Approaching the end of Your Training Contract? Now What…?

There is no doubt that accountancy is a great profession to be in.

In Ireland, the accounting profession supports huge commercial enterprise and provides relevant analyses and management information.  This information supports decision making at all levels within organisations.

At last year’s UN General Assembly, it was identified that the accountancy profession has a crucial role in achieving goals aimed at ending poverty and prosperity.  Against this backdrop and importance of accountancy, it is easy to see why there is an appeal for this profession.

Top 10 Accountancy Practices in Ireland

The Top 10 Accountancy Practices in Ireland carry out their “milk rounds” at numerous third level institutions all across Ireland annually, including the Mid-West and Western regions. These “milk rounds” are aimed at final year degree students at various career fairs in colleges and universities to entice strong students towards accountancy. Accounting practices are very successful at this in general.  After completing a spate of application forms and interviews; the successful candidates commence usually in the following September.

Training contracts usually last 3.5 years in total

This is to ensure there will be enough practical experience gained to sign off the professional qualification once all exams are successfully passed. According to Chartered Accountants Ireland, the pass rate for the FAE was 80% in 2016. “And while students have up to eight years to complete their studies and experience, almost 78% of people get qualified in under four years“.

With the resulting influx of newly qualified accountants in April, this can lead to intense competition amongst candidates.  Confusion can arise over which path to take for long term career success.

There are many options including:

  • Continuing a defined career path within practice
  • Working within a multinational or large scale organisation which often will have defined career paths within the industry in question
  • Working within an indigenous organisation or SME business which can often result in roles with more scope of responsibility

Starting salaries are important

After many years of ongoing budgeting, newly qualified accountants are eager to start earning at the higher level. Salary expectations vary according to location and industry as well as level of the role in question. Salaries in the Dublin region are usually higher.  This is generally due to the higher cost of living as well as it being our capital city.

Salary expectations within the Mid-West and Western regions for newly qualified accountants within industry tend to be in the region of €38-45K on average with some approaching the €50K mark. Salaries within practice do hold their own with the defined career path often offering up to €60K+ when approaching manager level.  This is also something worth considering, if you are open to staying in cities such as Limerick or Galway.

There is no one career path to be taken

Some people prefer specific industries and other people prefer small organisations to large organisations. There is no wrong answer or wrong choice. The most important thing to consider is you and your personal desires and ambitions for your own career.

Supporting Your Career Aspirations

We support your career aspirations in Aspire Recruitment and provide one-on-one career consultations with newly qualified and trainee accountants. This is at no cost to you and is a personalised service to your specific career ambitions. To arrange a career consultation, contact us and we will arrange this at a time and date that suits you!