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Trainee accountant salary

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  • 03-07-2018 7:22am
    #1
    Fungums
    Registered Users Posts: 122 ✭✭


    Hi,
    Have looked in this forum and can’t find any threads recently of what kind of salary to expect as a trainee.

    Have looked at salary surveys but they seem vague enough.

    What would you expect a trainee to start out on in practice in the likes of Limerick/Galway area?

    Also what would be a reasonable study package? Time off etc

    Thanks


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    #2
    Alan_007_
    Registered Users Posts: 354 ✭✭Alan_007_


    Fungums wrote: »
    Hi,
    Have looked in this forum and can’t find any threads recently of what kind of salary to expect as a trainee.

    Have looked at salary surveys but they seem vague enough.

    What would you expect a trainee to start out on in practice in the likes of Limerick/Galway area?

    Also what would be a reasonable study package? Time off etc

    Thanks

    First, ask yourself, what would be a decent/ok/acceptable salary for the job.

    Then half it. Now you're somewhere close.

    In all seriousness though it's a very wide range. For small practice I've heard as low as €10k and as high as €20k, Big 4 pay about €23k afaik.


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    #3
    Fungums
    Registered Users Posts: 122 ✭✭Fungums


    Thanks for your reply.

    That is very depressing! But has to be done I suppose


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    #4
    heretothere
    Registered Users Posts: 622 ✭✭✭heretothere


    I started on 16k in Dublin in 2014. I went to college with a girl from Donegal she started on 12k!
    It's shocking depressing. Study package make sure they are giving you all the recommended study leave for which ever board you choose and they pay for your exams would be it really


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    #5
    Alan_007_
    Registered Users Posts: 354 ✭✭Alan_007_


    Fungums wrote: »
    Thanks for your reply.

    That is very depressing! But has to be done I suppose

    Oh it is.

    At the moment I could walk across the road to McDonald's and get paid more per hour!

    Have you been offered anything yet or are you just trying to gauge what you're likely to be making?


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    #6
    Alan_007_
    Registered Users Posts: 354 ✭✭Alan_007_


    heretothere wrote: »
    I started on 16k in Dublin in 2014. I went to college with a girl from Donegal she started on 12k!

    Jesus


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    #7
    duffysfarm
    Registered Users Posts: 847 ✭✭✭duffysfarm


    Have you any idea what the registration, college fees etc cost per student a year? Add this on to the wage to see what you are costing your employer. Also IMO it will take a while before trainees actually start to make money for their employer. Some firms may be better structured than others and make money sooner but in many cases it will be into year 2 of work before you start paying for yourself.


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    #8
    TaxPro
    Registered Users Posts: 33 ✭TaxPro


    I started as a trainee in a Big 4 in 2013 on 22,500. If you had a masters it was 23,500. In 2015 the starting salaries rose to 24,500 / 25,500 for a masters. Have since left so am not sure if they’ve risen again. Those salaries would generally apply across the Big 4 in Republic of Ireland.

    It’s a very small salary for the work expected of you, and you do really learn to be frugal especially if you’re paying Dublin rent like I was. However, it rises quickly as you go through the years and particularly after you pass your final exams. Also you get a lot of paid time off (in the Big 4) to sit the exams and also get all fees and books paid for.


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    #9
    daretodream
    Registered Users Posts: 149 ✭✭daretodream


    What kind of salary once qualified then in or outside Dublin? Torn between this an Actuarial for next year's CAO. Sorry to hijack this thread, really appreciate some advice.


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    #10
    ACADasltiv
    Registered Users Posts: 79 ✭✭ACADasltiv


    I know someone who started out in 2016 and then the average for Dublin was €22k, lower outside of Dublin. The way the market has gone in the last few years though I wouldn't accept anything lower than €20k unless you were stuck. It incredibly hard to get staff now and even harder to get good staff.

    It's crap money but once you get the first year or two out of the way you can jump up in salary pretty quickly, especially if you're willing to jump into industry.


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    #11
    jonnybravo
    Registered Users Posts: 569 ✭✭✭jonnybravo


    Good news is that the average salary package in Leinster of qualified staff is €110k!! Just have a lot of pain for the first couple of years!!


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    #12
    Alan_007_
    Registered Users Posts: 354 ✭✭Alan_007_


    duffysfarm wrote: »
    Have you any idea what the registration, college fees etc cost per student a year? Add this on to the wage to see what you are costing your employer. Also IMO it will take a while before trainees actually start to make money for their employer. Some firms may be better structured than others and make money sooner but in many cases it will be into year 2 of work before you start paying for yourself.

    Without trying to be smart with you, why in the name of God would employers take on trainees if they didn't start to break even until 2 years in of a 3/3.5 year traineeship?

    Even if you add in the costs of fees and classes etc, I would imagine it still coats less than hiring somebody full time to do bank recs, VAT and payroll.

    And in a way, the trainees themselves are paying for the exam fees. With Chartered, if you leave before your 3.5 years are up, you're made to pay back all educational fees. So this means, even if you have your FAEs passed a year and a half into your training, your firm are going to get a basically qualified accountant (I know you're not qualified at this stage, but the hardest part is out of the way and you're just passing the time after that) for a fraction of the cost. So basically, you pay for it either by paying back your firm, or in your service to the firm.


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    #13
    ams
    Registered Users Posts: 1,443 ✭✭✭ams


    jonnybravo wrote: »
    Good news is that the average salary package in Leinster of qualified staff is €110k!! Just have a lot of pain for the first couple of years!!

    I absolutely wish this was the case (qualified in 2009)! I think a few ppl getting the mega bucks really skew those salary surveys!


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    #14
    heretothere
    Registered Users Posts: 622 ✭✭✭heretothere


    ams wrote: »
    I absolutely wish this was the case (qualified in 2009)! I think a few ppl getting the mega bucks really skew those salary surveys!

    Ya I'd love to know who is on that sort of salary!! Well, I can guess, and honestly if you offered me €110k per year and I had to work/ be available nearly 24/7 I will keep my much lower salary and get work life balance thank you.

    I reckon about €50-55k in Dublin, just qualified €30-€35k, upto €45k in the midlands seems to be about the mark.


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    #15
    Alan_007_
    Registered Users Posts: 354 ✭✭Alan_007_


    heretothere wrote: »
    just qualified €30-€35k

    Seriously?

    This thread is just depressing me now.


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    #16
    heretothere
    Registered Users Posts: 622 ✭✭✭heretothere


    Alan_007_ wrote: »
    Seriously?

    This thread is just depressing me now.

    It depends where you work. I know the two senior managers in my old practice were on €45k, but they were pretty stingy payers in there.

    The money seems to be in industry, my sister done her training in a massive MNC and was on about 50k before she even qualified!

    The main thing I think that makes it a great qualification to have though is that you can work anywhere really. My 1st job out of college was on great money, but it was super specific to investment banking. Not really a skill needed outside the big cities.


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    #17
    fishy_fishy
    Registered Users Posts: 452 ✭✭fishy_fishy


    heretothere wrote: »
    Ya I'd love to know who is on that sort of salary!! Well, I can guess, and honestly if you offered me €110k per year and I had to work/ be available nearly 24/7 I will keep my much lower salary and get work life balance thank you.

    I reckon about €50-55k in Dublin, just qualified €30-€35k, upto €45k in the midlands seems to be about the mark.

    Seems very low. Trainees in Dublin in big 4 on mid 40s by 4th year. Newly qualified 50-55k seems right.


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    #18
    Alan_007_
    Registered Users Posts: 354 ✭✭Alan_007_


    heretothere wrote: »
    It depends where you work. I know the two senior managers in my old practice were on €45k, but they were pretty stingy payers in there.

    The money seems to be in industry, my sister done her training in a massive MNC and was on about 50k before she even qualified!

    The main thing I think that makes it a great qualification to have though is that you can work anywhere really. My 1st job out of college was on great money, but it was super specific to investment banking. Not really a skill needed outside the big cities.

    Yeah industry seems to be the way to go alright!


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    #19
    myshirt
    Registered Users Posts: 5,245 ✭✭✭myshirt


    There was a time where you had to pay the practice to train you, and it is something that came back in in the UK from 2009 to 2015ish, albeit for solicitors, but if poor economic times had continued you'd be sure it would have spilled over.

    In any event, it's a training allowance, not a salary. There's a time to learn, and a time to earn. Now is a good time to get into Chartered Accountancy. The pass rates are hovering around the 80% mark now, just like pre recession. During the recession they were hovering around the 50%!


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    #20
    heretothere
    Registered Users Posts: 622 ✭✭✭heretothere


    fishy_fishy wrote: »
    Seems very low. Trainees in Dublin in big 4 on mid 40s by 4th year. Newly qualified 50-55k seems right.

    I don't think I phrases that very well. I meant €50-55k for newly qualified in Dublin and €30-€45k in the midlands. That's what it looks like to me anyway.


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    #21
    areyouwinning
    Closed Accounts Posts: 33 ✭areyouwinning


    I'm working in a small practice on a 9 month placement before my final year at uni(haven't started CAP2s until after). I'm on 23k per annum, which will more than likely increase if I decide to come back to do my training. Correct me if I'm wrong, but I think small practices or industry is your best bet for a half decent wage!


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    #22
    Alan_007_
    Registered Users Posts: 354 ✭✭Alan_007_


    areyouwinning wrote: »
    I'm working in a small practice on a 9 month placement before my final year at uni(haven't started CAP2s until after). I'm on 23k per annum, which will more than likely increase if I decide to come back to do my training. Correct me if I'm wrong, but I think small practices or industry is your best bet for a half decent wage!

    Your situation would be the exception rather than the rule with small practices in my own experience.

    If you get offered more to go back there grab onto it and don't let go for dear life!


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    #23
    TitianGerm
    Registered Users Posts: 27,910 ✭✭✭✭TitianGerm


    areyouwinning wrote: »
    I'm working in a small practice on a 9 month placement before my final year at uni(haven't started CAP2s until after). I'm on 23k per annum, which will more than likely increase if I decide to come back to do my training. Correct me if I'm wrong, but I think small practices or industry is your best bet for a half decent wage!

    I was in a large practice outside of Dublin, five years experience and no rush on exams (about to start P levels with ACCA). I was getting one week leave per exam and they paid my fees. My salary was €23,500. The work I do is very good and the draft accounts I produce require very little review work before they are finalised by a manager.

    A new person started about 12 months ago, no practice experience and no accountancy exams completed. She was hired on €27,000 (she let it slip in conversation one night how she was finding it hard to live on €27k).

    In my annual review I asked to increase my salary to what I was worth, given my experience and quality of work and was told no.

    Applied for three jobs the following week and had two offers the following day for more money than I asked for in the previous practice.

    Handed in my notice, and in my new job now. Better work environment, more pay and less stressed staff.


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    #24
    Alan_007_
    Registered Users Posts: 354 ✭✭Alan_007_


    myshirt wrote: »
    There was a time where you had to pay the practice to train you, and it is something that came back in in the UK from 2009 to 2015ish, albeit for solicitors, but if poor economic times had continued you'd be sure it would have spilled over.

    In any event, it's a training allowance, not a salary. There's a time to learn, and a time to earn. Now is a good time to get into Chartered Accountancy. The pass rates are hovering around the 80% mark now, just like pre recession. During the recession they were hovering around the 50%!

    Paying for the privilege of working somewhere is just flat out exploitative, end of story. If that ever comes back it will just ensure that only the well off can afford to become accountants.

    Saying that there's a time to earn and a time to learn is all well and good, but most people coming into accountancy already have 4 years worth of college under them, and then have to do another 3/3.5/4 years.

    In most other careers the time to earn starts straight after college. Even from reading online, trainees starting in the US can expect to be making at least $50k.


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    #25
    haro124
    Closed Accounts Posts: 684 ✭✭✭haro124


    Big Four is about 24-25k. 7 weeks full CAP1s. 12 for CAP2s and FAEs. I moved to industry after my first year in practice and am on 35k


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    #26
    Tauriel
    Registered Users Posts: 30,375 ✭✭✭✭Tauriel


    When I started out as a trainee I was on €18k with no financial study support and I had to take any study leave unpaid which was less than a week.

    By the time I qualified I was on €24k and actively looking for a new job. Most places I applied to wanted me to take a paycut. I ended up staying where I was for another couple of years.


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    #27
    myshirt
    Registered Users Posts: 5,245 ✭✭✭myshirt


    Alan_007_ wrote: »
    Paying for the privilege of working somewhere is just flat out exploitative, end of story. If that ever comes back it will just ensure that only the well off can afford to become accountants.

    Saying that there's a time to earn and a time to learn is all well and good, but most people coming into accountancy already have 4 years worth of college under them, and then have to do another 3/3.5/4 years.

    In most other careers the time to earn starts straight after college. Even from reading online, trainees starting in the US can expect to be making at least $50k.


    It is exploitative, I agree.

    I hear you on the college item as well. That's the model we have in Chartered Accountancy however, and I'd urge trainees to think strategically. Look at it as a training allowance. Not a salary. Look at it as a time to learn, and a time to earn. I was a solicitor before I became an accountant, so trust me I really felt the kick in the stones.

    College shows you have a basic level of technical competence that employers can work with; but you've a lot to learn still before you will be adding any value. This isn't the public service. You have to earn your stripes and show you can take that college degree and make it work for the business you are in.

    Quality of graduates vary also. For example it is much easier to get a 2.1 in NUIG than it is in UL, thus the UL graduates are generally of better stock. UCD and Trinity graduates are of an even better stock mostly, but of course it's a mixed bag.The important thing is you are hungry.


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    #28
    ggmad
    Registered Users Posts: 287 ✭✭ggmad


    haro124 wrote: »
    Big Four is about 24-25k. 7 weeks full CAP1s. 12 for CAP2s and FAEs. I moved to industry after my first year in practice and am on 35k

    Do you get study leave and tuition paid for in your industry role? I'm on 24k (passed CAP1s last year) working in industry on a training contract getting the CAI recommended study leave.


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    #29
    haro124
    Closed Accounts Posts: 684 ✭✭✭haro124


    ggmad wrote: »
    Do you get study leave and tuition paid for in your industry role? I'm on 24k (passed CAP1s last year) working in industry on a training contract getting the CAI recommended study leave.

    I get them paid for but don't get the same level of study leave. But salary, bonus, health insurance and other perks make up for it!


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    #30
    Max Prophet
    Closed Accounts Posts: 280 ✭✭Max Prophet


    myshirt wrote: »
    It is exploitative, I agree.

    I hear you on the college item as well. That's the model we have in Chartered Accountancy however, and I'd urge trainees to think strategically. Look at it as a training allowance. Not a salary. Look at it as a time to learn, and a time to earn. I was a solicitor before I became an accountant, so trust me I really felt the kick in the stones.

    College shows you have a basic level of technical competence that employers can work with; but you've a lot to learn still before you will be adding any value. This isn't the public service. You have to earn your stripes and show you can take that college degree and make it work for the business you are in.

    Quality of graduates vary also. For example it is much easier to get a 2.1 in NUIG than it is in UL, thus the UL graduates are generally of better stock. UCD and Trinity graduates are of an even better stock mostly, but of course it's a mixed bag.The important thing is you are hungry.

    Oh you’ll be hungry alright on those lids !


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    #31
    ggmad
    Registered Users Posts: 287 ✭✭ggmad


    haro124 wrote: »
    I get them paid for but don't get the same level of study leave. But salary, bonus, health insurance and other perks make up for it!

    What kind of study leave did you get for CAP2 and what will you get for FAE out of interest? I would consider moving elsewhere in industry for better salary but probably not much point now seeing as I only have one set of exams left, I would have to pay all CAP1 and CAP2 exam fees back and my contract is up late next year.


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