Acca Student should go for firm or industry ?

[Fahad Shuja]

There s been a confusion coz alot of ma friends do told me to go for firm and the other half for the industry ..
cant make up ma mind where to go .. though em not getting offers from both the side but still once i make ma mind clear where to go than shall do efforts for it

please do help me .. with some advantages n disadvantages of both the places .. hope it will help others also

[arsenal.gooner]

if you think you have the potential and are good enough, join the industry straight away...

otherwise, join a firm to hide behind 3 years of experience when you get out. depends on you and how capable you are

[Dard]

Accountancy firms are specifically for training. If you join industry straightaway, your future career prospects will be lower.

[arsenal.gooner]

sorry i dont agree to the fact that your future prospects will be lower if you dont join a firm..
i can give you two real life examples..

1. Resident Vice President of Faysal Bank
2. Vice President (or SVP) of UBL

these are not it.. and as i said before, these were people with potential and if you think you have, then join the industry straight away..
Furthermore, there are many MBAs who are working at the epitome of finance and financial services.. there never went to any big 4 or any other firm for that matter...

Rgds,

[arsenal.gooner]

one more thing.. people at ACCA and those who run this body are not stupid to allow industry training.. they allow it for a reason..

[Dard]

Industry training can not be compared to Firm training. The examples you gave are rare to see. All of the jobs specifically mention "articles completed". In Pakistan articles are implied to be three years training in a firm.

[arsenal.gooner]

@ Dard

can you give me some examples of people who have been through firm and are ONLY ACCAs and now in good positions?? im sure you will find both ways.. there are no hard and fast rules..

if you are joining an investment bank as an investment analyst, i dont see how you 3 years firm audit experience is going to help.

ACCAs cannot, with this sole qualification, make a career in audit so why spend 3 years there? if you want to do CA then it is understandable, otherwise any other qualification you do after ACCA will not require firm experience whether its cima, mba or cfa..

Rgds

PS. as for your job requirements, they also ask for MBA finance who have never been to any firm.. and these things are getting rarer as days go by. i havent seen this firm requirement for an ACCA in quite some time.

[alihassan1414]

now what about conclusion.......i,m acca affiliate....preparing for cfa level 1 for dec attempt (insha ALLAH).....working in delloitte from 6 months.....have a chance to be a part of cardialogy centre of multan in accounts office..........IN FUTURE I WANT TO GO ABROAD (MIDDLE EAST OR FAR ESAT REGION INSHA ALLAH)................WHAT SHOULD I do NOW.

[Dard]

If you are pursuing CFA then go for a job that will count towards the CFA training a job where you will actively participate in investment decision making.

[Fahad Shuja]

well QUite intresting discussion goin on ..

but the problem hea cums dat industry doznt do as much as hiring the firm dOo .. i hav a chance of goin in to a firm name muneef ziaudin n junaidi in karachi .,, i dun know its rating but ayesa to scene nai hoga na k agar me koi 5 to 12 position firm mein jata hun to woh xperience useless hoga

[arsenal.gooner]

@ fahad,

it wont be useless. no experience is ever useless. however, your CV wont have the same charm as that of a Big4 accountant or someone who has worked in a good company..

However, i would again like to point out to the fact that its your own capabilities that count at the end of the day. As an FCA, FCCA (partner of a firm) says, after 12-15 years in the industry, it will immaterial whether you started off from a firm or a company. So look at the bigger picture when making a decision.

[Dard]

Starting from an industry, you will climb up the corporate ladder slowly.
Audit training is specifically meant to train. In four years time you will have demonstrated team working skills, leadership skills, IFRS knowledge of various industries and communication skills. In a company, normally you will get to be leader of a team only after years of service. In the later stages of the training, you will assist in the preparation of reports relevant to audit and communicate with clients, enhancing communication skills. The BIG 4 even conduct courses for trainees.

[arsenal.gooner]

@ dard, i have a question

someone who goes into an audit firm after acca and leaves after 3 or 3.5 years (now an acca member), what position do you think he will get in the industry??? executive, assistant manager, manager???

[Fahad Shuja]

if i go for firm .. is it necessory to stick there for like 3 years of can i shift from firm to firm in middle or from firm to industry

[arsenal.gooner]

@ fahad

if you join one of the big4 firms, you will have to stick for the entire contract period which is 3 - 3.5 yrs. if you leave before that, you will not get an experience letter to prove that you have worked for the firm for such time.

the good thing about joining the industry straight away is that you can progress and change your employers as and when you get better opportunities.. you will see from job listings that they merely ask for experience.

just compare yourself to an MBA finance. the important thing is to get started. then after 1 year, you can apply for postions that require 1 yr experience and so on..

this is a myth that joining firm is the only option to be successful. no one can substantiate how much you can progress with or without firm experience. most of the successful people around the world have never been to an audit firm. BP's (british petroleum) former group treasurer (now the CEO) never went to a firm. infact he has a degree in geology and we all know treasury has to do it all with finance. this is one of many many examples..THE MOST IMPORTANT THING IS YOUR OWN ABILITY.

i know quite a few who have completed their training from big4 but are technically just about okay and simply cannot communicate. do you expect them to reach the top of the corporate ladder if they cannot communicate in a board meeting or perform in an interview?? your own interpersonal and analytical skills matter a lot and these are not something you get with working in a firm. Some of it is your in-born talent while you have to work on the rest of it.

So take an informed decision.

Rgds,
Arsenal Gooner