An Accountant's Guide - Should I go to University?

[@abumusa_ch]

Sure many youngsters can learn from this message👏🏻

[@stefa22]

I agree, it’s the practical experience that matters within accounting. So having a early start in the practical accounting world is a big advantage. I did an accounting degree myself and it took me 3 years to find an accounting role because I didn’t have any prior accounting experience. But going to uni has developed me as a person and made me resilient.

[@FehzanMehdi]

Agree with all the points made there are still interpersonal benefits of going to university.

[@lulosman3347]

Thank you ✅💯

[@FehzanMehdi]

No problem 👍

[@mahdirahman7475]

Applying to study accounting and finance, currently taking a gap year so open to different options? Just wanted to know after i finish my degree, i cant get a job in the industry without taking further studies?

[@FehzanMehdi]

No you can so after you graduate you can apply for grad jobs which will train you to become a qualified accountant. Then as part of the role you will study for an accounting qualification at the same time. Hope that makes sense!

[@mahdirahman7475]

Fehzan Mehdi ohhh ok yeah that makes sense! Plus so glad I found your channel your content is really beneficial👌🏾

[@FehzanMehdi]

No worries thanks for the kind feedback

[@ShammarPrincess]

@@FehzanMehdi but didn’t you say you need 450 days work experience to become a qualified accountant and start your grad job? Or is your the grad job considered your work experience? Also what are the qualification exams/how many (not for chartered accountant just normal one) , thank you!!

[@FehzanMehdi]

@@ShammarPrincess no the work experience you gain as part of a grad job counts towards the 450 days work experience requirement.
What do you mean by “normal” accountant? Anyone can become an accountant without qualifications - you could do the AAT qualification which will make you an accounting technician

[@DreamFirms]

Insightful video!

[@FehzanMehdi]

Thanks Tyler

[@sundrachan8466]

I passed msc, how can I go for training where to apply the trainee job?

[@FehzanMehdi]

There’s a video called where to find accounting jobs on my channel id recommend checking it out

[@mrchocolatez3339]

Requirements needed

[@FehzanMehdi]

Please check out my video on accounting and finance entry requirements

[@auntiejamilla]

Walakumaslam brother good information 👍

[@xdrowssap4456]

the answer is probably. degrees are highly valued in society unfortunately

[@FehzanMehdi]

Not as much as was the case years ago

[@itchy723]

❤️

[@ofunnemordi]

What about non-accounting related degrees? E.g languages?

[@FehzanMehdi]

What about them? You can study languages and still become a chartered accountant

[@fahadmohammad2161]

do accountants deal with intrest ?

[@FehzanMehdi]

Your question is very broad, so I’ll do my best to answer it concisely. Interest is typically charged on loans or outstanding debt a company owes, and larger companies may have additional interest bearing funding. To make it easier, I’ll just refer to all of these as loans below.
From working in a company perspective, Accountants do potentially have to account for interest. So if a company has an interest bearing loan, accountants will prepare the financials to show interest being charged on the loan. They may also prepare models to show repayments with interest and benefits associated to the loan. If you’re asking if they’re involved in the decision making, then that depends on the seniority of the accountant. I would only really expect a Finance Director or CFO level Accountant to be involved in the decision making which may involve signing the contracts for the loan as well.
In terms of having your own firm of accountants, you may have to advise your clients on how to raise additional funding which can be in the form of an interest bearing loan, and then as above prepare the financials showing the interest which is charged on the loan.
Most accountants won’t be involved in the decision making of whether a company takes a loan or not, once this is decided they will update the accounts to show the company has taken the loan.
But there are many different roles of accountants, I work in internal audit which is different from how I described above. In shaa allah in a later video I will go through all the different careers you could follow as an Accountant.
In my 5 years in internal audit, to the best I can remember, I’ve not had to review or work on any projects which involved interest.
I’m assuming you’re asking from an Islamic perspective therefore consult a person of knowledge around this. If I’ve left anything unanswered or you have further questions please do ask.

[@fahadmohammad2161]

@@FehzanMehdi Thank you for taking the time to write such a precise answer .

[@FehzanMehdi]

No worries it’s good to ask questions!

[@fahadmohammad2161]

@@FehzanMehdi bro what abaot tax accounting
is that a good sector in your opinion
also what is the best way to find a job after completing the program

[@FehzanMehdi]

So after qualifying as an Accountant there are many routes available to you, so including tax some of the routes are Internal Audit, Treasury, Business Planning & Analysis. As a tax accountant you could study for the CTA after you qualify as an accountant which will mean you become a chartered tax advisor, likewise you could study for the ACT with Treasury to become a corporate treasurer.
Definitely would recommend tax accounting as with the CTA it will set you apart from other accountants. However, I work in Internal Audit, and have not studied further after i got the ACA, so don't feel like this is a requirement. Also whether you are working for companies or for yourself, there will always be a demand for tax advisors. Although CTA isn't a requirement if you want to open your own practice.
In terms of finding a job, I assume you mean after completing a school leaver or graduate programme to become a qualified accountant. Here, I wouldn't worry. Your company will want to keep you on as they have invested a lot of time and money in helping you qualify so it doesn't make sense in letting you go. Secondly, if you wanted to move yourself, you would normally find that recruiters and internal HR will approach you directly on LinkedIn or through referral for suitable roles. You may also find that old colleagues will reach out to you for roles with their new company.

[@adxm2777]

Salam in those 3-5 years while you were studying how much were you earning?

[@FehzanMehdi]

Wa alaykum as Salam so I started off at around £22k and just before I qualified was earning around £33k

[@adxm2777]

@@FehzanMehdi mashallah, all without a degree?

[@FehzanMehdi]

Yes

[@georgemariajoseph1161]

Can you do a video about acca

[@FehzanMehdi]

In shaa allah will do

[@northweezie1]

Do big 4 apprenticeships accept people over 25?

[@FehzanMehdi]

Yes can’t discriminate on age

[@richindividuals]

ive got minimum results, such as level 2 it, maths, english all passed, however, i dont have a levels maybe an equivalent? how do i start, i dont get it ? whats the best place to go to get the AACA qualifaction to start working right away to bypass uni ? i need to enquire to see if i qualify, if not i will have to do a level

[@FehzanMehdi]

I always recommend doing a levels or btec because it opens up more options for you in case accounting isn’t for you! Is that something you’d consider?

[@richindividuals]

@@FehzanMehdi I realised its exempt. I got a btec level 2 in IT, what do you think IT is good route? I am doing AAT Level 2 at college in september, adults course inshallah.

[@FehzanMehdi]

If you want to go into IT why would you study for the aat? Surely an IT related course would be better?

[@richindividuals]

@@FehzanMehdi I believe accountants make more money, plus its stable. The thing is i can do one more year of It and be employed or start level. 2 aat september and start from there to becoming a full time accountant, my goal is to do this for rap artists, other people and help people financially hence why i want to work in the finance sector. IT for me has kind of gotten boring.. ykno

[@FehzanMehdi]

@@richindividuals if you want to work for high net individuals networking and connections is important

[@ahmedshuja2150]

Is it worth to go for MSc Accounting and Finance being a qualified ACCA?

[@FehzanMehdi]

Unless there’s a requirement that you need a masters I wouldn’t as the ACCA is the equivalent of a Masters.

[@hilalmiah8605]

how old were you when you were earning 22k

[@FehzanMehdi]

19 years old