Feeling stuck in my career. Should I pursue an ACCA or enroll in a trainee program?
I’m a 27-year-old woman with a 2:1 degree in Economics, having graduated at 24. Life has thrown some challenges my way, including homelessness, caring for my sister, and losing my mom. I’ve had diverse work experiences, including 18 months in commercial pricing (where I faced workplace bullying after a company restructure) and as a client manager at a tutoring center.
I’m not where I want to be in life and I’m eager to change that. I have a genuine passion for Economics and was considering a master’s degree, but the sector is niche and the pay isn’t very attractive compared to finance. My next thought is pursuing an ACCA, a commitment that could take at least three years to complete, along with a requirement for three years of relevant work experience and tasks that need to be approved by a qualified accountant (like my manager).
Here’s where I’m torn: I have an interview for a one-year fixed-term contract in pricing, but it doesn’t directly relate to Accounting. Should I:
- Apply for trainee finance/Accounting positions now, which might provide funding for my ACCA (or self-fund if needed). The pay would likely be low, but I’m willing to make that sacrifice. On the side, I have freelance work that can provide some income (like 5k in January and 3k in February), although it’s not stable. My partner, who has a solid job in banking, is supportive financially as well.
The downside: I’ve been wanting to buy my social housing flat to rent it out and move to a better area, but this might need to be put on hold.
- Find a finance/pricing role and self-fund my ACCA until I pass the first stage, then switch jobs.
The downside here is that many desirable finance positions require prior experience or at least CIMA.
I’m currently leaning towards option 1 and would greatly appreciate any advice. I regret my degree choice and want to avoid future mistakes. Losing my mom at 16 made decision-making quite tough, especially as my family hasn’t been very supportive. I feel behind in life, and I’m eager to reach my goals.
One response
First of all, I want to acknowledge your resilience and strength in overcoming life’s challenges. Your desire to move forward in your career is commendable, and I’m here to help you navigate your options.
Given your background and interests, here are some points to consider for each option:
Option 1: Apply for trainee finance/Accounting roles now
Pros:
– This path can lead directly to funding your ACCA, which is a great credential to have in the finance world.
– Being in a trainee position will give you relevant experience and allow you to build connections within the industry.
– You’ll also gain practical skills and knowledge that will ensure you’re better prepared for a successful career in finance/Accounting.
Cons:
– The pay will be low initially, and while you have some freelance income, it may feel tight financially. You’ll need to weigh the financial impact of your decision.
– Delaying your plans to buy your social housing flat might be challenging emotionally, but it could be worth it in the long run for your career.
Option 2: Find a finance/pricing role and self-fund ACCA
Pros:
– If you can secure a stable role in finance/pricing, it may provide you with the experience needed to eventually transition into an Accounting role later.
– It allows for more flexibility with your finances, which might be less stressful in the short term.
Cons:
– While you’re gaining experience, self-funding ACCA could be a financial strain, especially if your freelance income is inconsistent.
– It may take longer to get to where you want to be in your career if you are not in a formal training program right away.
Recommendation: Lean Towards Option 1
Given your strong desire to move forward and gain a solid footing in the finance/accounting field, I would recommend leaning towards Option 1. Even though it may feel like a sacrifice in the short term, the long-term benefits of being in a role that aligns with your career goals and supports your educational ambitions could be invaluable.
Additionally, consider using networking platforms like LinkedIn to reach out to professionals in your desired field. Seek informational interviews to gain insights and potential opportunities. This could also open doors to positions that may not strictly require a degree in finance but value your Economics background.
Finally, remember that career paths are rarely straightforward, and it’s okay to pivot as you learn more about what you enjoy and where your skills are best utilized. Your past experiences, while challenging, have given you strength and resilience that will serve you well in your journey ahead. Good luck!