When you are nearing qualification, many questions about your future career prospects can come to the fore. Brian O'Connor answers the most common queries from students
In 2022, over 1,000 accountants due to finish their training contracts in 2022/2023 have attended the CASSI & Barden Finance Leader events. Inspiring leaders from companies such as Kerry Group, Mandiant and Paddy Power Betfair shared their stories and gave their career, CV and interview advice. They answered many questions, but you had more. So, we put your questions to our resident experts.
Practice vs industry
Is it better to stay on in a Big 4 firm after qualification or go out into industry? Is it better to get your post qualification experience (PQE) within a training firm or in industry?
It's hard to get objective advice on this one. A partner will always want you to stay on, and a recruiter will likely advise you to move. Let's try to get an objective opinion by looking at the questions through different lenses.
You should seriously consider staying on to become a manager post-contract if:
- you wish to become a partner;
- you'll gain exposure to a different client base; or
- you get to move into another department that will help you eventually move towards your preferred position.
You should not consider staying on to become a manager post-contract if:
- you don't wish to become a partner;
- you plan to move to the client-side or industry in the long term; or
- you weren't fulfilled by the work you during your training contract.
We regularly hear people tell recently qualified accountants: "You should stay on to become an audit manager, and then you'll be able to move to the client-side or industry at a higher level."
This statement is fundamentally incorrect.
Suppose a company is looking for a financial controller or finance manager, for example. In this case, they will (99 times out of 100) look for a qualified accountant with 'x' years of post-qualification experience outside of practice because their first choice will always be someone with practical experience as a financial controller.
For the vast majority of hiring managers, there's no contest. Practical industry or financial services experience post-contract wins.
If you stay in practice, you'll increase your salary and benefits as time goes by. You'll become increasingly valuable, but you won't appreciate the same value for client-side roles – your peers who moved straight out of a training contact will.
As a first or second-year manager in external audit, you'll still be able to compete for positions in internal audit, technical external reporting and project-based transformation. Broader financial accounting or analysis will likely become increasingly difficult to access.
I work in industry and don't have the knowledge one could gain in practice. I think this may undermine my career potential. Should I get practice experience?
Ultimately, it should not matter if you are trained in practice or industry. What matters is the calibre of the people you trained with and the calibre of the training you received.
Some job specifications will say "Big 4 trained", which means "big company trained". If, however, you have trained in a small company and want to work in a larger corporate, a stint in a big practice will stand you in good stead.
Is age a factor for recently qualified accountants looking for a move into industry?
Broadly speaking, it is not. A newly qualified accountant is a newly qualified accountant. As long as your salary expectations and attitude align with being a newly qualified accountant, the vast majority of employers will look at you as such.
Would you have any tips for moving from a small practice to corporate finance after qualifying?
To be honest, this is not a move that typically happens in a single step. The 'like-with-like' principle matters here. You are more likely to access a role that has something in common with your current or most recent role.
You've likely had small company exposure if you're small practice trained. Most corporate finance (CF) activity takes place through larger companies. Getting exposure to larger companies (be that in audit, restructuring or similar) is likely a good first step. Then you can look again to move internally to a CF or related team in 18 months.
A diploma in CF is not a prerequisite. It can't hurt, but it also does not guarantee you anything. If you're serious about CF, get into a more prominent firm first, become an expert with Excel and financial modelling, and push internally to get into CF or a related area, like transaction services, valuations, etc.
Working abroad
What is your view on working abroad after your training contract, and what would be the best way to get work abroad?
I am a big fan of working abroad – world and life experience are hugely valuable (and the earlier you do it, the better).
Maybe take a contract in industry locally for 12 months before you go to give yourself a shot at the better jobs when you move, but working abroad in your first couple of years post-qualification in a good role with a good company is never a bad thing.
It's best to connect with a local recruiter in the target country to get a feel for things on the ground before you go. Other alternatives might be to work with an Irish company and move internationally with them in time or work in internal audit and travel the world while remaining anchored in Ireland.
Are Irish tax exams useful if you move abroad?
A: The tax exams here are specific to Irish tax legislation, but many tax professionals secure roles abroad in jurisdictions with similar rules (e.g. the UK and Australia). Some of Ireland's tax qualifications have international recognition through affiliate networks.
Of course, some tax consultants who move abroad also choose to complete the relevant tax qualification in the country they are working in, but it's not always a requirement.
Finding jobs and recruiters
Where's the best place to find job opportunities?
A good expert recruiter in a reputable firm should always be your first port of call. (Of course I'd say that!).
Ask around to get referrals. A good recruiter is going to provide better insight on getting access to the right job than any Big 4 partner, auntie in HR, or friend who moved jobs recently.
LinkedIn, IrishJobs.ie (and similar) and your own network are other credible sources.
What experience would you look for in a recently qualified accountant?
The answer depends on who's looking.
Relevant exposure to similar companies and organisational structures is typically number one on the list. Companies might also look to see if you have worked with the firm's more high-profile clients. (If you have, don't be shy about it.)
From there, hiring managers look at performance ratings, FAE results and general academic background. After that, they typically look to see if you took on any special projects, secondments, or if you were involved in any extracurricular activity at your firm.
For niche roles, they will look for niche experience. (Technical exposure to a particular IFRS, for example).
All of the above should be clearly stated on your CV.
What's the best way to find out if a company's culture is a good fit for you?
The simple answer is to meet the people there. Company culture is defined by the people that work in the company, not by some set of values on a website. Find people you like, admire and respect, and you'll be on the right track.
Setbacks
Will newly qualified accountants who struggled or took longer than typical to pass their exams be affected when they interview or apply for a job?
In reality, this can be a challenge and can make it much harder for you to access some larger corporate teams.
Sometimes there are mitigating personal circumstances. If this is the case, you should make it clear in your cover letter and during the interview.
However, your flexibility on the nature of the role you take to lead you into the right company and make a fresh start can make all the difference. The further post-qualification you are, the less relevant this becomes.
What is the best way to present setbacks in your career, like exam repeats, training contract terminations, etc.? Do you try to gloss over them or dissect the situation?
Setbacks are an opportunity to show how you have overcome them, learned from them, and are stronger and wiser as a result.
Overcoming adversity is an asset. Do not hesitate to talk about setbacks if they come up in an interview. Some hiring managers will specifically ask for an example of a setback, how you dealt with it and what you learned.
No contract
What advice would you give someone on the flexible route who is not in a practice/training contract?
To be honest, I'd give the very same advice as I would to people in practice.
The like-with-like concept does mean that you will have only gained exposure to one (or two) types of companies/structures rather than many types as you would in practice. That said, your practical accounts prep experience could give you an edge.
Brian O'Connor is a Chartered Accountant and an Associate with Barden's Accounting & Tax practice
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