Hello, everybody.My name is MJ the Tutor, and you are listening to Accounting Makes Sense, an MJ the Tutor podcast.
This podcast focuses on helping accounting students all over the world by offering a quick warm-up on various accounting and business topics that hopefully leads to the generation of bigger discussions and conversation.
If you're navigating a period of unemployment and wondering whether to pursue SEMA right now, this episode is for you.In today's episode, we're going to dive into the realities of professional qualifications, career growth, and financial success.
We discuss the financial strains, lack of employer support, the motivation struggles, and the isolation that can come up with studying on your own.But it's not all obstacles.There are also solutions and strategies to help you stay on track.
I actually wrote a blog post about this back in 2017, where I explored some of the ideas that I have here, but it was more to do with looking at the timeline and how to prepare for the case study exams even though one is unemployed.
I'll definitely link to that post in the show notes for anybody who's interested in reading that blog post further.But for this episode, I want to discuss the topic in more depth.
For those who are new to the channel or are not familiar with SEMA, I want to just give a background on SEMA.SEMA is a global professional management accounting body based in the UK.
SEMA offers training and qualification in management accountancy and related subjects.It is focused on accountants working in the industry and provides ongoing support and training for its members.
Okay, so now that we've got the basics out of the way, Let's get back on topic.I think this particular topic is a shared and relevant sentiment for most students out there, whether you're doing SEMA or other qualifications.
It's really common nowadays to be studying whilst working.Now, for simplicity's sake, I will refer to SEMA from time to time today, but as mentioned, it can be any other professional qualification that has the same sort of structure that SEMA has.
Certainly, there are many unique challenges that a student faces when they are studying for a qualification and they are also unemployed.Studying for a qualification is a huge investment.
So it's really a big question when you are studying for a qualification and you are currently not employed.
Let's try and discuss some of the pros and hurdles that you may encounter so that you can better prepare if you're really thinking about going down this path or you're already on this path.
So the first question we gotta address is why would someone want to study SEMA whilst they are not working?It might sound daunting, but for many, it's a way to turn a tough situation into an opportunity
Whether you're just being laid off or are in between jobs or are struggling to find your first professional role, using your free time to study could be the boost your career needs.
You're gaining new skills, enhancing your resume, and showing potential employers that you're serious about advancing your knowledge and career. But, and of course this is a big but, there are some significant challenges.
It's important to be prepared for them, especially when you don't have the support network that often comes when one is employed.So the first thing here, let's start with the most obvious challenge, money.Studying CIMA isn't cheap.
You've got registration fees, exam fees, the cost of study materials, and if you need extra help, perhaps even tuition fees for courses or coaching.When you're unemployed, you're already facing financial pressure.
You're juggling daily living expenses with no income stream, so adding study fees on top of that can be tough.It's doable, but it just means you'll need to be more careful with your budget.
If savings are tight, some people turn to loans, grants, or even support from family to make it through.So definitely it's a sacrifice. The other thing is, what if you're also applying for jobs while studying?
It might be tempting to focus fully on your SEMA, but without an income stream, that pressure to secure a job can be intense.It's dependent on the market, where you are, the types of jobs that you are looking for, depending on your career level.
Personally, I find focusing on many different things chaotic, especially trying to focus on two big things that could literally change your life, studies and career.
Looking for work is practically a full-time job in itself, especially in a competitive market.So if you add in rigorous study for professional exams on top of that, it can easily feel overwhelming.
It's all about managing your time effectively and finding that balance between a job search and your studies.That's definitely going to be key here.Next, let's look at another issue, experience.SEMA isn't just about passing exams.
It also requires a minimum of three years practical work experience. This creates a dilemma if you're unemployed because even if you pass the exams, you still need to tick that experience box before you can fully qualify.
PER, or Practical Experience Requirements, are a critical part of earning your SEMA designation.
Alongside passing the exams, SEMA students must also demonstrate real-world work experience to ensure that they're not only knowledgeable in theory, but also capable of applying their skills in practical professional settings.
A brief overview of PER is that it requires you to have a minimum of three years, so 36 months, of relevant work experience in a finance or accounting role.
This experience is necessary to show that you've applied your learning in real-life situations and developed the competencies needed for management accounting.
If you're unemployed and studying, it's a good idea to explore other alternatives like internships, part-time jobs, or even volunteer roles in finance-related fields.
Not only will this help you meet the practical experience requirement, but it'll also keep you engaged in the professional world and potentially open doors for future job opportunities.
Additionally, previous work experience may count towards the PER, if it's relevant to SEMA's competency framework.Furthermore, what about employer support? Many SEMA students who are employed get financial support from their employers.
They cover fees, provide study leave, even offer mentorship.If you're unemployed, you miss out on all of that.You're on your own to pay for your studies and manage your time, so that can really be tough without external support.
I want to expand a little bit on experience as well, because there is also the question of how to explain the employment gap. If you're job hunting, studying for a prestigious qualification like SEMA is a fantastic use of your time.
Some companies may still see a gap in your work history as a red flag.But this just means you need to be ready to explain the value of what you've been doing, your new skills, your commitment to professional development.
You just need to make sure they see it as a positive. So another big challenge is motivation.Studying without a structured routine can be tough.
When you're employed, you're usually balancing work and study, which forces you to create a disciplined schedule.Without the daily work rhythm, it's very easy to lose focus.
Suddenly, the days stretch long and your, I'll do it tomorrow, mentality creeps in. It's really important to set realistic goals, create a study plan and stick to it.
But we have to acknowledge that it's much harder to do this when you're unemployed, especially if you're dealing with stress from financial issues or job hunting.It's all about finding your internal drive.And trust me, it's easier said than done.
This journey will test your self-discipline like never before.And that's a good thing.By setting your own goals and pushing yourself to meet them, you're building a skill that employers value immensely.Self-motivation.
When you come out on the other side, not only will you have a qualification, you'll also have a stronger sense of resilience and independence. So the final challenge that I want to talk about is isolation.
Being unemployed often means fewer networking opportunities.When you're working, you naturally build connections with colleagues, attend industry events, and have regular contact with professionals in your field.
All of this helps build your career and even open doors to new opportunities.When you're unemployed, you miss out on that as well. You might feel isolated, which can make it harder to stay motivated and keep progressing.But here's the silver lining.
The challenge of limited networking can also be an opportunity to get creative.Without the daily interactions of a job, you have the chance to be proactive about building your professional network in different ways.
First, you can find your online communities.Engage on LinkedIn.Join industry groups.Participate in relevant forums.It's a great way to connect with professionals and stay updated on industry trends.Second, you can virtual meet.
Attend webinars and online conferences.These can offer networking opportunities and insights from industry leaders, all from the comforts of your own home.
Third, you can join relevant associations that offer resources and networking events to members, even if you're not currently employed.And then lastly, and this is something that I regularly do all the time, is volunteer.
Volunteering for finance-related projects can help you build connections and showcase your skills.So, as a conclusion, Is it worth it to study SEMA while unemployed?I think definitely it is, but you need to go in with your eyes open.
There are financial strains, motivation challenges, and practical hurdles like finding work experience.It requires careful planning, self-discipline, and sometimes even a bit of creativity to find solutions.
If you can navigate these obstacles, the rewards are worth it. The SEMA qualification opens doors to higher-paying jobs, management roles, and international opportunities.
In the end, it could be the key to not only getting back into the workforce, but also advancing your career significantly. And that is it for me today.I am your host, MJ the Tutor.Thank you for joining me today.
I hope you've enjoyed this episode, and I'll see you again next time.If you found this helpful, please be sure to subscribe or follow to catch the release of the next episode.
You can also connect with me on various social media like Facebook, Instagram, or X under the handle MJtheTutor. You can also visit my website www.mjthetutor.com Till next time, ciao for now!
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