Once upon a time, I was a trainee accountant on the graduate
scheme of one of the Big4 firms. After a
short time there I knew that it wasn't the job for me, and I handed my notice
in after roughly 1 and a half years into my training contract.
This post is practical advice and considerations that I wish
I knew whilst making the decision, such as - Will I have to pay back my ACA/other
exam tuition fees? How do I decide to leave/go about leaving? What are the
options?
1. Future career prospects
With Big4 on your CV you'll easily get another job - finance recruiters will offer positions at smaller accountancy practices or analyst/similar level positions. You may take a slight pay cut to also consider similar industries such as consulting, or finance, if you don't move into industry pre-qualifying, industry is still a possible option. You may mind the culture but want more challenging work content.
If you can stick it out until you've got another graduate job in the bag that'd be ideal, having a plan makes everything so much easier.
Ultimately think about what you want out of life in 5/10 years and work back to decide if the Big 4 is the best way to getting you there, or if there's another route which could be faster and more fulfilling. If accountancy is where you want to be eventually, maybe it is worth staying for 3 years.. 3 years compared to the entirety of your working life is very little.
If you aren't sure what you want to do with your
career/life, then consider what you LOVE to do. Think about what feeds your
soul, and what work you can't NOT DO? What would you do if today was your last
day to live? The big questions!
If you're still
struggling, consider the elements of the job that you do enjoy, and how these
could be transferred over to other jobs. For example, if you enjoyed the
operational side of the role, maybe consultancy could be a consideration. Or if
you enjoy management, retail clients and being in control, maybe a retail
management graduate scheme? These ideas can be applied to many elements, so
think hard and write these down.
Concerned about throwing away the ACA? Once you've done the
first 6 exams (Certificate Level), you can get a Certificate in Accountancy,
Finance and Business from the ICAEW so you definitely have something to show
for these. In the real life workplace, experience is valued more than
qualifications.
2. Finances - EXAM FEES
Many unqualified/part qualified trainees are worried about
the financial burden of leaving. Personally I have not been asked to pay back
tuition fees, and had no money taken off my last pay packet in relation to
this, and it wasn't mentioned at all when I left.
Word of caution - they are able to take money out of your
final pay packet if it's oweing. Also be prepared to be aware of impact on
future jobs, particularly in finance, if you have an outstanding loan to a
previous employer! And unfortunately at the end of the day, it's a contract
that you sign in good faith and knowledge of what you're signing up to. Thus,
having a future plan and savings is key.
That being said, the training contract element stipulating necessary payback. not to include a clause in the training contract to the effect of a lack of payback, this contract may not be legally enforceable. Also, the ICAEW advises employers not to include a payback clause in the contract as a court of law could rule that it restricts students changing employer. (https://apps.icaew.com/index.cfm/route/147279/icaew_ga/en/Employers/Training_contracts/Preparing_a_training_contract/Preparing_a_training_contract)
Furthermore, if you are asked to pay & refused, the only
options for the firm are to try and settle informally, or to take you to court.
At court, it would firstly be very reputationally damaging for them, but
secondly, because your pre-qualifying salary is rather low, the court would
most likely rule back that you only have to pay a small amount back each month,
thus is not worth it for a huge Big4 firm to persue.
On a separate note, direct loans for season tickets, general
etc must be paid back, as there is no leeway on this. There may be flexibility
on payback timelines and interest free etc so I'd advise talking to the payroll
dept if this is a concern.
3. Office Niggles/Playing The Game
The fact almost everyone dislikes certain departments (e.g. Audit!) is well known. However it's so important to make sure people have no idea you want to leave (except those you can really trust). Being positive, getting all your work done and keeping your head down ensures you maximise job satisfaction, be someone your colleagues love to have around and this gets you better reputation and feedback, this expanding your opportunities.
In terms of options, if another service line interests you, try and get a transfer/secondment, and seek out opportunities! You have nothing to lose if it's between that and leaving! You may also be able to finish your qualification. Your line manager should be able to facilitate this (they usually like saying no but again, you have nothing to lose.) Use being a great worker and having other options (outside Big4) as leverage. Or email a senior colleague / partner who has been open about wanting to aid in career development of staff and ask for a shadow day/cup of coffee, even if you don't know them - most are happy to help 1. because they're decent humans, and 2. usually it is in their yearly goals to do so. This may lead to bigger opportunities like longer term secondments.
Also if you are really ready to leave, consider what CAN be
changed or fixed - for example particular clients that are dragging you down
for whatever reason - and do what you can to alter this, again whilst being as positive as you can.
The most important thing is having a plan and savings.
Luckily senior management are so desperate for staff and so aware that general
trainee mood is low, that you can stay in there as long as you can bear, giving
you time to make the plan.
Conclude
Every job has its ups and downs, and the graduate scheme is
incredibly intensive compared to the majority of jobs, so it can become a way
of life.. and really drag you down more than most. For me personally it was a
decision I agonised about for a while, and needless to say that when I left it
was a solid & effective career decision.
Life can be more than this - step into the beautiful world,
jobs market and explore! Or if you love your office and the people in it and it
complements your life goals, then stay. I am slightly bias as the job wasn't for me,
but I want to re-iterate that it could be for you, and therefore don't take the
decision lightly.
Ultimately the most important point is making this decision,
whether to stay OR go, it is a brave decision whatever you decide. Instead of
pretending there's not a problem and coasting through life, facing up to life's
challenges and finding solutions leads to satisfaction and happiness. Best of
luck!
If you find this and have any further queries about anything
feel free to get in touch.
