Failing an FAE exam can be a crushing experience, as this author knows, but it’s not the end of the road. Here’s some independent advice from Barden for those who excelled and those who were disappointed.
The wait is finally over. You have received your FAE results and are likely to be feeling absolutely delighted... or incredibly disappointed. The important thing to remember is that, either way, you have plenty of options available to you.
So if you’ve received the good news you’ve been hoping for, what do you do next?
#1 Don’t take your foot off the pedal
You are likely to have one more busy season ahead if you’re still in practice. This is your opportunity to finish your training contract, or time in practice, on a good note. Work hard, impress your managers and partners, go above and beyond for your clients, request involvement in different audits and make sure you get the very best reference and experience possible in the final few months.
#2 Use the remainder of your time productively
Now is the time to start gathering information to inform your next steps. In your first 12 months post-contract, you will have more options open to you than at any other time in your career. You know your clients and your current role very well, but that’s only a small part of the broader landscape. Get informed, understand what you don’t want and figure out what’s remaining in terms of roles and organisational structures.
#3 Be sensitive
Remember that not everyone receives good news on FAE results day. Be sensitive to their situation and support them as best you can.
And what if you’ve received disappointing news and missed the core and/or elective? Here’s what to do next.
#1 Take time to let it sink in
Having failed an FAE exam previously, I know how devastating and disheartening it feels but it’s important to avoid reacting immediately or making big decisions. Remember, you’re not the only one in this situation and you certainly won’t be the last. It really isn’t the end of the world.
#2 Figure out what went wrong
In some instances, there are things you can’t control which may affect your results (such as a high workload during the year, a personal matter or just a bad day). However, there are also things you can control. Reflect on what you would do differently if you had your time back. Don’t repeat the same pattern and expect a different result.
#3 Make the most of the next year
If you’ve another year to go in your training contract, the best thing to do (in addition to focusing on an amended study strategy) is put your head down and go out of your way to deliver for your manager or partner and clients.
If you’re coming to the end of your training contract, however, you have a decision to make. You’re faced with the decision of whether you should stay on in the same department or go out to market as a “finalist”. Aside from staying in practice until you’ve successfully completed the FAEs, there are plenty of other options available to you:
- Step into a financial accounting advisory department, which is a half-way house between industry and practice where you can get practical exposure to preparing financial statements, project finance and an array of other areas;
- Ask for a secondment to a different department within your firm or ask for experience on different audits;
- Look at the “grey market”. A growing number of employers see value in trained accountants that can do the job just as well as other accountants who passed; and
- Take some time to travel and get your travel bug out of the way. Take six months to get out there and experience life, work in a different city and gain different experiences.
Whether you’ve passed or failed your exams, you’re still going to have a busy year ahead and it’s going be a very formative time in your professional career, so make the most of it!
Lisa Hughes is an Associate at Barden.