My Plans for the Years to Come

People often ask me what my plans are for the future and what it is I want out of life. This blog aims to try and answer these questions.

Specializing in Taxation and Performance Management

          The people who know me know that over the next few years my focus will be on becoming a fully qualified accountant specializing in taxation and performance management. This will involve taking the ACCA postgraduate accounting qualification majoring in these two areas of accounting. Obtaining this qualification will be done on a part time evening and weekend basis over three years while working on a full time basis.

          The reason I am spreading it over three years is because, in order to obtain this postgraduate qualification, you need to have three years relevant work experience. As such, it makes sense for me to take these exams over the same time frame as obtaining these three years worth of experience. What's the point in rushing? It won't get me anywhere faster, it will simply increase my chances of failure.

The UK or Abroad?

          At present, I am working on the assumption that these exams and my three years worth of work experience will be carried out in the UK. However, if an opportunity comes up that allows me to obtain the same qualification and experience abroad, I would seriously consider taking up that chance. Due to the different accounting rules various countries have, I wouldn't be allowed to become qualified in a country like the US which has its own set of accounting standards. However, I may be allowed to work in a country within the EU where a large portion of the accounting rules have been harmonized. But saying that, just out of simplicity, it is probably best to remain in the UK until I am properly qualified. Once I am fully qualified in three years time, I will review what position I am in then and decide whether or not I want to remain in the UK or emigrate.

Paying for My Own Fees

          A long time ago, I took the decision that I didn't want to take up a graduate placement or scheme. Even though these schemes often offer to pay for you to get qualified, this is generally on the condition that you stay with the firm in excess to three to five years. This is not for me.

          Thankfully, I am in a position where I have the funds to pay for myself to become qualified. As such, having my employer offer to pay these fees for me is not a priority when I'm looking for work. (Although I wouldn't turn it down out of hand if it was offered). But for me, it is more important to have the flexibility to change employer than it is to have them pay for my fees. This is because I don't want to commit to a firm for over three years simply to find out one year down the line that I don't enjoy it there. You can always earn more money, you can't earn more time.

          Secondly, large companies, especially the large accountancy firms and banks are generally quite narrow in the type of people they look for. This type of thinking puts me off starting out in these types of firms but I wouldn't rule out working for them later on my my career. But for right now, I would want to work for a firm that is perhaps slightly smaller and allows for different styles and ways of thing. In terms the the type of industry I would want to work for, I am fairly open minded about that. I don't necessarily have to work in an accountancy firm, I could quite easily work in the accounting or finance departments of companies in other industries.

Conclusion

          So this is my plan over the next three years. Pay for myself to become a qualified ACCA postgraduate accountant specializing in taxation and performance management. This will be done on a part time basis while working full time in an accounting/finance role either in a small accountancy firm or in the finance department of another type of business. Once I do become qualified, I will stand back for a moment and review what position I am in. This will be with the aim of deciding what direction I want my life to take and whether or not I want to remain in the UK or emigrate.

Epilogue - Where is it All Going?

          But where do I see myself in 30, 40 or 50 years time? Well naturally one day I would want to retire. However, I doubt I would want to retire on a full time basis straight away. As such, I would probably go down to being a part time tax accountant working a few months a year, namely February to April. This will mainly serve as a source of fulfillment and something to take up my time when I do retire. I should have paid off the mortgage by then and hopefully I'll have a pretty good pension, so I wouldn't need to worry about money. I will probably spend most of the year going abroad for a few months at at time or something along those lines. I don't know, that's almost half a century away so I'll worry about it then.