Advice re training contract

workorquit

I am a Big Four sponsored student on an MAcc course. As I got the contract before the masters, they sponsored me a large amount. From early on I felt uninterested in the course but I stuck with it and hoped I could get through as I'd worked with a Big Four company for a summer and loved it. Plus I didn't know what else I could do in the current environment.

Now I am really considering that that was a bad idea. I've failed all continuous assessment exams despite working hard for a lot of them. I excelled in assignments though so I didn't think much all year as the exams were worth little. I have little hope for passing any of these summer exams either and am dreading thesis.

I don't know if I could get re-interested enough to really work and get them in the repeats in August plus the idea of FAEs just really makes me want to give up. This is not just coming to light because of exam season, it's been brewing for a long time and I've been in denial.

However if I did decide to quit the contract, I have to repay the sponsorship and I simply don't have an avenue to gain that kind of money. And if I do fail and not get CAP2's then I'm breaching my contract so will most likely not be taken on and still have to repay the money.

Anyone have any suggestions on what I should do?

SBWife

workorquit wrote: »

I am a Big Four sponsored student on an MAcc course. As I got the contract before the masters, they sponsored me a large amount. From early on I felt uninterested in the course but I stuck with it and hoped I could get through as I'd worked with a Big Four company for a summer and loved it. Plus I didn't know what else I could do in the current environment.

Now I am really considering that that was a bad idea. I've failed all continuous assessment exams despite working hard for a lot of them. I excelled in assignments though so I didn't think much all year as the exams were worth little. I have little hope for passing any of these summer exams either and am dreading thesis.

I don't know if I could get re-interested enough to really work and get them in the repeats in August plus the idea of FAEs just really makes me want to give up. This is not just coming to light because of exam season, it's been brewing for a long time and I've been in denial.

However if I did decide to quit the contract, I have to repay the sponsorship and I simply don't have an avenue to gain that kind of money. And if I do fail and not get CAP2's then I'm breaching my contract so will most likely not be taken on and still have to repay the money.

Anyone have any suggestions on what I should do?

Your choice is very simple either get your act together and pass your exams or repay something in the region of €10k. You don't have the money and short of robbing the local Post Office you've no ways of getting the money. Therefore you have no choice you must get your act together and put yourself in a position where you can pass those exams.

For the next couple of weeks concentrate on teaching yourself how to do the exam questions. Learn the individual topics. If your class notes and textbooks aren't doing the trick for you get some supplementary material. Open Tuition is a good source. So are the articles and past exams on the ACCA website. Both are free although Open Tuition requires registration.

No one is saying you have to be an accountant for life but do your best to get through the training contract you'll gain some decent experience, some important basic knowledge about conducting business in Ireland and with any luck some contacts.

Vivagora

Id give you the total opposite advice

As a fellow Masters of Accouting student I suffered aswell as fellow classmates from a lack of motivation and in general sick of studying but Accounting is a really long road even worse than Medicine.

If you really dont like it then if I was you I wouldnt be joining a firm. The max you could have been sponsored is 6 or 7 grand unless you went to an over priced school like Smurfit. There are people crying out for accounting jobs and you are just taking it for granted. Even if you continue you are likely to fail FAEs as they are the worst exams ever created that take a huge amount of commitment to pass.

It is a contract tied to a desk for 3 years if you dont like it now dont waste the best years of your life

EamonOSullivan

I have seen a number of people go through the Masters in Accounting route, it is a quick way to get the exams over with before starting to work and have to study at the weekends. If you get through the Masters you will find the FAE easy, because the FAEs really look for you to apply the knowledge you have acquired all through college in a common sense way.

Most people that come theough ACA say 'I'll never look at another book' but you will get over that. Also most accountants are not just keying in transactions - they are working in general business roles in all types of organisations.

Your training as an accountant gives you great experience which will stand to you for the rest of your career.

Having said all that, it is a long 3 years in a training contract if you can't stand accounting, so I would think about whether you really a career in accounting.

smcgiff

Vivagora wrote: »

but Accounting is a really long road even worse than Medicine.

Ah now, get a grip.

Vivagora wrote: »

As a fellow Masters of Accouting student I suffered aswell as fellow classmates from a lack of motivation and in general sick of studying but ... they are the worst exams ever created that take a huge amount of commitment to pass.

I think you'll find the reason you think these are so hard is because you have no interest in them.

Vivagora

smcgiff wrote: »

Ah now, get a grip.

Really? To qualify as an accountant requires a degree so 3-4 years, sometimes a masters 1.5 years and a 3 year training contract so actually yes longer than medicine courses that I know.


I think you'll find the reason you think these are so hard is because you have no interest in them.

Well given that the pass rate for CAP 2's was 35% no I dont think a lack of interest is a problem. Motivation maybe and for the record I am doing tax and Chartered accountancy exams at the same time so I hardly "have no interest" otherwise I would never have choosen this route

smcgiff

Vivagora wrote: »

Well given that the pass rate for CAP 2's was 35% no I dont think a lack of interest is a problem. Motivation maybe and for the record I am doing tax and Chartered accountancy exams at the same time so I hardly "have no interest" otherwise I would never have choosen this route

I know I shouldn't...

Lack of interest/motivation. So, you want to pass the exams, but can't be bothered in putting the work in. Is that the difference?

Further, you're doing the tax and accounting at the same time? Have you done your masters already? Pity if you have as you've surely missed the opportunity to do all three together.

Vivagora

nope my motivation issues relate to a 4 year degree (Erasmus not failing before you start!) a masters and now three years of exams with no break thats all. And ive yet to fail an exam so I wouldnt exactly say Im not motivated.

Vivagora

And couldnt possibly do Tax and Accounting at same time in the three years as sitting CAP 2's and Tax part one exams clash together so firms dont allow it and Masters is the only way!

smcgiff

Vivagora wrote: »

And ive yet to fail an exam so I wouldnt exactly say Im not motivated.

see EASY!

smcgiff

Good few weeks since OP posted. Thread closed.