With a Chartered Accountancy qualification in hand, new members can explore a range of career paths and options. Claire Doyle and Anne Carter describe their perspectives on the post-qualification career
The training contract goes by in the blink of an eye. It’s easy to remember FAE results morning and the sense of relief, pride and satisfaction from seeing that you have finally passed – if only we could bottle up that feeling!
In the midst of all the studying, you think this day will never come and when it does, you think to yourself, where did the time go?
Once the results are in, you begin to think, what's next?
Start thinking about this question during your training contract. Use the time, as well as all the study, to think about the areas that you enjoy in your job and might look to pursue after you qualify.
Once the contract countdown calendar is complete, you can get signed off as a Chartered Accountant. Finalise your CA Diary as soon as possible, regardless of whether you stay or leave your training firm and start thinking about your future.
Should I stay or should I go?
Whether or not to remain in your training firm once you are qualified is the dilemma that faces many of us at the end of the training contract. There is no right or wrong answer, and this will come down to your own personal preference.
Staying – Claire Doyle (CD)
If you are unsure about the type of role that you want, staying on is a great option, even if only for a few extra months.
In the long term, I knew that progressing to be a Big Four partner was just not for me! Rather than working on multiple clients in different industries, I was keen to deepen my knowledge and skillset in a sector that aligned with my interests.
After switching firms, my main clients were in the life sciences/pharma space, and I was naturally drawn to continuing my development in this area.
Leaving – Anne Carter (AC)
Leaving my training firm wasn’t an easy decision. At that point in your career, you have formed friendships, you are continuously learning and have become more senior in your training firm.
Make a list of all the pros and cons of staying and leaving, thinking about the bigger picture, like what direction you may want to take in your career.
The important thing is not to jump at the first option offered by recruiters. Know what industry you want to be in or what skills you would like to gain and tailor your job search based on that.
Career concentration
Moving areas within a firm – CD
If you stay with your training firm, moving departments can be challenging and is rarely guaranteed.
In my experience, if you want to try a new area, you need to move firms and be prepared to sell your transferable skills.
Coming from a tax background, I found it can also be hard to apply for a financial accountant job when other candidates are coming from audit.
However, do not be afraid to apply for a role with a company you like just to get your foot in the door. Utilise the interview process to determine whether they offer secondments or exposure to other areas of finance.
Reach out to current employees and ask questions to show that you are interested in joining the organisation, and they may refer you for a role.
Five years post-qualification
Having the opportunity to travel as much as possible is an amazing benefit. You can use your qualification as your passport to travel and work abroad.
Global mindset – CD
If you decide to move into industry, take the time to get to know the company, the various functions in and outside of finance, learn about the products, etc. This will be invaluable when you are asked to assess the impact of a problem for your company.
Keep a global mindset. This doesn’t mean you need to relocate to another country but use your understanding of country-specific issues and pain points to ensure that you can give the best solutions.
Secondments – AC
My first role post qualification was in internal audit. I moved on to my current company where I remain in internal audit, but I’m also getting an opportunity to go on secondment to one of our operational companies as part of an ERP project implementation.
The opportunities are there to be had if you put some thought into where you see yourself and have meaningful conversations with peers, mentors and managers.
Salaries
Check the scale – AC
When looking for your first role post qualification, it’s important to be aware of the salary scales for accountants who have recently qualified. Several recruitment firms publish salary scales annually.
It is also important to note the different salary bands for practice versus industry, the different business sectors and previous experience, etc.
Check the location – CD
Salaries may also differ based on your location.
Unless your role specifically requires you to be office based, hybrid and remote working now provide flexibility in your work location.
In my experience, industry roles offer a bonus based on a percentage of your salary and can include equity, which gives you a stake in the business.
Networking
Start early – CD
Building your network is super important. You could be talking to a future client or someone whom you will lean on for advice.
During my training contract, I was more focused on passing exams than joining the student societies and it was only when I moved to Dublin that I wanted to reconnect with fellow ACAs and with the Institute.
The Young Professionals – AC
The Young Professionals Committee will offer you a network to create new friendships, make potential future work connections, a space to have conversations with your peers, ask any questions that you have about the profession, and a variety of social events throughout the year.
It will also give you a different perspective of Chartered Accountancy outside of your workplace and a place to meet like-minded individuals.
Claire Doyle is International Tax Manager at PTC Therapeutics
Anne Carter is Group Internal Audit Assistant Manager at CRH
Both are members of the Young Professionals Committee