What to do with my career? (Chartered accountant)
Discussion
Hi all,
Hoping for some careers advice, which is weird cause I thought all that stopped when you left school!
To give you a brief summary...
I am 25, and qualified chartered accountant (ACA). Spent 4 years at a small firm doing mainly accounts prep, with around 5 audits per year. Was a 'Senior' although was essentially doing the job of an assistant manager (portfolio of clients, reviewing, client meetings etc) but they would never make it official. Left in October last year to join a Top 40 regional firm, going in as an Audit Senior, which is what I have been doing for the last 6 months.
Issues I have are:
- I am not sure the opportunities for promotion are as readily available as was made out, and I am worried spending much longer as a senior will look bad on my CV
- I am not sure audit is the right discipline for me, but have no other experience
- I think ultimately I want to end up in industry (cause thats where the money is) but without making it to manager first I assume my chances of getting a financial controller role would be slim, especially as I don't have a big name on my CV.
Think I need to make a change this year, just not quite sure what direction that change needs to be in. Not really sure what I want other than to move forward not in audit, just not quite sure what realistic opportunities are available to someone in my position.
Any suggestions/shared experiences would be most welcome.
Hoping for some careers advice, which is weird cause I thought all that stopped when you left school!
To give you a brief summary...
I am 25, and qualified chartered accountant (ACA). Spent 4 years at a small firm doing mainly accounts prep, with around 5 audits per year. Was a 'Senior' although was essentially doing the job of an assistant manager (portfolio of clients, reviewing, client meetings etc) but they would never make it official. Left in October last year to join a Top 40 regional firm, going in as an Audit Senior, which is what I have been doing for the last 6 months.
Issues I have are:
- I am not sure the opportunities for promotion are as readily available as was made out, and I am worried spending much longer as a senior will look bad on my CV
- I am not sure audit is the right discipline for me, but have no other experience
- I think ultimately I want to end up in industry (cause thats where the money is) but without making it to manager first I assume my chances of getting a financial controller role would be slim, especially as I don't have a big name on my CV.
Think I need to make a change this year, just not quite sure what direction that change needs to be in. Not really sure what I want other than to move forward not in audit, just not quite sure what realistic opportunities are available to someone in my position.
Any suggestions/shared experiences would be most welcome.
Senior at 25 I din't think is that bad to be honest, you've only been doing it for 6 months, which isn't long.
Boring as it may seem I'd suggest keeping your head down and doing shedloads of billable work. that's the main thing that will get you to manager --> Director --> Partner. Assuming you want to stay in audit...
I think it might be hard to move into an FC role direct from where you are now. Finance Manager role might be slightly easier but you need to have lots of Ltd Co audits under your belt and be 100% comfortable with FRS/IFRS/GAAP and Corporation Tax.
Boring as it may seem I'd suggest keeping your head down and doing shedloads of billable work. that's the main thing that will get you to manager --> Director --> Partner. Assuming you want to stay in audit...
I think it might be hard to move into an FC role direct from where you are now. Finance Manager role might be slightly easier but you need to have lots of Ltd Co audits under your belt and be 100% comfortable with FRS/IFRS/GAAP and Corporation Tax.
Unless going to a little firm in industry, one that's somewhat blinded by your ACA letters, with no experience other than audit, I'd be more than slightly surprised if you got anywhere near an FC role TBH. You don't have enough to offer against more relevant competition, unless you interview remarkably well!
In the bigger companies, I'd say it is more about other things than audit experience and good knowledge of standards. At least as much about people skills and appropriate financial guidance (of course backed up with the knowledge), so I'd say stick where you are for a while, try and get as much experience as you can away from audit and then look to escape. Plus, don't be tied to going to industry at a lower level than you may think you're worth - do (and quite probably more importantly say and seem to do) the right things & you may progress quite quickly.
In the bigger companies, I'd say it is more about other things than audit experience and good knowledge of standards. At least as much about people skills and appropriate financial guidance (of course backed up with the knowledge), so I'd say stick where you are for a while, try and get as much experience as you can away from audit and then look to escape. Plus, don't be tied to going to industry at a lower level than you may think you're worth - do (and quite probably more importantly say and seem to do) the right things & you may progress quite quickly.
Can't add anything more to the technical advice already given, but would add that very few at 25 know exactly what they will be doing 5 years from now. Often therefore it's just about getting as much experience as possible and continuing with the formal learning. And don't forget to have some fun along the way too! Good luck!
Our CA trainees would generally do a year or two post qualifying in "practice" before going into industry.
One of ours worked, after qualifying, in our business support department (vat returns, management accounts, projections etc) for 18 months or so before getting a job in industry. He planned it this way to give him the best experience to move into industry and it seemed to work well.
It also depends on what sort of audit you are specialising as to how easy a sideways move would be.
One of ours worked, after qualifying, in our business support department (vat returns, management accounts, projections etc) for 18 months or so before getting a job in industry. He planned it this way to give him the best experience to move into industry and it seemed to work well.
It also depends on what sort of audit you are specialising as to how easy a sideways move would be.
- Stick it out to manager, it opens many more doors.
- Find yourself a secondment or two, they're good fun and are great on the CV.
- Project management skills are in bonkers demand at the moment, see if the firm will pay for you to do PRINCE2.
- Make friends with your bigger clients, you're more likely to get a job there if they know you, can drink coffee with you, and you can talk about interesting stuff (i.e. are not just another blood auditor who is only interested in the year end numbers and doesn't understand a damn thing). Be able to talk about the wider business problems not just the numbers, and it helps to have common ground like football/rugby/etc...
- Find yourself a secondment or two, they're good fun and are great on the CV.
- Project management skills are in bonkers demand at the moment, see if the firm will pay for you to do PRINCE2.
- Make friends with your bigger clients, you're more likely to get a job there if they know you, can drink coffee with you, and you can talk about interesting stuff (i.e. are not just another blood auditor who is only interested in the year end numbers and doesn't understand a damn thing). Be able to talk about the wider business problems not just the numbers, and it helps to have common ground like football/rugby/etc...
I'm in the industry and it makes very little difference if you leave now or later. Personally I wouldn't wait for Manager and jump now to industry.
You are a good few years away from FC so forget that. And Audit is pretty s
t so why continue?! As for money, at your level, there won't be much in it so do what you will enjoy.
You are a good few years away from FC so forget that. And Audit is pretty s
t so why continue?! As for money, at your level, there won't be much in it so do what you will enjoy.I would disagree re: Manager. As Shirt587 says I think Audit Manager will open far more doors. IME a manager should have far more understanding of the technical aspects of accounting (GAAP, IFRS), more understanding of both financial and management accounting, and also more experience of leading/managing teams.
Other than Internal Audit, Im not sure what role a Senior would logically be able to move into.
Other than Internal Audit, Im not sure what role a Senior would logically be able to move into.
Where I work (central belt of Scotland) there are plenty roles for newly qualified seniors in industry finance. Not at the level the OP might be looking for now but they quickly work themselves up the ladder to where they want to be it seems either in the same company or moving to others.
Financial services suck up silly numbers of qualifieds on silly money therefore there is either work with them or non financial services outfits (who have to compete).
I keep thinking it will all crash but no sign here so far.
Financial services suck up silly numbers of qualifieds on silly money therefore there is either work with them or non financial services outfits (who have to compete).
I keep thinking it will all crash but no sign here so far.
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