Advice needed : honours 2009, accounting or?

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Playboy

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Hi guys

I've just completed my bcom accounting degree at UJ in 2008. I've been accepted to do honours in accounting in 2009 and do the whole CA route which I had planned from the beginning but I am contemplating my decision as to whether i should take another route instead of accounting.

Although i passed my third year well enough, I had struggled with accounting most of the year and just literally scraped through. Thankfully my other subjects were high enough to drag my average above the requirement to get into honours. I am a bit worried though as accounting was a constant struggle and knowing that in honours it's just going to get worse.

It's possible to pass anything but for one, my interests were never in the accounting/auditing part of my degree which is of course my major. I prefer the finance bit/ investment / tax etc..

Could anyone who has the relevent knowledge possibly direct me into different honours and career paths i could do which would lead me to as much success, if not more than doing my CA.

I've considered CIMA as well as CFA, but i'm not to sure as to their specifics.

Thanks so much
Marco
 
Why not go and do an MBA instead then ?

I know it's not relevant but an option there for you :)
 
It all depends on what you want to do at the end of the day.

If you want to specialise in Tax do your Honours in Accounting and TIPP articles.

If you want to move in a business direction and/or finance you can do you Accounting Honours and do TOPP articles.

CIMA differs from CA in that its mostly focused on business. You won't become a Tax or Financial Accounting expert.

CFA is something completely different. If you want to analyse financial statements with the eye on making investment decisions that it is something you want to look at.
 
I like the description of CFA, sounds like something i'd enjoy and that lay in my interests. My only problem is, having done a bcom in accounting, Can i still do the CFA route or will i need to obtain credits in other subjects? is CFA like CA, where u hav to do honours and then 3 years articles?
 
As far as I know you don't need a Honours degree for CFA. You register as a student with them and need to write a few exams. You will also need to gain a few years (normally 3) of relevant experience.

I think CFA insitute will assess your current BComm degree and it is highly likely that you will earn exemptions from certain of their exam papers. I know this is the way CIMA works.

I suggest you start reading the following to gain an in-depth understanding of what CFA entails:

http://www.cfainstitute.org/cfaprog/courseofstudy/index.html
 
Last edited:
Playboy said:
Hi guys

I've just completed my bcom accounting degree at UJ in 2008. I've been accepted to do honours in accounting in 2009 and do the whole CA route which I had planned from the beginning but I am contemplating my decision as to whether i should take another route instead of accounting.

Although i passed my third year well enough, I had struggled with accounting most of the year and just literally scraped through. Thankfully my other subjects were high enough to drag my average above the requirement to get into honours. I am a bit worried though as accounting was a constant struggle and knowing that in honours it's just going to get worse.

It's possible to pass anything but for one, my interests were never in the accounting/auditing part of my degree which is of course my major. I prefer the finance bit/ investment / tax etc..

Could anyone who has the relevent knowledge possibly direct me into different honours and career paths i could do which would lead me to as much success, if not more than doing my CA.

I've considered CIMA as well as CFA, but i'm not to sure as to their specifics.

Thanks so much
Marco
Click to expand...

I've got friends (both brothers) that are doing/have done honours (doing the CA thing aswell).

Trust me. Nothing in life is free. The hard things are usually worth the fight.

Engineering and Accountancy are an example.

Just stick with it. My sister had to do her board exams for Accounting aswell. She now writes her own pay cheque. Earns a boat load.

It will be worth it.

;)
 
Thanks for the information overmind, i'll definately take a look at it.

identity, by no means do i want the easy way out.. I know that anything you do take alot of work and is definately worth it. I just don't want to make the mistake of taking a direction i won't enjoy to my fullest. If i can do something similar to CA , thats more aligned with my interests and still earn the same cheque if not better, maybe its the better way?

My brother is 1 year from becoming a CA, completed his boards, just needs that 3rd year and he has advised me to find out about CFA etc, as he says auditing is pretty boring and i can earn better doing something i enjoy
 
Playboy said:
Thanks for the information overmind, i'll definately take a look at it.

identity, by no means do i want the easy way out.. I know that anything you do take alot of work and is definately worth it. I just don't want to make the mistake of taking a direction i won't enjoy to my fullest. If i can do something similar to CA , thats more aligned with my interests and still earn the same cheque if not better, maybe its the better way?

My brother is 1 year from becoming a CA, completed his boards, just needs that 3rd year and he has advised me to find out about CFA etc, as he says auditing is pretty boring and i can earn better doing something i enjoy
Click to expand...

I agree with you 10000000x10^99.

Study something you enjoy and are interested in. You gonna be doing it for the next 40-50 odd years..

;)
 
Auditing is boring for a lot of people, and after they completed their training contract and passed board 2, only a few will stay in the industry.

And I think if an accounting background graduate going for CFA, you need to study from scratch or something as you don't get credits (or very little)?? I am sure we have some CFAs here who can give you more info.

BTW I am going to write my CIMA strategic level papers in May. CIMA is more popular in UK and concentrating on the management side of business, making strategic finance/business decisions, risk analysis to name a few.
 
Thanks for all the replies guys, I found someone who is going the CFA route so i'm busy trying to find out if you can do it having your bcom accounting degree. Last thing i wanna do is study an extra 3 years to get another degree before doing my CFA. I'm tired of studying, want to finish within the next 2 years at least so i can start working
 
I also studied at UJ years ago doing the B.Com Accounting thing, when my time came to make the decision on honours I personally decided to do the Financial Management honours.

My reason, and this is purely personal preference, was simply that I really did not like auditing and I could not see myself working as an articles clerk in an auditing firm for 3 years. Doing an honours in financial management also had the added benefit that I could do it part time while starting on my carreer and that it exempted me from the managerial level of the CIMA qualification which I then went on to study after completing my honours.

At this stage I am very happy with my decision, even though I didn't do an accounting honours I'm still responsible for the full accounting function of a variety of companies while at the same time being equiped with more relevant knowledge relating to business strategy, risk and strategic financing options thanks to CIMA.

If your also concerned about your options for employment just go to career junction and search for CA, CIMA or CFA and you'll notice that most companies treat these qualifications as interchangable when setting requirements for jobs.
 
thanks for that arzy :) please correct me if i'm wrong, but my understanding is, even though I hav a degree in bcom accounting, i can still do my honours in finance?

Are the earnings potential for CA/CIMA/CFA pretty much the same, or are CA's still top earners?

I'm pretty much in the same position as you regarding the accounting/auditing bit. I don't see myself sitting doing auditing for 3 years and I'll rather do something more interesting and enjoyable which would actually help me succeed.

I'm just stuck in a knot, as i've come this far and i know it'd be possible for me to get my CA if i put the effort, just don't want it to come back and haunt me 1 day.
 
What do u guys think about doing an MBA? I just don't know if thats a waste having already completed my bcom and on my way to becoming a CA
 
Playboy said:
Hi guys

I've just completed my bcom accounting degree at UJ in 2008. I've been accepted to do honours in accounting in 2009 and do the whole CA route which I had planned from the beginning but I am contemplating my decision as to whether i should take another route instead of accounting.

Although i passed my third year well enough, I had struggled with accounting most of the year and just literally scraped through. Thankfully my other subjects were high enough to drag my average above the requirement to get into honours. I am a bit worried though as accounting was a constant struggle and knowing that in honours it's just going to get worse.

It's possible to pass anything but for one, my interests were never in the accounting/auditing part of my degree which is of course my major. I prefer the finance bit/ investment / tax etc..

Could anyone who has the relevent knowledge possibly direct me into different honours and career paths i could do which would lead me to as much success, if not more than doing my CA.

I've considered CIMA as well as CFA, but i'm not to sure as to their specifics.

Thanks so much
Marco
Click to expand...

The question is, do you like accounting? If you want to do CA or whatever you need to. My dad changed degrees and did accounting (hon) and 30 years down the line he's a CA but hating the job... he's one of the best in the country but that doesn't mean he likes it...
 
I don't know if it has changed since I was studying at UJ, but in my case I did B.Com Accounts, Hons in Financial Management and then CIMA, still very happy with the decision.

With regards to earning potential, I think you can make a very decent living for yourself regardless of which qualification you have if any at all. In the short time I've been working I've now changed jobs six times moving my salary up 20-40% a time to the point that I am now earning double what some of my friends that went the CA route are. The main reason for this is that while they were busy doing their articles, and no I am not breaking down the process of articles I think it is very valuable, I was busy working and gaining actual practical experience.

In the end most firms pay you for the supposed value you can add to them, the more experience you have the more value you should be able to add. Don't get bogged down in one position and keep your options open. Finally don't stop studying, your qualifications do definately give you an advantage when it comes to someone comparing you to the next guy.
 
Playboy said:
What do u guys think about doing an MBA? I just don't know if thats a waste having already completed my bcom and on my way to becoming a CA
Click to expand...

I'm always sceptical about doing MBA after studying what you did. MBA is there to teach cash flow to engineers. ;)

froot said:
The question is, do you like accounting? If you want to do CA or whatever you need to. My dad changed degrees and did accounting (hon) and 30 years down the line he's a CA but hating the job... he's one of the best in the country but that doesn't mean he likes it...
Click to expand...

Ignore. Most CA's don't end up in practice (external auditing), but in business. It is a highly valued qualification that will open up many doors for you. I would stick to it if I were you, tough it out for a few more years (honours, CA exam, articles) and at least then you have choices. Trust me, it is worth it.
 
My only concern is that with discussions with numerous people it seems that having a CA is not as valuable overseas as it is here. If you have a CA in SA you are well on your way but with the countries unstable situation I also need to look at the possibility of going abroad overseas and how my qualification can help me up there.

I know that having a CA in america is pretty worthless as their accounting systems are all run by law. Anywhere else in the world its decent i guess, but no so much as here..

It's a difficult decision to make. Like many other people have said, Accounting can be pretty boring especially during your articles, but then again most people move on from that and land up even better jobs.

Arzy what does CIMA exactly entail? My only worry is that having done an accounting degree, will i not be at a disadvantage going into a finance honours?- as those people doing bcom finance had the more relevant subjects?

It's really a difficult decision and time is running out, Accounting and auditing are not my favourites, I can work @ it and make it work but i'd prefer doing something that I'd enjoy.

Wish i knew what to do :)
 
CFA is perfect if you want to analyse companies on the JSE and work for an investment company like Allan Gray or Investec Asset Management. But unfortunately, not very relevant for personal finances/tax etc. If you're interested in that kind of thing, rather register for the University of Free State's distance education post-graduate diploma in financial planning. You need to complete 4 modules: the financial planning environment; personal financial planning; corporate financial planning; a case study. Not riveting stuff, but very useful. Even if you don't use it in your career, and only apply it to your own life. You can do it all in one year if you like. Registration closes 31 Jan and exams are in September.

The Financial plannning qualification isn't as technical as the CFA, though. The latter probably looks better on your CV if you apply for a job in the investments industry.

MBA I would only recommend after about 4 or 5 years in the corporate enviroment to get maximum benefit. Nowadays, they cover a lot of soft issues and you relate better if you've been a junior manager at least. MBA's cool if you are interested in either consulting or moving up the corporate ladder.
 
PS: I have 4 friends who have done their CFA's: Three studied an actuarial degree (it's not called 'Couldn't Finish Actuarial' for nothing), and one an engineering degree. I'd be very surprised if your B.Com. is not a sufficient entry requirement.
 
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