CAP 2 failure- contract implications

stefar

Hey all, just back at work now following a disastrous week of exams- chance I could be let go if I don't get all my cap 2's- just wondering how id go about finishing my training contract given that firms, regardless of size, won't be loookin to take on any CAP 2 failures- nightmare situation to be honest- just don't think I'll get a second crack of the whip- I have 2 years experience of accs prep & some small audit work- need to know if I need to be in a training contract to complete- thanks - it's only rumour that anyone not gettin them would be let go first attempt but happened last year... Dunno what I'll do to be honest, as harsh as it seems, just wanna know my options, thanks

smcgiff

Not 100% sure if this would apply to you. But the CAI recently launched a new route whereby you could finish your exams outside a contract. If you finish your exams it should help you get back into a contract.

Alternative is to switch to ACCA or CPA as they do not require to be within a contract, although it would probably be wiser to stay with CAI if possible.

Odats

Normally they give you the repeat sitting and if you don't get them at the repeats then your out the door well that's what most firms do but you don't know.
You can finish the exams out of contract the Institute gave special dispensation due to the current climate to sit the finals outside contract and will probably continue.
With the number of people qualified that are unemployed it will be hard to get a job but the recruitment agent told me that at the moment there is a demand for part qualified accountants could be bullsh1t though.

aca101

I know you can sit CAP 2 exams if your not under contract...but I dont think you can do the same with FAE.

Say for example you failed the CAP2 summer exams..get let go and then pass the repeats in october...I'm not entirely sure you can then go on to do the FAE the next year unless you're with a firm....maybe someone can shed light on this?

Odats

The ICAI gave special dispensation this year due to the current economic climate that you didn't have to be in contract to sit FAE's this year. First year of this. Before this you could sit up to CAP2 out of contract but had to be in a training contract for the finals.
What you'll probably see firms doing now is getting people in at later exams with only the finals to do as it cuts down on cost and you'll effectively have a trainee with all exams passed and have another year to sit out contract. By this I'm not saying masters route but through ICAI exams externally.

stefar

Thanks for all the replies folks- can only wait & see now, cheers

aca101

Odats wrote: »

The ICAI gave special dispensation this year due to the current economic climate that you didn't have to be in contract to sit FAE's this year. First year of this. Before this you could sit up to CAP2 out of contract but had to be in a training contract for the finals.
What you'll probably see firms doing now is getting people in at later exams with only the finals to do as it cuts down on cost and you'll effectively have a trainee with all exams passed and have another year to sit out contract. By this I'm not saying masters route but through ICAI exams externally.

OK so you're allowed to sit the FAE's without being under contract but would you qualify when you pass them? Presumably you would have to 3.5 years training done to fully attain the qualification. Or maybe I'm wrong?

Whiplash85

aca101 wrote: »

OK so you're allowed to sit the FAE's without being under contract but would you qualify when you pass them? Presumably you would have to 3.5 years training done to fully attain the qualification. Or maybe I'm wrong?

Correct on all counts.Once you've the exams done the hardest part is over from a practical standpoint anyway.

Dont know what the contract implications will be for myself.The only way to pass these is on a modular basis.maybe take 2 and 2.Hopefully I'll get over the line in as many as possible to make life easier come Autumn but I wouldn't hold my breath.

Odats

aca101 wrote: »

OK so you're allowed to sit the FAE's without being under contract but would you qualify when you pass them? Presumably you would have to 3.5 years training done to fully attain the qualification. Or maybe I'm wrong?

You could sit them out of contract but would still have to do 3.5 years training but would cost you nearly 4.5k in exam and course fees. Be attractive to potential employer with no exams and 2-2.5 years training to do.

cunning stunts

Odats wrote: »

You could sit them out of contract but would still have to do 3.5 years training but would cost you nearly 4.5k in exam and course fees. Be attractive to potential employer with no exams and 2-2.5 years training to do.

is that 4.5k definitely correct? that seems nuts!!!

Whiplash85

cunning stunts wrote: »

is that 4.5k definitely correct? that seems nuts!!!

3,060 is the amount I think.It is the amount for CAP 1 and CAP 2 anyway so I guess it would be the same for FAE.

Odats

When I done FAE in 2008/09 the course and exam fees were €4,650 and
I had to pay 15% even in contract as the ICAI changed the rules that year for which my firm refused to pay. The full course fees has since been reduced so around the €4k for FAE this year so if you don't have a contract and want to sit FAE expect to pay around this in course fees.