Trainee accountant salary

bulmersgal · 28-11-2014 8:06pm #1

So I got offered a job as a trainee accountant in a middle size firm. The pay is brutal too be honest 17,500 this company is based in dublin by the way. I'm delighted with the job though so looking forward to starting. However in the contract it doesn't say if my salary will increase as I pass exams.

Would it very cheeky to email and ask this before I sign contract. Also is it normal not to get paid or get time in lieu for overtime Note

Acc7777 · 28-11-2014 8:56pm

Recommended minimum increments are listed below.

Firms should review annually the basic allowances paid to trainees in line with local
market conditions.

It is important that, as students progress and develop added competence, this should
be recognised in their overall remuneration by the inclusion of a payment to reflect their
developing experience and demonstrated aptitude in work performance. The policy on
the payment of such increments should be agreed with the student at the time of
registering their training contract.

Recommended minimum increments to students on passing each part of the Institute
examinations are outlined below:

CAP1 1,400
CAP2 2,330
FAE 4,670

bulmersgal · 28-11-2014 8:59pm

Acc7777 wrote: »

Recommended minimum increments are listed below.

Firms should review annually the basic allowances paid to trainees in line with local
market conditions.

It is important that, as students progress and develop added competence, this should
be recognised in their overall remuneration by the inclusion of a payment to reflect their
developing experience and demonstrated aptitude in work performance. The policy on
the payment of such increments should be agreed with the student at the time of
registering their training contract.

Recommended minimum increments to students on passing each part of the Institute
examinations are outlined below:

CAP1 1,400
CAP2 2,330
FAE 4,670

Sorry I forgot to say I'm Acca not Aca. I'm exempt from 7 out of 14 exams and doing 2 next week

jaffa20 · 28-11-2014 9:01pm

bulmersgal wrote: »

Sorry I forgot to say I'm Acca not Aca. I'm exempt from 7 out of 14 exams and doing 2 next week

You have completed 7 ACCA exams and the pay is only 17500. That is crazy low tbh!

bulmersgal · 28-11-2014 9:05pm

jaffa20 wrote: »

You have completed 7 ACCA exams and the pay is only 17500. That is crazy low tbh!

I got exempt because I got a first in a Accounting and finance degree

focus225 · 28-11-2014 9:07pm

bulmersgal wrote: »

Sorry I forgot to say I'm Acca not Aca. I'm exempt from 7 out of 14 exams and doing 2 next week

Mid size firms are paying 20,000 starting if you have exemptions F1-F9 or Cap 1.

bulmersgal · 28-11-2014 9:09pm

focus225 wrote: »

Mid size firms are paying 20,000 starting if you have exemptions F1-F9 or Cap 1.

Maybe it will go up as I pass exams. Is it cheeky to ask or should I just wait till I start and ask a co-worker

focus225 · 28-11-2014 9:17pm

bulmersgal wrote: »

Maybe it will go up as I pass exams. Is it cheeky to ask or should I just wait till I start and ask a co-worker

Some firms base raises on exam sucess, some on performance. It all depends on the firm and the partners. As for asking about it now, thats a judgement call.

robynred · 28-11-2014 9:30pm

I am starting in a new company this month and asked if the salary will increase when I am qualified they told me no that it will increase with performance or promotion so at least I know where I stand.
I've never worked in practice but I am part qualified (2 exams to go) and that salary you have been offered is shocking low to me. I don't think there is a problem asking if the salary is going to increase especially if they have offered you the position.

If you are starting in a firm and commencing your exams, more than likely you will probably stay with that firm throughout your studies, you want to ensure you are starting on the right footing.

rabbit123 · 28-11-2014 9:36pm

I have passed 10 exams of ACCA (passed not exempt) and have cap 1 exemptions, have 2.2 MACC. I didn't get Cap2 exemptions so have to leave Big4 firm after 1 year ( it was a condition in my contract) . I started on 21,500 and was supposed to go up on 24k when I was asked to leave.

I am applying in small and medium firms and big 10 as well but till now I got just one interview ( in last 7 weeks) and I am willing to work at minimum wage the way conditions are.

Remember that it's a training contract, you need to pass exams and have a good experience so your preference should be to get good training (audit,book keeping, account prep, tax) and have a supportive employer to pass your exam (work, life and study balance). Once you have more than 9 exams passed and good experience (2 years) under your belt, the bargaining power will shift towards you and you can ask for a raise or can look for a better opportunity (big 10 firms are always looking for people from medium firms)

At this point, I would not question the salary or recommend that. Rather I will be asking for study support and good training but that's just my opinion.

bulmersgal · 28-11-2014 9:39pm

robynred wrote: »

I am starting in a new company this month and asked if the salary will increase when I am qualified they told me no that it will increase with performance or promotion so at least I know where I stand.
I've never worked in practice but I am part qualified (2 exams to go) and that salary you have been offered is shocking low to me. I don't think there is a problem asking if the salary is going to increase especially if they have offered you the position.

If you are starting in a firm and commencing your exams, more than likely you will probably stay with that firm throughout your studies, you want to ensure you are starting on the right footing.

congrats on your new job, it's great to hear the market is picking up. I'm lucky in a sense that I get family income supplement as I have a child but it would be nice to know how the salary will increase etc.

Also I know in my current job, if staff are out of the office they get lunch allowance parking and travel expenses. Would this apply to auditors or are you expected to pay these as well

bulmersgal · 28-11-2014 9:42pm

rabbit123 wrote: »

I have passed 10 exams of ACCA (passed not exempt) and have cap 1 exemptions, have 2.2 MACC. I didn't get Cap2 exemptions so have to leave Big4 firm after 1 year ( it was a condition in my contract) . I started on 21,500 and was supposed to go up on 24k when I was asked to leave.

I am applying in small and medium firms and big 10 as well but till now I got just one interview ( in last 7 weeks) and I am willing to work at minimum wage the way conditions are.

Remember that it's a training contract, you need to pass exams and have a good experience so your preference should be to get good training (audit,book keeping, account prep, tax) and have a supportive employer to pass your exam (work, life and study balance). Once you have more than 9 exams passed and good experience (2 years) under your belt, the bargaining power will shift towards you and you can ask for a raise or can look for a better opportunity (big 10 firms are always looking for people from medium firms)

At this point, I would not question the salary or recommend that. Rather I will be asking for study support and good training but that's just my opinion.

Thank you, fingers crossed you will find something soon. They are paying for my exams and giving me a week's study leave for each subject. In my current job I only got the day of exam off and I paided myself for exams etc.

robynred · 28-11-2014 9:43pm

Thanks, delighted with the job can't wait to get started tbh, I've been in my current position for over 8 years so looking forward to the change.

I've been job hunting since August, I applied for around 30 jobs, had 6 interviews and ended up with two job offers the same week.

There is a huge pick up in the market I think.

I'm probably not the best person to be giving advice about working in practice as I have no experience of it at all.

Have you ever considered working in industry??

rabbit123 · 28-11-2014 9:45pm

bulmersgal wrote: »

Thank you, fingers crossed you will find something soon. They are paying for my exams and giving me a week's study leave for each subject. In my current job I only got the day of exam off and I paided myself for exams etc.

For ACCA exams that's standard. One week per subaject. I thought you started on graduate position. You were already working?

bulmersgal · 28-11-2014 9:47pm

I done my degree part time while working in accounts payable role for a year. I didn't really get too much experience more data entry than anything. So I'd prefer to start from the bottom.

No real interest in industry. Prefer practise but that could change when I start

focus225 · 28-11-2014 9:48pm

bulmersgal wrote: »

congrats on your new job, it's great to hear the market is picking up. I'm lucky in a sense that I get family income supplement as I have a child but it would be nice to know how the salary will increase etc.

Also I know in my current job, if staff are out of the office they get lunch allowance parking and travel expenses. Would this apply to auditors or are you expected to pay these as well

My experience is that you pay for all yourself (travel, hotels etc.) and submit your expenses once a month and get all back. I assume most firms work this way.

rabbit123 · 28-11-2014 9:52pm

bulmersgal wrote: »

I done my degree part time while working in accounts payable role for a year. I didn't really get too much experience more data entry than anything. So I'd prefer to start from the bottom.

No real interest in industry. Prefer practise but that could change when I start

That's very wise. The benefit of a medium firms is that you will get exposure to all or most areas of business i.e Account prep, audit, tax, book keeping and may be corporate finance as well (depending on the firm and clients). Once you finish your training contract you can choose to make your career in anything i.e. industry, internal audit, bigger practice or you can choose to stay with your firm if you want.

smurf189 · 28-11-2014 9:55pm

I started as trainee in an ACCA practice during the summer in Dublin and the starting pay was €16,000

Was a shock hearing what the salary would be but I liked the place so said yes! Thankfully I had a review recently and it went up to what you're being offered and it will go up again next September.

Don't think it said anything in my contract about the salary increasing each year either but I just took it as a given when it was starting so low!

smurf189 · 28-11-2014 10:06pm

Also I'm working in audit and we get expenses back for nights spent away from the office, to cover lunch & dinner, it's a set amount for each night spent away. It would depend in each firm though!

PM me if you have any questions, sounds like you'll be doing similar work to me

Paddy001 · 01-12-2014 6:28pm

Hi there,

It's hard to say if the salary quoted is reasonable. It is low but it is likely it will increase in line with experience.

There are also a number of other things which should be considered such as how many people work in the firm? What kind of a portfolio of clients do they have? What type of tasks will you be given?

It is very hard to advise on the salary level without knowing a bit more detail about the context of the offer as there may be other benefits for you.

Colemania · 04-12-2014 8:50pm

Actually laughing at this here! Started as a trainee accountant in Limerick a few years back on €12500! Now I know there's a big difference between Dublin and anywhere else in Ireland but that's a disgrace really. Been on the lookout myself for a while now but in saying that, i'd be hoping to go up to about 17-18000 as that would be the norm in Limerick for a non big 4 firm.

Be grateful you have a job I say

Best of luck with the job also!

focus225 · 04-12-2014 8:53pm

Colemania wrote: »

Actually laughing at this here! Started as a trainee accountant in Limerick a few years back on €12500! Now I know there's a big difference between Dublin and anywhere else in Ireland but that's a disgrace really. Been on the lookout myself for a while now but in saying that, i'd be hoping to go up to about 17-18000 as that would be the norm in Limerick for a non big 4 firm.

Be grateful you have a job I say

Best of luck with the job also!

How many years experience do you have? Are you qualified? If you're qualified 17 - 18k is ridiculously small money.

Colemania · 04-12-2014 8:59pm

focus225 wrote: »

How many years experience do you have? Are you qualified? If you're qualified 17 - 18k is ridiculously small money.

no no, long way to go yet! still have 7 exams to go. Have 2 years experience now

bulmersgal · 04-12-2014 9:20pm

Colemania wrote: »

Actually laughing at this here! Started as a trainee accountant in Limerick a few years back on €12500! Now I know there's a big difference between Dublin and anywhere else in Ireland but that's a disgrace really. Been on the lookout myself for a while now but in saying that, i'd be hoping to go up to about 17-18000 as that would be the norm in Limerick for a non big 4 firm.

Be grateful you have a job I say

Best of luck with the job also!

God €12,500 you'd nearly be better off on the dole. God I think 17 is very low especially as people have degree etc. But it only for a few short years and experience will stand to me

Colemania · 04-12-2014 9:21pm

bulmersgal wrote: »

God €12,500 you'd nearly be better off on the dole. God I think 17 is very low especially as people have degree etc. But it only for a few short years and experience will stand to me

Ha ya i would have but experience has been great and its really standing to me now alright.

NSAman · 04-12-2014 9:31pm

bulmersgal wrote: »

God €12,500 you'd nearly be better off on the dole. God I think 17 is very low especially as people have degree etc. But it only for a few short years and experience will stand to me

Back in the 80's (late 80's) I got a job as a trainee starting at 35pounds a week. It didn't even pay for my transport. However, I stayed with it. Actually loved the job, progressed from absolute entry level (despite having a degree) to Audit Senior and working with businesses in development.

It is a great grounding for future careers. it has given me the ability to travel the world, be part of organisations that I would only dream of working with and still, I dabble with small companies and charities for free... great choice of career..;)

bulmersgal · 04-12-2014 9:58pm

NSAman wrote: »

Back in the 80's (late 80's) I got a job as a trainee starting at 35pounds a week. It didn't even pay for my transport. However, I stayed with it. Actually loved the job, progressed from absolute entry level (despite having a degree) to Audit Senior and working with businesses in development.

It is a great grounding for future careers. it has given me the ability to travel the world, be part of organisations that I would only dream of working with and still, I dabble with small companies and charities for free... great choice of career..;)

Sounds like a great experience but with crèche fees being a minimum of €485 a month going to €830 in summer. I could never work for that little.

Hopefully though this opportunity will open many doors. I'm looking forward to my future as its going to be amazing

AppleBottle · 05-12-2014 8:48pm

I actually thought around 17-19K for a smaller firm was average until I read this thread!

I started in a firm last year with all 9 F paper exemptions from ACCA on 18K and I am currently doing one of the P papers next week.

I feel I need to ask for more money!

P_Cash · 05-12-2014 9:07pm

Terrible money.

Practices and big 4 especially attract new college leavers, sign them up and the suck the life out of them, one of the big 4 audits the company i work for, they see us as good, industry how nice, why didn't i go there.
Unfortunately they don't get the experience on a broad level and most need a smaller practice to bring them well up on knowledge.

Salary wise, id expect 20, id leave after 1 year then look for 25 in the next, i job hopped 4 times from 2003 to 2007, in 2003 i was on 17.5 and in 2007 i was on 33.
Yea OK good times and i had to play hard. But its not worth doing for less.

Unfortunately in west of ireland excluding galway, qualified your looking at 35 to 40 with 3 yrs exp. I personally think it's a disgrace.

Part qual could be from 25 to 35

In Dublin your laughing with constant opportunities,

Take the job, look to move again in a year or 18 months.
Ur experience or learning curve will probably have leveled out by then anyway.

P_Cash · 05-12-2014 9:10pm

I meant to say,

If you want to be worked to the bone for little pay, go to practice,
But they are the best experience wise if your taking that line of it.

For me personally, i wouldnt be in finance at all if we didn't have industry accountants

Paddy001 · 05-12-2014 10:21pm

P_Cash wrote: »

Terrible money.

Practices and big 4 especially attract new college leavers, sign them up and the suck the life out of them, one of the big 4 audits the company i work for, they see us as good, industry how nice, why didn't i go there.
Unfortunately they don't get the experience on a broad level and most need a smaller practice to bring them well up on knowledge.

Salary wise, id expect 20, id leave after 1 year then look for 25 in the next, i job hopped 4 times from 2003 to 2007, in 2003 i was on 17.5 and in 2007 i was on 33.
Yea OK good times and i had to play hard. But its not worth doing for less.

Unfortunately in west of ireland excluding galway, qualified your looking at 35 to 40 with 3 yrs exp. I personally think it's a disgrace.

Part qual could be from 25 to 35

In Dublin your laughing with constant opportunities,

Take the job, look to move again in a year or 18 months.
Ur experience or learning curve will probably have leveled out by then anyway.

I'd have to agree with your sentiment.

I'm in a small practice with over 2.5 years now and the pay is still rubbish. I've been tempted to move a few times but at present I have four exams left to pass (doing two next week, so here's hoping) but I'm comfortable where I am and didn't want the upheaval of moving jobs. Did you not find it a major strain?

I'll probably move on either way early in the new year as I don't foresee any reasonable salary increase in my annual review and it's getting a little frustrating. I've a friend who done chartered (just passed FAE's) and he would openly admit I have more experience than him, he sometimes even bounces queries off of me. He's still on €5k more than me though and he's outside Dublin so it's a bitter pill to swallow! I am getting greater experience but it doesn't help that feeling!

This is certainly an area where chartered is better than ACCA - at least they have recommended salary increases.

P_Cash · 06-12-2014 12:13am

Paddy001 wrote: »

I'd have to agree with your sentiment.

I'm in a small practice with over 2.5 years now and the pay is still rubbish. I've been tempted to move a few times but at present I have four exams left to pass (doing two next week, so here's hoping) but I'm comfortable where I am and didn't want the upheaval of moving jobs. Did you not find it a major strain?

I'll probably move on either way early in the new year as I don't foresee any reasonable salary increase in my annual review and it's getting a little frustrating. I've a friend who done chartered (just passed FAE's) and he would openly admit I have more experience than him, he sometimes even bounces queries off of me. He's still on €5k more than me though and he's outside Dublin so it's a bitter pill to swallow! I am getting greater experience but it doesn't help that feeling!

This is certainly an area where chartered is better than ACCA - at least they have recommended salary increases.

A good multinational will have a good bonus never mind a good salary.

Major strain, i probably did, but i was 24/25 when i started out. I can honestly remember what a lecture once said to me, if you feel the learning curve has gone level it's time to move on, and it's so true, with each move my next employer was amazed all i had covered in a short space of time. Yet if i had stayed 4 years in the first job id only have had 20% of the experienced i gained and would be lucky to be over 20k

I've a major problem with how young starting out accountants are treated, from me looking inwards, i see the work these people do, i see the commitment, i see the long hrs they do.
I leave at 4 and they are expected to wait till 9 or 10, before going back to hotel. Novelty all gone off working on the road. I see most of them for 3 audits, their contract is up and can't wait to get loose. 3 yrs done and there gone.
The issue i have is the work ye do versus the fees charged to us, outrageous. Wouldn't mind if we had 12 fully qualified accountants with 3+ yrs exp in on the audit. But no, it's new graduates, 1 senior, 1 mgr and extortionate fees.

Only in industry you can job hop with good pay jumps. I'm 35 now and all my time from young days the practice was the worse payer unless you make a move where the position is a senior one. Go get an ap job in a multinational. Thats where most ledger accountants start out.

I wish ye all luck.
I feel the down turn has put a lot of accountants in the market place which only lowers salary.

I feel your pain. If you're aiming for a Mortgage in your early 30s, i struggle to see how ya can do this if your stuck on 17-20 k coming up on mid 20s yr old.

P_Cash · 06-12-2014 12:20am

Meant to say to ye all, any employer not paying you an increase on exam passes, well what does that tell you. it's not your exams or your college work that i want. It's you at 17.5k earning me fees of 1000s per week.

I'd say thanks very much.

Sometimes i think experience in the work place should be rewarded. . If your good, ull come on so quickly in 10 months.

Paddy001 · 06-12-2014 1:50pm

P_Cash wrote: »

A good multinational will have a good bonus never mind a good salary.

Major strain, i probably did, but i was 24/25 when i started out. I can honestly remember what a lecture once said to me, if you feel the learning curve has gone level it's time to move on, and it's so true, with each move my next employer was amazed all i had covered in a short space of time. Yet if i had stayed 4 years in the first job id only have had 20% of the experienced i gained and would be lucky to be over 20k

I've a major problem with how young starting out accountants are treated, from me looking inwards, i see the work these people do, i see the commitment, i see the long hrs they do.
I leave at 4 and they are expected to wait till 9 or 10, before going back to hotel. Novelty all gone off working on the road. I see most of them for 3 audits, their contract is up and can't wait to get loose. 3 yrs done and there gone.
The issue i have is the work ye do versus the fees charged to us, outrageous. Wouldn't mind if we had 12 fully qualified accountants with 3+ yrs exp in on the audit. But no, it's new graduates, 1 senior, 1 mgr and extortionate fees.

Only in industry you can job hop with good pay jumps. I'm 35 now and all my time from young days the practice was the worse payer unless you make a move where the position is a senior one. Go get an ap job in a multinational. Thats where most ledger accountants start out.

I wish ye all luck.
I feel the down turn has put a lot of accountants in the market place which only lowers salary.

I feel your pain. If you're aiming for a Mortgage in your early 30s, i struggle to see how ya can do this if your stuck on 17-20 k coming up on mid 20s yr old.

That's all very true. I'm nearing the mid-20's now but I still feel it's a long way off where it should be considering I could potentially be fully qualified in six months time all going well. I was thinking of a move to industry alright but I like being in practice! It is rather tempting though looking at some of the job adverts for those positions so it is certainly something I will be considering soon.

spillit67 · 08-12-2014 9:43pm

P_Cash wrote: »

Terrible money.

Practices and big 4 especially attract new college leavers, sign them up and the suck the life out of them, one of the big 4 audits the company i work for, they see us as good, industry how nice, why didn't i go there.
Unfortunately they don't get the experience on a broad level and most need a smaller practice to bring them well up on knowledge.

Salary wise, id expect 20, id leave after 1 year then look for 25 in the next, i job hopped 4 times from 2003 to 2007, in 2003 i was on 17.5 and in 2007 i was on 33.
Yea OK good times and i had to play hard. But its not worth doing for less.

Unfortunately in west of ireland excluding galway, qualified your looking at 35 to 40 with 3 yrs exp. I personally think it's a disgrace.

Part qual could be from 25 to 35

In Dublin your laughing with constant opportunities,

Take the job, look to move again in a year or 18 months.
Ur experience or learning curve will probably have leveled out by then anyway.

There are advantages and disadvantages to everywhere. Industry pays better but there is far worse study leave. Additionally, many are unsure of what they want to go into.

The advantages of the Big 4 are obvious. Yes it's possible you could be landed with one big company and your experience might not be as good as it could be, but it's still the Big 4 and looks very good on the CV. Below that with middling firms you probably get a more all round experience but it still doesn't carry the weight of the Big 4, and the Big 4 get opportunities with secondments which you don't get elsewhere.

I wouldn't agree with you on the whole learning curve thing - there is much to learn in your first 24-30 months.

Your traineeship in accounting is what you make of it and really there is no set guidance I would give to someone. It isn't realistic in this market to talk about hopping from firm to firm, KPMG were handing out iPod shuffles in the good times just for interviewing with them. You trained in an employee friendly market.

Trainee accountant salary

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