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Advice needed please...

karen80karen80 Just JoinedRegistered Posts: 2
Hi,

I'm new to the forum and wondered if anyone could give me any help/advice...

I became a MAAT in 2010, at which point decided to commence CIMA as thought I'd like to move into industry. I'm currently working in the public sector in an accountancy role but really don't enjoy it, but have found it impossible to make the move from public sector to industry because recruitment agencies/employers tend to go for people already in the private sector. I am now wondering whether I actually want to move into industry and have lost all motivation for CIMA (I've currently passed 4 out of the 10 exams so still a long way to go) and am considering not taking CIMA any further at this stage.

I'm wondering whether I would actually be more suited to accountancy practice as I always preferred the finance modules over the costing ones in AAT. Trouble is I have no experience within accountancy practice either so think I would struggle to make that move also. I've considered setting up as a MiP but having no practical experience I'm not sure how I would do this... I've heard about the mentor scheme but surely I'd need some experience beforehand?

Also, when I did AAT I didn't do the optional Personal Tax and Business Tax modules so have gaps in my knowledge there, does anyone know whether its possible to sit those exams now despite being qualified?

The thing that makes it all the more difficult is in my current job I am on a reasonable salary, I am willing to drop to a lower salary but cannot afford to drop to pretty much minimum wage which i think I'd need to do to get the experience I need due to mortgage, bills etc.

So not really sure where to go from here...

Sorry for waffling on, and I hope that all makes sense! Any ideas or help would be much appreciated!

Karen

Comments

  • readerreader Experienced Mentor MAAT, AAT Licensed Accountant Posts: 1,042
    karen80 wrote: »

    Also, when I did AAT I didn't do the optional Personal Tax and Business Tax modules so have gaps in my knowledge there, does anyone know whether its possible to sit those exams now despite being qualified?

    The thing that makes it all the more difficult is in my current job I am on a reasonable salary, I am willing to drop to a lower salary but cannot afford to drop to pretty much minimum wage which i think I'd need to do to get the experience I need due to mortgage, bills etc.

    Re: Business Tax and Personal Tax, if you want to work in practice you'll probably need a really strong understanding of these two areas. Probably the best way to get to grips with these two subjects is to study for ATT.

    Re: getting experience, you may want to write to your local accountancy firms and offer your help for free on a part-time basis (i.e. evenings and weekends).

    Once you've got your ATT qualification (and therefore a great understanding of personal tax returns, corporation tax, vat, payroll, p11d's, etc), coupled with experience doing work for firms of accountants you should be in a position to find a job in practice or getting your MiP licence and work as a director in your own firm.
  • RASRAS Well-Known Registered Posts: 124
    I agree that if you want to move into practice then studying for ATT would be a good option. Whilst you probably will have to take a pay cut to get into practice I doubt down to minimum wage levels.

    In the current climate its not going to easy to move accross into practice, but I do think it is achieveable. I think a good idea to sign up with a couple of agencies and explain what you are looking for. Not sure if offering to work for free is a good idea, perhaps gives the impression you are desperate.

    Good luck, I am sure that if practice is what you want to do, you will get there in the end, but it may not be instant.
  • ademooreademoore Well-Known Registered Posts: 146
    Check whether there any any ATT exam centres near you - i'd like study att myself but closest exam centre to me is 2 hours away :0(
  • karen80karen80 Just Joined Registered Posts: 2
    Hi all,

    Thanks for your replies, they really do help.

    I've looked into ATT but like you said ademoore the nearest exam centre to me is also 2 hours away :( I've contacted the AAT to see whether its possible to sit the 2 tax modules I didn't do as this would be the easiest option at this stage, so am currently waiting for a reply from them.

    I think I'll give the agencies a miss at this stage as when I was trying to move into industry they all said as I had no private sector experience they wouldn't pass my CV on...quite unhelpful really and in 2 years of being registered with them didn't get a single interview.

    If I was to volunteer in a practice, how long do you think I'd need to do that for before either applying for jobs in practice or becoming a MiP? And, this might be a silly question but do a lot of practices work evenings/weekends? There is the possibility of dropping one day a week at work so could possibly volunteer then.

    Thanks again.

    Karen
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