The power
of the
placement year

ICAS is making radical changes to the way students learn about the profession, while also working with universities, business schools and employers to create more work placements for aspiring CAs.

One-year work placements differ from internships. They are taken as part of a degree, usually in the third year, with students completing a module and receiving academic credit for that year’s work.

Those placements offer students a chance to apply theoretical knowledge in real-world settings, while employers benefit by tapping into motivated and talented individuals, identifying potential talent and creating both a more innovative and diverse workplace.

That’s the theory. But how does it work in practice? As CA magazine discovers, it can be a win-win-win for the educator, the employer and the student…

Iain Abernethy
People and Culture Manager, AAB

An HR professional at one of Scotland’s leading accountancy and professional services firms, Abernethy has extensive experience of seeing the benefits of a good placement programme for the company.

“My educational journey has taken me through law and management at Robert Gordon University (RGU) in Aberdeen, followed by a postgraduate degree in employment law and the CIPD [Chartered Institute of Personnel and Development] qualification to become a chartered HR professional.

“I have over twenty years’ experience working within professional services and over this time I’ve had a focus of learning and development. A key part of my role, and one I particularly enjoy, is the recruitment and career development of those in early careers.

“Our consistent high return on investment and an impressive retention rate of 90% underscores the value of the placement programme for business growth”

“AAB has a strong connection with RGU, actively recruiting undergraduate students for one-year placements since 1991. Despite potential concerns from employers about the commitment and challenges in training students for a year, I want to emphasise AAB’s successful experience, with returning students often outperforming new recruits.

“Our consistent high return on investment and an impressive retention rate of 90% underscores the value of the placement programme for business growth. For students, the placement year at AAB is like gold dust, offering invaluable hands-on experience, exposure to the professional world and the opportunity to build crucial networks.

“At AAB, we’ve built a supportive environment during the placement year, allowing students to grow their confidence and explore various departments through rotations. We appreciate the energy and fresh perspectives students bring – it contributes to our company’s culture.

“Our commitment is to continue offering this transformative experience to students and maintain strong employer-student relationships. Success stories of senior professionals who have emerged through AAB’s one-year placement programme affirm our dedication to nurturing talent. I believe that students, with their diverse skillsets and a passion for learning, are not just a workforce addition but an investment in the future of the industry. The placement year, in particular, offers a seamless integration into the professional sphere, and I’m excited about the positive impact it has both on students and on our growing team at AAB.”

Shaun Wilson
Virtual Finance Function Analyst, AAB

An RGU graduate, now training as a CA with AAB, Wilson did a one-year placement with the company during his degree, which led to a job offer as a Business Advisory/CA trainee upon graduation.

“Our school introduced accountancy as a subject, and I decided to pursue it, finding genuine enjoyment in the field. After school, I faced the dilemma of choosing between an apprenticeship at another professional service firm and AAB, or pursuing university education. Eventually, I opted for RGU in 2017. During my third year, in 2019-20, I embarked on a placement at AAB in its Aberdeen office.

“Knowing that some of the top executives in the company started through the placement route was inspiring – it feels like I’m following in their footsteps”

“While my passion was always for accountancy, the placement year allowed me to explore different facets. I spent the first six months in corporate finance and the second half in accounts and tax. This experience solidified my interest in the accounts side. The ability to sample various roles and essentially chart my own course was invaluable. After completing my fourth year at university, I returned to AAB as a graduate trainee.

“The placement year proved crucial in shaping my professional and personal growth. It compelled me to be more outgoing, as effective communication became essential in the workplace – interacting with colleagues and clients from diverse backgrounds. The structured nature of the workday instilled discipline, fostering a sense of fulfilment and accomplishment.

“Without the placement year, transitioning from university to the workplace would have been challenging. It offered real-time experience, steering me towards the job I truly wanted rather than just settling for any available position.

“I shared my placement year with seven others, and the positive experience was such that most of us returned to AAB after graduation. While job offers aren’t guaranteed, there is a great chance of being made an offer if you successfully complete your placement year.

“Securing a placement involves a competitive process against classmates. AAB, being one of the early adopters, had a rigorous interview process, so receiving the confirmation just before Christmas brought immense joy.

“The entire experience felt like a year-long interview, allowing both the company and me to assess whether we were a good fit. Knowing that some of the top executives in the company had started through the placement route was inspiring – it feels like I’m following in their footsteps.

“I can’t emphasise enough the significance of the placement year. It would be fantastic if all universities offered them. It’s also great to see more companies getting on board. Hopefully, that trend will continue to grow in the future.”

Jodie Lucas
Associate Professor, Warwick Business School, University of Warwick

As course director for the undergraduate partnership programme, Lucas manages the one-year placements on Warwick Business School’s accounting degree and she supported Sneha Shah (below) during her placement.

“My professional journey has combined practical experience with a passion for teaching. Moving from prominent accounting firms to academia, I was drawn to Warwick’s commitment to a comprehensive four-year undergraduate programme, featuring a transformative placement year.

“In my teaching approach, I prioritise instilling critical thinking and real-world connections beyond simple theory. There’s a growing interest among accountancy firms in hiring university leavers on a placement year, and our students stand out for their confidence in challenging processes, asking probing questions and being enthusiastic to learn and add value in their chosen organisations.

“Warwick Business School’s placements empower students while offering strategic advantages to forward-thinking employers”

“The impact of Warwick’s placement programme is evident, with a 75% increase in participation since 2021-22. The 2023-24 cohort reflects a 41% interest in the four-year programme, highlighting a growing desire for the competitive edge offered by placements, and even students on our three-year programme still have the flexibility to source a placement and extend their degree programme.

“Warwick’s placement programme provides students with lucrative opportunities, as well as benefiting the employers by encompassing short-term resource gains, enhanced branding at an early career level and helping to build their future talent pipeline, as it is very common for a large number of placements to result in employers offering students a permanent graduate role. The returning placement year students excel in their final university year, seamlessly applying classroom learning to practical work experiences.

“Warwick’s dedicated careers and employers’ relations team ensures seamless connections between employers and potential talent. Even during the placement year, when students pay reduced tuition fees, we emphasise that they deserve recognition and inclusion in the university community.

“In essence, my role centres on championing the harmonious relationship between education and industry. Warwick Business School’s placements empower students while offering strategic advantages to forward-thinking employers.”

Sneha Shah
Assurance Associate, EY

Kenya-born Shah graduated from Warwick University and is on a CA graduate traineeship at EY, following a one-year placement during her degree, which led to a job offer on graduation.

“As an international student, the transition to life away from home was initially challenging. Commencing my studies at Warwick Business School in 2019, my motivation for pursuing the placement year stemmed from its dual role as a safety net – a high likelihood of securing a job post-graduation and invaluable experience as an international student in the UK. The latter for me was particularly crucial, given my lack of industry exposure in my home country.

“The placement year, which I undertook after two years of study, undoubtedly stands out as the most significant contribution to my career journey so far. Returning to EY as a second-year associate brought increased responsibility, giving me substantial exposure to the authentic audit process. While first-year associates typically handle general admin tasks, the extensive and tailored training I’d received during my placement year quickly brought me up to speed and eased my transition back to work.

“The placement year undoubtedly stands out as the most significant contribution to my career journey so far”

“Having completed ICAS exams during my placement, I found the practical experience immensely beneficial. Unlike new graduates who undertake exams before gaining experience, my workplace insights significantly enhanced my understanding of the exam questions.

“My return to the workplace proved advantageous for my employer too, as I brought back substantial knowledge. I seamlessly integrated into work, streamlining the company process. My familiarity with the team, who specifically requested my return, further assisted my reintegration, sparing them the need for additional training.

“I commend Warwick University for its exceptional support throughout my placement and beyond. Regular check-ins demonstrated their commitment to my wellbeing, and their proactive outreach to my workplace counsellor ensured a smooth transition back to university for my final year.

“In all honestly, after the placement year, my final year of studies felt effortless, leaving me well prepared and competent for the world of work.”

If your organisation would like to offer year-long, paid work placements to students as part of their accountancy degree, contact Judith Wilson, University Engagement Manager, at firms@icas.com