Advice needed on career/education

[Vincent]

Hi guys,

I need advice on my path and education.

Background


I am in my mid 20s earning only $2.1K/month with 2 years of accounting experience ( 1.5year in AR/AP, 0.5year-presently doing full set + tax)

My highest qulification is Advanced diploma in Accounting awarded by ACCA.
I am currently studying the last 3/4papers ( depends on feb result).


Aim/Target


I only aim to have a stable job allows me to drive a car + 4 HDB room flat by 30. Target around 5~6K annually + wife salary should be enough.

I took ACCA not because I like accounting, because I like investment related job like fund manager.

I intend to complete ACCA hopefully by this year otherwise mid of next year.

Advice needed on education


1. There is a project ACCA partnership with Oxford brookes university that allows me to get a BSC in Accounting from Oxford brookes if I pass the project. Should I take up this project/cert, just in case I take longer than expected to complete ACCA?

2. After I complete ACCA, I intend to further studies. Either CFA / MBA, I researched ACCA partner with UOL and Manchester. Manchester MBA is around $30K which is too costly for me and I will need a loan for that. But I like MBA cause the title nicer. Haha.
Which cert will have a better return + meet my target?


Advice needed on career


Should I continue my career in corporate accounting?
Or should I join audit? Or tax? Or other finance related job which will help me achieve my target earliest?


Any senior can advise me? Thank you.

Originally Posted by Vincent

Hi guys,

I need advice on my path and education.

Background


I am in my mid 20s earning only $2.1K/month with 2 years of accounting experience ( 1.5year in AR/AP, 0.5year-presently doing full set + tax)

My highest qulification is Advanced diploma in Accounting awarded by ACCA.
I am currently studying the last 3/4papers ( depends on feb result).


Aim/Target


I only aim to have a stable job allows me to drive a car + 4 HDB room flat by 30. Target around 5~6K annually + wife salary should be enough.

I took ACCA not because I like accounting, because I like investment related job like fund manager.

I intend to complete ACCA hopefully by this year otherwise mid of next year.

Advice needed on education


1. There is a project ACCA partnership with Oxford brookes university that allows me to get a BSC in Accounting from Oxford brookes if I pass the project. Should I take up this project/cert, just in case I take longer than expected to complete ACCA?

2. After I complete ACCA, I intend to further studies. Either CFA / MBA, I researched ACCA partner with UOL and Manchester. Manchester MBA is around $30K which is too costly for me and I will need a loan for that. But I like MBA cause the title nicer. Haha.
Which cert will have a better return + meet my target?


Advice needed on career


Should I continue my career in corporate accounting?
Or should I join audit? Or tax? Or other finance related job which will help me achieve my target earliest?


Any senior can advise me? Thank you.

4 room house by 30 doesn't sound easy, unless win toto
They go for at least 350k +/-. I also can't imagine how I can buy a flat by 30.

[Vincent]

No la the housing I intend to take up loan and pay by CPF. Who can fork up $350K one shot.


I am more worried on the down payment ( if needed) + renovation + wedding + car downpayment ( not necessary if can afford of course better).

Anyway I am 26 this year, 4 more years to go. Not sure if I can achieve but maybe can + 2 years like by 32 latest.

Hi Vincent,

I do not think your goal of having both a BTO flat and earning enough to own a car by 30 is realistic in today's context. Even a good honors degree grad from a local U will struggle to achieve that.

You are already ~25, no matter what additional cert you study need at least another 1-2 years to complete. It is unrealistic to think that you can nearly triple your pay in just that remaining 3+ years.

Also another advice is in today's world I strongly do not recommend people making only 5-6k to own a car. Even for a normal Jap sedan car, you will have to take up unsecured financing for a portion of the ~60k downpayment required followed by monthly instalments the remaining 60k secured loans, add in all that other barang cost of car ownership easily the cost of mainintaining just a jap sedan car will cost 2.5k-3k.

I do not know how you came to the conclusion that studying accountancy is your ticket to being a fund manager, but this is straight out wrong. ACCA trains people in accounting / auditing principles and procedures, they have almost nothing in common with investment fund management other than they are Finance.

Banking / Investment Management FO is one of the hardest places to go in without an ivy background, you are sorely mistaken if you think just grabbing a distance learning cert affliated with Oxford will get you anywhere. Even local U grads who make dean's list and FCH only a small fraction get in in the end.

You have a good attitude to upgrade yourself, but need to keep expectations in check. Accountancy is just a normal PMET profession in abudance in the market, don't expect it to bring in big $$$ for you to jump from lower income class to upper middle income class lifestyle in just a few years.

[Vincent]

Originally Posted by Brian

Hi Vincent,

I do not think your goal of having both a BTO flat and earning enough to own a car by 30 is realistic in today's context. Even a good honors degree grad from a local U will struggle to achieve that.

You are already ~25, no matter what additional cert you study need at least another 1-2 years to complete. It is unrealistic to think that you can nearly triple your pay in just that remaining 3+ years.

Also another advice is in today's world I strongly do not recommend people making only 5-6k to own a car. Even for a normal Jap sedan car, you will have to take up unsecured financing for a portion of the ~60k downpayment required followed by monthly instalments the remaining 60k secured loans, add in all that other barang cost of car ownership easily the cost of mainintaining just a jap sedan car will cost 2.5k-3k.

I do not know how you came to the conclusion that studying accountancy is your ticket to being a fund manager, but this is straight out wrong. ACCA trains people in accounting / auditing principles and procedures, they have almost nothing in common with investment fund management other than they are Finance.

Banking / Investment Management FO is one of the hardest places to go in without an ivy background, you are sorely mistaken if you think just grabbing a distance learning cert affliated with Oxford will get you anywhere. Even local U grads who make dean's list and FCH only a small fraction get in in the end.

You have a good attitude to upgrade yourself, but need to keep expectations in check. Accountancy is just a normal PMET profession in abudance in the market, don't expect it to bring in big $$$ for you to jump from lower income class to upper middle income class lifestyle in just a few years.

Actually ACCA is not just about accounting. Refer to ACCA Competency Framework - All.

The project and bsc is from Oxford Brookes not Oxford university which is possible to get in less than a year. Reder to BSc (Hons) Applied Accounting - Undergraduate study - Oxford Brookes University Business School

Like I said 5-6k + My wife( gf now) salary to buy a car. Not solely my earning alone.

Another path I have in mind is to be an accountant specialize in investment. With that experience I think it will be closer to being a fund manager.

[Vincent]

If ACCA can produce finance manager/CFO, how can they not know about investment?

Originally Posted by Vincent

Actually ACCA is not just about accounting. Refer to [url=://competencyframework.accaglobal.com/JobProfile/All]ACCA Competency Framework - All[/.

The project and bsc is from Oxford Brookes not Oxford university which is possible to get in less than a year. Reder to [url=://business.brookes.ac.uk/undergraduate/2015/acca/]BSc (Hons) Applied Accounting - Undergraduate study - Oxford Brookes University Business School[/

Like I said 5-6k + My wife( gf now) salary to buy a car. Not solely my earning alone.

Another path I have in mind is to be an accountant specialize in investment. With that experience I think it will be closer to being a fund manager.

Come on lar, there are truckloads of finance people taking part time ACCA certs all the time. I also went through that 5 years ago and have 3 people in my team going for it now.

With only jr level exp doing finance ops on the ARAP side, you can get in a big4 as a fresh level associate after that already sibei heng lah, what investment speacialist / fund manager talking you?

BTW I cant believe you actually take all that ACCA framework theoretic sh!t seriously, go and take your CV to any headhunter and say you want to be a investment specialist / fund manager because you are ACCA certified and see who will bother to entertain you.

Not pouring cold water or what, but you really think taking some relatively common cert like ACCA is gonna transform you from some 2.1k accounts assistant to a investment banking / trading BB har?

Time to wake up & smell the roses.

Originally Posted by Vincent

If ACCA can produce finance manager/CFO, how can they not know about investment?

finance manager & fund manager different job... experience in banking risk analytics, trading ops is closer to fund manager. finance accounting is more like back office type similar to IT/HR/CS etc.

Dual income to afford house is already hard. Another car loan and you really have to live a very frugal life and no life at all

to reach 5+k by 30 yo means u need more than 25% increment each year... u think possible anot...?

anyway, 5k+ is the (slightly above) average salary a local grad with decent degree can expect... u got see most of them (as a couple) owning a bto AND a car anot... even with ur spouse earning 5k+ it will be difficult to maintain them.