Career in finance . . . need some advice please

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1lum1nat1

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Ok, so I don't quite think this is the place to ask advice with regard to the crossroad I'm at, but it's always good to get other opinions to help yourself.

I'm busy doing my 2nd year SAICA articles, I've got a BCom Acc degree and I need one subject for my BCom hons. Long story short I started with BCom law and changed to BCom Acc. Was the best choice I ever made, but the the extra subject's workload got to me in my hons year, since I tried to finish it within four years of starting studying.

Now I know there are people out there capable of doing their CTA part time and passing, but thats one in a thousand. I don't particularly like Accounting nor Auditing, but Management accounting and Tax I really enjoy. I don't see myself doing a masters in Tax, so the other option is CIMA and or on a later stage CFA.

I feel I'd much rather study something I'm interested in and be doing for the rest of my working life (hopefully). So I'm not particularly keen on wasting +-R14000 a year on CTA that I might not be able to pass. I don't want to attempt something like this halfheartedly. It's a lot easier passing something you enjoy and really want.

I know everything in life does'nt revolve around money, but your essentially working everyday so that you can one day live in comfort. I do know I want to study further, I don't want to be just another accountant, manager etc. but I just want to know would it be stupid to do CIMA?

Any advice, suggestions, opinions welcome.
 
Sounds like articles is getting to you. I'd suggest sucking it up & sticking with it even if its rough. Once you're qualified you've got a lot more options open...including stuff that doesn't involve auditing. I'd suggest making the big change at that stage. tbh I would not want to be stuck in the job market with a BCom & CIMA. I know someone who pulled it off spectacularly (without CIMA), but its riskier.

Also, I think you get credits for CIMA/CFA if your qualified...but do double check that.

I've got some of the CIMA docs...for Management Accounting & tbh it looks fairly easy. Every time I spot a formula where I'm think "oh this is gonna get hairy" then the block below it says "you will not be required to do this calc in the exam".
 
TBH, articles is a breeze, well so far. There's obviously tough times, but over all it's not too bad. Partners are happy with my work so I'm happy.

I get quite a lot of the CIMA subjects off with my hons. I know for sure I'll start at managerial level, it might even be strategic, but I'm not 100% sure.

Mickey, if you don't mind me asking, what qualification/s do you have, or in what industry do you work? I'm not a genius and I had to work very hard to cum my degree, but I just can't seem to muster up the energy to put 100% into my studies anymore. I got married in December and my wife is also studying, she's also 2nd year articles, she did BCom Law and now busy with last year LLB.

It's very easy to say "your lazy" or "you don't really seem to want it enough", but studying anything you don't particularly like (for example fin/odt) is a pretty daunting task.
 
Save up and do CA, im surrounded by them and for some reason in Sa we love employing them as Ceo, a good accountant does not make a good leader. Did I mention they are also overpaid

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+1 to all the previous advice. Try to stick it out and finish CTA - and also CA board exams if you can. Many CAs don't stay in practice, it gives you great career opportunities, here in SA and internationally. Afterwards you can specialise in a direction you like, should you want to - H.Dip Tax or CFA for example.

One thing though - if you decide to finish CTA/CA you will have to be very committed, otherwise it will be a struggle.

One more thing, Audit as a subject SERIOUSLY sucks. :-)
 
Thanks guys, I really appreciate the feedback. One gets very easily despondent when your faced with an enormous task.

One part of me knows it would be best to do my CTA and get to over and done with. I know it would be a daunting task doing it part time.

Would you guys even consider taking a year off after my articles are finished to try and do it properly, thats if I don't make it next year (my final year of articles), but through UNISA?
 
BCom Acc gives you credit for Cima Certificate in Business Accounting and Cima Operational level. Are you planning on going all the way to Top Cima?
 
If I indeed decide to do CIMA, yes I will do it to TOPCIMA.

A friend of mine gave the number of a recruitment agent he knows, she does placements in finance so that I can get an idea of the work available, salary etc.

EDIT: I'll do BRF608 (for CTA) next year, just to stay registered for my SAICA articles.
 
CTA while working is not an easy task, you really need to commit into what you are doing. I remember one of the AT from PwC said "To get to become a CA is ultimately determined by how much you want it." And this basically applies to anything in your life.

Well I cannot say much about your CTA since I did it full time. But yes I suggest you should just try your best to get it over it. The path of becoming a CA is like "get it all, or get nothing." I know studying something you don't like is hard. But I always think to do something I don't enjoy now is because it will lead to something I would enjoy later in the future.
 
chnkaw001 said:
CTA while working is not an easy task, you really need to commit into what you are doing. I remember one of the AT from PwC said "To get to become a CA is ultimately determined by how much you want it." And this basically applies to anything in your life.

Well I cannot say much about your CTA since I did it full time. But yes I suggest you should just try your best to get it over it. The path of becoming a CA is like "get it all, or get nothing." I know studying something you don't like is hard. But I always think to do something I don't enjoy now is because it will lead to something I would enjoy later in the future.
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Have to agree. I'm doing the CTA thing (and working) and struggling because I just can't seem to get myself motivated. You really have to set your mind to it - still trying to figure out how.

Should actually be studying right now...
 
South African CA's are amongst the top 3 in the world, see this as an oppurtunity to widen your horizons.
Also a recent survey found that CA's are the most likely candidates for JSE type directors or vice versa.
CIMA is not a popular hiring criteria in South Africa atleast.

stick it out with your CTA, if you dedicated enough you can do it part time - just dont underestimate the workload.
If i can recall many many years ago, there were some SETA's that assist with doing CTA full time in terms of living allowance etc. just research to see if you fit the criteria
 
Continue doing the CTA and CA thing if the only thing in life your passionate about is money.

If money isn't your primary passion in life, then follow your primary passion. If you passion don't allow you to make enough money, then work out a comprise. But don't let money be the only reason why you are doing something.

The way I see it, students and learners are lured into Chartered Accountancy through the economic benefit they'll achieve upon receiving the CA status.

Feel free to correct me if I'm wrong. Maybe some people do have a passion for accountance/auditing.
 
Thanks philthom. Thats pretty much the conclusion I've came to as well. The primary reason all CA's gave me were for monetary reasons.

I know I might not earn that of a CA if I did decide to do my CIMA, if that means I'll earn 400-500k a year in Joburg instead of 700k I'll be happy. If memory serves me right, the average Chartered Management Accountant earns R700k a year in SA, even if I'm below average I'll be more than happy.

Combined with my wifes salary I'm sure we'll be able to provide the necessary without starving :)
 
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Still boggles my mind how we are obsessed in SA about having CÀs run companies. Being a glorified accountant does certainly not make one a leader.


muzee said:
South African CA's are amongst the top 3 in the world, see this as an oppurtunity to widen your horizons.
Also a recent survey found that CA's are the most likely candidates for JSE type directors or vice versa.
CIMA is not a popular hiring criteria in South Africa atleast.

stick it out with your CTA, if you dedicated enough you can do it part time - just dont underestimate the workload.
If i can recall many many years ago, there were some SETA's that assist with doing CTA full time in terms of living allowance etc. just research to see if you fit the criteria
Click to expand...



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Definitely have to agree with this. However, being a CA tells you one thing, the person is capable of working hard.

In the year and a half I've been doing my articles, I've met and worked with numerous CA's, some very smart others not so. Being a CA, or any other qualification for that matter does'nt make you a leader. Some of these people have the personality of a plank/gold fish and quite a few of them don't think logically about things.

What I enjoy most about management accounting is the fact that you have to think "out of the box". The more I think about the more excited I get.
 
What further boggles my mind is how an MBA being a more generalize course with focus on leadership, however you generally see more CÈOs who are CAs than MBAs, specifically in SÀ.

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muzee said:
South African CA's are amongst the top 3 in the world
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#1 according to World Economic Forums's competitiveness report 2010/11. http://www3.weforum.org/docs/WEF_GlobalCompetitivenessReport_2010-11.pdf

1lum1nat1 said:
If memory serves me right, the average Chartered Management Accountant earns R700k a year in SA
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That sounds way to high for an average. Even for CAs. Def possible, but I doubt thats the avg.

FatBoySlim said:
Being a glorified accountant does certainly not make one a leader.
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Yep. Being a CA definitely does not automatically provide leadership skills. Doesn't hurt either though, so for top positions it makes sense to start with a pool of CA candidates & eliminate all those without leadership skills. Best of both worlds. ;)

FatBoySlim said:
What further boggles my mind is how an MBA being a more generalize course with focus on leadership, however you generally see more CÈOs who are CAs than MBAs, specifically in SÀ.
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I've met people with SA MBA's who confuse Revenue, Income and Profit. Not exactly someone you want to put in a room of shareholders. Thats probably an extreme case though...
 
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TBH havoc, I've dealt with a few companies, and I'd say 60 - 70% (might even be more) of the shareholders don't know the difference between income, revenue and profit. You don't get a board of directors for nothing, the financial director springs to mind.

Another thing thats really getting to me, how people/shareholders appoint a CEO that has the communication skills of a lamp post.
 
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