Trainee Accountant Advice

LouiseClare

Hi all,

I graduated college last year with a 2.1 in accounting. I decided to take a year out and go travelling instead of straight into work after the exams. I was never a big fan of my course and wasn't interested in continuing on to the professional exams, but recently I've been thinking of applying for trainee accountant positions. Just wondering what it is like in a job as a trainee accountant? Are you expected to be able to do bank rec's straight away when you start or does someone show you? I know my question sounds silly but since I've been finished college with a while, I fear that I wont be able to remember how to do the calculations for things like the balance sheet etc.

thegolfer

As a trainee you'll be expected to do the donkey work, bank reconciliations, inputting invoices, general reconciliations and more. The further along you get the more responsibility you'll get. Preparation of tiral balances, profit and loss, balance sheets etc.

Having said all that, don't worry. You're a trainee, and are not expected to know everything.

It's all about the learing process, in years to come you'll be the one giving the advice.

Relish the experience, there will be someone there to help along the way, you'll be fine.

fishy_fishy

LouiseClare wrote: »

I was never a big fan of my course and wasn't interested in continuing on to the professional exams, but recently I've been thinking of applying for trainee accountant positions.

Why?

You already know you aren't interested in it. If you didn't like it in college, why would you expect to like similar course material during lectures held from 1830-2130 on evenings, and all day at the weekend, whilst you're working 45-50 hours a week?

Genuinely, it's 3.5 years of your life. If you don't at least enjoy the basic material when you've only got it to focus on, you aren't going to enjoy it when it's completely getting rid of any of your free time, turning long days into very long days, and eating your summers and Christmasses away with study.

It actually sounds like you're only considering it because you don't know what else to do, rather than because you actually want to do it.

Tenigate

Hi Op.. DON'T DO IT!

Look I'm sure it's not the worst office job. You will get training. But if you didn't find your course interesting, I doubt you'll find the job interesting either.
While some trainee jobs are good, with others you may be stuck doing fairly menial work so look before you leap and only apply to places with a good reputation for training. And if you're not interested in accounting as a profession, you may end up stuck in the more clerical end of office work.

The exams are expensive and a huge pain in the arse, and even if you did slog through 3 years as a trainee you'll end up doing CPD to keep your qualification.
Here's the thing.. 3 years as a trainee to become an accountant.. you could literally choose any field under the sun and get well on the way to qualifying within 3 years, at a similar cost. Why not choose something that interests you?

107shane107

Hi All

Not sure if this is the correct place for this post - if not, please let me know.

I am currently a trainee accountant within the Big4 in Ireland. My passion is and always has been aviation. My original goal was to complete my professional ACA accounting exams with my current employer and then to try move into the aviation industry.
For now, I have completed my CAP1 and CAP2 ACA exams (2/3rd's complete, with my finals in August 2018). As a background to my careers to date, I am simply going through the motions just to complete the exams. I don't actually ever see myself as an accountant, I want to enter the aviation industry into the area of strategy, fleet planning, route scheduling etc., ultimately a career where the ACA qualification isn't essential (albeit impressive to a potential employer in industry that I had the ability to complete them).
I am with my current employer 1.5 years (I will complete the exams in August 2018), but as my contract does not end until April 2020, I will not become a qualified accountant until then (as to be qualified, you must pass the exams and have 3.5 years work experience, of which I have 2 years to go).
My current situation is that, I have become extremely bored of the work that I am doing, so much so that I dread getting up each morning. My ultimate job would be something in the aviation (airline) space of fleet / route planning, analysis and/or strategy, I have found that in my search for this type of position, for someone with my experience, is extremely rare (positions usually required 3+ years’ experience within an airline). Anyway, I recently came across a suitable position of which I applied for and was offered the job. So, why am I posting here? I suppose it comes down to risk. I’m aware that I am quite close to completing the ACA exams, but if I want to be fully qualified, I’m still 2 years away from the finish line. My dilemma is, do I forget about this position, complete my exams and wait in the job that I dislike for 2 more years, or do I jump ‘ship’ now, to instantly start the careers that I believe I have always wanted?
More perspective is that, if I become qualified, in 2 years, I will be guaranteed a salary of 55k (of which I will progress though until then), the other option in industry is starting at 30k (just slightly higher than what I am on now). Being honest, the rate of progression (salary wise) I would imagine is a lot faster within the Big4, and I have no idea how fast, salary progression, if at all in 2/3 years would be.
That being said, more money can be great, but is it worth it if I don’t actually enjoy what I’m doing? Back to risk, yes I want to be in a job that I love, but I also want to be earning the same salary in 10 years’ time, had I remained within the Big4. For more perspective, in 10 years’ time in the Big4 I could have a potential salary of approx. 200k. I don’t envisage the same in industry (as I wouldn’t be a qualified accountant), however, I would imagine more like 100k in a job that I thoroughly enjoy.
Ultimately, I don’t know what to do; 1. Stay as am and qualify as an accountant in 2 years’ time or, 2. Leave and get the job I’ve always wanted now. I don’t want to look back in 2 years and have regrets (at a career that I had and left). I suppose you could say grow up and take the risk, but I would be grateful for any views / recommendations in regard to my above scenario. Yes having a professional qualification is great, but I genuinely don’t enjoy the work.
Thanks in advance.

tanit

107shane107 wrote: »

Hi All

Not sure if this is the correct place for this post - if not, please let me know.

I am currently a trainee accountant within the Big4 in Ireland. My passion is and always has been aviation. My original goal was to complete my professional ACA accounting exams with my current employer and then to try move into the aviation industry.
For now, I have completed my CAP1 and CAP2 ACA exams (2/3rd's complete, with my finals in August 2018). As a background to my careers to date, I am simply going through the motions just to complete the exams. I don't actually ever see myself as an accountant, I want to enter the aviation industry into the area of strategy, fleet planning, route scheduling etc., ultimately a career where the ACA qualification isn't essential (albeit impressive to a potential employer in industry that I had the ability to complete them).
I am with my current employer 1.5 years (I will complete the exams in August 2018), but as my contract does not end until April 2020, I will not become a qualified accountant until then (as to be qualified, you must pass the exams and have 3.5 years work experience, of which I have 2 years to go).
My current situation is that, I have become extremely bored of the work that I am doing, so much so that I dread getting up each morning. My ultimate job would be something in the aviation (airline) space of fleet / route planning, analysis and/or strategy, I have found that in my search for this type of position, for someone with my experience, is extremely rare (positions usually required 3+ years’ experience within an airline). Anyway, I recently came across a suitable position of which I applied for and was offered the job. So, why am I posting here? I suppose it comes down to risk. I’m aware that I am quite close to completing the ACA exams, but if I want to be fully qualified, I’m still 2 years away from the finish line. My dilemma is, do I forget about this position, complete my exams and wait in the job that I dislike for 2 more years, or do I jump ‘ship’ now, to instantly start the careers that I believe I have always wanted?
More perspective is that, if I become qualified, in 2 years, I will be guaranteed a salary of 55k (of which I will progress though until then), the other option in industry is starting at 30k (just slightly higher than what I am on now). Being honest, the rate of progression (salary wise) I would imagine is a lot faster within the Big4, and I have no idea how fast, salary progression, if at all in 2/3 years would be.
That being said, more money can be great, but is it worth it if I don’t actually enjoy what I’m doing? Back to risk, yes I want to be in a job that I love, but I also want to be earning the same salary in 10 years’ time, had I remained within the Big4. For more perspective, in 10 years’ time in the Big4 I could have a potential salary of approx. 200k. I don’t envisage the same in industry (as I wouldn’t be a qualified accountant), however, I would imagine more like 100k in a job that I thoroughly enjoy.
Ultimately, I don’t know what to do; 1. Stay as am and qualify as an accountant in 2 years’ time or, 2. Leave and get the job I’ve always wanted now. I don’t want to look back in 2 years and have regrets (at a career that I had and left). I suppose you could say grow up and take the risk, but I would be grateful for any views / recommendations in regard to my above scenario. Yes having a professional qualification is great, but I genuinely don’t enjoy the work.
Thanks in advance.

I don't know what age you have, regardless of age, if there is something employers like is someone that finishes things not that leaves them unfinished.
You have absolutely no problems with your studies except you have become "bored". Do you imagine yourself using that as a way of explaining in the future why you stopped your studies or as a way of explaining the gap on your CV?

You have to be very young but being bored is not an excuse to leave things unfinished. Unfinished things look very bad on your CV, the fact that you are already into a job you "don't like" and you got into it without thinking means you didn't research the job properly and there is no indication that you are doing it for the aviation job. You know about the requirements to get the job but do you know what the job entails and what is like to be working day after day on those workplaces?

If you don't have any issues with the exams and the work you are in right now except that you are "bored" just finish your exams and contract and get qualified. You will have a safety net and can try again to get into the aviation sector after you qualify. But don't leave things unfinished just because you are bored, you might be creating an issue on your CV that can affect you in the future or just simply closing doors that you might need in the future. Keep as many doors and options open as you can, things happen and you never know what you might need.

TG860

107shane107 wrote: »

Hi All

Not sure if this is the correct place for this post - if not, please let me know.

I am currently a trainee accountant within the Big4 in Ireland. My passion is and always has been aviation. My original goal was to complete my professional ACA accounting exams with my current employer and then to try move into the aviation industry.
For now, I have completed my CAP1 and CAP2 ACA exams (2/3rd's complete, with my finals in August 2018). As a background to my careers to date, I am simply going through the motions just to complete the exams. I don't actually ever see myself as an accountant, I want to enter the aviation industry into the area of strategy, fleet planning, route scheduling etc., ultimately a career where the ACA qualification isn't essential (albeit impressive to a potential employer in industry that I had the ability to complete them).
I am with my current employer 1.5 years (I will complete the exams in August 2018), but as my contract does not end until April 2020, I will not become a qualified accountant until then (as to be qualified, you must pass the exams and have 3.5 years work experience, of which I have 2 years to go).
My current situation is that, I have become extremely bored of the work that I am doing, so much so that I dread getting up each morning. My ultimate job would be something in the aviation (airline) space of fleet / route planning, analysis and/or strategy, I have found that in my search for this type of position, for someone with my experience, is extremely rare (positions usually required 3+ years’ experience within an airline). Anyway, I recently came across a suitable position of which I applied for and was offered the job. So, why am I posting here? I suppose it comes down to risk. I’m aware that I am quite close to completing the ACA exams, but if I want to be fully qualified, I’m still 2 years away from the finish line. My dilemma is, do I forget about this position, complete my exams and wait in the job that I dislike for 2 more years, or do I jump ‘ship’ now, to instantly start the careers that I believe I have always wanted?
More perspective is that, if I become qualified, in 2 years, I will be guaranteed a salary of 55k (of which I will progress though until then), the other option in industry is starting at 30k (just slightly higher than what I am on now). Being honest, the rate of progression (salary wise) I would imagine is a lot faster within the Big4, and I have no idea how fast, salary progression, if at all in 2/3 years would be.
That being said, more money can be great, but is it worth it if I don’t actually enjoy what I’m doing? Back to risk, yes I want to be in a job that I love, but I also want to be earning the same salary in 10 years’ time, had I remained within the Big4. For more perspective, in 10 years’ time in the Big4 I could have a potential salary of approx. 200k. I don’t envisage the same in industry (as I wouldn’t be a qualified accountant), however, I would imagine more like 100k in a job that I thoroughly enjoy.
Ultimately, I don’t know what to do; 1. Stay as am and qualify as an accountant in 2 years’ time or, 2. Leave and get the job I’ve always wanted now. I don’t want to look back in 2 years and have regrets (at a career that I had and left). I suppose you could say grow up and take the risk, but I would be grateful for any views / recommendations in regard to my above scenario. Yes having a professional qualification is great, but I genuinely don’t enjoy the work.
Thanks in advance.

Hi Shane,

In terms of exit opportunities from Big 4 into the aviation sector, I would say there are two routes that are close to what you described.

1) Aviation Leasing: This is more transactional/deal based and you would be dealing with the accounting complexity around these leasing deals, rather that making decisions around where the aircraft go and the deals themselves.
I think this is tricky to break into, but once you get some relevant experience in it, it's a highly paid and in demand area.

2) An accounting analyst job at an Airline: Here you would be performing analysis of aspects of the airline's business in order to support both the accounting function and management for making decisions.
For example, you could be the expert of fuel, route profitability, in-flight sales etc.
From my knowledge there are only 2 major airlines who employ people here, Aer Lingus and Ryanair. As a result, there would be very few of these jobs available and I would also say that moving from accountancy/audit directly into a Planning/Analysis role like that can be difficult without some post qualification experience.

Based on what you've said above, option 2 seems to be closest to what you are looking for. That would mean staying at the big 4 and completing your qualification, then look to get into an airline company at some level to get more relevant experience from there.

What is the role that you have been offered so far? You say it doesn't require an accountancy qualification, so perhaps this is a different role to what I've described above.
If not, here is always the option of switching to ACCA and completing your qualification with your new employer, if they think that would be of value to you and you would want to obtain it.

Overall, I would say the role you are looking for is pretty rare in Ireland. If it's not really related to accounting, then you are competing against people that have done aviation management degrees (which are probably more relevant that the experience you have to date).
If you're absolutely sure the role is what you want, then I would say go for it. As you mentioned, these opportunities do not come up every day (and taking the "accountant route" I talked about above is not any easier).

I would also say if you don't actually need or want an accounting qualification, then don't be afraid to drop it. It's not just something nice to put on the CV. You have to pay annual fees of €565 and incur additional costs/time each year doing CPD to be able to keep your qualification. It's unlikely your employer will pay for these if you don't need it for your role.

Just a point on the salaries, I think you should do a bit more research on this area. I see a good few people in Big 4 saying they want to be making €100k within ten years. This is not very easy to do in Ireland without making significant personal sacrifices (basically working all the time).
In ten years time, you'll probably be near the director stage in Big 4 (if deemed partner material), salaries in this area are nowhere close to €200k,
they'll likely be about half that. (https://www.brightwater.ie/docs/default-source/surveys/salary-survey/2016/accountancy-permanent.pdf?sfvrsn=2).
I'm not sure of the salaries in the role you are looking for, but I doubt they would be hitting €100k in 10 years. We will probably be working until we are 70, so don't get too hung up on the salary, particularly here in Ireland where once you go over €35k, you're losing half to the government anyway.