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Failed ACA exam, lost job, how to get new training contract?

I have been doing my ACA training with BDO, but failed one of my professional level exams twice and lost my training contract.
I'm dyslexic and so revising is hard, and I have had to retake a couple of certificate level exams, although I have them all plus one Prof level.
I'm hoping to apply to other firms to carry on with the professional level, but how to explain what has happened??
Also, does anyone know how easy it is to transfer to ACCA and if the ACA Cert level provides exemptions to ACCA exams?
Thanks for any advice at all - this has been a shock!!
If I could please join this question as well. I would like to know what happens in these situations and what the potential options are to go ahead. I am in a similar place with my own life, except I was in a different career without a structured training contract (there was training nonetheless, just not contracted) and ceased the employment. Thank you for your answers. Especially, how will the new employers take into consideration the previous one?
Reply 2
Avatar for ajj2000
ajj2000
20
Original post by RomainNeedsHelp
If I could please join this question as well. I would like to know what happens in these situations and what the potential options are to go ahead. I am in a similar place with my own life, except I was in a different career without a structured training contract (there was training nonetheless, just not contracted) and ceased the employment. Thank you for your answers. Especially, how will the new employers take into consideration the previous one?

I'm not sure I understand your circumstances? What career were you and and what sort of training were you undergoing? Why did the employment cease?
When I was in practice there were always people moving about, due to exam failure or just having to move. I’d just apply to the next tier down from bdo, see their website for how they like people to apply. Or write direct with cv to smaller local firms.
You only need to complete the os exams and remaining experience so each employer should not care too much (as if they have a vacancy for a 3rd year, they won’t be expecting to fill it with successful exam passing candidates really).
Reply 4
Avatar for ajj2000
ajj2000
20
Original post by Needadvice99
I have been doing my ACA training with BDO, but failed one of my professional level exams twice and lost my training contract.
I'm dyslexic and so revising is hard, and I have had to retake a couple of certificate level exams, although I have them all plus one Prof level.
I'm hoping to apply to other firms to carry on with the professional level, but how to explain what has happened??
Also, does anyone know how easy it is to transfer to ACCA and if the ACA Cert level provides exemptions to ACCA exams?
Thanks for any advice at all - this has been a shock!!


Hi - sorry to hear you've had bad news. Just to check:

- are you sitting ICAEW exams?
- how long have you worked for BDO?

To check on ACCA exemptions go to https://www.accaglobal.com/an/en/help/exemptions-calculator.html and type ICAEW (or ICAS) under 'institution'.
Reply 5
Avatar for 50chaser
50chaser
2
Hi, I was at BDO previously and failed the professional level exams and lost my training contract too.However within a month I found another training contract with a slightly lower tier firm. I just applied a grad role, and was accepted after one interview (joined as an experienced hire). You just need to be honest with your potential employer, and they fully understand how the big firms are brutal. You shouldn't be dishearten, in hindsight, this move was the best decision I have ever made. I am happier at my new firm as they are more understanding with exams, and the work load has made it easier for revision in the evenings. So don’t worry!
Yes I have been sitting ICAEW exams. I have passed all 6 at the Certificate level, and one at Professional level. I have failed one at professional level twice.
Original post by ajj2000
Hi - sorry to hear you've had bad news. Just to check:

- are you sitting ICAEW exams?
- how long have you worked for BDO?

To check on ACCA exemptions go to https://www.accaglobal.com/an/en/help/exemptions-calculator.html and type ICAEW (or ICAS) under 'institution'.
Hi, thanks for this. How did you explain the situation to the new firm in the covering letter? I'm concerned that they might just think that I 'm lazy, which I'm not!
Do you think it would make a difference if I offer to pay for my own training going forward?
Original post by ajj2000
Hi - sorry to hear you've had bad news. Just to check:

- are you sitting ICAEW exams?
- how long have you worked for BDO?

To check on ACCA exemptions go to https://www.accaglobal.com/an/en/help/exemptions-calculator.html and type ICAEW (or ICAS) under 'institution'.


Original post by 50chaser
Hi, I was at BDO previously and failed the professional level exams and lost my training contract too.However within a month I found another training contract with a slightly lower tier firm. I just applied a grad role, and was accepted after one interview (joined as an experienced hire). You just need to be honest with your potential employer, and they fully understand how the big firms are brutal. You shouldn't be dishearten, in hindsight, this move was the best decision I have ever made. I am happier at my new firm as they are more understanding with exams, and the work load has made it easier for revision in the evenings. So don’t worry!
Thank you Catherine1973. That is very useful advice.
Original post by Catherine1973
When I was in practice there were always people moving about, due to exam failure or just having to move. I’d just apply to the next tier down from bdo, see their website for how they like people to apply. Or write direct with cv to smaller local firms.
You only need to complete the os exams and remaining experience so each employer should not care too much (as if they have a vacancy for a 3rd year, they won’t be expecting to fill it with successful exam passing candidates really).
You can search for exemptions with ACCA on their website, from the top of my head I don't think there are any for completing certificate level, but 4 available for professional level.
Reply 10
Avatar for User.1
User.1
2
You should apply to Mazars - they’re a growing firm (e.g. they just won the Goldman Saachs audit, as well as French Connection) and they’re always keen on taking grads who were fired from Big 4/Big 5. The pay at Mazars is also virtually the same as Big 4.
Original post by 50chaser
Hi, I was at BDO previously and failed the professional level exams and lost my training contract too.However within a month I found another training contract with a slightly lower tier firm. I just applied a grad role, and was accepted after one interview (joined as an experienced hire). You just need to be honest with your potential employer, and they fully understand how the big firms are brutal. You shouldn't be dishearten, in hindsight, this move was the best decision I have ever made. I am happier at my new firm as they are more understanding with exams, and the work load has made it easier for revision in the evenings. So don’t worry!


Original post by Needadvice99
Hi, thanks for this. How did you explain the situation to the new firm in the covering letter? I'm concerned that they might just think that I 'm lazy, which I'm not!
Do you think it would make a difference if I offer to pay for my own training going forward?


Original post by User.1
You should apply to Mazars - they’re a growing firm (e.g. they just won the Goldman Saachs audit, as well as French Connection) and they’re always keen on taking grads who were fired from Big 4/Big 5. The pay at Mazars is also virtually the same as Big 4.

Thanks for this info - I will definitely look at Mazars.
Original post by Needadvice99
I have been doing my ACA training with BDO, but failed one of my professional level exams twice and lost my training contract.
I'm dyslexic and so revising is hard, and I have had to retake a couple of certificate level exams, although I have them all plus one Prof level.
I'm hoping to apply to other firms to carry on with the professional level, but how to explain what has happened??
Also, does anyone know how easy it is to transfer to ACCA and if the ACA Cert level provides exemptions to ACCA exams?
Thanks for any advice at all - this has been a shock!!

Right, 13 years ago I was in the same position as you and I moped about for 5 years and then went and fixed my career. I'd like to make your experience a lot better than mine.

First of all, these exams are not only very hard but they're also very dependent on technique rather than knowledge or intelligence. Passing depends more on exam practice so in future instead of trying to read the materials just try and find lectures online and do a lot of question practice. Also, no one is going to think you're a failure because they know these exams are hard. What will make you stand out five years from now will be your perseverance in adversity, not failing a bloody difficult exam.

Next thing is to decide whether to continue with the ACA or whether to switch to ACCA. My advice would be to pursue ACCA because what really counts is work experience, no one in the real world cares if you are an ACA or an ACCA these days but they do care whether you've been doing complex work or just churning out simple accounts for small clients. The reality is top 20 firms offering training contracts for ACA will probably not take you on until you've passed all the exams now so pursuing this qualification will see you working for a small firm with less interesting work.

Instead, I recommend you look to try and join a firm in the FTSE 250, a large public body or a multinational company with a decent presence in the UK and study ACCA (you could also do CIMA but you'll get less exemptions). This will not only give you great work experience but these firms will also let you study for exams at a pace you are comfortable with. Use Indeed to find jobs, it is by far the best search engine for the job.

To find out your exemptions, you can go here:

https://www.accaglobal.com/an/en/help/exemptions-calculator.html

You'll be exempt from the first three papers and probably one other depending which professional level paper you have taken.

Also, feel free to direct message me with any questions.
Hi AW_1983,Thank you so much for your advice - I've been revising and therefore off this forum for a bit and just passed my second ACA Prof Level exam with support from a private tutor. I've more or less decided to grit my teeth and try and pass the rest of the professional level before getting another job, but that will take me until June, minimum. Your idea about the FTSE 250 ACCA is a really interesting one, especially as I don't see myself as an auditor for the rest of my life, but want the qualification to allow me the option of doing other things such as working in a company, bank etc. I'll take a look at Indeed. Thanks again.

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