Bad failing - what to do now???

Hi

I am in a bit of a predicament. I am currently a University student in between my second and third year at University. As part of my course, I have undertaken an 11 month industrial placement at one of the 'Big4' accounting firms. While on my placement I have started to study and successfully pass all 6 of my knowledge papers at the first attempt. However, in June I sat a further three application papers, passing one, failing another marginally, and 'bad failling' (ie 44%) in my third. As a result the firm as decided to remove my offer of me returning to the company after my University graduation.

I now feel in limbo. I want to carry on and complete my ACA but now have no training contract with a firm. I have received very favourable feedback from both clients and management within the firm and they agreed I was one of the better members of the firm within my peer group. However, due to company policy they had to let me leave.

Does anyone have any advice? I know I can pass the remainder of the ACA at first attempts and plan to do my resits in September. I know I am more than capable of providing any firm a high level of work and contributing to their success, but I feel stuck. I am unsure where to turn and feel I may find it hard to find a firm now that will take me on midway through my qualification.

Has anyone gone through this themselves? Any thoughts will be greatly appreciated.

Reply 1

econgrad07

1

iamthe_eggman

Hi

I am in a bit of a predicament. I am currently a University student in between my second and third year at University. As part of my course, I have undertaken an 11 month industrial placement at one of the 'Big4' accounting firms. While on my placement I have started to study and successfully pass all 6 of my knowledge papers at the first attempt. However, in June I sat a further three application papers, passing one, failing another marginally, and 'bad failling' (ie 44%) in my third. As a result the firm as decided to remove my offer of me returning to the company after my University graduation.

I now feel in limbo. I want to carry on and complete my ACA but now have no training contract with a firm. I have received very favourable feedback from both clients and management within the firm and they agreed I was one of the better members of the firm within my peer group. However, due to company policy they had to let me leave.

Does anyone have any advice? I know I can pass the remainder of the ACA at first attempts and plan to do my resits in September. I know I am more than capable of providing any firm a high level of work and contributing to their success, but I feel stuck. I am unsure where to turn and feel I may find it hard to find a firm now that will take me on midway through my qualification.

Has anyone gone through this themselves? Any thoughts will be greatly appreciated.

If what you are saying is correct, you can try another one of the Big 4. EY and i think KPMG offer ICAS, so you can apply for grad schemes and maybe get exemptions for most of the TC (1st Stage) Exams.

I know a person who failed exams at PwC, started on ACCA stream at EY and once in, moved onto the ICAS stream.

Needless to say concentrate on acing your uni exams!

Reply 2

maxmadx

1

iamthe_eggman

Hi

I am in a bit of a predicament. I am currently a University student in between my second and third year at University. As part of my course, I have undertaken an 11 month industrial placement at one of the 'Big4' accounting firms. While on my placement I have started to study and successfully pass all 6 of my knowledge papers at the first attempt. However, in June I sat a further three application papers, passing one, failing another marginally, and 'bad failling' (ie 44%) in my third. As a result the firm as decided to remove my offer of me returning to the company after my University graduation.

I now feel in limbo. I want to carry on and complete my ACA but now have no training contract with a firm. I have received very favourable feedback from both clients and management within the firm and they agreed I was one of the better members of the firm within my peer group. However, due to company policy they had to let me leave.

Does anyone have any advice? I know I can pass the remainder of the ACA at first attempts and plan to do my resits in September. I know I am more than capable of providing any firm a high level of work and contributing to their success, but I feel stuck. I am unsure where to turn and feel I may find it hard to find a firm now that will take me on midway through my qualification.

Has anyone gone through this themselves? Any thoughts will be greatly appreciated.

don't worry, you are still in a great position like the previous poster says just get a good degree and with your head start you will be sorted.

Reply 3

triciclo

iamthe_eggman

Hi

I am in a bit of a predicament. I am currently a University student in between my second and third year at University. As part of my course, I have undertaken an 11 month industrial placement at one of the 'Big4' accounting firms. While on my placement I have started to study and successfully pass all 6 of my knowledge papers at the first attempt. However, in June I sat a further three application papers, passing one, failing another marginally, and 'bad failling' (ie 44%) in my third. As a result the firm as decided to remove my offer of me returning to the company after my University graduation.

I now feel in limbo. I want to carry on and complete my ACA but now have no training contract with a firm. I have received very favourable feedback from both clients and management within the firm and they agreed I was one of the better members of the firm within my peer group. However, due to company policy they had to let me leave.

Does anyone have any advice? I know I can pass the remainder of the ACA at first attempts and plan to do my resits in September. I know I am more than capable of providing any firm a high level of work and contributing to their success, but I feel stuck. I am unsure where to turn and feel I may find it hard to find a firm now that will take me on midway through my qualification.

Has anyone gone through this themselves? Any thoughts will be greatly appreciated.

Just wondering.... why do you think you failed those exams? What went wrong?

Hope things work out for you :biggrin:

Reply 4

Kemik

14

Why did you start your papers during a placement? I don't know of any of the Big Four that offer this across the placement schemes. Was it just something your manager setup?

Reply 5

Flying Scotsman

12

They sound like complete bastards for sacking you if you've already passed 7 of the exams already. Company policy is a joke. You could of just had a bad day or something and bang, you're gone..

Reply 6

iamthe_eggman

OP

Thanks for the replies, I really appreciate it. Sorry I haven't replied sooner as I have been revising for my resits and am currently taking a break from the revision at the moment.

I know its a cliche, but I believe the reason I failed was purely down to having a bad day and partly due to my mismanagement. I had been comfortable with my Assurance paper and so in the dying hours and few days before the exams I concentrated on the other two, knowing I found these harder, in order to maximise the best chances I had of passing all three. Unfortunately, with the paper found to be particularly hard on this day for Assurance by both me and my peer group, I failed badly. Hopefully I will be alright for the resits.

Kemik, I along with all the PwC business placement students were given the chance to sit our professional exams. We all had to sit our first three knowledge papers in October and as logn as passed them we sat the following 3 in December. Whether you sit the next 3 application papers is at the discretion of your prior exam results, feedback from client work, and the final say by a few Partners/Directors. I was given the chance to either sit mine in June or wait until after Uni and sit them then. However, this would set back my progression in the ACA back by a year and felt I could pass them now if I attempted. Obviously, I now regret this decision and maybe should not have gambled so much.

Flying Scotsman, thanks for the kind words lol. I expressed all the above, ie bad day, better feedback than half the graduates, good prior exam results, but sadly no luck. I even told the firm how they will have no risk by giving me one more chance, as I am paying for the resits and while I revise I will not be on placement and so no wages to be paid or loss of client work. Unfortunately, while the Partner agreed and felt I would pass, she had to enact the strict company policy and so I was gone. I know, had I got one more percent in Assurance, I would be sitting here revising for my resits with the backing of the firm, however sadly Im not and will be looking for a firm to help try and complete my ACA with after I have passed my resits. Hopefully one of the other Big4 will take me lol

Bad failing - what to do now???

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