GAAPweb.com › Career Launch › Starting Out › School leaver - where do you go from here

School’s out? How about a career in accountancy?

So, school’s out – and for good this time, not just for summer – but what are you going to do with the next fifty years or so of working life? Barring a timely win on the lottery, you’ll probably need to think about your next step. If further academic study doesn’t appeal, and you’re itching to get earning, it’s a good idea to start researching options that will give you a long-term career strategy.

Contrary to common belief, you do not have to be a mathematical whizz or have a degree to become an accountant, and there are various entry routes in to the profession and towards qualification. You can even earn while you learn – setting yourself up financially before your friends have even left their university house shares.

AAT (Association of Accounting Technicians)

AAT

The AAT (Association of Accounting Technicians) qualification will provide you with practical accounting and financial skills and help you develop your business skills. If you have GCSEs or A levels, you might be able to start the qualification at a higher level, but you can start training with no qualifications. After about three years, when you finish your training, you will be entitled to use the letters MAAT after your name.

If you are desperate to get out to work, don’t let the thought of a potential three years’ cramming put you off as it is likely that you will be in employment while you study. In fact, lots of employers look favourably on AAT students – and may even help you through the ACA qualification to become a Chartered Accountant if you want this to be your next step. There is even an AAT-ACA Fast Track option for keen school leavers. The AAT qualification also provides a pathway for the CIMA (management accounting) qualification.

You can study for the AAT qualification either on an NVQ/SVQ course or on a Diploma course. You’d probably choose the first route if you are working in a finance role or already have some knowledge of accounting. If you don’t yet have any finance experience, the Diploma route is probably the way to go as you’ll get to experience work-based scenarios as part of the course – effectively practising working as an accountant within the safety net of the classroom.

ACA (Associate of the Institute of Chartered Accountants in England and Wales)

ACA

While 80% of ACA trainees are graduates, you can be part of the 20% that isn’t – and come to ACA via the AAT route. If you’re a bit of an AAT high flyer and exceeding expectations in your professional experience, you’re on track for taking the next step: becoming a chartered accountant.

Unlike the AAT, you will need some academic qualifications for the ACA, including a minimum of three GCSEs with As or Bs in English and maths. After GCSE you can dive straight in to your AAT studies or go on to A levels before switching over to studying for AAT qualification. While this can take a year longer than the GCSE to AAT route, don’t forget that good A level grades will impress some future employers. Maybe you could take a language option that would allow you to travel later on in your career or even use your spare time working part-time or doing work experience in a firm of accountants. This is especially useful if you’re not sure about becoming an accountant and will let you find out more.

ACCA (Association of Chartered Certified Accountants)

ACCA

The ACCA qualification, which is studied by trainee accountants worldwide, will teach you the knowledge and skills required for your career.

There are several entry levels in to the ACCA qualification. If you’re a school leaver, you should have two A level and three GCSEs in five different subjects (this must include English and maths) as a minimum. If you’re over 21, you’re usually classed as a mature student, and can take the MSER or Mature Student Entry Route. This is great for anyone wanting to change career, or someone whose ambitions have developed since leaving school. In fact, there are no academic qualifications required on the MSER, so you don’t have to sign up for night classes and brush up your academics. However, there are a couple of ACCA exams that you should pass within two years before you can progress.

You can also progress to the ACCA via the CAT (Certified Accounting Technician) qualification. There are no academic requirements for the CAT, and if you pass it successfully you will be able to claim exemption from three papers of the ACCA to help you get started with this next step.

It is really important that you gain relevant professional experience while studying for the ACCA. Really, your job and your studies should tie together quite neatly, and each should help you with the other.

CIMA (Chartered Institute of Management Accountants)

CIMA

CIMA is an internationally recognised management accountancy qualification. It differs from the ACA and ACCA qualifications as it aims to prepare accountants for a role in business or industry (rather than in practice).

CIMA offers an alternative to university. Like the other accounting qualifications, you will be able to earn while you learn, and reap the financial benefits early on (rather than ending up with thousands of pounds of student debt!)

You will start your CIMA career with the CIMA Certificate in Business Accounting, which will offer you an introduction to finance. It will also pave the way for your CIMA professional qualification studies.

If you have the AAT you will be exempt from taking the CIMA Certificate in Business Accounting, meaning you can get straight on with the first stage of the CIMA professional qualification.

So, is AAT and/or ACA, ACCA or CIMA right for me?

Have a look around the organisations’ websites and find out a bit more about what would be involved in each route. While what you are studying and how long it will take is important, you might want to think about where you would like your career to go in the future. If you aim to work for a big practice, it might be better to look at the ACA qualification. If you have a particular company in mind – in practice or in industry – it wouldn’t be a bad idea to check out its recruitment site to find out its ideal candidate profile, and work out if it really is the place you want to be.