The Training Contract
The training contract is a fixed term contract between the training firm and student; which is then registered with Chartered Accountants Ireland. The contract provides for a unique, supportive relationship between the firm and student. The firm provides mentoring, professional development and educational support to the trainee. For their part, the trainee commits to stay with the one organisation for the duration of their pre-qualification training and has a salary generally lower than that of other university graduates.
This model of mutual support provides stability for both firm and student; however there are instances where either party may wish to terminate the contract. Some factors need to be borne in mind when considering terminating a contract:
The training contract has a probationary period of one year. The student or the firm may terminate the training contract within the first 12 month period following the commencement by the Student of actual service and training in the office of the firm by giving no less than fourteen days prior notice in writing to the other party and to the Institute.
In the event of a student wishing to transfer or terminate a training contract before the normal expiry date specified, the firm is entitled to repayment of the proportion of the educational fee as may have been incurred by the firm on his or her behalf.
Firms may terminate the contract in the following ways:
- The probationary clause. As above the firm may terminate the contract in the first year.
- Failure to successfully complete examinations. As above, if the number of attempts supported by the firm is less than that given by Chartered Accountants Ireland, the firm are required to advise students of this at the commencement of the training contract.
- Under-performance. As with any employee, a trainee who is under-performing is subject to disciplinary action up to, and including, dismissal. Firms are advised to follow a disciplinary procedure of verbal and written warnings which clearly evidence the particular issues of under-performance and outline what the student must do to be considered competent in their role
Firms should note that, as a fixed term contract, the training contract is not subject to 'redundancy'. In the event of a firm terminating a training contract outside of the means listed above, the student may seek reimbursement in the amount of financial loss incurred (being the balance left to run on the contract).
For further advice on any of the above issues, firms should contact:
- Diarmuid Breathnach, Student Services Manager on 01 637 7270
- Kelda Lewis, Deputy Student Services Manager on 01 637 7265
Education Leave & Exam Attempts
Chartered Accountants Ireland specifies the following education leave for the 1st attempt at each level:
- CAP1 - 4 weeks
- CAP2 - 6 weeks
- FAE - 7 weeks
Firms should note that education leave does not have to be one continuous period at the end of the academic year. Firms may choose to allocate the leave on a periodic basis throughout the year. Any time which students take out of the office to attend lectures may be deducted from education leave.
The following number of exam attempts is allowed at each level:
- CAP1 4 attempts (summer and autumn x2)
- CAP2 6 attempts (summer and autumn x3)
- FAE 3 attempts (one yearly sitting)
At the time of registering the training contract, a firm may specify that it will permit students a lower number of attempts at each level than is specified by Chartered Accountants Ireland. Please note this must be done at the time of signing the training contract, not retrospectively.