At a meeting of the Education, Training and Lifelong Learning Board of the Institute held on 6 May 2009, the Board considered a paper in respect of the current economic climate and the difficulties it poses for the cohort of undergraduate and post-graduates in 2009.
One of the items considered was the issue of students currently completing their Master of Accounting programmes who have been unable to :
1. secure a training contract to continue on to professional studies with ICAI, or
2. secure relevant employment in the foreseeable future
The Pre-Contract Route was established by ICAI in 2005, with the purpose of giving greater flexibility and choice to students for whom the traditional route was not attractive to their particular set of circumstances. This route permitted students to commence their studies up to, and including, the penultimate level before entering into a training contract and continuing on with their professional FAE studies. In the case of 1 above, this route of entry would not be relevant to Master students.
The Board, in addressing this particular issue in these current unprecedented times, has made the decision to allow, for one academic year only, all post-graduate students currently on the Masters programmes of 08/09 to enrol directly on to FAE course programme with ICAI without the requirement to secure a training contract placement under the Pre-Contract route.
Students will however, be required to complete their period of recognised experience under training contract thereafter and in advance of their admission to membership. The Board will keep this matter under review.
ICAI hopes that this new, temporary arrangement will ameliorate some students' difficulties in finding a training contract in 2009.
For further information, please contact Jacinta Conway at 01 6377310.