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Chartered Accountant salaries in small Practices
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31-01-2011 2:23pm#1
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OP i'm in a similar situation to you, qualified in dec 09 and only on 24k with 2.5k paid for my tax exams, no subs for chartered paid but CPD paid (even though i don't really need it coz of the tax exams)
on a side note, to anyone who is paying there own subs for ACA, you can get a reduction if you are on low wages, mine is down over 400 euro on the regular charge
know i am being ripped off but know its unlikley il get any more if i asked
ah well....off to Oz later in the year
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hi guys,
don't mean to go off topic but I am a trainee accountant (Acca) and have 3 and a half years exp in medium sized practice. Sitting finals this summer. Starting salary was 17k and guess what, it still remains at 17k with no exams etc paid for. Am I being screwed to put it bluntly?
I believe I am good at my job and asked for a rise a while back. Got the usual "recession" excuse. However, I do know how much money comes in the door from clients and it makes for some shocking reading. Recession, hmmm no recession here 0 -
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Hello Crebel81,
The way I look at it a trainee accountant is a type of apprentice. So, your remuneration is more than just your salary, but also the knowledge and experience you gain, which is at least as valuable as your basic salary.
With that said, €17k after 3.5 years does seem low. When training myself in practice in the mid nineties I started off on less than the dole. However, after a year and a half I exercised my right to leave practice to enter industry and I have not looked back since.
I can't help reading these type of threads thinking those that say they've been working in place X for a number of years and only getting a pittance are beyond naive, especially as they are trained accountants and would be expected by the general public to be able to give general business advice.
The market dictates everything regardless of the location.
Are there other practices offering jobs at a higher rate? Yes? - apply for them. No? Would suggest you are on the correct rate. Are there better paying jobs outside of practice you can apply for in your location? Almost certainly yes over a period of time, but does staying in practice outweigh the salary increase? Only you can answer this. Are there better paying jobs outside of your location? Again, answer is yes, but does the increase in pay outweigh the inconvenience of the move?
Back to the multiple of your income that you bring into the practice. It doesn't seem that much when you take into account VAT (and don't tell me deducted this first!
) employee prof fees/training, employer's PRSI the almost 50% in tax that could be liable on profits, the rent/mortgage, plus building, client, public insurance, rates, and other business expenses.
Also, I imagine the partner needs to review your work and spend time on winning the client, so you certainly cannot claim 100% of the income a client brings into the practice.
I've been out of practice a number of years, but do know what goes into running a business.
In summary, to an extent the salary earned by someone is within their own control (though not necessarily within their current job).
Please take this advice in the good nature it is intended. 0 -
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Hello Crebel81,
The way I look at it a trainee accountant is a type of apprentice. So, your remuneration is more than just your salary, but also the knowledge and experience you gain, which is at least as valuable as your basic salary.
With that said, €17k after 3.5 years does seem low. When training myself in practice in the mid nineties I started off on less than the dole. However, after a year and a half I exercised my right to leave practice to enter industry and I have not looked back since.
I can't help reading these type of threads thinking those that say they've been working in place X for a number of years and only getting a pittance are beyond naive, especially as they are trained accountants and would be expected by the general public to be able to give general business advice.
The market dictates everything regardless of the location.
Are there other practices offering jobs at a higher rate? Yes? - apply for them. No? Would suggest you are on the correct rate. Are there better paying jobs outside of practice you can apply for in your location? Almost certainly yes over a period of time, but does staying in practice outweigh the salary increase? Only you can answer this. Are there better paying jobs outside of your location? Again, answer is yes, but does the increase in pay outweigh the inconvenience of the move?
Back to the multiple of your income that you bring into the practice. It doesn't seem that much when you take into account VAT (and don't tell me deducted this first!) employee prof fees/training, employer's PRSI the almost 50% in tax that could be liable on profits, the rent/mortgage, plus building, client, public insurance, rates, and other business expenses.
Also, I imagine the partner needs to review your work and spend time on winning the client, so you certainly cannot claim 100% of the income a client brings into the practice.
I've been out of practice a number of years, but do know what goes into running a business.
In summary, to an extent the salary earned by someone is within their own control (though not necessarily within their current job).
Please take this advice in the good nature it is intended.
Ok. I will genuinely take the advice on board.
I can see the points you are making but what is very frustrating is that I have progressed over the 3.5 years yet my salary doesnt reflect this.
I will live on 0 -
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Hello Crebel81,
The way I look at it a trainee accountant is a type of apprentice. So, your remuneration is more than just your salary, but also the knowledge and experience you gain, which is at least as valuable as your basic salary.
With that said, €17k after 3.5 years does seem low. When training myself in practice in the mid nineties I started off on less than the dole. However, after a year and a half I exercised my right to leave practice to enter industry and I have not looked back since.
I can't help reading these type of threads thinking those that say they've been working in place X for a number of years and only getting a pittance are beyond naive, especially as they are trained accountants and would be expected by the general public to be able to give general business advice.
The market dictates everything regardless of the location.
Are there other practices offering jobs at a higher rate? Yes? - apply for them. No? Would suggest you are on the correct rate. Are there better paying jobs outside of practice you can apply for in your location? Almost certainly yes over a period of time, but does staying in practice outweigh the salary increase? Only you can answer this. Are there better paying jobs outside of your location? Again, answer is yes, but does the increase in pay outweigh the inconvenience of the move?
Back to the multiple of your income that you bring into the practice. It doesn't seem that much when you take into account VAT (and don't tell me deducted this first!) employee prof fees/training, employer's PRSI the almost 50% in tax that could be liable on profits, the rent/mortgage, plus building, client, public insurance, rates, and other business expenses.
Also, I imagine the partner needs to review your work and spend time on winning the client, so you certainly cannot claim 100% of the income a client brings into the practice.
I've been out of practice a number of years, but do know what goes into running a business.
In summary, to an extent the salary earned by someone is within their own control (though not necessarily within their current job).
Please take this advice in the good nature it is intended.
I have to agree with the above. I started in practice in 1998 [God I feel old] and was getting the equivalent of €4.6k per annum for the first 2 years! Ok, so that was a long time ago, but I worked hard [for pittance] and the training I got enabled me to have my own practice!
It's not all about the now ... it's all about the future!!0 -
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