Training Contract - Worried

talbobai

Hi,

Ok so I am in a pretty terrible situation right now.

By way of background I have an econ degree and a finance masters, with a year in banking. I entered into a training contract last year with a Big 4 Firm in the area of corporate finance. I took the role thinking it would be amazing for my future careers although it has ended up being a bit of a disaster. I don't feel I am getting on well in the role and a bit trapped. The partners are terrible to work for with 3 senior people being fired/left in the past year. Anyway I am recently back from sitting my CAP 1 exams which I feel didn't go well at all. I am dreading the results and feel that accountancy might not be for me at this stage.

Anyway I would appreciate if anyone has any advice or has experienced a similar situation. I am worried about what I could possibly go into next if I get let go...

Feeling a bit lost

bigmc23

I wouldn't worry about the exams, you'll get through them. Re consulting have u thought at audit? A mate of mine moved department recently cause consulting wasn't what he expected.

cclittlec

Do you mind me asking how the realities of consulting differed from what you thought it would be like? I'm curious about that area but it seems to be hard to know what the core activities are.

ACA2015

First year in your training contract can be tough. Give it the summer at least and just focus on the work. If you have to repeat, people fail exams all the time. They aren't until September so just focus on the work and see how that goes.

ACA2015

cclittlec wrote: »

Do you mind me asking how the realities of consulting differed from what you thought it would be like? I'm curious about that area but it seems to be hard to know what the core activities are.

It's corporate finance this person is in.

Avatar MIA

You've pretty much focused your entire education to get where you are.

If you get let go for not passing your exams you'll most likely pick up something in a smaller firm. Corporate Finance is very niche, there's a whole big world of accountancy out there. It's probably one of the most diverse careers you can enter into.

Besides, what's the alternative?

cclittlec

Sorry, I meant Corporate Finance.

13Core5

Avatar MIA wrote: »

You've pretty much focused your entire education to get where you are.

...

Besides, what's the alternative?

OP, whatever you do, do not listen to comments like this. You are in no way pigeon-holed into anything. Econ/Finance is a versatile degree, despite what people will tell you, you could branch into anything if you show the right initiative and enthusiasm (true for almost any university degree).

Do not listen to management/partners or people who are too afraid to pack it in themselves, they have a vested interest in people being too afraid to leave the firm. This is the business model of the big 4, to completely over-work and under-reward staff and try and enforce that there's no way out.

As someone said, give it until the end of the summer, and if you're still unhappy, leave. Life's to short to waste your twenties in a job you hate.

All the best.

johnk2015

13Core5 wrote: »

OP, whatever you do, do not listen to comments like this. You are in no way pigeon-holed into anything. Econ/Finance is a versatile degree, despite what people will tell you, you could branch into anything if you show the right initiative and enthusiasm (true for almost any university degree).

Do not listen to management/partners or people who are too afraid to pack it in themselves, they have a vested interest in people being too afraid to leave the firm. This is the business model of the big 4, to completely over-work and under-reward staff and try and enforce that there's no way out.

As someone said, give it until the end of the summer, and if you're still unhappy, leave. Life's to short to waste your twenties in a job you hate.

All the best.

ACA training contracts can suit some people and can be a good option for many people who are straight out of college with no experience and no alternative plans or career preferences, but it isn't for everyone and it certainly isn't a guaranteed path to success or wealth - if you really don't like it, definitely get out sooner rather than later. You'll do just as well in another career getting the chance to build up years of experience rather than slogging away at a crap job for the sake of the ACA qualification.

As someone who has really hated the Big4 training contract/ACA experience, and would have left on day 1 if I could go back, I still wouldn't recommend just upping and leaving with no plan in place. If you want to leave, start planning what you will do when you leave. I'm not talking about money and not leaving until you have a job for that purpose, I imagine you can move home and do without having money, but work out what you are interested in doing and how you are going to get there. I was 2 years into my training contract before I really worked out what I wanted to do, which I only discovered from doing extensive research myself.

You clearly have some interest in finance given your choice of masters and choice of corp finance as a job, so take a look at what other jobs could be out there and do not limit yourself to Ireland, where there's a huge concentration of not particularly interesting back-office jobs in finance. Look at forums for inspiration on possible careers - I find the Wall Street Oasis forum to be highly useful and informative and I found out from there what I want to do once this training contract is up.

As a rule of thumb, it's easier to get a new job while you're in employment. Leaving with no plan could be bad for your morale if you're just sitting around aimlessly with no real plan. Find out what you want to do, find a job, and get out of your current situation!

bigmc23

johnk2015 wrote:

As someone who has really hated the Big4 training contract/ACA experience, and would have left on day 1 if I could go back, I still wouldn't recommend just upping and leaving with no plan in place. If you want to leave, start planning what you will do when you leave. I'm not talking about money and not leaving until you have a job for that purpose, I imagine you can move home and do without having money, but work out what you are interested in doing and how you are going to get there. I was 2 years into my training contract before I really worked out what I wanted to do, which I only discovered from doing extensive research myself.

What direction are you going in?

johnk2015

bigmc23 wrote: »

What direction are you going in?

Basically the direction is out of Ireland and away from all things accounting, so basically I might as well have not done the ACA but I suppose that's my punishment for not knowing what I wanted to do after college and walking blindly into this!

bigmc23

johnk2015 wrote:

Basically the direction is out of Ireland and away from all things accounting, so basically I might as well have not done the ACA but I suppose that's my punishment for not knowing what I wanted to do after college and walking blindly into this!

Fair play. Well sure at at least it's a good back up it things don't work out!