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Newly Qualified Accountant Advice

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  • 25-01-2021 5:23pm
    #1
    almostthere27
    Registered Users Posts: 3 ✭


    I have just completed all of my ACCA exams and have 3 months experience to complete of the 36 months required. At present my salary is €22000. Although I work in a practice in the midlands I feel like my salary is extremely low. My boss paid for my exam courses (8 in total as I had exemptions) but I had to pay 75% of each exam fee. I have only received a €30 increase in wages since I started approx 3 years ago now. I did not receive any bonus or pay increase for passing exams, all of which I passed on first attempt.
    I am aware I am not fully qualified until my experience is completed but I feel I should be receiving an increase having completed all my exams? What would an average salary for someone at my level? Any advice appreciated!


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    #2
    Alan_007_
    Registered Users Posts: 354 ✭✭Alan_007_


    Would you be willing to leave your firm and move somewhere else before the 36 months are up?

    If so - there's a good chance you could get close to double what you're currently on in industry. Not too sure about how much other firms pay in the midlands.

    If you're not prepared to leave, your boss has no incentive to increase your salary as he's already getting you at €22k.


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    #3
    almostthere27
    Registered Users Posts: 3 ✭almostthere27


    Alan_007_ wrote: »
    Would you be willing to leave your firm and move somewhere else before the 36 months are up?

    If so - there's a good chance you could get close to double what you're currently on in industry. Not too sure about how much other firms pay in the midlands.

    If you're not prepared to leave, your boss has no incentive to increase your salary as he's already getting you at €22k.

    Hi there thanks for your reply, unfortunately I am in a 3 year training contract and unable to leave before that is up or else I will have to pay back a proportion of the course fees for each exam I sat!


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    #4
    ari101
    Registered Users Posts: 2,835 ✭✭✭ari101


    almostthere27 wrote: »
    I have just completed all of my ACCA exams and have 3 months experience to complete of the 36 months required. At present my salary is €22000. Although I work in a practice in the midlands I feel like my salary is extremely low. My boss paid for my exam courses (8 in total as I had exemptions) but I had to pay 75% of each exam fee. I have only received a €30 increase in wages since I started approx 3 years ago now. I did not receive any bonus or pay increase for passing exams, all of which I passed on first attempt.
    I am aware I am not fully qualified until my experience is completed but I feel I should be receiving an increase having completed all my exams? What would an average salary for someone at my level? Any advice appreciated!

    Practice, exams finished but not time done, I'd expect 25k-40k (outside Dub / smaller firm probably on the lower end and so on).

    Practice, once you complete the final few months, should be 35k-55k (again small firm / outside Dublin will be more likely lower)

    Now maybe Covid has put a dent in these, but from what I've seen not the case in Dublin anyway.

    Industry probably pays better, unless staying in practice is your end goal might be more money to move...

    22k starting 3 years ago outside dublin with a study package was not awful at all but the fact it hasn't moved is disappointing.

    I'd save focusing on the next three months, and get your ducks in a row to ask for maybe 40k ish in April/May, if there is a job for you...? Only you can decide exactly what you want / deserve so Google for some Irish salary surveys for accounting and have a look at what you can support your argument with. Recruitment companies usually produce these annually and a selection should have info for practice non Dub vs. Dub guides.

    G'luck


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    #5
    almostthere27
    Registered Users Posts: 3 ✭almostthere27


    ari101 wrote: »
    Practice, exams finished but not time done, I'd expect 25k-40k (outside Dub / smaller firm probably on the lower end and so on).

    Practice, once you complete the final few months, should be 35k-55k (again small firm / outside Dublin will be more likely lower)

    Now maybe Covid has put a dent in these, but from what I've seen not the case in Dublin anyway.

    Industry probably pays better, unless staying in practice is your end goal might be more money to move...

    22k starting 3 years ago outside dublin with a study package was not awful at all but the fact it hasn't moved is disappointing.

    I'd save focusing on the next three months, and get your ducks in a row to ask for maybe 40k ish in April/May, if there is a job for you...? Only you can decide exactly what you want / deserve so Google for some Irish salary surveys for accounting and have a look at what you can support your argument with. Recruitment companies usually produce these annually and a selection should have info for practice non Dub vs. Dub guides.

    G'luck

    Brilliant thank you for your detailed response. Those lower figures are what I had in my head from having a look at some of those salary guides. It is a small practice where I work, mainly trainees so it is not good news for them with me on route to being fully qualified and also another colleague will be qualified shortly. Industry is an option but I am planning on staying in practice for another while to further my experience and hopefully do the Tax Advisor exams.

    Thanks again!


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    #6
    capefear
    Registered Users Posts: 771 ✭✭✭capefear


    almostthere27 wrote: »
    Brilliant thank you for your detailed response. Those lower figures are what I had in my head from having a look at some of those salary guides. It is a small practice where I work, mainly trainees so it is not good news for them with me on route to being fully qualified and also another colleague will be qualified shortly. Industry is an option but I am planning on staying in practice for another while to further my experience and hopefully do the Tax Advisor exams.

    Thanks again!

    Stay were you are and get the 3 months needed to get your three years experience as you will need your boss to sign off on it. When you are ACCA qualified start looking for a job and see what the salarys are, then have a chat with your boss. If they wont match what the market rate is then leave you gave him a chance and there wont be any bad blood as he is could be expecting you to leave.

    Best of luck what ever you do.


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    #7
    thefa
    Registered Users Posts: 913 ✭✭✭thefa


    capefear wrote: »
    Stay were you are and get the 3 months needed to get your three years experience as you will need your boss to sign off on it. When you are ACCA qualified start looking for a job and see what the salarys are, then have a chat with your boss. If they wont match what the market rate is then leave you gave him a chance and there wont be any bad blood as he is could be expecting you to leave.

    Best of luck what ever you do.

    Think this is the way to go too.

    As you hint at yourself OP, not sure will your boss be able to take on two or even one newly qualified salary uplifts.

    Good opportunity to starting knocking off the Performance Objectives and getting these signed off if you haven’t already.


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