Financial Accounting Career Discussion Thread

[SantaMuerte]

So as the title states, let's discuss the Financial Accounting career

Would love to know from Carbies in this line of work how are you finding the career and pay, how did you study and do you enjoy it?

From some research it seems that Financial Accountants and Business Analysts are among the biggest shortage of skills in South Africa. Perhaps because there are so many opportunities in New Zealand and Canada for this line of work.

Personally I don't have matric, but thanks to the ICB it's possible to study and obtain a National Diploma after which you can study for a degree without having matriculated through a school.

I will be following the below study path to obtain my National Diploma:

National Certificate: Bookkeeping NQF L3 (SAQA ID: 58375)
Further Education and Training Certificate: Bookkeeping NQF L4 (SAQA ID: 58376)
National Diploma: Technical Financial Accounting NQF L5 (SAQA ID: 36213)
National Diploma: Financial Accounting NQF L6 (SAQA ID: 20366)

 

[Erohann]

Just for clarity, when you say Financial Accounting, do you refer to people who study towards

• Professional Accountant (SA) /
• Accounting Technician (SA)

with the goal of being a member of SAIPA, or are you referring to SAICA and becoming a CA(SA), or any other specific accounting related road? CIMA and CGMA?

What is the end goal? Auditing, doing someone's tax and books for them? Etc

 

[SantaMuerte]

Just for clarity, when you say Financial Accounting, do you refer to people who study towards

• Professional Accountant (SA) /
• Accounting Technician (SA)

with the goal of being a member of SAIPA, or are you referring to SAICA and becoming a CA(SA), or any other specific accounting related road? CIMA and CGMA?

What is the end goal? Auditing, doing someone's tax and books for them? Etc

Hory shet those big bold letters will give anyone cancer

Financial Accounting is an extremely broad career. This thread is not about a specific job or about being part of a specific "institution". It's a general discussion thread for the career.

 

[Erohann]

Copy paste big bold letters sorry

Fair enough. I studied accounting at Uni and I'm now an analyst for a consulting company. The doors that accounting open, can be very wide. The biggest hurdle keeping those doors locked, is people giving up too soon. they don't want to grind through articles etc in order to reach what is beyond, the actual qualification.

 

[SantaMuerte]

Copy paste big bold letters sorry

Fair enough. I studied accounting at Uni and I'm now an analyst for a consulting company. The doors that accounting open, can be very wide. The biggest hurdle keeping those doors locked, is people giving up too soon. they don't want to grind through articles etc in order to reach what is beyond, the actual qualification.

The National Diploma can open a lot of doors for a person. I will probably look at getting into a Business Analyst position within the I.T department of a bank or try getting into PWC.
I spoke to a mate of mine's mother that worked at PWC for over 20 years. Her recommendation is to either:

• Get my Further Education Training Certificate and then apply for an internship at PWC where they will fund the rest of my studies for the National Diploma; or
• I should go all the way to National Diploma and apply for an internship at an organization where they will fund studies for a degree in accounting.

Either seems like a good option. She got her start at PWC over the age of 30 and I have friends over the age of 30 only doing their degrees right now. It goes to show that it's never too late to study. And Financial Accounting seems like a great Diploma / Degree to have behind your name simply because of the doors it opens and the salaries you will be exposed to at senior positions. Even intermediate positions can have alluring salaries attached to them.

I chose my study path because of the business subjects covered therein whilst studying accounting. Don't feel that the Business Management Programme is worth it. The NQF 5 course is only an office administration course with the NQF 6 National Diploma being the same as the study path I chose with the exception of two additional subjects which you can study separately. Plus I have working experience as both a Human Resources Manager and an Operations Manager which will benefit the study path I chose.

 

[Thorian]

The National Diploma can open a lot of doors for a person. I will probably look at getting into a Business Analyst position within the I.T department of a bank or try getting into PWC.
I spoke to a mate of mine's mother that worked at PWC for over 20 years. Her recommendation is to either:

• Get my Further Education Training Certificate and then apply for an internship at PWC where they will fund the rest of my studies for the National Diploma; or
• I should go all the way to National Diploma and apply for an internship at an organization where they will fund studies for a degree in accounting.

Either seems like a good option. She got her start at PWC over the age of 30 and I have friends over the age of 30 only doing their degrees right now. It goes to show that it's never too late to study. And Financial Accounting seems like a great Diploma / Degree to have behind your name simply because of the doors it opens and the salaries you will be exposed to at senior positions. Even intermediate positions can have alluring salaries attached to them.

I chose my study path because of the business subjects covered therein whilst studying accounting. Don't feel that the Business Management Programme is worth it. The NQF 5 course is only an office administration course with the NQF 6 National Diploma being the same as the study path I chose with the exception of two additional subjects which you can study separately. Plus I have working experience as both a Human Resources Manager and an Operations Manager which will benefit the study path I chose.

1 - You can't go wrong with finance/business degree as there will always be businesses and tax that needs to be paid.
2 - I had an internship at a local accounting firm and the pay was not good at all and they don't pay towards any studies.
3 - Getting into PWC you will need to know someone high up in the ladder to help you get a internship since you don't have a matrix. (They will pay towards studies if you get in know one girl that was with me in matrix that went after school. Her average in matrix was 88ish at the end of the year. So getting into a big corporate firm is not that easy. Just don't want you to have high expectations but it is possible. You can have a look at CIMA I am currently studding with them you just need a grade 10 and you can apply)

Regarding pay if you are a junior at an accounting firm it's not good. At an audit firm it's more or less what you get as a 2/3 year at an accounting firm as a startup. Small towns the pay is around 8 starting Audit. But after articles you have an open life ahead of you. Some people don't worry about articles like myself and I moved to a better job and get accommodation and W&L no transport as I work on the farm so it's close to the office. CTC is around R16/17k ish. This was after 2 years at an accounting firm where I started off with 3.3pm and inceased to 3.6 the second year. The I applied to another job and they matched that offer of a CTC of 8k so just look out after some time and send your CV around.

They normally want you to book around 4 times your salary. Some firms have commission structures which also encourages you.

Personal note I would not go with ICB as it is local. Try ACCA or CIMA. Cima you will get a certificate after 4 tests (NQF5) and you can apply as a tax practitioner after the certificate and 3 year's experience.

Hope this helps a bit.

 

[SynicalFox]

So as the title states, let's discuss the Financial Accounting career

Would love to know from Carbies in this line of work how are you finding the career and pay, how did you study and do you enjoy it?

From some research it seems that Financial Accountants and Business Analysts are among the biggest shortage of skills in South Africa. Perhaps because there are so many opportunities in New Zealand and Canada for this line of work.

Personally I don't have matric, but thanks to the ICB it's possible to study and obtain a National Diploma after which you can study for a degree without having matriculated through a school.

I will be following the below study path to obtain my National Diploma:

National Certificate: Bookkeeping NQF L3 (SAQA ID: 58375)
Further Education and Training Certificate: Bookkeeping NQF L4 (SAQA ID: 58376)
National Diploma: Technical Financial Accounting NQF L5 (SAQA ID: 36213)
National Diploma: Financial Accounting NQF L6 (SAQA ID: 20366)

I am studying a BCOM Fianancial Management through The IIE's Varsity College.
Next year I plan to study CIMA, plannig around 2 years to complete the last 2 levels (with my degree I should get credited for the first 2 levels of the 4 - still need to confirm).
After CIMA I still want to do some certifications in IT as well and eventually end up in management in the IT sector.

I am currently working at an auditing firm as a contractor until end of December this year. It's given me some great experience thus far (2.5 months) and allowed me to realise what I don't want to be doing for the rest of my life xD.
Auditing is pretty monotonous but at the same time each file will be slightly different and may pose annoying frustrations that you have to overcome. For me personally it isn't something I'd enjoy doing but it is something I can do.

Some information - you can do articles at an auditing firm for around 5 years (instead of 3) and then write the board exam without having gone and done a degree from what I have heard.

The diploma route will possibly unlock a lock of study opportunity. Studying something in finance (even financial management) is also very beneficial to a lot of work as it not only can be directly related to the work you do, you may be a blessing to your financial manager someday as you will understand what they require from you in say a management position (ie - drawing up budgets for your department).

It also opens up a lot of potential avenues for work. If you plan to move overseas and want to do Financial Accounting - look into ACCA, otherwise if you want managerial accounting - do CIMA. Be warned though, they are tough courses and with good reason - if you enjoy it though or it interests you - like it interest me - you will do quite well regardless.

 

[Ginseng]

Boring.

 

[Maxim]

I aggree - accounting opens up lots of doors.

Did auditing loved that - hated accounting- lol

Did articles for abt 2 years and was bored out of my mind. My boss then gave me some good advice and said i should look at somthing different like he did.

He went for ca(sa) to law and merged it with a hdiptax and some llm. And was happy then. So i left that and moved to other jobs.

I am a medical underwriter now abt 500 in the country- its hectic but not boring. I am happier now.

There are alot of oppurtunities out there and some very interested jobs out there.

Wish u all the best my man.

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