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Career Advice - UK Finance Graduate 26 looking for Entry level accounting role
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Will try to keep this as short as possible.
Graduated University 2019
- 1st class degree in accounting and finance
Brief overview of work History
- Mortgage Adviser (Oct 2020 - July 2021) - Worked for the UK's largest mortgage broker providing a telephone based service
- Investment Consultant (November 2019 - September 2020) - First role out of university, working for Hargreaves Lansdown answering investment queries, again a telephone based role
- Previous jobs are sales consultant roles (face to face and telephone based)
After university I decided not to go down the accounting route as my plan was to join the Royal Marines after being 4 years clear of Asthma (Oct 2021) however I have failed the face to face medical due to the severity of drugs used for a period of treatment 17 years ago - Declared permanently medically unfit.
All my previous roles have involved me being on the phone all day speaking to clients, this isn't something I enjoy in the slightest and I dont want to go down this route again.
I wish to utilise my degree and study CIMA/ACCA over the coming years and have multiple exemptions from my degree.
What to do now?
My thoughts below:
- Find an entry level role accounts payable/receivables and a company that will provide study support for further qualifications
- Self study AAT foundation to brush up on knowledge and excel course to best improve likelihood of being employed
- Study a Masters of accounting (if can get late entrance on course)
Finances are beginning to tighten up and my preference is to get into work ASAP.
Finishing thoughts
I've recently been diagnosed and have began treatment for ADHD, something that has caused me a lot of trouble in the few years but the last few months have been extremely difficult with no clear structure or life path to focus on my mind has been pinballing all over the place.
Finally starting to feel slightly positive about my future and really want to pull myself out of this hole before it becomes deeper, im 27 next month and conscious that a lot of people going for entry level roles will be in the early twenties.
For everyone that responds I really do appreciate you!
Top Comment:
I would definitely pursue a professional qualification like ACCA (or CIMA if you are more interest in management accounting). You're probably fine to skip AAT since you've done a degree in accounting and finance.
Even though you graduated a few years ago it probably is the best bet to go for 'graduate opportunities' as they are more likely to offer study support for ACCA/CIMA.
I really wouldn't pursue a Masters degree in anything accounting/finance related though. This sub is heavily US-centred where a Masters does matter, but in the UK it's a waste of money. Most of the people I worked with did their undergraduate degrees in completely unrelated fields and no one really cares.
Age 27+/post MBA finance professionals, what are some things you wish you did/started doing at the beginning of your career?
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To help figure out what major choices I should make I try to think about what I would regret not doing 3-5+ years from now. The hard part about that is I don't really know what I would regret, other than the obvious things such as work hard, don't burn bridges, etc. If you seasoned folks out there could give me some ideas who knows how much they could help my career/life further down the line.
What are some things that you wish you did or started doing when you were fresh out of college and just starting your career?
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Learning that the echo chamber of your similarly privileged peers can cause you to be delusional about the value of kind of work that you're doing.
Fresh out of college I was led to believe that the best and brightest work in the bulge brackets. If someone was truly smart, they went to best banks, and then after a couple of years, to a hedge fund. And if someone finished undergrad and didn't end up at GS, Morgan Stanley, etc., then they just weren't as smart as you are, because you're in that club, and they're not.
It took me a couple of years to learn that success in banking is not about how smart you are but how much bullshit you're willing to put up with.
Don't succumb to the theory that as an analyst you're somehow doing great things for the world. It's a lot of bullshit and there are still tons of stupid people you're going to be working with, because they're more willing to put up with the bullshit. It's survival of the fittest, and the fittest aren't the A students.
Most people that get their MBAs after a couple of years of being an analyst end up doing something else.
27 years old long term financial goals
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Hi all!
I've been a long time lurker on this sub reddit and this is my first post on here, I appreciate the advise many of you give as it helps to get a different perspective. I have a question about my long term personal finances, I want to get an opinion/advise on what I should do to have a sustainable growth on my finances.
this is my background
- 27 years old
- $52K annual salary
- Fidelity 401K: $1.7K (6% matching and contributing 15% of my biweekly income)
- Vanguard: $500 in money market fund & $1.2k in VMMXX fund
- Credit card debt of $900
- Saving: $25K
- Average monthly expenses: $800
- Single and no kids yet!
Specifically, I want your input on how I should invest my money in vanguard, 401K and other areas that can help me reach my goal of having $100K net worth before I turned 30 years old. I know there might be other relevant information that I'm leaving out, but please let me know your thoughts thank you!
Top Comment:
Throw as much as you can to max the employer match in your 401k. Look at other Tex efficient accounts (Roth / trad IRA), if you have a HDHP, max your HSA.
Match your investments with your investment horizon, so likely heavy on equity ETFs / funds.
I really like that you have a concrete goal - $100k by 30 - but don’t beat yourself up over that ... make sure you’re heading in the right direction and look after your long term goals, too.
Hating finance 27 UK 60k salary
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Looking for some advice as I feel extremely numb and my outlook appears bleak.
Im a part qual ACA that worked in advisory at a top 6 accounting firm. Started off in restructuring for two years and pivoted to m&a for 1.5 years.
Left for a sizeable pay increase to corp dev for 1.5 years and left again to a new corp dev role to be closer to tech space ish recently.
I’m just hating finance. I’ve hated it for a while but always felt I’m too old and don’t want to be back to being on 25k a year.
I’m soon to be married and need to buy a house which always causes me to stay.
Historically I’ve been quite bright (I rejected UCL economics for a lesser uni due to family reasons). I’m scared I’ve lost my intellect in these past 6 years or so.
I just don’t know what to do.
I’m not based in London and can’t move there (again family reasons) but could commute once a week.
I’ve thought about sales (but what industry??) or training myself up to get a role in tech.
I just feel stuck and most likely lacking confidence.
Any help would be massively appreciated.
Top Comment:
It might just be that audit, advisory or M&A aren't your thing. I'd focus on getting fully qualified and then look for a good exit, perhaps to a mid-market fund in a sector you're interested in. I work in Infra / renewables. My job is all around valuations & corporate finance, but it's ultimately the sector which I find interesting. I wouldn't want to be working on corporate finance transactions in say healthcare as I have no interest / knowledge in the sector. Finance is a one of the few professions which allows you to really pick a sector IMO, so maybe start thinking in those terms?
27 years old making >$100,000. Thinking of Real Estate as a path to FI. Would like the advice of the community
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Hello! I am a long time lurker, first time poster, and I was hoping get some advice from the FIRE community!
For background, I am a 27 year old single male who just move to the Los Angeles area for a new job in management making >$100,000 (previously, I worked in Aerospace engineering and have a MS degree in computer science).
In terms of personal finance, I have done everything "right" on the path to "get rich slowly". I have >$70k saved between my Roth IRA, my 401k, and my personal "for fun stock trading" investment accounts. I use an online bank to save on fees, I have a rewards credit card which I have never paid interest on, and I have zero debt (car is paid off, no student loans, currently living in an apartment).
I've started getting more into FIRE because I'm not particularly happy with spending 8-10 hours every day working to make other people rich. I don't want to retire when I'm too old to enjoy my time. I would like to spend my time travelling, and I don't need to hoard a lot of expensive things. However, I'm a rather risk adverse person (the type who does really well in school and follow all of the rules), so it's hard for me to break out of the "go to work and get paid" mentality. I'm afraid that if I jump into something else, I will would lose my steady paycheck (since it offers some level of safety). I would start my own company and I would have no problem working hard on it, but I don't know what I would want to do and I don't have any great inventions to work on.
As such, I wanted to start investing in Real Estate, as it is something people need but doesn't require me to invent a jet pack. However, I'm not sure this is the correct path for me to go down. I'm worried that if I jump in and start working, I'd get burned and lose a lot of what I have already built for myself. I have looked up a lot of Real Estate investment classes/meet ups, but most of them seem like "Pay money for my seminar!" sales pitches.
Is Real Estate something that will help me in my situation? What is the best way to get started? I would like to get a duplex and rent out half of it, but I'm unsure if this is the best path to go. Additionally, I have zero connections in real estate, so I do not know how to start looking for locations and setting up financing (and the rest of that technical stuff).
What small steps can I take on a daily basis that will help me approach my goal? I've read a lot of personal finance books, but I feel it is getting me in a corner of paralyses by analysis.
What is the best way to pursue FIRE while working full time? It's very difficult to balancing going to work full time and working on side FIRE projects - what kind of things do you do?
Thank you so much for taking the time to read my ramblings; any advice is appreciated!
Edit: Wow everyone, thank you so much for the constructive comments! I definitely have some studying to do!
Top Comment: However, I'm a rather risk adverse person Real Estate is riskier than stocks/bonds indexing, which is the typical path for people striving for Financial Independence. It's more akin to purchasing a single stock. While the potential reward is greater than indexing, you pay for that in added risk and added time. I've read that Real Estate is more like owning a small business than passive investing, so make sure this is something you really want before moving forward.
Is 28 a late age to start a career in Finance?
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I'm 25 at present, hopefully would enroll for an MSF program by 2020 fall. I would be 28 by the time i finish the course. I'm apprehensive of my chances of finding a good job in since i would be competing against candidates who are aged around 25 and with some relevant experience.
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Start a career whenever you want. Fuck what other people are doing.