The choices you make at the beginning of your career in finance could have a huge impact on the rest of your working life.

So how do you know what courses to take? Or what level to aim for? Here are some words of wisdom from finance professionals and students at different stages of their careers.

Faster isn’t always better

When you are starting out, getting qualified as quickly as possible can seem like the Holy Grail. However, taking the time to really get to grips with the basics could prove a better approach in the long run.

That’s why accounts assistant Ceara Stephenson, who currently works for Tax Assist, chose to take the Foundation Certificate in Accounting when she started studying with AAT in September 2017.

“My Tutor and I went through the differences between Foundation Certificate  and Advanced Diploma,” Stephenson said. “You don’t need foundation to study advanced any more, but I still decided to start with foundation to get the foundations in place for when I progressed.”

Now a commercial finance business partner, Dairin O’Donovan agrees that skipping the basics can make life a lot harder.

“When I started my accountancy studies, my local college was offering an Association of Chartered Certified Accountants (ACCA) course, so I went straight into that,” she said. “Thankfully, I had some on-the-job experience from my first finance role as an accounts assistant, which helped me to cope. But if I were starting out now, I would take the accountancy GCSE, then work my way up the AAT ladder first.”

Setbacks can make you stronger

Taking a wrong turn or facing a setback early in your career doesn’t have to be a disaster – especially if you use the experience to make a positive change.

“I got my first job in accountancy after leaving university part way through a civil engineering degree,” O’Donovan said. “It was tough at the time, but I’m so glad I decided to switch to accountancy. It was definitely the right move for me.” While Stephenson also regrets wasting time before starting her accountancy training, she too believes she is now on the right track.

“If I could go back and do it differently, I would start AAT straight after leaving high school, rather than doing my AS Levels,” Stephenson said. “But at least I know that now I’m on my way to a great career.”

For AAT apprentice Jessica Brindle, struggling with the online AAT Professional Diploma pushed her to go back to the classroom, which has proved a much more productive environment for her. “I studied for Levels 2 and 3 online,” Brindle said. “But Level 4 is a big jump up and I struggled to do it online, partly because the job I had was very demanding and I couldn’t concentrate. Luckily I was able to change to the classroom, which was clearly the right choice as I’m now on my last module.”

Taking a wrong turn or facing a setback early in your career doesn’t have to be a disaster

Work experience is essential

While the right qualifications are vital for a career in finance, there is no substitute for the lessons learned while working in the field. Brindle, who began her apprenticeship in 2014, believes working your way up is the best option.

“Personally, I think an apprenticeship is more useful than a degree, because as you’re learning you’re putting it into practice straight away,” she said. “I’ve found it makes what I am learning easier to pick up, especially as I can check things with my colleagues as well as my tutor. So my advice to anyone considering an AAT apprenticeship would be: do it!”

O’Donovan agrees that work experience is an important part of your journey to becoming a successful finance professional.

“You can’t learn it all from textbooks,” O’Donovan said. “Workplace experience is a key part of the process. It’s also a great way to see how rewarding accountancy can be.”

There are lots of ways to use your qualifications

Earning AAT qualifications opens the door to a range of further qualifications, as well as a wide variety of exciting careers.

“AAT is a great stepping stone to other higher qualifications,” Stephenson said.

The options open to you include:

• Getting a job in accounting or finance.
• Becoming a chartered accountant by continuing your studies with a chartered accountancy body such as the ACCA.
• Full AAT membership (MAAT), which is available to those who complete the Professional Diploma in Accounting as well as the AAT’s work experience requirements.
• Using your qualifications to study to become a tax specialist with the Association of Taxation Technicians(ATT).
• Going to university – using your AAT qualifications to get a place (the Advanced Diploma in Accounting has A level equivalence and attracts around 56 UCAS points).
• Becoming self-employed and offering accountancy, taxation or related consultancy services on a freelance basis.

You can explore the next stage of your qualification journey by the AAT Skillcheck test

Many study for their AAT qualifications later in life, after years in a career not related to accountancy or bookkeeping.

But what are the challenges and advantages of making an about-turn in your career path late in life?

Older and wiser

It’s a misconception that middle-aged means you’re stuck in the mud. According to The London School of Business and Finance’s 2015 Careers Report, 43% of workers aged between 45 and 54 are seeking new challenges.

Given that changes in State Pension age mean we’re all going to have work longer, then changing direction in your forties, fifties or even later could mean a lengthy second career.

But there are challenges to studying and changing career later in life. It’s likely that you will have to combine studying with working – as well as looking after a home and possibly caring for children or older relatives.

You might be worried about how you’ll handle studying if the last time you were in formal education was awhile ago. And of course, you may worry about whether you’ve made the right decision.

Feel the fear and do it anyway

Lesley Warne FMAAT, was in her fifties when she changed career.

Today, she runs her own successful accountancy business with more than 65 clients in Ludlow, Shropshire. Lesley, 63, had a long career in the sports sector, working as an aerobics instructor, a badminton coach and running a top gymnastics club.

But in 2008 she decided to change career, and went back to college to study for her AAT qualifications.

She’d long been interested in accountancy (despite hating maths at school) and there was little chance of career progression in sport. And she really liked the idea of being her own boss. Lesley thrived as a part-time student at Telford College so much that she completed her AAT qualifications in two rather than the usual three years. She had been combining her studies with an office job but once she’d qualified, the college took her on as a part-time lecturer. Lesley taught for two years but then decided to focus on her own business – the long commute to Telford was also a factor.

Lesley advises: “If you want something, do it – otherwise you’ll just regret missing the opportunity. My qualifications allow me to be my own boss which I love.  Being self-employed gives you the kind of freedom you can never get for working for a boss. I would say to anyone thinking about studying later in life that they should go for it: life is too short to sit around wondering what might have been”.

My qualifications allow me to be my own boss which I love.

Age advantage

Some worry about being too old to study: will they be able to keep up? How will they get on with younger students?

Being an older student can be an advantage. After all, you’re making a choice to study – rather than when you are younger when studying can be something you just fall into. And your life experience means you probably know just how to keep several plates spinning at one time.

Angela Demoore FMAAT, Subject Lead for Accounting and Finance at West Suffolk College has been both a mature student and has also taught mature students.

She said: “The advantages of studying later in life, in my experience, means the student has time to reflect on their career paths; their circumstances currently surrounding them; their experiences to date; their needs, wants, desires and aspirations. For some these will have changed completely. For some these will have continued and evolved further”.

Roger Lewis AATQB, is a great example of a single-minded older student. He was 69 when he decided to take his AAT qualifications, following a long career as a mechanical engineer. He wanted to accumulate the skills needed to run his Freemasons’ Lodge finances. “I had an objective from the start” said Lewis.

“I wanted to learn several skills including how to do double entry bookkeeping and how to prepare a statement of profit and loss. That was the motivation I needed”.

Lewis says the only challenge he found in studying later in life was that not working in a financial environment he didn’t have the option of discussing technical matters with colleagues. And he says that he found he had a tendency to over-analyse – “After a while, you realise that double-entry bookkeeping is what it is: you go with the flow and then you understand it”.

A balancing act

If you’re planning on taking your AAT qualifications later in life, do make sure you’ve thought about how studying will fit into your life. Demoore now teaches many older students – but she once combined study with caring for two infant children. She advises: “Some students will be able to find organisation through the deemed chaos, and continue with their dreams. Unfortunately some find the need to park studies and consider coming back even later in life – both is OK”.

Demoore points out that it can be an idea to test the water first. “As the AAT product offerings are growing there is an increasing number of older students. Short courses are tempting those that want to have an ‘option’ in retirement days where they can support and help out with local volunteer positions. Some are doing courses to keep their brains active. Others are actively seeking career changes”.

The importance of upskilling

Demoore says that the age of the students in classes is often the first question of many prospective students. “They worry that they will be the oldest in the class and not as ‘quick’ on the uptake as the younger members” she says.

“Every year we see students signing up for AAT between 16 and 60+. This is a qualification for everyone, and I believe that the bigger age range, experience range, aptitude range in the class, the better and more pleasurable experience it is for the students. The banter between those coming directly through education, those in work place studying through an apprenticeship, those coming in after a study break and those looking to retrain – they make an amazing cohort of students adding value in each of their own individual ways”.

And she adds: “I will always encourage upskilling, however big or small it looks, however life changing, or not that it is. We never know what it around the corner, but there is a world of opportunity for us all, and it is how/if we choose to take advantage of it”.

Disclaimer: member designations were correct at the time of going to press in July 2018.

From shopping to banking to watching TV, we live in an era where everything has moved online, and education is no different.

The number of students taking online courses only continues to grow as more options become available. With students citing flexibility as one of the key benefits to online learning methods, and people working longer hours, it’s not surprising that the need for flexible study has increased.

However, we’ve now surpassed the early novelty of flexibility and convenience as drivers for studying online and stepped into a new world debate of classroom vs online studying. Whilst the two study methods have been placed in opposing corners, the truth is, neither is perfect.

We sat down with Stuart Pedley-Smith, Head of Learning at Kaplan, to explore why online learning isn’t ‘new’, how it has been designed at Kaplan and ask what type of student it is best suited to.

Firstly, it’s not new

This notion that online learning is ‘new’ is a thing of the past. The ‘bite-size’ or ‘Youtube-style’ video learning has been part of Kaplan’s OnDemand study method for nearly two years – and the results speak for themselves. It has produced some of the highest pass rates for the qualifications it has been rolled out on and the enrolment numbers are increasing every month.

These results have led to award-worthy recognition this year: a PQ Award for “Online College of the Year”, and “Best use of e-learning” at the AAT awards.

Stuart Pedley-Smith, said: “It’s important students appreciate that putting something online doesn’t make it good, there is a lot of poor online content out there. What makes a good online course is how it’s designed.”

It’s driven by data

It’s a common misconception that online learning is a second-class substitute for classroom study. In fact, most online learning programmes have been created from a ‘student-first’ model.
Stuart explains: “When teaching in a classroom, the experience itself teaches you what students understand and what they don’t. However, the problem that we’ve got is that it’s momentary.”
With an online learning platform, like Kaplan’s OnDemand, we can gather statistical information on what is working and build on it.”

Which leads us onto…

It’s evidence based

Kaplan’s OnDemand study method has been designed using evidence based learning. What this means is that our team of expert ‘instructional designers’ work with our classroom tutors to create an online learning platform that is based on data gathered from real students.

“It means rather than giving guidance based only on experience, which is still hugely important, we can give guidance based on evidence.” Stuart said.

It’s for the motivated

It’s no secret that online learning is most suited to those who want to study at their own pace. Some of the benefits of online learning include flexibility, you can study whenever, wherever you want, it’s self-paced, meaning you can study at your own pace, quickly when something is easy and slowly for the more tricky areas – making it a truly personalised learning experience.

That being said, it doesn’t come without its negatives, which include procrastination and isolation. A student who puts things off and doesn’t like studying alone, would be more suited to a method which allows for constant discipline and structure – like you’d get in the classroom.

Stuart said: “Take getting fit as an example, some people will have a personal trainer who meets them at the gym at 6am, whereas others don’t need that discipline and will motivated to workout themselves.”

Students come in different shapes and sizes

We are all neurologically the same. It’s how we process, perceive and store information which makes us learn differently.
When you’re trying to find out which study method is best for you, think about what type of learner you are. Where do like to study? In a group, on your own, do you prefer to learn in the morning rather than in the evening, and are you good at sticking to a timetable.

Stuart said: “Science tells us that if you can tailor the learning to the individual then the individual will learn better.”
Interested in studying with a learning method that has won several awards and has exceptional pass rates? Sign up for the free demo now or find out more here.

Working and studying at the same time is demanding.

Here’s how to manage your time effectively.

Know how you spend your time effectively.

First, look at how you currently spend your time. If you don’t know, log everything you do from the moment you wake up until you go to sleep. Do this for a few days.

Plan, plan, plan

Plan ahead so you know how much you need to do each day and each week. This will prevent anything becoming urgent, so you can avoid last-minute cramming and studying late into the night, which will only add to your stress levels.

Plan your study time as follows:

• What’s required? How many units, books, assignments and assessments are involved?
• What are your deadlines, and assignment and assessment dates?
• Write down any key dates.

Create an outline of what you need to study over a given time. You may be able to complete one or more units in a week, or you may take several weeks to complete one unit.

Make more time

Free up more time in your working day for study.

This is easier than you think.

• Get up earlier and gain an extra hour at the start of the day.
• Set aside 30 minutes at lunch
• Sneak in one to two hours in the evening, instead of watching TV or spending time on social media.
• Read and review your notes at quieter points in the day.

Leaving work on time can also make a big difference to the amount of time you have for studying.

Does work allow you to take study time? If so, make the most of it and plan that study time well.

Prioritise at work

Prioritise your tasks, and only work on what’s important or really is part of your responsibilities.

Avoid reacting to every email, call or new task. Manage them aongside your other priorities, so you don’t take on too much. Create good boundaries to the start and end of your day, and know when to say no.

Become study-efficient

You can take more in if you study in short bursts. Try the following for each study session: decide what you’re going to study (based on your plan), preview the work for the session, and work for 20 to 25 minutes. Review what you’ve just studied, and then take a five-minute break.

Repeat that work-break sequence for one to two hours, and then take a longer break. Review what you’ve studied at the end of the day to help you remember it better. At the end of the week, review what you’ve studied that week. The more you review, the more you’ll remember.

Mind maps are an effective way to take notes during your studies. Use one or two sheets for each unit. They create a colourful image of the study material and are easier to read and review than pages of notes.

Write down the key points on postcards. Use these to test and review the material in those quiet moments during the day, or on your daily commute.

Stop studying (sometimes)

Ensure you take time out from studying. Take a break between finishing work and starting your studies, and plan in time for exercise and socialising. Do something totally unrelated to numbers at least once a day.

Read more on studying AAT;

• The key to success in synoptics
• Understanding your assessment questions
• Study tips: The best way to work through your AAT assessment

This article appeared in our summer 2018 issue of 20 magazine.