Stats: 3,189,665 members, 7,937,996 topics. Date: Monday, 02 September 2024 at 03:20 PM |
Nairaland Forum / Tos's Profile / Tos's Posts
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UK (Manchester, London, Ipswich, Leceister, Birmingham), Netherland (Amsterdam, Almere), France (Paris, Caen), Belgium (Brussel), Czech Republic (Prague), South Africa (Jo'burg, Pretoria, Soweto), Swaziland (Mbabane) 1 Like |
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haykay2005: Why do you think so many people are opting for it if it's reliable. OBU is a reputable university in the UK and degrees awarded by it is well recognised by employers in the UK. Employers believe that the award of OBU BSc degree shows that you have acquired the basic skills of a normal accounting graduate. Also, CPA in the US consider the modules taken before acquiring the OBU degree as part of the 130 credit hours required before you can be allowed to write the CPA exams. |
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scud: @ Scud - My reponse to your earlier post was based on fact and my experience of the UK accountancy job market. Let me respond to the question you asked above: 1. Which certificate is the most preferred (which commensurate with higher pay in UK)?- please use UK salary checker - I still maintain that ACCA is the most preferred certification in the UK. ICAEW, ACCA and CIMA are all CCAB bodies and are recognised for employment purpose in the UK. Though each of these CCAB bodies are relevant depending on industries. ACCA is the most relevant in the UK private sector, while CIMA and ICAEW are most relevant to the manufacturing and the public sector practice (accounting firms), respectively. Though in recent years, leading accounting firms such as KPMG and PwC have been encouraging their new intakes to take the path of ACCA instead of ICAEW. 2. How many years of working experience would you have had before you can be admitted to ICAEW? I dont understand the point you were trying to make here. However, affiliates of ICAEW and ACCA are required to acquire 3 years of relevant work exprience before they can be admitted as full members. 3. How many accountancy bodies in the leading economy has relationship with ACCA ( i am not talking of ANAN equivalent)? I believe I answered this question in my earlier post on this topic. ACCA has bilateral relationships with most major accountancy bodies in the world (about 57 to be precise). These relationships are either at examinations, CPD and professional levels. Like I poited out earlier, most local accountancy bodies will expect ACCAs to understand their local laws and taxations, hence the reason they are required to write and pass these subjects in most countries such as Canada. 4. Which one is harder between ICAEW & ACCA? This question is subjective. People assume a certification is difficult to get because they have attempted it. I therefore cannot give you a definite answer here. 5.If you have the opportunity to write ACCA & ICAEW, which one would you have written? I had the opportunity to write the two exams but opted for the one that was more relevant to my career path. That being said, do you know that most students in the UK prefer to write ACCA instead of ICAEW? I will suggest you visit some Kaplan or BPP and you will realise what i'm saying. Pls dont get me wrong, I am not saying ICAEW is not a good certification to have but my argument here is based on fact. |
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scud: You obviously dont know anything about ACCA. Why would you refer to ACCA as second class certificate in the UK. The most popular accounting certification in the UK is what you called second class? There is no country that will not prefer its own local certification to any foreign one. Even in the US, certifications differ from state to state and ACCA holders are allowed to write the CPA qualification exams. I agree that knowledge gained when writing ICAN will definately help when writing ACCA but to an extent. They both have different ways of setting questions and most of the subjects in ACCA are scenario based. I honestly think that you need to study very well to pass ACCA. Though the oyinbos are more lenient in the ways they mark papers. |
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The course I started with was not what I wanted to study. I decided to do because there was no alternative and I didn't want to stay at home. Fortunately, I started at the Polytechnic (a certificate course) with the expectation to change to my dream course (medicine) at the university. When I got the university admission to study medicine, even a blind man was convinced that the course I got into by chance was what I was meant to do. I had to put in for another JAMB exams to study accountancy and the rest is history. I have two academic and two professional qualifications (ACCA and ICAN) already. At times, we dont know what's best for us until we get out there and see things for ourselves. The professions that are very marketable today may not be that marketable in future. The least facied course today may become the dream course of people tomorrow. |
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korayday: I disagree with you on this. I think you got your information from a wrong source. KPMG did not cut the salaries of staff. All they did was to freeze pay instead of the usual annual salary increase. The salary of entry level staff is about of N2.5million. I believe since they are no longer operating the DCP saving scheme, the whole of staff salary is now taxable. Using an effective tax rate of 25%, the net pay should be about N1.875million. Mind you, the effective tax rate has taken into account the employee pension contribution of 7.5% of basic salary (which is not really much in KPMG's case). Based on what I have analysed above the monthly take home pay should be about N156K for entry level staff. Chartered accountants earn considerable more than those still studying. I'll advise the OP to take the opportunity as it is a platform to move to a better place in the future. By the way, I dont understand why most people in Nigeria consider financial incentive as the most important factor when looking for jobs! What about prospects or jobs that provide unlimited opportunities? 4 Likes |
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ednut1: I dont agree with the above. I got a job in the UK with my Nigerian degree and I know of so many of my friends that did the same. And what do you mean by accounting students in the UK leaning with computer? Pls stop misleading people for the sake of making a point. |
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deebsman1: I personally dont think ACCA is a good option for him if he was unable to graduate from the university. Though the ACCA track is very open to him and if he thinks he can handle it, then he should give it a try. The assumption that he will pass the exams because he has an average CGPA from a science course is invalid because of my personal experience. I thought the exams would be a "walk in the park" because I had my ICAN qualification without having to resit any paper. I had to shelve that mind set when I failed P5 (management accounting was my favourite subject before attempting this paper) and P7 at the same time even though I had access to all the necessary materials because of where I was based. I even attended a day release programme at BPP. I can categorically tell you that ACCA is not as easy as people are making it. There are things that you can get away with in ICAN or in school exams which you can do in ACCA. |
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blank: You are spot on, blank. It's going to be difficult to prevent any of the big firms to stop rendering advisory services to their clients especially as they generate most of the income from this area. Though these firms have stopped rendering this service to their audit clients in line with the requirements of Sebarnes Oxley Act. Also, the firms have no obligations not to make money from audit clients in this area as long as the clients are not registered on the US stock exchange. I have my own theory on why people move from PwC to KPMG. I agree that the long recruitment process of KPMG is a factor, people also move because of salaries. KPMG was known to have a very robust salary package for new entrants and managers. However, this is no longer the case as other firms are now offering very competitive salary packages. Also, there are opportunities for diversification at KPMG as non-accounting graduates can work in practice divisions that suit what they studied in schools. For instance, an engineer can be useful in business advisory and so can an IT graduate and a lawyer in systems audit and business regulatory, respectively. |
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I always believe I am on the general track but with a bit of bias towards personal track. Before I started out some years back, I made up my mind that I was never going to work with any other firm except one of the Big 4 and this I set out to do without any one's assistance (if at all it was available). If there is one thing I hate most, it's office politics as I dont believe in being a servant to any "oga" because you want to climb the career ladder in a record time. I resigned from my first job in Nigeria mainly because I wanted people to see me as the best because of my ability and not because someone is pushing me up the ladder. I detest saying "yes sir" every minute to someone because of their fear that the person is capable of shaping your future/life. Anytime I take stock of what I have done with my life since I left the university, I always give God the glory for making me a brave person. The fact that I created my own path without the assistance of anybody is always giving me the urge to push on. Though, presently I am still an employee but the desire to succeed on my own and make a name for myself is getting stronger everyday, which is why I stated earlier that I have an inclination towards the personal track. Mind you, I am not suggesting that people should not take the fast track if the opportunity comes their way but it is not everyone that is cut out to do that. Rgds 1 Like |
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Bukittes: I think you should look for another tutors to coach you. There are very good ones around - Wyse, Pye and the one at Surulere (I've forgotten the name). Please dont listen to Jarus on his tale about how simple the exams are. The exams can only be made simple by adequate preparation. Try to ask questions in class and partcipate in group discussions with your mates. This will give you the opportunity of identifying areas of the syllabus where you are weak and others will be able to help you out as well. Please dont give up after passing intermediate. I am not sure which professional body will give any meaningful exemptions for intermediate level. Also note that passing Costing and Auditing is not a prerequisite for passing FA or Tax (especially) as they are not entirely related. |
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Focusmind: It's a tough call especially now that your friend is a qualified accountant. Your friend needs to decide where his passion lies. If he's still very much interested in engineering, i'll suggest he takes up this offer as the opportunity may not come again. As far as i'm concern, passion is what drives one to do what he/she does everyday without moaning or complaining. For your friend to be a qualified accountant, he must have been working at PwC for a minimum of three years unless he started writing his professional exams before joining the firm. I think three years experience with them should be enough to secure another accounting job if he cannot find an engineering job after his Msc programme. Whichever way it goes, being a chartered accountant is a big catalyst that will come handy in the future. |
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madambini: As much as I wanted to agree with your point about doing both at the same time, I just thought generalising is going to be an issue here. We dont know if the OP is someone that is capable of doing both concurrently. It will be wise if the OP analysed his priorities before making his decision. If money is the issue, them working and schooling at the same time will be a good bet. However, if you can do without the money (i mean the salary of 30K pm), i'll suggest you focus on the programme and run it on full-time basis. It will be wise not to be influenced by money at this stage to avoid regretting any negative outcome such as graduating with a class of degree (thirdy or pass) that wont be enough to secure even a 20k job. I've seen this happened before. So be warned!!! |
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tkb417: |
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T-Cann: I dont think Dafinone is a bad place to start for an ambitious person, though one of the so called "Big-4" would have provided a stronger platform to do that. If IB is your area of preference, audit, transaction service, or anywhere within the finance service division of a promiment audit firm such Dafinone can give a headstart to working in the IB of any MNC. From personal expeience, couple of my friends moved to different MNCs after spending 3-5 years with audit firms. Tbh, not all of them worked with the Big-4. Working with a good accounting firm would have given you an opportunity to have experience of working in different sectors including stockbroking and IB, unless the firm is so small that it does not have any MNC as client. Fortunately, the subject of your post is already qualified which is an advantage as far as employers are concerned. Finally, I am not going to advise your friend to either choose IB or stockbroking as this should not be a decision for an outsider to make for someone. Only you know the area you are passionate about and what gives you satisfaction. No one told me to specialise in management accounting but I made that decision because i considered myself as a true strategist and not an auditor. Though I am not an auditor today but the experience of working in an accounting firm is something I will forever cherish. I hope I've been able to help. |
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busybody20: You dont need any international driving license to drive in the UK provided you have a valid Nigeria DL. I agree with your point that you can only use it to drive for a year starting from the day you become resident in the UK. You can continue to drive after one year if you have passed both the theory and practical driving tests. |
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Ardunolarh: You can attend classes at Wyse (located at Maryland), SAFE (located at Surulere) or PYE (located at Yaba). Those are the good ones, though there are other centres in Lagos. FYI, I did mine at Wyse but some of my friends did theirs at SAFE and PYE. |
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t-luv: They are both good. However, if you are someone that is very ambitious, audit is a better option for you. From experience, audit guys have greater chance of moving to other multinational companies compared to the tax guys as only few organisations have tax departments. Most of my former colleagues from audit division are now working in the oil & gas sector. |
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Busy_body: Haba, you wan collect all the salary finish!!! The maximum tax and NI you'll pay on a salary of £30k per annum is £9K. 1 Like |
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Seun - I posted a reply to honeydrop's post yesterday but surprisingly, cant say what happened to my post. Kindly help to retrieve the post wherever it is and put it in the appropriate place. Thanks |
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joyli: The fact that you submitted it does not mean it helped, , tax clearance is useful particularly for immigrant visa |
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myspace: No |
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Nweddings: olu0: Hi OP - You do not need a significant savings to file for your hubby. The only thing you need to prove is that your marriage is genuine. However, ensure that you have minimum of £110 left over after all your bills and living expenses every month. You may send a statement of your monthly income and expenses to the BHC to prove that your hubby would not have any need to make recourse to public funds when in the UK. My wife (who was my sponsor) only had 49p in her accounts and had no job when I did my interview. But fortunately I had a good job with a multinational coy and good savings. The BHC was only concerned about my ability to secure a job when I get to the UK and proof that I was not going to rely on public funds to survive. I presented all my academic certificates and my bank statements showing significant amount of savings. Fortunately you as the sponsor have significant savings and so your hubby does not have to show that he has money to bring to the UK as it was in my case. You also need to show that you guys will co-habitate when he gets to the UK by presenting documents such as tenancy agreements in your name and a letter from your landlord stating that your hubby is allowed to stay in the house since you rented the house in your name only. Also send your letter of employment and 3 months pay-slips to your hubby to take along to the BHC. He should make attempt to start applying for jobs in the UK immediately and proof of this should be printed and presented as well. Ensure that you send a notorised copy of the bio-date page of your passport to your hubby to take with him to the BHC and all the pages in your passport showing the entry stamps during all your visits to Nigeria. This will show that you guys knew each other very well before marrying and that the marriage is not one of convinience. I will suggest you do a civil marriage at the Ikoyi Registry in Lagos as it is the most recognised Registry by the BHC. Also ensure that you take a lot of pictures during the marriage and you can identify all the invitees to the marriage by names. Note that you dont have to invite a lot of people to the Registry. A couple of friends and family members should be enough. I remember that we only invited 6 people (two signed as witnesses) to the Registry in our case. All the documents you are taking to the BHC should be arranged in a folder and postit papers used to identify them as this will make it convinient for your hubby to present them to the ECO when they are being asked for. The form that you will use for the application is VAF4 for settlement. Though it's a good thing to attend the interview with your hubby but it's not a requirement (I attended my interview alone). The sample of questions that may be asked at the interview are as follows: - When did you get married? - What is your partner's date of birth? - When/where/how did you meet your partner? - What does your partner do (what kind of job)? - Where does your partner work? - When was the last time your partner visited Nigeria? - When was the last time you were in the UK? - Where does your partner live in the UK? - Mention two landmarks close to where your partner lives? - Can you describe how to get to Central London from your partner's house? - How many sibblings does your partner have? - What are the names of your partner's parents? What do they do? - Can you identify this person from your wedding pictures (note the ECO will point to anyone)? - What do you do? What company do you work for? - How much is your monthly income? - Why do you want to move to the UK and not the other way round? The list is inexhaustive. Please note that some of the questions that the ECO will ask are already in the application form that your hubby would have submitted. He should make sure that he does not forget anything. Also if there are things that you guys dont know about each other, this is a good time to start telling yourselves. If you still have any question, i will be happy to help. 2 Likes |
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olu0: |
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mcgboye: So you really think they dont know how to go about it? Firms that help their clients to avoid/reduce taxes? They just decided not to do it because of the likely consequences of doing it. Remember they are multinationals and they are indirectly/directly controlled by the head offices which are usually located in some developed countries. They believe in preserving their image and anything that will tarnish that is always avoided like epilepsy. I'm sure you are aware of the Andersen/Enron saga which led to the demise of Arthur Andersen? KPMG recently cancelled their DCP scheme which was being used as an avenue for reducing PAYE tax of their staff. They realised the LSBIR was onto them and had started challenging the technicality. Staff of KPMG now pay taxes of more than 50% of what they used to pay before. However, do no think they dont have other loopholes in the tax law that they can use to reduce these taxes. I believe they just dont want to use it. 1 Like 1 Share |
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mcgboye: That is the problem with most people as they made decisions abruptly without considering others that have been in the system. There is no doubt that KPMG Professional Services is a good place to work in Nigeria but PWC provides a greater especially when you want to have a feel of the world outside Nigeria. Their global mobility programme is so smooth that staff can move from one office to another anywhere in the world. Though I agree that staff in both firms work for long hours, PWC still gives staff opportunity to do flexi hours. KPMG proposed this about 4 years ago but it was never successful. The only person that was allowed to do flexi was a foreigner and that was because they agreed in advance before she took the appointment. KPMG's Tax Division is big and it's well known everywhere in the country but PWC has a bigger Audit Division. The only reason whey people move from PwC to KPMG is pay. KPMG's pay package is far better than PwC's but I cant really say much about what their take-home pay will be now since they cancelled the DCP (deferred compensation). Most Nigeria graduates dont want to know what the working condition is, they are only concerned about what will be in their pockets by month end. Please note that i'm not discouraging in anyway cos I believe you'll enjoy your time at KPMG. You have also being placed in a position to move to any industry you like in the future. Best of luck once more. |
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Emuejev: So what is that statement about brushing off all about? |
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Emuejev: Congrats mcgboye. I wish you the best. Emuejev: Emuejev - You dont need to brush off on accounting and auditing. The divisional head knows you are not an accounting graduate and wont bother to ask you accounting related questions. You only need to be prepared to answer some personal and career questions such as how many sibblings fo you have?, etc. |
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Emuejev: I will advise you guys to call HR to find out what is going on. Though I dont think there is a problem as KPMG does not a time-table for sending KBAC letters to new entrants. Since KBAC is starting in September, I believe you should get your letters anytime soon. |
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