Changing training firm? Contract Implications

questions13

Hi all

I started my training contract with a large firm back in october/novemeber but not particularly happy and am considering a change of firm if i can as I would still like to do the FAEs. The question i have is what happens to my training contract. I am doing the ICAI (Chartered exams) and my training contract started back in October and is for 3 years. If i was to change firm would my training contract with chartered accountants still be from October or what happens?? I wouldn't like to lose the time I have already done.

Thanks for help in advance.

Dellboy2007

Why don't you stop being such a moaning Mary and go into Tax?

Jim2007

questions13 wrote: »

Hi all

I started my training contract with a large firm back in october/novemeber but not particularly happy and am considering a change of firm if i can as I would still like to do the FAEs. The question i have is what happens to my training contract. I am doing the ICAI (Chartered exams) and my training contract started back in October and is for 3 years. If i was to change firm would my training contract with chartered accountants still be from October or what happens?? I wouldn't like to lose the time I have already done.

Thanks for help in advance.

Being a professional accountant, is more than doing the exams and serving the time... it is about reputation and professionalism too! You've signed a contract and you're expected to honour that contract unless there is a very good reason for breaking it and "not being particularly happy" is not one of them.

I doubt this will go down well with the institute and certainly any future firm will want a lot of convincing before they take you on, what's to stop you doing the same to them as well?

Trend Setter in Training

questions13 wrote: »

Hi all

I started my training contract with a large firm back in october/novemeber but not particularly happy and am considering a change of firm if i can as I would still like to do the FAEs. The question i have is what happens to my training contract. I am doing the ICAI (Chartered exams) and my training contract started back in October and is for 3 years. If i was to change firm would my training contract with chartered accountants still be from October or what happens?? I wouldn't like to lose the time I have already done.

Thanks for help in advance.

If you have a genuine reason for leaving your contract (ie Moving counties for personal reasons etc..) and you get your HR Dept / Partner to agree then you can get your time moved over to a new firm.

TBH since you only started contract in Oct then i don't know if the institute would be overly bothered by it as it is such a small amount of time.

I have had friends move training firms in the past and transfer their time, others have moved and not been allowed so it is case by case basis.

Hackysack

There's also the possibility that the firm may put pressure on you to repay them if they've supplemented your education at all.

You only mention your FAEs so I'll presume you have a masters. If the firm contributed to any of that, I wouldn't be surprised if they asked you to repay what they gave you so keep that in mind.

Ultimately, it can be done but I imagine it would be difficult for you to find a job in another firm at this point in time, and I wouldn't imagine another smaller firm would be keen on inheriting someone who may appear to be 'flakey' about what they're looking for.

Overall, I don't think it should impact on your training contract at all. If you keep a record of your time and get your current firm & mentor to sign off and lock the entries then it should count as experience. If you get in touch with the Institute they should be able to fully clarify this for you.