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Gunner Boy 23-05-2010 03:51 PM

Career Prospects for ACCA
 
Hi all,

I have an Engineering Degree in local uni and have 5 years experience in Engineering sector. I'm thinking of a mid-career switch to accountancy and taking an acc degree / ACCA.

What are my career prospects if I do so?? Should ACCA be the choice for me?

Unregistered 24-05-2010 04:52 PM

Quote:

Originally Posted by Gunner Boy (Post 6008)
Hi all,

I have an Engineering Degree in local uni and have 5 years experience in Engineering sector. I'm thinking of a mid-career switch to accountancy and taking an acc degree / ACCA.

What are my career prospects if I do so?? Should ACCA be the choice for me?

I have not taken ACCA so am not sure about the syllabus. But I am sure it will take up at least a good 2-3 years in acheiving it.

A fresh graduate in a big four accountancy firm is only drawing 2+k but the yearly increment can be substantial like 400-800 per year. I am not sure if Big 4 will take you in, or offer you at what kind of level. A lot of hard work and I will only advise if it is your passion.

I think you should assess what skills you are good at - are you good with numbers, a detailed person, able to handle tight deadlines, work long hours? These are essential for accountancy.

As this is your mid-career switch, better make it right, there might not be many chances to switch careers. Talk to more people, network a bit, and dare to reach out (dont be Paiseh or shy to speak to friends' friend or even distant relatives)

Also, keep an open mind as well. There could be some lateral moves that you can even consider - like teaching, consulting, working in public sectors. Of course, careers switches to Banking & Finance can be lucrative but poses its challenges to get your foot in. Keep us updated and good luck!

Gunner Boy 25-05-2010 11:18 PM

Thanks for replying!

I am interested in finance and am willing to take a pay cut (initially). My concern is the slow increment in my Engineering side and the fact that there are getting lesser Engineering jobs.

With the increment (presently) per year in Big 4 I should be able to catch up with my Engineering pay I believe. Any one has any opinion on this? Or have made the jump from Engineering to Audit?

Unregistered 26-05-2010 11:25 PM

What is your expected salary after few years in accounting field? The salary increment in KPMG and Deloitte is not as high as what previous poster said.

If you are still earning below 3k as an engineer, you should try changing company or moving to different industry (marine / oil & gas). With 5 years+ of experience under your belt, you should be earning >3.5k. With overtime or overseas project, you can easily earn 5k per month.

Gunner Boy 30-05-2010 12:15 AM

Assuming I get into big 4 I would be looking at at least 3k after 3 years (conservative). But with the experience there I should be able to move on to other jobs.

Correct me if I'm wrong?

Unregistered 15-06-2010 08:34 AM

i think i might be qualified to answer this question. I graduated with an electrical engineering degree from NUS. Completed my acca this year and a paper prize in one of my last sem papers.

big 4 is a possibility, but u will have to take a pay cut. for me the cut is way too painful. you will need to figure out the hiring practices of the big 4 if you want to get it or must have done very well for them to take notice of your resume.

after graduating this year acca organized a kpmg-acca recruitment fair recently but there is only limited to the top 50 or so students.

beside audit u could consider other job functions in the big four to leverage your engineering experience, though i am not sure where your transferable skillsets are. big 4 have advisory services and this is where the margins for the firm are the best. audit and it audit are lower in margins for them. you should explore this area too if you want to do your acca.

there are three products on the market now. cpa aust, acca and aca. acca offers and most flexibility and cheapest. It cost me abt 10k+ to get the qualification.

One other option is the mpa from SMU. I dont have details of this but it will be wise to pick a program where the big 4 are holding regular recruitment fairs.

Unregistered 15-06-2010 08:37 AM

madame year
 
Sorry some spelling errors. had to rush this when the boss came in. :P

Quote:

Originally Posted by Unregistered (Post 6204)
i think i might be qualified to answer this question. I graduated with an electrical engineering degree from NUS. Completed my acca this year and a paper prize in one of my last sem papers.

big 4 is a possibility, but u will have to take a pay cut. for me the cut is way too painful. you will need to figure out the hiring practices of the big 4 if you want to get it or must have done very well for them to take notice of your resume.

after graduating this year acca organized a kpmg-acca recruitment fair recently but there is only limited to the top 50 or so students.

beside audit u could consider other job functions in the big four to leverage your engineering experience, though i am not sure where your transferable skillsets are. big 4 have advisory services and this is where the margins for the firms are the best. audits and IT audits are lower in margins for them. you should explore this area too if you want to do your acca.

there are three products on the market now. cpa aust, acca and aca. acca offers and most flexibility and cheapest. It cost me abt 10k+ to get the qualification.

One other option is the mpa from SMU. I dont have details of this but it will be wise to pick a program where the big 4 are holding regular recruitment fairs.


Gunner Boy 15-06-2010 09:04 PM

Hi,

Thanks for your reply. Can I ask you what age are you? I'll be 32-33 by the time I complete acca. 50 students is a really low number, it seems that Big 4 don't take in too many acca students :confused:

Other than big 4, what other career options would I have should I complete my course???

Quote:

Originally Posted by Unregistered (Post 6204)
i think i might be qualified to answer this question. I graduated with an electrical engineering degree from NUS. Completed my acca this year and a paper prize in one of my last sem papers.

big 4 is a possibility, but u will have to take a pay cut. for me the cut is way too painful. you will need to figure out the hiring practices of the big 4 if you want to get it or must have done very well for them to take notice of your resume.

after graduating this year acca organized a kpmg-acca recruitment fair recently but there is only limited to the top 50 or so students.

beside audit u could consider other job functions in the big four to leverage your engineering experience, though i am not sure where your transferable skillsets are. big 4 have advisory services and this is where the margins for the firm are the best. audit and it audit are lower in margins for them. you should explore this area too if you want to do your acca.

there are three products on the market now. cpa aust, acca and aca. acca offers and most flexibility and cheapest. It cost me abt 10k+ to get the qualification.

One other option is the mpa from SMU. I dont have details of this but it will be wise to pick a program where the big 4 are holding regular recruitment fairs.


DudeWheresMyCar 29-06-2010 05:13 PM

I completed my ACCA 2 years back. And I wrote in numerous times to the Big 4 after qualifying, and even with accounting experience, I got no response to whatever department I have written in to. Sad to say, the Big 4 firms prefer graduates from local uni instead. This is confirmed by some of my managers and even my cousin, who is a partner in one of the Big 4s.

Even if you do get in eventually, the level of learning and exposure varies. I have friends in the Big 4 who says those with ACCA qualifications do not have a chance to audit listed companies, financial institutions, etc. They only get to do SMEs. Priority is still given to those NTU/SMU/NUS grads.

I suggest you think really carefully over this mid-career switch as I really regret studying accountancy sometimes. It is un-interesting and desk bound most of the time.

Unregistered-9090 15-08-2010 12:02 PM

hi
 
any one had successful midyear career switch that do not receive a pay cut with the acca qualification ?

I had bachelor of arts (social sciences) . i am in my 30s already.

lazyplane 16-08-2010 12:13 PM

I think one needs to re-evaluate if you are joining Big 4 for the $$$.cos if $$$ is draw, then Big 4 is really not the place to be in. Go and talk to your friends in the audit and ask them about the peak period. Also be specific as to what exactly their day is like and you get a better picture of how poorly paid they can be. The only +ve point is that you are working with young-simliar age colleagues. But if you are changing jobs (or switching degree) then you might find yourself to be a bit out of the group already.

My take is to join a entry level bank or finance or even insurance sector if $$$ is the draw. They are also more open to ACCA , and other degrees because they want you get a broad base understanding of how to market to these sectors.

For eg, a bank started hiring doctors ( and other medical professionals) just to increase its corporate/investment banking evaluation for the health industry.

I know what it is to feel like being stuck in a job with seemingly no future. But i can say that having a multiple job hopping on your cv with each job at 1-3 years each is really not something hiring managers are keen to see especially when the job market is still so intense. And who knows the future ? I recalled 8 years back, law industry was said to be oversupplied and every fresh uni applicant avoid the law course. And see what happened now ? The supply is so low that even basic law grads are earning really high salaries now.

The idea of multi-skilled set is good but in a hard job market like now, employers will usually only take in those direct -entry one.My guess is only 2 in ten cases that they will employ out of direct relevant skilled employees.

Unregistered-9090 16-08-2010 11:33 PM

thanks for the above, i am at a fix whether to stay put in my current industry or to switch to a completely different industry after my acca. your reply give me some light at the end of the tunnel. the horrendous hours of audit seems to be a night mare for me for the post of audit associate/assistant. don't think i have the energy to go through that type of cycle.

lazyplane 17-08-2010 11:26 AM

IMHO, your best bet is to do an internal transfer to a finance/accounting position in your company. or to find an open minded boss willing to appreciate both your acca and engineering. It will be tough to find as there is no lack of good fit candidates these days.

I wish you well. Remember that a job is only this small part of a life journery.

Quote:

Originally Posted by Unregistered-9090 (Post 6963)
thanks for the above, i am at a fix whether to stay put in my current industry or to switch to a completely different industry after my acca. your reply give me some light at the end of the tunnel. the horrendous hours of audit seems to be a night mare for me for the post of audit associate/assistant. don't think i have the energy to go through that type of cycle.


zara90210 17-09-2010 09:27 AM

Quote:

Originally Posted by lazyplane (Post 6970)
IMHO, your best bet is to do an internal transfer to a finance/accounting position in your company. or to find an open minded boss willing to appreciate both your acca and engineering. It will be tough to find as there is no lack of good fit candidates these days.

I wish you well. Remember that a job is only this small part of a life journery.

Yup, with soooooo many people studying ACCA these days 'cos Engineering is for losers, by the time you graduate you will have serious competition. :eek:

Samsara 16-12-2010 01:38 AM

hi peeps. i graduated with business degree fm ntu (hon) and I am getting my oxford brookes degree (converted from ACCA level2) soon. dont intend to go into accounting and hv no more drive to finish level 3, but is there any other value in an accounting degree or other opportunities without going into accounting/finance? would going to acctg result in a pay cut(!)

i speak fluent jap n mandarin

Unregistered 16-12-2010 02:53 PM

Quote:

Originally Posted by Samsara (Post 8260)
hi peeps. i graduated with business degree fm ntu (hon) and I am getting my oxford brookes degree (converted from ACCA level2) soon. dont intend to go into accounting and hv no more drive to finish level 3, but is there any other value in an accounting degree or other opportunities without going into accounting/finance? would going to acctg result in a pay cut(!)

i speak fluent jap n mandarin

Japanese firms are stingy - how did I know? Coz I suffered in there.. so glad I am out of it now.. phew

So if you are thinking of working in Japanese firms, pls think hard and see what is on the table.

Samsara 17-12-2010 12:35 AM

haiz give them a break la. 2 decades of decline means they dont have any more $ to pay out wall street bonuses. got japanese related accounting jobs in US /European companies onot?

Unregistered 17-12-2010 02:25 PM

Quote:

Originally Posted by Samsara (Post 8280)
haiz give them a break la. 2 decades of decline means they dont have any more $ to pay out wall street bonuses. got japanese related accounting jobs in US /European companies onot?

Samsara, if you do join a Japanese company, you'll fully understand what I'll be talking about. Then you can decide if you want to give them a break!

Unregistered 14-01-2011 05:04 PM

NTU Business grad with ACCA
 
Quote:

Originally Posted by Samsara (Post 8260)
hi peeps. i graduated with business degree fm ntu (hon) and I am getting my oxford brookes degree (converted from ACCA level2) soon. dont intend to go into accounting and hv no more drive to finish level 3, but is there any other value in an accounting degree or other opportunities without going into accounting/finance? would going to acctg result in a pay cut(!)

i speak fluent jap n mandarin

Hi,
You are from which batch/year of BBus? I am also NTU Business Grad and todate has more than 10 years accounting/finance experience. Don't know how I managed to enter the accounting profession even though I am not BAcc grad, but it just happened. I also hold ACCA level II qualification, the old syllabus, pre-year 2001 which I passed in 1999. Since then I have been focusing on my career/work and stopped studying. My current pay is now is close to $4,700/month.
Yes, I definitely would continue with my ACCA now as I love accounting. Its time to get qualified.

Unregistered 13-02-2011 03:50 PM

Advairs functors,
 
Hi, i am a NTU BAcc grad, have 8 yrs MNC working experience in finance, non-banking. My current pay is $6800 (not mgr). Anyone who knows whether this is at market or under market? I am also considering career switch due to boredom with the area, any advice? Tks!


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