CAP 1 External Entry

labradoodlelady

Hi folks. Just wanted to get a few opinions if possible. I have secured a training contract with a firm (ACA) and am due to start in September.

I have a B. Corp. Law, LL.B. and am finishing my Masters. I am almost sure I have an exemption from the Law paper. I need to double check that one as I finished my degree in 06.

Anyway, I just wanted to get a few opinions on taking maybe 2 CAP 1 papers before my training contract starts. I have to finish my thesis over the summer so I'd prob be thinking about the September sitting.

I did a few Accounting modules in my u/grad degree but nothing since, so I was hoping it might benefit me to brush up on things before starting work .

Any ideas greatly appreciated! Thanks

Stabshauptmann

well heres the link to the external entry application form, though you already have it other posters who dont know what you're talking about might find it useful.

I sat exams externally. I only had 2 subjects at CAP1 so I thought it would be a handy way to cut a year off my contract. I havent actually made my contract any shorter, but I will sit my FAEs a bit sooner.

Now, you're thinking of only sitting some CAP1 exams externally to lighten your work load. I think its a bad idea. You'll be adding an extra exam period to your year and doing yourself out of half of your paid study leave entitlement. And for what benefit?

labradoodlelady

Hi Kaptain Red Eye. Thank you for the response.

I just wanted to get a general idea of whether it would be beneficial or not. It wasn't so much to lighten the course load for the following year, more as to brush up on studying accounting before I start work.

I had figured that it wouldn't shorten the training contract. Good point on the study leave entitlement, I had forgotten about that.

http://www.icai.ie/Global/exampapers/Cap1/EXTERNAL%20ENTRY%20FORM%202009.pdf

Thks again.

Stabshauptmann

woops forgot to attach link.

If you are working for a big 4, brushing up on accounting before you start work wont be a major help. Your work will be basic for the first year, and will be specialised. You will not need a lot of accounting knowledge do your work well (strangely)

labradoodlelady

It's a small-medium firm not one of the Big 4.
Will take your points on board though!
Thanks

MonsterMob

Hey,

I wouldn't necessarily agree with KR. I sat my prof 2 and prof 3's modually so I sat 1 prof 2 with 2 prof 3's the first year and the final prof 3's the next year. I would definitily go back and sit the prof 2 in the september before my contract started if I had the chance. On both occassions I went on study leave it was a case of hitting the books flat out straight away which put quite a bit of pressure on and this was with study leave from one of the Big 4. The fact too that you have only one chance of sitting your FAE's while in contract puts a bit more pressure on you too.

I know that there is no compensation with the new Cap 1 and Cap 2 course so I would recomend you sit a few if you could before you start contract if you could. With compensation the more exams you sit the better the chance you have of passing as you have a chance of getting the overall pass rate which you don't without compensation so really you are putting on more pressure on yourself as you have to get 50% in more exams.

MM

labradoodlelady

That's an interesting point MonsterMob. Thanks for the advice.

Just a quick question, you mightn't be aware yourself but if anyone does have any idea it'd be great.

If I chose to sit 2 CAP 1 papers externally in Sept 09 and say I had 1 exemption that would mean I'd have one paper to sit for Cap 1 in May 2010. Could I then sit maybe 1 or 2 Cap 2 papers as well? Or does that completely screw things up as regard lectures, fees and study leave etc.

Thanks again for the sugestions.

labradoodlelady

Just double checked on the ICAI website and answered my own question!!!

Now if anyone has any experience/advice on doing CAP 1 & 2 together would be much appreciated .