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£26k for a newly qualified ACA? What?

I just found out (not through the horses mouth) that the firm I am with pay around £26k to their newly qualified ACA accountants (trained through the firm).

I live about an hour away from London, and I think £26k is taking the pee a bit! That's pretty much the starting salary of a graduate an hour down the road!

Please tell me this is below average!! :tongue:

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Reply 1

novadragon849

One hour from London is still relatively close to London and being in the South East should mean that your salary should at least be semi-decent.

£26k is really really bad for a qualified ACA. I'm about 45 mins from London and I get over £26k next year (moving from first year to second year trainee) and will get just over £40k when I qualify...

Are you sure that what you found out was right? Are you in a tiny tiny firm?

Reply 2

PPPPatrick

Original post by Runninground

It is. Though it might go up really fast over a few years, but I would expect the increase would happen during your training years. 26k, ACA qualified and the few years work experience you'll gain during your education is pretty poor.

Reply 3

M1011

26k is terrible. You could potentially earn double that newly qualified, and certainly 15-20k more.

Reply 4

Pipsico

Why not just get the qualification and move on? You'll be highly employable once qualified. Unless your firm has some clause in your contract that says you have to stay on for x number of years after or else pay part of the tuition fees back...

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Reply 5

Clique

Thats pretty outrageous. Should be close to 40 mark. Outside London min 34/5. Big 4 is 28k starting lol

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Reply 6

Tokyoround

26 is very bad, there must be some other factors at play here.

Reply 7

Runninground

Original post by novadragon849

It's a small firm but turnover is well in excess of a million (Not exactly sure how much more though). Although it's not a little one office, two partner type firms, they have a few offices (less than 5) and a few partners.

Original post by M1011

26k is terrible. You could potentially earn double that newly qualified, and certainly 15-20k more.

Yeah. I thought it should have been more.

Original post by Pipsico

That's what I plan to do. It's a good firm but takes the pee with the salary!

Original post by Clique

Thats pretty outrageous. Should be close to 40 mark. Outside London min 34/5. Big 4 is 28k starting lol

Posted from TSR Mobile

£28k is the starting for a graduate I think, not that it makes it any more bearable... :tongue:

Original post by Tokyoround

26 is very bad, there must be some other factors at play here.

Yeah, but I can't think what would make it so low?

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I think i'll try and ask one of the managers if I am with one and the subject comes up. I have tried asking that kind of question before but the answer was a bit vague!

Reply 8

ACA-Cheer

My big 4 starting (non-qual grad) was 26.5k plus benefits, I'd be pretty shocked if someone offered me that amount after I was fully qualified. It's kind of insulting.

Reply 9

Tactical Nuclear Penguin

Generally salaries are much less than people think, but I'd still expect about £30-35k when newly qualified outside of London.

Reply 10

GreenOut

Original post by novadragon849

If you don't mind me asking, what and where did you study for university? And what company are you with?

Reply 11

novadragon849

Original post by GreenOut

If you don't mind me asking, what and where did you study for university? And what company are you with?

Did an accounting degree at a RG uni. Then went to join a top 10 accounting firm for audit just outside London. In fact, my pay is relatively crap compared to my other peers. I only get over £26 after one year, others are already on that when they started and not in London either.

OP if you get £26k when you qualify, I dare not think of what you're getting now...

Reply 12

Runninground

Original post by novadragon849

I started as a school leaver. My salary is about half of a school leaver in a big 4 London office. I couldn't really turn down the offer based on the salary though, it's the training that is the main thing.

Reply 13

M1011

Original post by Runninground

I think the moral of the story is qualify and move on :wink:

Reply 14

GreenOut

Original post by novadragon849

Do/did you work with anyone who had a civil engineering degree from an RG uni?

Reply 15

aa56595

Original post by Runninground

Hi there,

Just interested to know if the reason why you were offered such a small amount even after qualifying is because you're a school leaver or because of the firm you work in?

Reply 16

novadragon849

Original post by aa56595

Hi there,

Just interested to know if the reason why you were offered such a small amount even after qualifying is because you're a school leaver or because of the firm you work in?

It will be because of the firm that the OP work's for. Our school leavers are on a lower salary when doing the AAT but their salary will be in line / slightly higher than new trainees (graduates) when they move from AAT to the ACA...

Hope this helps.

Reply 17

aa56595

Original post by novadragon849

So after qualifying as a chartered accountant will a school leaver have the same base rate (of around 40k) as a chartered accountant with a degree?

Reply 18

novadragon849

Original post by aa56595

So after qualifying as a chartered accountant will a school leaver have the same base rate (of around 40k) as a chartered accountant with a degree?

Can't vouch for all firms but yes in my firm..(top 10 firm).

Just remember that when you qualify, you should be on around £40k give or take £2k unless you're up north or something....if you are not then just jump ship because you're getting mugged off mate for someone who is qualified.

Newly qualified here gets between £39k to £45k depending on performance during the 3 years and how much they want you to stay.

Reply 19

aa56595

Original post by novadragon849

I see, thanks for that. The only reason I asked is because I have a place on Deloitte's Brightstart scheme but I don't want to do the 5 years and then find out that not having a degrees going to bite me in the arse in terms of pay and promotion.