Getting out of a training contract? (ACA)

pkde1

I'm a year and nine months into the 3.5 year accountancy training contract with a Big 4 firm. I have done my CAP 1s, and am due to sit my CAP 2s next week.
I have decided I no longer want to continue with my contract, and plan to tell my manager this in the next few weeks.
Is it difficult to get out of a training contract like this? And could I end up owing money for exams I've done etc?
I'm not transferring to another firm, or continuing with the ACA exams, if that's relevant.

DonnaDarko09

I presume you're not sitting the exams this week so?? You may be in breach of finishing your contract if that's the case (once repeats pass). Not too sure about having to repay for exams...If you were 'let go' I doubt you would have to repay??

pkde1

DonnaDarko09 wrote: »

I presume you're not sitting the exams this week so?? You may be in breach of finishing your contract if that's the case (once repeats pass). Not too sure about having to repay for exams...If you were 'let go' I doubt you would have to repay??

No, I'm sitting the exams alright. Planning on leaving the firm before results come out though.

DonnaDarko09

Ouch...you're sitting the exams but won't be carrying on with ACA?

Have you looked in your contract? It should state the terms and conditions should you wish to leave.

aca101

It's fairly straight forward, friend of mine was in the same situation as you last year, she sat the CAP2s and handed in her notice when she came back after study leave...no problems from her firm.

The big 4 would never go after a trainee for exams fees, would create a huge deterrent for future recruits, basically telling people that once you're in you can't get out...making it more akin to a prison sentence than a training contract

Jim2007

pkde1 wrote: »

No, I'm sitting the exams alright. Planning on leaving the firm before results come out though.

If you are not intending to continue, why are you bother to sit the exams??? What is the motivation to leave?

Jim

pkde1

aca101 wrote: »

It's fairly straight forward, friend of mine was in the same situation as you last year, she sat the CAP2s and handed in her notice when she came back after study leave...no problems from her firm.

The big 4 would never go after a trainee for exams fees, would create a huge deterrent for future recruits, basically telling people that once you're in you can't get out...making it more akin to a prison sentence than a
training contract

Good to hear, thanks.

Jim2007 wrote: »

If you are not intending to continue, why are you bother to sit the exams??? What is the motivation to leave?

Jim

I'm moving into industry and will probably qualify eventually through ACCA. I'm not sure what sort of exemptions I can get from the CAP1s/CAP2s, but I figure I might as well sit them at this stage having gone to lectures and having done a fair bit of study for them.

Shane732

Jes*s sick with it and just get the qualification.

I think you'd be absolutely mad, assuming you pass your CAP2's then your nearly there.

pkde1

Shane732 wrote: »

Jes*s sick with it and just get the qualification.

I think you'd be absolutely mad, assuming you pass your CAP2's then your nearly there.

Everyone's circumstances are different. Much as I'd like to continue with my training contract, right now and for the foreseeable future, it's more important for me to be located close to a sick relative. My firm doesn't have any branches close to the location where I need to be. A company in the locality has offered me a position with good pay and decent exam support. It's what's right for me right now.

Besides which, I wouldn't necessarily agree that you're nearly there once you've passed the CAP2s. From what I've seen, the second half of the contract is a hell of a lot tougher than the first. No real comparison. I suppose it depends on the firm and the group you're in etc though.

TiGeR KiNgS

Shane732 wrote: »

Jes*s sick with it and just get the qualification.

I think you'd be absolutely mad, assuming you pass your CAP2's then your nearly there.

I disagree, If people are disenfranchised then why should they stay and suffer while someone else who really wants their job is unemployed or remains in an equally unsatisfying job.

That mentality is like a parent convincing their child that doing the Leaving is the only thing that matters and afterwards everything will fall into place. When the reality can be very different.

Everybody has their reasons and personal goals that they may wish to
pursue.

Sunny Dayz

pkde1 wrote: »

A company in the locality has offered me a position with good pay and decent exam support. It's what's right for me right now.

I'm not sure how relevant this is to you, but I remember with the old ACA contracts (before the new syllabus) you could transfer from practice to industry and complete your exams and training that way, a transfer of contract.

thefa

I was looking into the different options for accounting bodies fairly recently and it's possible to continue ACA in industry provided the company can show they can provide the relevant experience. There's a couple of visits to get approval iirc. Happens mainly in the larger manufacturing firms. On the practical side of things, it's not ideal. Only expect a fraction of the time off you'd get for study for example.

Shane732

TiGeR KiNgS wrote: »

I disagree, If people are disenfranchised then why should they stay and suffer while someone else who really wants their job is unemployed or remains in an equally unsatisfying job.

That mentality is like a parent convincing their child that doing the Leaving is the only thing that matters and afterwards everything will fall into place. When the reality can be very different.

Everybody has their reasons and personal goals that they may wish to
pursue.

This person isn't disenfranchised though. They've said that they intend on completing getting an accountancy qualification through ACCA as opposed to ACA.

Seriously? How many people are there out there that hate their jobs? It doesn't mean you get up and leave. Sure, you see if you can sort something better out but otherwise I'd be staying put! Sure if everyone who hated their job got up and left and gave their jobs to people who really wanted them you'd just end up with the same number of people unemployed!!!

Personally I think it would be insane to leave an ACA contract, then go back and do an ACCA course a couple of months/years later.

OP have you looked at whether you could transfer into industry and do the Elevation course to finish your exams? If you explain your situation then they might look favorably on you.

IMO you're basically throwing a year and a half of work down the drain if you leave.