Career Prospects for ACCA

[Gunner Boy]

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?

Originally Posted by Gunner Boy

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]

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?

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]

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?

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.

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

Originally Posted by Unregistered

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]

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

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

Originally Posted by Unregistered

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.

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.

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.