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Financial Planning Career VS Accounting

Discussion in 'Financial Planning' started by riverrat321, 23rd Dec, 2010.

  1. riverrat321

    riverrat321 Member

    Joined:
    23rd Dec, 2010
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    Hi Guys, I'm interested in getting into financial planning but also have an interest in accounting. I'm concerned with how they are fazing out commissions and how this may reduce incomes. Which occupation do you think would earn more out of accounting and financial planning currently and into the future? I have management experience but no experience in the financial services industry. If I go for financial planning and do the diploma do you think I would be able to get work? I'm in my early 30's and I'm well presented and well spoken. What is a rough idea of a starting salary and how long is it likely to take before I would be earning say 80K plus? I am the sole provider for my family and have a mortgage so if I take a pay cut I need to make sure it's not for too long. Any advice would be much appreciated.
     
  2. riverrat321

    riverrat321 Member

    Joined:
    23rd Dec, 2010
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    Location:
    Sydney
    Hi again, if anyone has any advice at all on this (or my other threads) it would be much appreciated. I'm going to study next year and need to make a big decission here. Anyone???
     
  3. Terryw

    Terryw Well-Known Member

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    Hi RR

    I think you will find it much harder to become an 'accountant'. To become a registered Tax Agent you will need to do a 2-3 year diploma/degree and then gain professional experience before being qualified to practice on your own.

    Becoming an FP is much easier. You will need to do a short course which may be done in about 4 weeks and then find a licence holder to work under.

    I would suggest you do both, or better yet do a law degree with tax subjects and then you can qualify as a lawyer and tax agent.
     
  4. Dolfinwise

    Dolfinwise Well-Known Member

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    Brisbane
    Salary vs job satisfaction

    River,

    I'd suggest you will ultimately earn more in the profession that best suits your interests skills and abilities. Both can be very financially rewarding careers but both have their share of battlers. Accounting suits more detail focussed people and has less client facing roles. Financila planners tend to be extroverts who are very good at soft skills and influencing people. However to make the big bucks both professions ggenerally require a good mix of technical and people skills. Paraplanning is a great career choice for the more introverted fianncial services professional and pays the sorts of money your talking about if you are very good. Accounting is a safer bet and has more streamlined career options whilst financial advice can be more exciting but is a less mature industry and hence it can be tougher to find good job opportunities that suit.

    Good luck with it.

    Jason
     
  5. JPM Group

    JPM Group Member

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    7th Nov, 2010
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    Location:
    Moorabbin, Victoria
    I find it very interesting in the response to riverrats questions, accounting v financial planning. It appears the major priority is the monetary aspect to both industries and for me, I would be advising where you see yourself best suited as a career.. Those whom are passionate about their work will succeed and this will be reflected in the salaries they achieve.

    For me, my passion is as a financial advisor but it wasn't in the banking system. It was only when we established a truly independent model that I really enjoyed the financial planning industry. Bypassing all these wrap/platforms with multiple layering of fees was the key and dealing with SMSF and family trust as investment/super vehicles is fantastic.

    Riverrat, you need to speak to financial planners/accountants to see which area you think you would like to work in. A genuine love for work will see you ultimately succeed and earn the $$$..
     
  6. riverrat321

    riverrat321 Member

    Joined:
    23rd Dec, 2010
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    12
    Location:
    Sydney
    Thank you for your replies. To be honest I have an interest in both. I probably have more of an interest in financial planning though. I also like the fact that I could get started quicker in financial planning. What holds me back is that my wife has a small baby and won't be working for a couple more years and I can't afford a big pay drop for long. I'm kind of stuck...