my coffee at 11.37pm
In Joe’s humble opinion – it is difficult for a middle-aged person (at least under current framework to qualify) to switch career and work his way to be registered as a Public Accountant.
Why is Joe so pessimistic?
Joe said the biggest stumbling bloke is the Practical Experience requirement.
Joe is a living example of someone who has acquired 4 of the 5 requirements but could not take the final step to be a public accountant.
How to get the Practical Experience?
For him to fulfill this requirement, he got to work in an audit firm as an audit professional for 3 years.
While the opportunities to seek such positions may be plenty at this point in time, the economics of transition has to be considered. Can Joe maintain his current income level to sustain the current costs of living with family bla bla bla while pursuing the trophy of public accountancy?
Define mid-career folks?
ACRA has defined “mid-career entrants” to include:
(a) people who have worked in other professional settings (such as bankers and financial analysts), but decided to make a career switch to the audit industry; and
(b) people equipped with the basic accountancy qualifications, but had chosen not to engage in any accountancy work in the early stages of their career.
Why is ACRA eager to look for ways to bring the mid-career folks into the audit profession?
One view is that professionals from alternative specialised industries often are experts in their own fields. These “experts” could make significant contributions to the audit profession by bringing in valuable knowledge and strengthen the audit team by adding to the team’s range of expertise.
Where the mid-career entrant aspires to become a public accountant, he could acquire the necessary audit experience under a public accountant before seeking to be registered. BUT HOW given Joe’s position?