Law or Accounting

vikings2012

Hey Everybody,

I am 20 years old and will be graduating this year with a degree in Commerce. I have specialized in accounting modules throughout my degree program. I have a graduate position for 3.5 years with one of the big 4 accounting firms but I am questioning myself do I really want to become an accountant and work in auditing for the next 3.5 years.

Lately, I have been researching about a career in law and training as a solicitor. I don't have any experience except for undertaking a few corporate law modules in college, which I found quite interesting. If I was to consider pursuing this career, I would be hoping to obtain a trainee position with one of the big 5 (Which I know can be quite hard to obtain). Do law trainees find their jobs interesting or is it similar to auditing where the work can be quite tedious and boring?

Anyways, I would really appreciate any views or opinions you have on the above professions and what you might regard as a better career and qualification to pursue. At the moment I am unsure about what career I would like to pursue.

Also, what are the average ages of people starting out in accounting or law trainee positions?

Thanks for reading this and I would appreciate any responses.

chops018

I am training in a medium sized firm but I know plenty who are in the top 5 firms.

They tell me that they can work mental hours sometimes i.e. in till 1 am if there's something big happening, potentially in on Saturday's too, and they said they become very familiar with the photocopier. I'm sure that's not what it's always like of course but they also said it's rare you'd leave before 7 and even some days they wouldn't have work but they'd stay in till 7 ish just so it didn't look like they were leaving at 5.30.

So if that's what you want from a corporate law firm then I suppose go for it.. the upside is they pay you mental money when you're training and cover all your Law Society fees.

Haven't a clue about accountancy or their hours.

vikings2012

They tell me that they can work mental hours sometimes i.e. in till 1 am if there's something big happening, potentially in on Saturday's too, and they said they become very familiar with the photocopier. I'm sure that's not what it's always like of course but they also said it's rare you'd leave before 7 and even some days they wouldn't have work but they'd stay in till 7 ish just so it didn't look like they were leaving at 5.30.

So if that's what you want from a corporate law firm then I suppose go for it.. the upside is they pay you mental money when you're training and cover all your Law Society fees.

Haven't a clue about accountancy or their hours.[/QUOTE]

Hi Chops,

Thanks for your reply. Hours can be quite mental in Accounting firms as well during busy periods apparently and the pay in my opinion is not the best. Would I be right in saying that the pay for trainees in the top law firms would be around the 38k mark? For accounting its around 20k.

How do you find working in a medium law firm? and what would be your're future hopes in terms of career progression?

Thanks again!

MarkAnthony

Your aspirations will change drastically as you get into your 30's and beyond. Be prepared for that. What ever you do make sure you're interested in it. Money isn't even a secondary concern, by the time you're earning a certain amount (varies by person) it becomes very low down the priority list indeed.

OttoPilot

vikings2012 wrote: »

They tell me that they can work mental hours sometimes i.e. in till 1 am if there's something big happening, potentially in on Saturday's too, and they said they become very familiar with the photocopier. I'm sure that's not what it's always like of course but they also said it's rare you'd leave before 7 and even some days they wouldn't have work but they'd stay in till 7 ish just so it didn't look like they were leaving at 5.30.

So if that's what you want from a corporate law firm then I suppose go for it.. the upside is they pay you mental money when you're training and cover all your Law Society fees.

Haven't a clue about accountancy or their hours.

Hi Chops,

Thanks for your reply. Hours can be quite mental in Accounting firms as well during busy periods apparently and the pay in my opinion is not the best. Would I be right in saying that the pay for trainees in the top law firms would be around the 38k mark? For accounting its around 20k.

How do you find working in a medium law firm? and what would be your're future hopes in terms of career progression?

Thanks again![/quote]

Top accounting grads would start on mid 20s rising to 40-50k on qualification after 3-4 years. Most would be straight out of undergraduate programmes, aged 20/21, some masters students a bit older and I'd say less than 10% would be over 26.

It gives you the chance to learn how a business works and if you don't feel like staying in accounting after your training you can go into industry, which is working for a company in their finance/accounting department. The work there can be more varied than practice which appeals to some people.

chops018

vikings2012 wrote: »

Hi Chops,

Thanks for your reply. Hours can be quite mental in Accounting firms as well during busy periods apparently and the pay in my opinion is not the best. Would I be right in saying that the pay for trainees in the top law firms would be around the 38k mark? For accounting its around 20k.

How do you find working in a medium law firm? and what would be your're future hopes in terms of career progression?

Thanks again!

Yes, trainees in the big 5, and even 10 firms, would be earning around €38k per year during their traineeship, with all fees also paid. But break it down per hour and compare to those in a small firm, or a medium firm, who are on minimum wage during training and get out of work between 5.00 and 6.00 pm and it actually isn't much more, so it depends on whether you want to work long hours for the extra cash or have less cash but be able to be more social during the week in the evenings and be able to do things like gym, make proper dinner, or cinema etc.

As for me in the medium firm, well I am just finished PPC1 in Blackhall so I actually start work with this firm this week. I've been told they are very nice to work for and we won't be working mental hours unless there is something big happening, think the other trainees there who I've talked to said that we will get out around 6.00-6.30 pm, which isn't bad. We have quite a few trainees at different stages, 3 of us went to Blackhall this year from this firm, and they put each person through different departments during their training so it seems like it will be good.

I do however have experience in working in a couple of small firms (about a year) and also worked in a legal department of a bank (also a year), the hours were always 9-5 and very, very rarely did I have to stay late. The work was also very hands on too.

Good luck with whatever you choose.

vikings2012

Top accounting grads would start on mid 20s rising to 40-50k on qualification after 3-4 years. Most would be straight out of undergraduate programmes, aged 20/21, some masters students a bit older and I'd say less than 10% would be over 26.

It gives you the chance to learn how a business works and if you don't feel like staying in accounting after your training you can go into industry, which is working for a company in their finance/accounting department. The work there can be more varied than practice which appeals to some people.[/QUOTE]


Thanks very much for your reply. Just wondering did you train as an accountant? How did you find your training and exams?

vikings2012

chops018 wrote: »

Yes, trainees in the big 5, and even 10 firms, would be earning around €38k per year during their traineeship, with all fees also paid. But break it down per hour and compare to those in a small firm, or a medium firm, who are on minimum wage during training and get out of work between 5.00 and 6.00 pm and it actually isn't much more, so it depends on whether you want to work long hours for the extra cash or have less cash but be able to be more social during the week in the evenings and be able to do things like gym, make proper dinner, or cinema etc.

As for me in the medium firm, well I am just finished PPC1 in Blackhall so I actually start work with this firm this week. I've been told they are very nice to work for and we won't be working mental hours unless there is something big happening, think the other trainees there who I've talked to said that we will get out around 6.00-6.30 pm, which isn't bad. We have quite a few trainees at different stages, 3 of us went to Blackhall this year from this firm, and they put each person through different departments during their training so it seems like it will be good.

I do however have experience in working in a couple of small firms (about a year) and also worked in a legal department of a bank (also a year), the hours were always 9-5 and very, very rarely did I have to stay late. The work was also very hands on too.

Good luck with whatever you choose.

Thanks chops! Good luck with the new firm! Would you know many people pursuing the PPC1 from non law backgrounds? And would the average age of trainees be 20/21 similar to the accounting firms?