Pay for trainee accountants

schumacher

I was just wondering does anyone know how much one should expect to get paid straight out of college when they join a small practice in the country in the south east if the firm uses ICAI guidelines? Also is there much of a pay difference between the big 4 offices in dublin and their regional offices? I know there is between small practices and the big 4? thanks

pigeonbutler

Haven't a clue about small firms. But Big 4 pay about 23-25k in first year. Better study leave too.

shewasoctober

I'd say in terms of small practice, and probably at the larger firms regional offices, that there would be a difference depending on location. The salary usually coincides with the price of living. Even within County Dublin, the close to the city, the higher the pay at a smaller firm, at least that is what I have noticed. The small practices within the city tend to pay as much as €21K. All the small practices outside the city, especially closer to the county lines, all seem to be offering nothing over €18k. I would think in a smaller town, you would probably make between €14k-18k. Do some research by searching through job listings. Small practices tend to post at least a salary range, though not always. I don't know the ICAI guidelines without looking them up. Good luck. Maybe someone can be of more help. I focused on Dublin, and that is where I will be doing my contract.

hockeygirl

it depends as the others said.

big 4 your looking at 23/24
Mid ter firms about the same although I have seen as low as 18

Im starting with a small firm and I got offered 22k plus full study package... I think Im very lucky with this though

Hanley

hockeygirl wrote: »

it depends as the others said.

big 4 your looking at 23/24
Mid ter firms about the same although I have seen as low as 18

Im starting with a small firm and I got offered 22k plus full study package... I think Im very lucky with this though

Top 5 or 6 seems to be around 23-25 as others have said. I'm starting on 24.5 with 8 weeks of study leave for CAP2 and 12 weeks of the FAE and the week of the exams off too. All with full pay. I also get one week off for every CAP1 exemption I have. That's in addition to 21 days annual leave.

Any of the guys or girls I went to college with who went to smaller firms (think top 10-20) all seem to be around 18k pa.

Mid tier firms seem to pay slightly more.

abicus

I'm a registered ACCA student with six exemptions, about to sit my first exams in December. I have worked for the past four years as accounts manager for my parents two businesses. I started looking for jobs in Cork area recently and took interviews for both practice and industry positions. With my experience the best offer I got from practice was €15K plus exams paid and 1 week study leave per subject (and that was bumped up from €14K, which was the initial offer). The best I got from industry was an offer of €27k, no study leave etc., but with cost of living these days it didn't take me long to decide which one to go for. I took this job but I am still actively looking for another industry job which offers study leave.

My advice would be if money isn't an issue then go for practice, experience gained would be far better. If you've a bit of experience already then definately go for industry.

top_dag20001

[FONT=&quot]Dublin seems to pay much better than most other places (bar London). All this crap of "cost of living" though is overplayed. It’s more about demand and supply of graduates.

In Belfast they pay £13kPA for 1st year, £15k for 2nd and around £17k for 3rd year for most of the big4 (monopoly misers!) that's equivalent to E16k for 1st years! ... so count your lucky stars![/FONT]
[FONT=&quot]Accountancy has always traditionally been quite lowly paid for the first number of years, with the prospects of much higher pay in the future, but does anyone get the sneeking felling that this is all just "jam tomorrow" talk?[/FONT]

Stabshauptmann

top_dag20001 wrote: »

[FONT=&quot]Dublin seems to pay much better than most other places (bar London). All this crap of "cost of living" though is overplayed. It’s more about demand and supply of graduates.

In Belfast they pay £13kPA for 1st year, £15k for 2nd and around £17k for 3rd year for most of the big4 (monopoly misers!) that's equivalent to E16k for 1st years! ... so count your lucky stars![/FONT]
[FONT=&quot]Accountancy has always traditionally been quite lowly paid for the first number of years, with the prospects of much higher pay in the future, but does anyone get the sneeking felling that this is all just "jam tomorrow" talk?[/FONT]

Thats a very interesting post. What kind of pay increases can one expect (big 4)?
Ive heard people saying that when fully qualified the money is around the 50k mark, is that about right?

Fruiti

yes, between 45-50K once FAEs passed; once out of contract (usually a year later) it's approx. 55-58k (assuming no promotion, obviously you get more if you're promoted). at that stage payrises will also be based on your performance ratings which is why it's between a certain range rather than a blanket figure for everyone.

shewasoctober

I'm starting at 24k at CAP1 in a Big4. What is the average yearly raise for the trainees, assuming all exams are passed? Also, do they give bonuses if you score at the top, and does your raise vary based on exam and work performance, or is it more standard?

Fruiti

shewasoctober wrote: »

I'm starting at 24k at CAP1 in a Big4. What is the average yearly raise for the trainees, assuming all exams are passed? Also, do they give bonuses if you score at the top, and does your raise vary based on exam and work performance, or is it more standard?

hiya - Im in a big 4 with all exams passed - u can pm me if u want details of salary raises etc over the 3 years

Newaglish

shewasoctober wrote: »

I'm starting at 24k at CAP1 in a Big4. What is the average yearly raise for the trainees, assuming all exams are passed? Also, do they give bonuses if you score at the top, and does your raise vary based on exam and work performance, or is it more standard?

Hey,

On average you'll go up about 8-10k per annum, sometimes more, sometimes a little less. There is also a jump when you pass your FAEs.

Your pay rise will be based solely on your work performance and not your exam results - there's generally a standard raise for everyone and then increments (€500ish) per grade in your review.

If you pass your exams first time, you will get a bonus of about €500 (CAP 1), €750 (CAP 2) and then €2,500ish (FAE) (varies from firm to firm).

There's also an extra bonus if you're in the top ten in the country but it's really not all that much!

Hanley

Newaglish wrote: »

Hey,

On average you'll go up about 8-10k per annum, sometimes more, sometimes a little less. There is also a jump when you pass your FAEs.

Seriously??

Stabshauptmann

Hanley wrote: »

Seriously??

I think thats just for the first 3 years

Newaglish

Hanley wrote: »

Seriously??

Yeah - and I do mean just for trainees!

I started September '06 on 21.5k and would expect to be on at least €40k by November this year (with FAEs passed)

Having said that, the salary for a manager I hear is somewhere around the €75k mark so the increases certainly don't stop when you qualify.

shewasoctober

Knew to Ireland, at least work wise. So, I'm wondering what my monthly take home would be around. I will be working for a Big4 and getting paid 24k per year. Can anyone tell me about how much I'll have deposited into my account every month?

Thanks. Cheers!

pvt.joker

Probably in or around 1800 (give or take 50 euro) after tax and PRSI.

at least thats what i was getting when i was paid 25k p/y

shewasoctober

pvt.joker wrote: »

Probably in or around 1800 (give or take 50 euro) after tax and PRSI.

at least thats what i was getting when i was paid 25k p/y

Thanks. That is what I was thinking.

Fruiti

Newaglish wrote: »

Yeah - and I do mean just for trainees!

I started September '06 on 21.5k and would expect to be on at least €40k by November this year (with FAEs passed)

Having said that, the salary for a manager I hear is somewhere around the €75k mark so the increases certainly don't stop when you qualify.

Yep that's right - but it goes more like 5/6k after Year 1 and then another 5/6k after year 2 but before exam results and then once you get FAE it jumps by 10k or so (in my firm anyway)!!

Hanley

shewasoctober wrote: »

Knew to Ireland, at least work wise. So, I'm wondering what my monthly take home would be around. I will be working for a Big4 and getting paid 24k per year. Can anyone tell me about how much I'll have deposited into my account every month?

Thanks. Cheers!

Per this; http://www.hookhead.com/Tools/tax2008.jsp?srt=20&src=35400&trt=41&hi=2&thi=2.5&hit=100100.00&prsi=4&pepw=127.00&prsic=50700.00&gross=24500&newgross=0.00&newgrossmonth=0&bik=0.00&pension_pc=0.0&credits=3660.00&action=Submit

I'll be getting around 1,878 per month after tax on 24.5k

Fruiti wrote: »

Yep that's right - but it goes more like 5/6k after Year 1 and then another 5/6k after year 2 but before exam results and then once you get FAE it jumps by 10k or so (in my firm anyway)!!

Mind me asking what level firm you're in?
- Top 5/6
- 6-10
- 11-15
- 16-20

Totally understandable if you don't want to answer!!

Anyone know how trainee's do on bonuses?

Fruiti

Big 4 and im sorry to say but i never got a bonus as a trainee - exam bonuses yes, but not performance related. thats not to say none of them do.

Newaglish

Fruiti wrote: »

Yep that's right - but it goes more like 5/6k after Year 1 and then another 5/6k after year 2 but before exam results and then once you get FAE it jumps by 10k or so (in my firm anyway)!!

Are you in Dublin or regional? I would have gone up by about 9k in my first year

suckslikeafox

Fruiti wrote: »

yes, between 45-50K once FAEs passed; once out of contract (usually a year later) it's approx. 55-58k (assuming no promotion, obviously you get more if you're promoted). at that stage payrises will also be based on your performance ratings which is why it's between a certain range rather than a blanket figure for everyone.

Startin at a big4 soon, im gonna be rich beyond my wildest dreams:D:D



.....assuming i dont flunk all the exams that is

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Fruiti

hah - I found that every increase I got my spendings just expanded to accommodate it!!!!

I started my contract 4 years ago so maybe payrises have increased since then - although I started on 23.5 in 2004 and now it seems to have only increased to 24 or 24.5. but within two years it'll have more than doubled so make sure ya pass those exams!!!

Hanley

Fruiti wrote: »

hah - I found that every increase I got my spendings just expanded to accommodate it!!!!

I started my contract 4 years ago so maybe payrises have increased since then - although I started on 23.5 in 2004 and now it seems to have only increased to 24 or 24.5. but within two years it'll have more than doubled so make sure ya pass those exams!!!

What's the progression like post-FAE's do you know??

I assume if you were to move firms you'd take a bigger initial jump in salary anyway.

Fruiti

yep some people switch firms to move up a level and/or to get a referral bonus (up to 10k). depends on the level you're at really because once you reach management everyone is earning a different amount based on bringing in new business, targets etc. managers in my firm get a salary review twice a year so the increases will still keep coming.