Newly qualified ACA accountants have a huge range of opportunities available to them when it comes to choosing a career path. Professionals with accountancy skills are in high demand across virtually every sector. Opportunities are evolving as the Great Resignation leaves businesses with more gaps to fill in their talent pipeline.
When you start your journey into your accountant role, you’ll have the opportunity to decide whether you want to stay with a “Practice” organisation or move into the industry landscape. Since most ACA accountants study within a practice firm, staying put can be a comfortable option for some; however, switching into the industry can have many benefits.
If you work with an accountancy firm in practice, you’ll generally have to work with many companies across various landscapes, with clients pulling you in multiple directions. Moving into an industry role allows you to focus on a specific sector of the accountancy world, immersing yourself in one business’s operations.
Here’s what you need to know if you’re considering making the transition for the first time.
Step 1: Assess Your Industry Options
Moving into industry gives candidates in the financial landscape direct access to a huge range of organisations from small to large SMEs in every sector imaginable and, of course, corporate and blue chip organisations.
Industry careers often appeal to newly qualified ACA candidates, as there’s no set progression or development structure, allowing specialists to progress and find promotional opportunities very quickly.
You’ll have more opportunities in the industry environment to use your skill set while focusing on the specific needs of a single business rather than distributing your talents across different clients. The skills you’ve developed already will give you an insight into the kind of tasks you like doing and the sort of work you want to explore.
For instance, if you’ve focused heavily on corporate finance reporting during your training, you might consider naturally moving into the FMCG or retail sector.
It’s also worth looking at industries or sectors you already feel passionate about. For instance, you might like the idea of helping medical companies and pharmaceutical brands to thrive with their financial strategies. Or perhaps you have a strong interest in the technology and utilities space?
Step 2: Look at Role Opportunities
The experience you’ve already gained in practice should help to guide you towards the sort of roles and positions best suited to your skills. During your time in the Practice side of the accountancy landscape, the chances are you’ll have developed several different skills. Most ACA accountants, in practice, focus heavily on auditing, but they can also gain experience in corporate finance, transactional services, analysis, and reporting.
Other experience you’ve developed beyond auditing could also mean you’re in a good position to explore different industry roles, such as commercial partnership and consulting positions. Speaking to a financial recruitment expert about your skills and experiences can help you define your options. Some of the opportunities you might explore include:
- Management accountant roles: Candidates exposed to outsourced accounts in practice might find the management accountant route into industry more appealing. Management accounting positions deal with more commercial analytical work and month-end accounting. This role allows you to explore your skill sets and determine what you feel most comfortable with as a professional.
- Financial accountant: Most newly qualified accountants will have already spent years developing their technical reporting skills and have a clear knowledge of regulations in the financial sector. This means moving into a financial accountant position is one of the easiest options for many people making their first move into the industry.
- Commercial analysis: Usually the best option for financial professionals who have already gained experience in the commercial landscape, commercial analysis involves a lot of ad-hoc projects designed to add value to a company. You’ll gain a wider insight into business operations and growth as a commercial analyst.
Step 3: Consider Your Short and Long-Term Goals
When transitioning from practice into industry, it’s important to consider both your short- and long-term career goals. During interviews and job research, it’s worth thinking about the “3 P’s” of finding the ideal role. These include:
- Position: In terms of responsibilities, opportunities, and development, what kind of role is going to be best suited to you both right now and in the future? What are your long-term career plans? For instance, if you want to move into a leadership role, will your new industry career give you management opportunities and learning experiences?
- Person: Who are you going to be working with and for? What values does the company have, and can your job offer you a sense of meaning? What reputation does the business have for supporting and guiding its staff? Is the company culture right for you and your expectations? Will you feel supported and included in your role?
- Package: What kind of remuneration and benefits will you access in this role? Aside from salary, consider other advantages, like the opportunity to work more flexibly in a remote or hybrid format. You may even want to look into the four-day work week as a way of reducing the risk of burnout.
Remember that changing from private practice to industry roles can mean getting used to an entirely new working culture. You’ll work with fewer clients on more focused work, and you may spend a lot more time with specific staff members.
Step 4: Find Your Recruitment Team
Finally, once you’ve established what you’re looking for from an industry role and what your employer needs, the next stage is preparing yourself to start applying for industry roles. There are several ways to get yourself ready for the transition.
Start by updating your CV and cover letters, with a focus on the kind of industry positions you want to apply for. Think about how you can showcase the skills your employers will be looking for with your answers to competency-based interview questions. Make sure your qualifications outline your ability to thrive in the job.
Next, find your specialist financial recruitment agency to help you find the right job opportunities. Your financial recruitment expert will give you an insight into what employers in your industry environment are looking for and which positions are best suited to your skills.
Thanks
Rachel
About Rebus Financial Recruitment
Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, ranging from various organisations, including SMEs, to large PLCs.
We strive to offer both the client and candidate a seamless recruitment experience. Using our expertise, we get to the heart of employer and employee needs, and, in doing so, we match the two perfectly. Contact one of our team today to find out more, or you can call us on 01282 930930.
