) of previous offer. Maybe stay where you are as it sounds like the firm are quite small and maybe it would take many many years to get onto the payscale you currently enjoy - albeit in a job that doesn't always give you the satisfaction that you want.
  • anniem
    anniem Experienced Mentor Pewsey, WiltshireRegistered Posts: 1,326
    Esme, I think you've made the right decision!

    Ok the job may not be overly demanding, but that means you've still got mental capacity to study, without being completely shattered at the end of each and every day.

    Also, if they're going to fund your ACCA and you add the value of that onto your current salary it makes the pay gap even bigger.

    Certainly stick it out until you've completed ACCA and take advantage of the fact that you know your job inside out and backwards whilst you study.
    FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire
  • A-Vic
    A-Vic Expertise Guaranteed Registered Posts: 6,970
    trust me the work load she would have taken on would have been extreamly deamanding - but agree and if ever any jobs going at her place give me a yell
  • exam panic
    exam panic Well-Known Registered Posts: 157
    14 k really low I don't know industy because I'm still looking for work in accountant but after 3 years of hard work to get qualification is it worth to do aat.
  • Esme
    Esme Experienced Mentor Registered Posts: 711
    Industry seems to be much better paid than practice. I started from the bottom as an accounts admin and worked my way up, if you look for a similar role and show your potential in a company where there is room for promotion you should be able to find something.
  • jenny3549
    jenny3549 Trusted Regular Registered Posts: 472
    Esme wrote: »
    Industry seems to be much better paid than practice. I started from the bottom as an accounts admin and worked my way up, if you look for a similar role and show your potential in a company where there is room for promotion you should be able to find something.

    I agree - did the same thing myself. Although I suppose it depends on what your long term goal is. If you want your own practice then experience in a practice environment would be invaluable. It's the old 'horses for courses' thing. Everyone's different.
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