Practice hierarchy

I start a new job tomorrow as a practice administrator. I am viewing this as my opportunity to finally get somewhere. I have AAT and will be restarting ACCA for the December exams as I have now got my motivation back.
What I want to know is how long roughly does it take to become a partner in a practice? The firm I am joining has 4 partners with the audit partner being my boss. She is only about 30 and seems quite young to be a partner but was wondering how I might go about working up to this level. I know I have to pass ACCA first and I hope to do that in about 3 years time [if the exams are kind to me that is].

Comments

  • Rinske
    Rinske Registered Posts: 2,453
    Hi Glynis,

    I hope you are excited about starting the new job! It sounds like a great opportunity and I hope you can be happy in the job!

    That said, I would not recommend advertising on your new job that you want to be a partner in the long term. I know you didn't say that you would but just thought I mention it here.

    As for how long it takes, well a lot depends on how good you are, how much effort you make and generally how motivated you are to go the extra step from your side of things.

    But at the same time, you can be the perfect candidate for a promotion, but if the firm doesn't have any vacancies, that's not going to help. So you will need to keep in mind the staff turnover or growth. At the moment, I imagine staff turnover isn't great, as we are living in a recession still and most people who have a job, stick with it, especially if the company performs well.

    So it really will depend on you, your qualities, your firm and their growth, but don't let that dishearten you!
  • coojee
    coojee Registered Posts: 794
    I worked in practice for 15 years qualifying as an ACCA during that time and didn't make partner because there were no vacancies. In my experience you need to be really ambitious from the start to make partner. You might be better off getting ACCA with this practice and getting plenty of experience before applying for audit manager roles elsewhere with a view to partnership later on. Isn't practice administrator an admin role? Do the firm know that you're going to be doing ACCA?


    Good luck tomorrow, I hope it goes well.
  • RAS
    RAS Registered Posts: 124 ? ? ?
    Why not just be satisfied and enjoy your practice administrator role, at least for 6 months or so, and maybe see what happens beyond that. I think talk of passing ACCA and becoming a partner is unrealistic.
  • Steve Collings
    Steve Collings Registered Posts: 997
    I think your priority should be to concentrate on the role you have been offered. Once you have done your probationary period then you could tell the partner your aspirations but until then you should just do the job you are being paid to do. This could be a good "foot in the door" for you, but your intentions could backfire.

    It is not impossible to become a partner in firm (I have managed it), but you need to be realistic. In any event if you are studying ACCA you're going to be restricted on becoming a partner in a firm unless you have their practising certificate, which you can only get after 3 years post-qualified experience which has to be documented and approved by your line manager prior to going to the authorisation unit at ACCA.

    My advice would be to stick to doing the job you have been employed to do and when it's time for your review then mention you would like to progress to doing some more accounts related work. Don't try to run before you can walk.

    Good luck
    Steve
  • coojee
    coojee Registered Posts: 794

    It is not impossible to become a partner in firm (I have managed it), but you need to be realistic. In any event if you are studying ACCA you're going to be restricted on becoming a partner in a firm unless you have their practising certificate, which you can only get after 3 years post-qualified experience which has to be documented and approved by your line manager prior to going to the authorisation unit at ACCA.

    Following on from what Steve said and without wanting to sound ageist, I believe you're 56 now so you'll be 59 when you qualify (assuming it takes you 3 years to get your exams) and then with 3 years post qualification experience to get your practicing certificate that takes you to 62. People aren't usually made partner after only 3 years so lets say 5 years (it is possible) that makes you 64. I know the retirement age is going up and no one can force you to retire but realistically it's very unlikely that any firm would go to expense of taking on a 64 year old partner who's going to have to be replaced certainly within the next 10 years. I know you're not going to like what I've said though so I'll apologise now for upsetting you with you the truth.
  • stevo5678
    stevo5678 Registered Posts: 325
    It's 3 years experience with at least 2 being post qualified.

    "Up to one year’s experience from before you became an ACCA member can count towards the certificates."

    http://www2.accaglobal.com/members/faqs/practising
  • Bluewednesday
    Bluewednesday Registered Posts: 1,624
    I think Coojee's point is exceptionally valid regardless of the year here or there, essentially don't run before you can walk, be realistic.
  • Dean
    Dean Registered Posts: 646
    Get experienced! Go it alone - no hierarchy - no office politics.

    Who'd 'want' to be a partner...

    Regards

    Dean
  • Jo Clark
    Jo Clark Registered Posts: 2,525
    Glynis wrote: »
    I start a new job tomorrow as a practice administrator.


    Hello Glynis

    How have you found your first couple of days?


    JC :o
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • Gem7321
    Gem7321 MAAT, AAT Licensed Accountant Posts: 1,438
    Dean wrote: »
    Get experienced! Go it alone - no hierarchy - no office politics.

    Who'd 'want' to be a partner...

    Like!

    Glynis, my cousin is 28 and has just been offered a partnership at a small firm (but declined as he has set up his own practice and it has been very successful) but that is with 12 years of experience in practice and being ACCA qualified at the age of 22. So it is possible to become a partner by that age and have the experience to go with it. I admire your determination but, like others have said, you need to be realistic. Do you really want to be working your backside off for at least the next 5 years to then make partner and have to work harder?

    Are you enjoying your new job?
  • PGM
    PGM Registered Posts: 1,954
    Hope the jobs going well. Must be keeping you busy as you've not been on here Glynis!
  • Glynis
    Glynis Registered Posts: 488
    It did not work out as the job they offered was not what it really was. I am temping for another agency now until I get something else.
  • Jo Clark
    Jo Clark Registered Posts: 2,525
    So sorry to hear that Glynis. Are you enjoying your temporary role? Did you sit any exams in June?
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • Glynis
    Glynis Registered Posts: 488
    The temporary role is not great it's only data inputting. I did not sit any exams in June as I am far too stressed out for those:( but I will be going back and doing December exams. I may be up against those that push me down but they won't keep me down including the ACCA people.
Privacy Policy