[Randomz]

Hi

I would love a career change. I just don't know what and then I came across Financial Planning. Then I thought maybe being an accountant would be more employable as I wonder, in this economic climate, who would have money to need a financial planner when so many people are losing their jobs. Then again, by the time I qualify, maybe the economy will pick up?

I would love to hear from any Financial Planners or Accountants about:

1) whether you or your partner enjoy your career
2) what would be an average wage
3) which career would have the higher employability


Thanks and please don't quote as I like to delete later

[amanda79]

I'm an accountant (CPA) but I don't really work in accountancy any more. My role is more of an economist role now.

I mostly enjoy my career. It can get frustrating but that's more people/my employer than my role.

There are many different accounting roles around. If you were a straight fin acct, or mgmt acct, a senior role is about 100k (in Melbourne)

IMO depending on what acct role, or what fin planning role, they can be pretty interchangable and in demand. There will always be work for accountants.

[mum to1]

What state r u in?

[Randomz]

I'm in QLD

[Randomz]

Thank you Amanda79.

There also seems to be so many different specialties.....where to start? It's difficult to know when your current career is so far removed from finance I think I would have to google each one!

[#B#]

I have just advertised a job in Brisbane for a receptionist, the amount of Accountants, CPA's that I have had resumes from is amazing. Looks to me that there might be quite a lot of Accountants/CPA's unemployed at the moment

[pruehp]

I work in the financial planning industry in a respected firm. If I could choose my career again I would do something different because I don't like the way the industry is moving. Due to government regulation, the rich can afford advice yet the people who truly need advice cannot afford it. So my job consists of making rich people richer - it's depressing.

The other thing is that it is very difficult to find a job where you are not obliged to push the product of a particular bank or fund manager. My firm is (relatively) independent, but things are starting to happen now that make me shake my head. If I worked for a bank I'd have lost all hope long ago.

As far as pay is concerned, it is OK, although many positions work on commission/incentives. The benefit is that if you are good you can make a lot of money. Good = good with people and building relationships, not just good with the technical side of things. With bank-employed jobs they tend to be salary + bonus, so the potential for more money is limited.

Hope that helps.

Sorry - I should add what you actually asked.

I work as a paraplanner - that means I write financial advice on behalf of financial advisers without seeing clients. I earn about $80K. I don't think I'd struggle to find another position if I needed one. Financial planners are different and in some respects harder, so paraplanning may be a good option.

This post has been edited by pruehp: 21/02/2013, 10:07 PM

[-Emissary-]

I think your question is such a broad question that it'll be hard to give you a definite answer. Can't answer for Financial Planning (is it really interchangeable with accounting? I personally didn't think so..). Are you looking into public accounting or corporate accounting? If public, are you looking at tax, audit, compliance, or consulting? If corporate (or private or industry - whatever people like to call it), there's even more streams.

I'm a project accountant studying towards my CPA. I don't deal heavily with traditional accounting (we have financial/management accountants for that) but focus on entirely on the projects (revenue/cost/cash flow).

1) Do I enjoy my role? Yes. I do. There's a misconception that accounting is boring. The only boring thing about my job is the amount of meetings I have to partake in.

2) Graduates in the accounting industry starts off with $50k and then the sky is your limit. I've graduated about 2 years ago and I'm earning well above the average salary.

3) I can't help you with this one. However, my firm is hiring at the moment and the market seems to be flooded with candidates who are either too experienced and qualified or too inexperienced.

This post has been edited by -Emissary-: 21/02/2013, 10:08 PM

[amanda79]

I think your question is such a broad question that it'll be hard to give you a definite answer. Can't answer for Financial Planning (is it really interchangeable with accounting? I personally didn't think so..).

I think depending on the roles there can be quite an overlap. Our fin planning team has about 50% CAs/CPAs in it. I know quite a few people who've moved easily from accounting to planning, and some others who've moved the other way. I should add that I'm coming from a commerce perspective, not big4.

[Randomz]

Emissary: what you do sounds interesting....I actually enjoy Project Mgt (I did a couple of projects with Gantt charts etc but it wasn't finance related) so I'm wondering what degree I need to do to end up in that field.....?