Training contract

A training contract is a contract that is in addition to your employment contract. It is an agreement between you and the firm you are joining that they will provide training under certain terms, and will cease to provide training if the conditions are not met. These contracts are generally used when you are receiving external training paid for by the firm.

Typical terms in a training contract are:

• You must study in your own time
• If you fail an exam twice, or receive a 'bad fail' (usually 45% or below for a 55% pass mark), you will be sacked.
• The firm will provide training to you, including all college, exam and institute subscription fees.

Training contracts are mandatory with all ACA or ACCA qualifications with the Big 4 and most other accounting and professional services firms and Legal firms.