A Day in the Life of a Trainee Chartered Accountant

March 2022: A day in the life of Temi, a Trainee Chartered Accountant working for Barnes Roffe LLP

A year into my training contract, I’m able to now reflect on my experiences. Firstly, I have thoroughly enjoyed my first year as a trainee working mainly within audit.  Whilst my first year has been enjoyable, it has also been challenging due to the balance that must be maintained between my job and completing exams (15 of them!). I initially struggled with this as a tension exists where you want to develop in your role but also must progress in exams. However, I must say this has been made easier by the support I receive from work, my learning provider and the ICAEW itself. All have been on hand to ensure I am coping with my commitments, support my learning and monitor my progress.

Typically, a working day starts with some exercise and I’ll either head to the gym before work or go for a run! I’m very much a morning person and so I tend to get my day started off on the right foot; this is great for physical and mental wellbeing. I will then head home, have some breakfast, and get ready to head to the office or on site at a client. My commute to the office is normally by train except when I’m at clients and may find it easier to drive. I normally arrive at the office at 8:45am and start working. As I mentioned, most of my work is in auditing different companies, some of which are household names of which you would have heard. Working in this role, I must keep in constant communication with the client as ultimately they will have the information we require to complete their audit, so it is important to maintain a good working relationship. This is one aspect of my role which I enjoy the most as you really get to see what a business is about. My days typically end at 5:30, on the occasion I may need to stay in the office for longer to complete some work, however this is rare.

New ways of working

As we have entered a new way of working due to Covid-19, it hasn’t been too difficult for me to adapt. Although, I would mostly be based at clients in a non – covid world, I have a struck a balance with working in the office and from home. The flexibility of this has meant we can deem this to be the new normal and I have taken to it well. It has proved highly beneficial as it breaks up going to the office everyday which can be repetitive. I suppose the greatest challenge to working from home as opposed to the office is effective communication. Whilst there are many platforms on which enhance remote working, nothing beats face to face interaction, and I have found that challenging at times when auditing remotely. One of such challenges for me has been asking for help from more senior staff, my colleagues are extremely helpful, but a Teams call is certainly not as effective as asking in person!

ACA Exams

I think the current examination structure is simple to follow and has been developed to reflect the new way of working. For example, I have enjoyed the flexibility of taking exams in a test centre and remotely at home. The choice has been welcomed, but I personally prefer taking them in the comfort of my own room! The biggest challenge for me is that the exams are computer based, and I personally have always preferred paper-based exams and so adjusting hasn’t been easy. However, support always available from your employer, tuition provider and the ICAEW. The exams are difficult, but with the right attitude to study, for which you are given time off, you should be able to do well.

My future

My immediate focus for now is progress in my exams and improving my on job technical skills in my role as an auditor. Looking further, once I have become a qualified chartered accountant, I hope to one day become a Chief Financial Officer (CFO) and the ACA qualification stands me in good stead in achieving that. I look forward to answering any questions you might have about my job and how I got here.

Your questions answered!

How long will it take for you to become chartered? Is the pay a lot better when you are chartered?

I started my training contract in Jan 2021, with study beginning for the first set of my exams in May 2021; and I’m expected to finish my exams by November 2023. However, that’ll mean I am ‘exam qualified’, I also must ensure my ICAEW training file is complete having fulfilled the 450 days of practical work experience (which is easy to do as I am working) and completed all assessments.
For most trainees, your pay will increase as you progress through each phase of your exams (Certificate, Professional and then Advanced level); with the largest increase coming as you complete the final three Advanced level exams. More general information about this is available on the internet but pay varies on where you’re based in the country with those in London earning the highest due to its obvious working attractions and high cost of living. When I qualify, my pay will almost double from what I currently earn. Beyond that, the earning potential for qualified accountants is great and I would encourage further research into it.

What kind of problems do you deal with in your job?

One of the most common problems within my role as an audit trainee is delays of information from the client. Our audits are always scheduled to be completed within a specific timeframe and most auditors will tell you the main problem they faced was clients supplying information late which meant an audit cannot be completed on time. This is very common as clients themselves are also aiming to complete their own obligations besides that of an audit.
Another problem I deal with is the balance between study and work. Whilst we do have time off for study, to keep on top of your studies you do need to be revising regularly and so having the discipline and focus to study afterwork when you may be tired is key and perhaps could be the difference between passing and failing an exam. It’s important to create a revision schedule that works best for you, ensuring you revise and are resting well.

Do you have to pay for the exams you need to take? Can you fail them and is it possible to retake if you do?

As I’m on a training contract all my exams are paid for by my firm. This is generally the case for all trainees as they will likely be on a training contract or graduate scheme which means the employer pays for all 15 exams.
There is a strict policy at most firms including mine, where exam failure is only permitted once at each level of exam (certificate, professional and advanced). Whilst this policy is in place, it will also be at the discretion of your employer. The ICAEW permits students attempt each exam up to a max of four times, after which if you don’t pass your Training contract will end. All in all, policy from your respective firms and accounting body (ICAEW in this case) will mean you take the exam serious; hence why the pass rates for each exam are generally ‘high’.

How did you pick the company you work for? Was it hard to get your job with them?

The main reason I chose my firm was because it was big enough that I would get a huge range of experience and development like how I would be at the Big 4 (KPMG, Deloitte, PwC, and EY), but also small enough for me to have a lot of responsibility.
Most training contracts/graduate schemes normally require a rigorous assessment process for you to get unto their programme. My employer used to have this in place, however, no longer do and only require two interviews to get the role. This doesn’t make it easier, as only 15 graduates are taken on board across all our offices, so it is highly competitive. Though, I must say I enjoyed the interview process!

Is there scope to specialise in accounting and work on specific areas and if so, is there a specific area you want to specialise in?

There is scope to specialise in accounting, for example I work in Audit. However, there are many different roles within accounting such as Tax (business & personal), internal audit, corporate finance, payroll, and there’s so many more. I would advise to research an area of interest as they all vary and are very interesting.
Now my main is completing my exams and developing myself within audit, beyond that I’m yet to make any concrete decision. Though I will say I do have an interest in tax!