With exam season kicking off this month, it can be an extremely overwhelming and pressured time for students. Dee France, Thrive’s Wellbeing Lead, shares her advice on handling exam stress and anxiety  It is a perfectly normal experience to feel worried and stressed when faced with impending exams or any type of performance situation.  A healthy and ordinary amount of stress can even be good for you, giving you the motivation to push through and keep you focused. However, when worry, self-doubt, fear of failure and the pressure to perform well become too intense, they can interfere negatively with exam preparation and performance.  As feelings of stress push past optimal levels, it can have a devastating effect on our concentration, and our ability to learn, remember and demonstrate what we know.  Causes of exam anxiety  To effectively manage anxiety, it is important to understand why you are feeling this way. There are many variables that may contribute to and relate to these feelings:  Past experience with exams;  Poor preparation, inexperience undergoing exams and unfamiliarity with exam and study techniques;  Poor self-care, such as bad sleep habits, unhealthy eating, lack of exercise and limited relaxation time; Intrusive and unhelpful thinking patterns such as saying to yourself, “I can’t do this” or “I’m going to fail”;  Strong sense of failure; or  Extreme pressure to achieve placed on you by yourself or others. Tips for handling exam anxiety  How you spend your time leading up to your exams can have a huge knock-on effect on your anxiety and stress levels.  Routine  Essential to managing anxiety and stress when faced with exams is creating a study routine early in the year as opposed to haphazardly cramming a year’s worth of learning into a few days.  Design a study schedule and map out how you will spend your days.  Schedule your study time in short, succinct time blocks with a 10-minute break for every hour.  It is important to have a hard stop each evening to allow some time to unwind, and block out a day each week that is revision free. By carving out a comprehensive and realistic schedule, you will focus better, feel in control and be less likely to procrastinate.  Being prepared will help you feel more relaxed and confident and goes a long way to easing stress levels and keeping your nerves in check. Mind and body  When we are busy, other parts of our life can be easily neglected, and we can forget to take care of ourselves.  When it comes to managing anxiety and stress, nourishing your mind and body should not be underestimated.  It is important not to push yourself too hard or overlook your needs.  Regular exercise, eating well and sleeping properly are some of the most effective stress relievers at our disposal and are essential for being at our best physically, mentally and emotionally.  Incorporating fundamental self-care practices into your study routine can ease the pressure of trying to balance your time with other vital activities. Relax  To relieve symptoms of anxiety and stress, practise deep breathing or other relaxation techniques such as progressive muscle relaxation or yoga to help calm the body, alter the body’s response to anxiety and release tension.  In general, relaxation techniques are about refocusing your attention and increasing awareness in the body. It is a good idea to engage in these activities when you are relaxed and practise regularly to reap the benefits.  Ask for help  If you are overwhelmed by upcoming exams, you might find it helpful to share how you are feeling.  At Thrive, we witness a spike in students contacting our services at this time of year regarding exam stress and anxiety, which is one of the most common concerns students are dealing with.  Thrive is the Institute’s dedicated well-being hub, which is freely accessible to all students.  The hub provides a wide range of services tailored to our students' well-being, such as wellness coaching and professional counselling. All services are delivered in complete confidence and are available at any stage of your journey with the Institute.  For more advice or information, check out Thrive’s dedicated wellbeing hub.  Alternatively, you can contact the Wellbeing team by email at: thrive@charteredaccountants.ie or phone: (+353) 86 0243294

European Commissioner Mairead McGuinness speaks to Neil Stokes, Tax Associate at PwC, about the European economy, the possibilities for a digital euro and sustainable finance What is your outlook for the European economy in 2023, given the backdrop of the continued war in Ukraine, monetary tightening and the spectre of a recession looming large? The past few years have been a time of immense change.  While we are not yet completely out of the woods with the pandemic, people are back at work, and the threat to global health has decreased.  However, we find ourselves in a very dark time for Europe, and indeed the world, with the Russian invasion of Ukraine on 24 February 2022. The terrible impact has been, first and foremost, on Ukraine and its people. But there are knock-on effects, including dramatic volatility in energy prices, requiring Member States to take action to help the most vulnerable families and businesses.  The EU is among the most exposed advanced economies due to our proximity to the war and our past reliance on gas imports from Russia.  Despite these headwinds, the EU economy has shown remarkable resilience. We have thus far avoided recession and energy shortages.  Political unity of EU Member States is paying off. The Commission worked hard to counteract the worst impacts of the war, just as it acted to avoid the worst impacts of the global pandemic.   We need the same collective effort for the year ahead to make progress on the transition to net zero and maintain the competitiveness of European businesses.  We are also strong in our solidarity with Ukraine. What is your outlook in the medium to long term for cryptocurrencies/decentralised finance, given the recent collapse of FTX? Digitalisation is a game-changer. We can all see that. It’s causing deep structural changes and creating new opportunities and challenges in the financial sector.  I can’t say what will happen with crypto in the long term, but the EU is ahead of the curve in acting to regulate these relatively new developments.  The FTX collapse is evidence that all that glitters is not gold, and it is a cold shower for ‘believers’ in crypto – who see it as the future of finance.  Our approach to cryptocurrency is to address the clear risks and shortcomings while still enabling innovation to flourish.  We will soon have the Markets in Crypto-Assets regulation in force, which will bring crypto into the regulatory and supervisory fold.  We also have a new pilot regime for Distributed Ledger Technology, or DLT, which is the technology that underpins crypto. This pilot will allow financial companies to experiment with DLT for the trading and settlement of ‘tokenised’ financial instruments in a safe environment and let regulators learn from the experience.  What do you see as the main advantages/disadvantages of cryptocurrencies from a consumer standpoint? Do you see them being used as a widespread medium of exchange in the near future? Crypto comes with risks, as we’ve seen all too clearly.  Some consumers invested in crypto, lured by a false promise of value going up and up and up.  Crypto is a risky investment and subject to volatility. What goes up can also come down – and very dramatically, as some investors have experienced.  Others have been victims of scams or hacks that are all too frequent in what’s still a largely lawless ‘Wild West’ of crypto.  There are advantages to blockchain technology. It cuts out the middleman – removing the need for centralised processes and intermediaries. It can make transactions more efficient and transparent by recording key information in an unchangeable format, making it accessible to all market participants.  For instance, this could make payments cheaper, faster and safer. Blockchain technology also has the potential for the trading and settlement of securities. But those benefits cannot emerge in a Wild West scenario. So, we need regulation, and that’s what the EU is doing. What are your thoughts on the future of the digital euro and its interaction with the physical euro? First, a note on the process. It is the European Central Bank that will decide on whether to issue a digital euro or not. But a decision with such huge consequences for people, businesses and economies needs a strong democratic basis.  This year, the Commission will propose a legal framework to regulate the essential elements of a digital euro, and the European Parliament and Member States will discuss and shape this proposal. What should a digital euro look like if we decide to proceed? I always stress that the idea for the digital euro is that it will complement, not replace, cash.  We are witnessing a society becoming increasingly digital, and the pandemic accelerated this trend with the closure of bank branches and more transactions on mobile apps and online services.  A digital Central Bank euro would ensure that we maintain a public complement to private digital means of payment.  It could, for example, address some of the shortcomings in current options, like enabling offline payments – serving people without access to the internet or in remote areas.  It could be an open solution, unlike many private options that often rely on both sender and receiver using the same closed interface.  It could also be useful for payment providers, especially national providers that want to expand into other countries – which is essential because we want public and private solutions to coexist.  We have to carefully consider the possible design: privacy and data protection are vital, but we also need to consider how we fight financial crime.  Commercial banks are wondering about the impact it would have on them – the investigative work of the European Central Bank is pointing to a digital euro primarily to be used as a means of payment, not a store of value – so it doesn’t create an incentive to move deposits away from commercial banks.  We’re also considering questions around who would distribute a digital euro, the costs involved and ensuring easy access to it.  The key point is that a digital euro would have to provide real added value. And – again – we would also make sure that people can access and use physical cash. There is a need for a public discussion about a potential digital euro, and our pending legislative proposal will allow for that discussion. What are the European Commission’s priorities on sustainable finance and how does the EU plan to finance the transition to a more sustainable economy? The ambition of the European Green Deal is high: Europe should become the first climate-neutral continent by 2050.  The cost of the transition cannot be funded by the public purse alone; we need every part of the economy and the financial system to play its part.  Overall, when it comes to sustainable finance, we are thinking both about how the financial sector is resilient against climate risks, and the contribution it can make to the transition.  The EU sustainable finance agenda is about transparency, so we have a number of tools relating to disclosure. Companies will disclose their transition plans, helping to refocus and track their efforts towards sustainability.  The key to becoming a more sustainable economy is to invest in the transition.  Our work on Capital Markets Union is important in providing the necessary private financing of the transition and allowing citizens to become more involved in capital markets, putting their money towards this more sustainable future.

Conal Kennedy writes: Sustainability is probably the most important issue of our times. However, when it comes to sustainability reporting, your first questions may well be how and when does this affect you, your firm and your clients? The short answer is that sustainability reporting will directly affect a large proportion of members in practice, and sooner than they may think. The Corporate Sustainability Reporting Directive (CSRD) has been passed by the European Union and it is in the process of being transposed into Irish legislation. It applies to a number of categories of entities, but of most immediate interest to readers of Practice Matters may be its application to large private Republic of Ireland registered companies, as defined by the Companies Act. Amongst a number of requirements, these must provide detailed information in electronic format in their annual management reports under CSRD for years commencing 1 January 2025 and thereafter. Furthermore, these companies will need to obtain independent assurance that the information is presented in compliance with the Directive. This assurance, which initially will be at the level of limited assurance, will be given and reported on only by properly authorised individuals and firms. A very large proportion of practices have at least one large company client. The impact of inflation in recent years has brought many more companies into the large category, and the future impacts on balance sheets of the proposed changes to lease accounting under FRS 102 will bring in some more marginal cases. These clients may well engage your firm for assistance with reporting under CSRD or the provision of assurance. This will mean applying the European Sustainability Reporting Standards (ESRS), and reporting on their application. These standards are currently published in draft, and are available at this link. As can be seen, the standards are substantial and detailed, and obtaining a working knowledge of them will require a large commitment of time and resources. Assurance standards will also be published in due course. Even if a firm has no large Republic of Ireland company clients, the firms may need to assist clients with the provision of “upstream and downstream” reporting of sustainability information to customer or supplier entities with broader reporting obligations under CSRD. You should determine what level of knowledge you need to obtain regarding sustainability reporting and assurance. I would suggest the following broad categorisation for the purposes of this article: Level 1 – This applies to firms who have no large Republic of Ireland company clients. Knowledge of upstream and downstream reporting requirements sufficient to assist clients to provide this information. Level 2 – Firms with large company clients. A general understanding of the reporting and assurance requirements, reporting dates, size limits as applicable to these clients. Level 3 – A level of knowledge sufficient to assist a large company to report correctly under CSRD. This will mean obtaining a detailed knowledge of the CSRD, the transposing legislation, and the final versions of the ESRSs. Level 4 – The knowledge set out at level 3 above, together with the knowledge, training and authorisation to provide assurance on sustainability reporting. Individuals who are statutory auditors (responsible individuals) on 1 January 2024 or are undergoing the approval process at that time and are approved before 1 January 2026 will be eligible to be grandfathered as assurance providers. Grandfathered sustainability assurance providers will be required to undertake sufficient and appropriate CPD to demonstrate competence. Once the grandfathering window has closed, subsequent applicants will need to follow a set procedure, which will include obtaining sufficient relevant training and practical experience and passing an examination. If your firm has one or more clients who are large companies likely to be affected by CSRD, some of the courses of action open to firms could be set out as follows: Key partners and staff within the firm will obtain the knowledge to provide assistance to relevant clients. One or more partners within the firm may obtain authorisation to provide independent assurance to relevant clients. The firm may recruit staff or partners who have a knowledge of sustainability reporting and assurance in order to provide these services. The firm may decide that it will not provide services related to sustainability reporting, and engages with its large company clients to determine how their needs will be met. The firm may decide that the needs of its large company clients are best served by others who are in a position to provide a full range of financial and sustainability reporting services, and engages with the clients to ensure a smooth transition to new service providers. All of the above courses of action require informed decisions, planning and implementation. A key consideration is the future availability of trained and suitably qualified people to provide sustainability related services. Many firms will see the potential to provide these services to their clients and will make their plans accordingly. Other firms are currently having difficulty in resourcing their current range of services, and this will influence their current and future courses of action. Firms in Northern Ireland, many of whom are registered as Republic of Ireland auditors, may be interested in providing sustainability reporting assistance services and assurance to Republic of Ireland companies. The acquisition of knowledge and training is essential to all firms to enable them to make effective decisions and to provide services to their clients as needed. The Institute is committed to supporting its members though its Technical, CPD and Specialist Qualification offerings. We have had a strong uptake of the Certificate in Sustainability Strategy, Risk and Reporting which first ran in 2022 and is continuing. We expect to launch a Sustainability Reporting Qualification with an assurance aspect in due course. Have a look also at our Sustainability Centre and look out also for our upcoming Sustainability Reporting Hub, which will be supplemented by a selection of Q&As to answer your key concerns. In Practice Consulting, we will ensure that you obtain the supports and toolkits that you need as practitioners. I have concentrated in this article on large private companies. Other entities affected include entities already subject to the Non-Financial Reporting Directive, Public Interest Entity SMEs, and ultimately small and medium sized companies which have a further three years to comply. These have different requirements and timelines, with which you should familiarise yourself if relevant. The important point is that this is an issue that cannot be ignored. If you have already put plans in place, I hope that this article was helpful to you. If your firm is affected by the issues dealt with in this article, and you have not started the planning process, then the message I have is that the Sustainability Reporting train has already left the station. Don’t underestimate the scale of this project and the benefits to be obtained from timely actions.

Clever branding can mean the difference between success and failure for small businesses competing in a crowded market, writes Gerard Tannam Branding is a tool available to every business. Every type of business can compete for their best customers with a strong brand that influences choice.  Because a smaller business can play to the singular strengths of its brand relationships with customers to distinguish it from others, it can level the playing field with its own competitive advantage. A strong brand is good for business. It provides an advantage over competitors by distinguishing a business from them in a way that matters to customers and influences their choices.  Despite its importance, however, this simple business tool, which is available to every business, is often misunderstood, underestimated, and underused, particularly by smaller companies. ‘Brand’ can be defined in many ways: as a mark of origin or quality, as image or reputation, as a proposition or promise, and even as a badge of community or a shared belief system.   None of these definitions is entirely satisfactory, however. While each definition says something true about what a brand is or can be, none captures the part a brand plays in choice. A definition of brand As well as being a tool that businesses use to influence choice, brand is also the tool that customers use to make their choices and reassure themselves that they are correct.  When customers are spoilt for choice or do not have the time or inclination to analyse every buying decision, they often rely on brand to help them choose. And so, the brand tool is used in two different though complementary ways:  a business uses brand to help it become the natural choice of its customers;  its customers use brand to help them make the right choice of product or service.  A brand is a tool that influences choice by reflecting the relationship between buyer and seller and the value they exchange. Marks of quality or identity, such as names, symbols or logos, are means of representing the brand relationship and its value, rather than being the brand. Wedding rings, for example, symbolise a relationship (marriage) between two people – they are not the relationship itself.  The brand bridge To understand brand and how it works, consider the relationship between buyer and seller as a ‘bridge’. Just as a bridge is designed to enable people to cross over safely, quickly, and easily from one side to the other, a brand bridge enables people to exchange value safely, quickly, and easily. The two-way traffic on the bridge of give-and-take between buyer and seller suggests a partnership of equals, both of whom want something the other has and must agree on the value to be exchanged through the transaction. Brand bridges are more handshake than arm wrestle, a basis for good and sustainable business. A definition of branding Defining brand as a tool for business leads to a definition of ‘branding’ as the influencing of choice by building a relationship between buyer and seller based on the value they exchange. A brand relationship establishes a connection between a business and its customers around the value each understands the other is offering.  Branding involves putting the brand relationship to work to build and maintain the commercial relationship with existing customers and turn potential buyers into new customers. Why branding matters to small businesses Success in business comes down to an ability to influence choice. A superior product or service only takes a business so far.  Many hardworking businesses have brought an exceptional offering to market and failed. To be successful, a business must influence enough of the right kind of customer to choose what it brings to market. Brand relationship plays a critical role in the choices customers make. Even in a busy marketplace, where customers are spoilt for choice, a strongly branded business can lead its market and command a premium for its product or service.  Every business has a brand, strong or weak. The brand’s strength or weakness results from actions taken by the business in building the relationship with its customers.  A strong brand is especially important for small businesses, which are unlikely to have the spending power or marketing resources available to larger competitors.  The smaller business can play to the strengths of its brand relationship with its customers to distinguish it from other businesses in the marketplace, and so level the playing field.  Five steps to defining a brand 1. Define the value to be exchanged The value to be realised through the brand relationship is not set by one side or the other but must be agreed. For any relationship to work both parties must continue to see and realise its value.  However, while the brand relationship is defined by the value sought by the buyer and offered by the seller, this must at least match the seller’s asking price for the exchange to work.  The asking price, which the business requires for the exchange to be profitable, is a useful starting point for defining value.  This is typically based on the costs of the resources the business must invest in the relationship, plus its margin or premium.  Then the business considers how the customer is likely to rate the benefits on offer, if this accumulated value matches or tops the asking price, and whether they are likely to  pay it.  2. Identify and target the ‘best customer’ For the brand relationship to work, it is vital that the business carefully chooses the type of customer with whom it and its value proposition are best matched.  When business development lacks focus, a business will attract a wide variety of prospective customers, some well matched with it, but many not.  A business that deals with too broad a mix of customers will struggle to profitably realise the value in many of its individual transactions.  A well-matched or ‘best customer’, on the other hand, will add predictable and significant value to the exchange and deliver the premium that the business needs. Your best customer:  needs what you have to offer, considers it essential;  wants what you are offering, finds it highly desirable; values what you offer, prioritises it above all others; engages fully with all of the elements of your offering, not just its purchase; can pay for it (an ability not confined to affordability). 3. Identify and fix the customer’s ‘key problem’ People buy from other people to fix what they experience as a problem and to enjoy the benefits that result. Potential customers are more likely to be ‘best customers’ when they consider that the product or service offered by a business fixes their key problem. There are two aspects or sides to a customers’ key problems: the practical and the social.  The practical is what the product or service does and the direct, functional benefits it provides, while the social is how the customer relates to others and the world through their choice of that product or service and can be understood in terms of how it makes them feel.   For example, someone is thirsty and buys bottled water. Any bottled water will do. Another customer is thirsty but is concerned that many bottled water products use irreplaceable natural resources.  They choose a brand of water that is carbon-neutral with recycled packaging. The business with the sustainable brand has found its best customer; the customer has used brand value to meet all their needs and fix their problem. 4. Identify and fix both aspects of the key problem More customers are choosing products and services that fix the practical and social aspects of their problems, so it is important that a business identifies both aspects and determines the role that it will play in fixing them. This role must go deeper than the complementary role of seller to the customer’s buyer, and deeper too than the functional role played by the business in fixing the practical problem. When the product or service offered by a business is largely the same as that offered by its competitors, it is the role that the business plays in resolving the social aspect of its customer’s key problem that adds real value, and greater profitability, to the transaction. For example, a business owner seeks an accountant to prepare monthly accounts to support their management of the business. Any suitably qualified accountant can answer this practical aspect of the business owner’s problem.  However, the owner struggles to make sense of how accounts relate to their business and can feel overwhelmed and helpless.  They will choose an accountant that fixes this personal (social) part of the problem, guiding and advising the owner to help them to understand the numbers and the performance of their business. 5. Provide information required for the buying decision When customers are considering which product or service to choose, they will search for some or all of 10 types of information about how a business solves their key problem: Attraction – ‘What is it about this offer that appeals to me?’ Engagement – ‘What tells me that it is right for me?’ Demonstration – ‘How does this offer work?’ Sample – ‘How can I try it for myself?’ Testimonial – ‘Who else has benefitted from this offer?’ Proposition – ‘How do I take up this offer?’ Delivery – ‘How is this offer provided to me?’ Support – ‘How will you help me make the most of it?’ Recovery – ‘What will you do to help me if something goes wrong?’ Feedback – ‘How will I let you know what I think of your offer?’ Final word When the success of a business depends on the effectiveness of its brand in influencing choice, building brand relationships should not be left to chance.  Branding is a tool available to every business. Every type of business can compete for their best customers with a strong brand that influences choice.  Because a smaller business can play to the singular strengths of its brand relationships with customers to distinguish it from others, it can level the playing field with its own competitive advantage.   Gerard Tannam is founder of Islandbridge, a brand planning and strategic development company

Now more than ever, employers must do all they can to support LBGTQ+ employees, break down career barriers and fight discrimination, writes John McNamara Spoiler alert…there is a call to action for all members in this article. I was shocked to read in a new report launched in February that 2022 was the most violent year for LGBTQ+ people in Europe in a decade.  The report from the International Lesbian, Gay, Bisexual, Trans and Intersex Association (ILGA-Europe), a leading equality organisation, stated that there had not just been a stark rise in violence, but also in the severity of this violence, much of it fuelled by an ongoing rise in hate speech, often related to trans people.  ILGA-Europe noted that the translation of hate speech into real-world, physical violence is occurring “not only in countries where hate speech is rife, but also in countries where it is widely believed that LGBTQ+ people are progressively accepted”. According to the report, a dozen far-right groups targeting people due to their sexual orientation and gender identity, have been identified in Ireland. The outlook in Ireland There may be a sense in Ireland that the LGBTQ+ agenda is complete following the 2015 marriage equality referendum. The reality is different.  Just two weeks after the ILGA Report was released, new research published here by Belong to Youth Services revealed that 87 percent of young LGBTQ+ people had seen or experienced anti-LGBTQ+ hate and harassment on social media in the previous year.  This followed earlier research, carried out in October 2022, which found that 76 percent of LGBTQ+ students feel unsafe at school, 69 percent had heard homophobic remarks from other students, and 58 percent had heard homophobic remarks from school staff. The reality remains that many LGBTQ+ people still choose not to disclose their sexuality at work, while many senior executives have not come out at the office.  Fear of homophobia, judgement, exclusion and being passed over for promotion, are still very real for many LGBTQ+ employees.  The power of positive action So, what can businesses do to break down these career barriers, reduce workplace discrimination and better support LBGTQ+ employees in the workplace? Positively, every one of us can take action within our own businesses, by providing leadership and tangible support.  Numerous studies over many years have demonstrated that companies that truly support diversity and inclusion as part of their culture thrive in areas such as: Increased employee satisfaction, engagement and retention;  Increased productivity and team collaboration; Improved employee mental health; and Improved innovation, customer engagement, financial performance and shareholder value. What you can do Only through tangible and meaningful support can employers reap the benefits outlined above, however. Refreshing a company logo during Pride Month, or making a big social media splash, won’t cut it.  At best, it’s a good first step but businesses need to back up these symbols of solidarity with meaningful support.  Here are five ways we can make a real difference through our actions in the workplace. 1. Lead by example from the top Put aside feeling awkward or the fear of using the wrong words. Instead, those in leadership roles should take the time to learn and understand the relevant issues.  Consider setting up an employee resource group or a focus group or ask HR to work on specific topics. Have a senior leader take the lead on LGBTQ+ employee inclusion. This person may not be LGBTQ+ themselves, but they can still be an ally.  LGBTQ+ employees feel more engaged and invested in a workplace that is a safe place, that is accepting and that allows them to be themselves, and more so if they have a boss who is sympathetic to their own struggles. 2. Develop a supportive LGBTQ+ inclusive policy framework and live it LGBTQ+ inclusion should be a core part of your Equality and Diversity policy. As a first step, make sure these policies explicitly mention how you as an employer support LGBTQ+ people within your organisation.  Test any employee surveys for inclusive language. Make your benefits inclusive for all employees by being conscious of the words you use in communications and favouring gender-neutral terms.  Make clear your support for LGBGT+ inclusion in your recruitment practices and back this up in employee induction programmes. Your workplace policies should establish a strong sense of anti-discrimination so that all employees know what is not tolerated, whether from employees or customers.  Create a communication plan to be sure all employees know what is not tolerated and be clear on the consequences.  3. Support your local LGBTQ+ community Use your position of influence to show your support for your local LGBTQ+ community. Provide information about local events and groups, invite speakers to share their lived experiences, consider sponsoring local resource or sports groups, or encourage staff volunteering at LGBTQ+ events.  These are small but tangible first steps in developing a year-round programme of authentic support and allyship, and not just for Pride month. 4. Support transgender employees All the available research shows that transgender people face a unique set of experiences and challenges, and in an increasingly toxic external environment.  Education and learning can be vital first steps. Request HR support to be clear on what steps to take after an employee comes out as transgender to create a supportive and encouraging environment.  There is a lot of easily available information that can help to support greater understanding of trans issues. Explicit statements of support are crucial.  Back this up with practical support. If you offer health benefits, seek to make them trans-inclusive, develop supportive leave policies, use gender-neutral wording and try to provide the ability to allow changes to company records.  5. Talk, listen, act Above all, speak regularly and openly with all staff and your customers about what LGBTQ+ inclusion looks like in your business, how you should address it and how staff can help support it.  We all know that staff who are better understood will be happier and more productive. We develop plans all the time for most aspects of our business and speaking to an agreed plan on these issues often provides a framework for that ongoing dialogue.  At the same time pro-actively look out for signs of problems or issues - identifying signs that staff are under stress, feel unable to be their true selves or are not happy at work, can help you deal with problems at an early stage before they become more difficult to resolve or manage. About BALANCE Chartered Accountants Ireland needs to lead by example too. BALANCE is the LGBTQ+ Allies network group established in 2022 with three events taking place over the course of the year.  Simply put, BALANCE exists to promote awareness of LGBTQ+ inclusion and highlight issues of relevance. We want to be a profession of choice for new students.  We want to encourage visibility and to ensure students and members can be their authentic selves, both during their studies and at work. We want to build and strengthen relationships with our LGBTQ+ allies who work to ensure that the LGBTQ+ perspective is represented at all tiers. This year will see a partnership event in May with KPMG on issues related to digital world engagement, a regional event, profiling of member experiences and further work to highlight issues of importance.  I encourage you to look at our web pages to find out more about BALANCE, access links to resources you may find helpful and we actively welcome new committee members.  Please do get in touch if you have any questions or suggestions at BALANCE@charteredaccountants.ie or check out charteredaccountants.ie/diversity-and-inclusion/balance-lgbtq-network-group John McNamara is Chair of BALANCE and Executive Director and CFO at AIB life

As Ireland’s housing crisis deepens, Pat Dennigan of Focus Ireland is calling on the Government to take immediate steps to support those at risk  Faced with a 24 percent rise in homelessness and this month’s lifting of the Government ban on no-fault evictions, Pat Dennigan is forecasting a challenging year ahead for Focus Ireland, the homelessness charity he has led as CEO since 2018. Figures published by the Department of Housing put the number of people officially homeless in Ireland in February at 11,742, up 24 percent on the same month last year. “About 12,500 people came to us last year for support and the lifting of the eviction ban means we are about to enter a new phase of homelessness,” says Dennigan. “Nothing has changed since the ban was introduced. We still have a housing crisis in this country and lifting the ban will do nothing to allay fears among landlords as they are selling up in vast numbers because of high taxation and market uncertainty.” As CEO of Focus Ireland, the not-for-profit organisation founded in 1985 by Sister Stanislaus Kennedy, Dennigan leads a team of 400 people providing services nationwide. “We offer about 90 different services and operate a two-tier approach. The first tier is prevention—making people aware of their rights and responsibilities and making sure they have access to the right information and entitlements,” says Dennigan. “The second tier is our sustained exit policy whereby people who are homeless can get a long-term home and keep it.” Focus Ireland also has Focus Housing Association, an Approved Housing Body operating 1,400 long-term homes nationwide. “One of the big attractions of this job for me is the variety of the work I do and the people I meet. The situations and challenges I encounter are completely different from one day to the next,” says Dennigan. One of these challenges is ensuring that the experiences of the people Focus Ireland works with are fairly and accurately reflected in public policy. Fair reflection “We are almost unique among Irish charities in the sense that, from our foundation, we have concentrated on having an evidential response to what we do, based on the data we accumulate. All of our work is underpinned by research and evaluation,” says Dennigan. “Given current circumstances, where we have record numbers of people who are homeless and entering homelessness every month in Ireland—and also the ending of the moratorium on evictions—we face a massive challenge in putting forward constructive and progressive proposals that have a national impact.” To this end, Focus Ireland has partnered with Chartered Accountants Ireland to launch a joint briefing paper calling on the Government to help ease the housing crisis by introducing targeted measures to keep small-scale landlords in the private rented market. While the long-term government objective of increasing the delivery of social, affordable, and cost rental housing is the right course of action, the short-term challenge presented by the large-scale departure of private landlords from the market must also be addressed, Dennigan says. “The vast majority of families who come to us, who have fallen into homelessness or are facing the risk of homelessness, come from the private rented sector,” he says. “They have been served with a notice to quit and, in many cases, this is because their landlord is selling the property they live in and leaving the market.  “Typically, the landlord decides to sell the property, serves the tenant with a notice to quit and then puts the property up for sale. The property is then bought by someone who is going to be the owner-occupier. “On a wider scale, this means that the stock of rental property is shrinking daily and, for the tenant served with the notice to quit, finding somewhere else to live is hugely difficult, particularly if they want to live in the same area with links to schools and the local community.” The Focus Ireland and Chartered Accountants Ireland briefing paper sets out seven fully costed proposals, primarily using tax policy as a lever to encourage small-scale landlords to remain in the residential rental market in the medium- to long-term. “At Focus Ireland, we believe Government targets set out in Housing For All are too low, but until we begin to address the issue of increased housing supply, there will continue to be a shortage of private rented homes to buy,” says Dennigan. “In order to incentivise landlords to stay in the market until we increase our housing stock, we believe short- to medium-term measures are needed over four to six years to help deal with our housing crisis.” Meaningful work Sligo-born Dennigan joined Focus Ireland in 2014, initially as Acting Finance Director, having spent much of his career in the multinational sector in the west of Ireland. “I worked for organisations like Boston Scientific, Nortel Networks and other medical device and tech companies. In the background, I was always motivated by applying the skills those experiences gave me in the service of others and the community,” he says. “My role with Focus Ireland gives me the balance of applying my skills in what is, hopefully, a meaningful way. There is a lot to juggle but I enjoy that and the feeling that I am helping to make a real difference in people’s lives.” Focus Ireland published its current five-year strategy in 2021, laying out plans to support more than 4,000 households out of homelessness and prevent 3,000 households from becoming homeless. The strategy aims to deliver 1,150 new homes in partnership with local authorities and other State agencies through a mix of direct build, buying and leasing. “We have ambitious targets and a significant fundraising requirement each year,” says Dennigan.  “We receive substantial state funding, but it is not close to being enough to meet our overall financial needs. This year, we will have to raise over €14 million to fund our services and that is a big challenge.” A Fellow of Chartered Accountants Ireland, Dennigan says he was delighted to partner with the Institute to publish the joint briefing paper calling for targeted measures to keep small-scale landlords in the private rented market. “The document is relevant and appropriate in the current situation. We also believe there is an amplified voice when Focus Ireland and Chartered Accountants Ireland come together with a similar view and a similar set of proposals,” he says. “I would personally like to thank Chartered Accountants Ireland for helping us to share our message and we look forward to building on this collaboration in the future.”

Minister for Finance Michael McGrath TD talks to Accountancy Ireland about his political career, profession as an accountant and priorities for the months ahead Minister for Finance Michael McGrath can still recall the first time he walked through the doors of Leinster House in 2007 as a publicly elected member of the Dáil. It was, he says, “a humbling experience”. “It still is today—to be elected by your community. I will always be humbled walking into Leinster House as an elected representative of the people. It is an enormous honour,” he says. McGrath’s appointment last December as Minister for Finance was the latest milestone in a political career stretching back to the late nineties.  It was also an apt appointment for McGrath, a Fellow of Chartered Accountants Ireland, who is, he says, determined to “hand over the national finances in good health” when his term draws to a close. The seeds of McGrath’s political interests were sown at a young age, growing up in Passage West on the west bank of Cork Harbour. “During my school days, I enjoyed history as a subject and an interest in current affairs was encouraged at home,” he says.  “The news would always be on in the background and there were always newspapers around we were encouraged to read.  “I remember, because we lived in a rural area where it wasn’t possible to walk or take a bus to school, we would be driven there in the morning and the radio would be on in the car. I can still hear David Hanly interviewing people on Morning Ireland.  “It’s amazing how things stick with you. Listening to those interviews sparked an interest in me about the world around me and about political life, the reach it has and how much it influences pretty much everything that we do.” Start in politics While growing up, McGrath was also heavily involved in community sports and the local development association in Passage West. “I was very fortunate to be brought up in an area where there was a Town Council. They are all unfortunately abolished now, but it was a great starting point for someone like me with an interest in politics,” he says.  “You didn’t need a huge number of votes to get elected. If you had a good network of family and friends in the community, you could succeed.” As his interest in politics was taking root, McGrath was also learning that he had a head for numbers and an interest in business. “I did business studies at second level and decided to study commerce at UCC from 1993 to 1997,” he says. “That actually coincided with the introduction of specialised degrees at the university, such as finance and accounting and Business Information Systems. But I chose the BComm because I hadn’t studied accountancy at second level.” In his third year at university, McGrath began to seriously consider his career options. “I knew I wanted to stay in Cork and that I wanted to secure a professional qualification,” he says. “The obvious next step was to sign up to a training contract and continue with my studies. There wasn’t much accounting in the BComm, so I was only exempt from the old Prof 1 and some of the Prof 2 subjects, but I was very eager. “I finished the Prof 2 exams before I even started my training contract with KPMG the September after leaving college and went straight into Prof 3 in my first year of training, and the FAE the following year.” Value of the profession McGrath chose to qualify as a Chartered Accountant because, he says, he “saw the value of the qualification and the analytical skills it gives you”. “There was a lot of respect for the qualification, then as now. It is a professional passport—a globally recognised qualification that can take you anywhere in the world. I felt that it was the natural next step for me.” Shortly after joining KPMG and aged just 22, McGrath ran for his first Town Council election in Passage West and Monkstown.  “It was the year of my FAEs. While on study leave, I split my time between studying and canvassing for the election. I really enjoyed my four years with KPMG, learned a huge amount and met my future wife Sarah working there. As I always say, we fell in love across an audit file! After qualifying, an opportunity came up that I simply couldn’t refuse. I joined Red FM in Cork as financial controller,” he says. “It was a really exciting start-up radio station in Cork with some dynamic investors and I was there for a few months before it went on air, so I was involved in setting up the commercial relationships and recruiting staff.” McGrath’s work with Red FM involved reporting daily to the station’s chief executive and monthly to the board of directors. “As a young newly qualified accountant, it was a fantastic experience and gave me a great sense of the practical application of the qualification,” he says.  “I was doing monthly accounts, reporting to the board, managing relationships with suppliers, driving commercial revenues through advertising sales, and helping out with managing staff.” From there, McGrath returned to UCC, joining the finance office as head of management information systems. “My qualification as a Chartered Accountant allowed me to stay in Cork at a time when my interest in politics was really developing and I could pursue that in parallel,” he says.  “I managed to do both for a while, but eventually had to make a decision as to where my future lay. I stayed at UCC for a couple of years, but in truth, politics was taking hold at that stage. “I was on the Town Council and ran for Cork County Council in 2004, which was a much bigger deal. It required a much more vigorous campaign covering a larger area and I needed several thousand votes to get elected.  “After I was elected, I realised very quickly that I simply couldn’t do it all. I couldn’t be a County Councillor attending meetings during the day and, at the same time, hold down a senior role at UCC. I took the decision with my now wife, Sarah, to go for politics. “At that stage I knew where I wanted to go, but I wasn’t sure I could get there, and in many ways I was blind to the personal risks of giving up a secure pensionable job at UCC. It was a great place to work, but my passion lay with politics.” Proudest achievements McGrath was elected to Dáil Éireann for the first time in 2007 as Fianna Fáil TD for Cork South Central and went on to serve as Minister for Public Expenditure and Reform from June 2020 to December 2022, when he became Minister for Finance. “Looking back on my time as Minister for Public Expenditure and Reform, what I think I am most proud of is my role in maintaining social cohesion during the COVID-19 pandemic, which was a very dark period for the country,” he says. “We had to make decisions, sometimes with limited information, and make them very quickly. I really take heart now in the way the Irish economy has since rebounded.  “It vindicates the approach we took in introducing the Pandemic Unemployment Payment Scheme and the Wage Subsidy Scheme. “Reaching political agreement on the review of the National Development Plan with a commitment of €165 billion in capital investment through to 2030 is another achievement I am very proud of—and the fact that we managed to negotiate two public sector pay deals at a time of high inflation.” “As a percentage of national income, our annual capital investment is now among the highest in the European Union and this year, over €12 billion will fund vital infrastructure in areas such as housing, transport, education, enterprise, sport and climate action.” Now, as Minister for Finance, McGrath’s highest priority is, he says, to manage the public finances safely at a time of global turbulence.  “I am acutely aware of this responsibility, not just to the people we serve now, but to the next generation and those yet to come,” he says. “As Minister for Finance, I am ultimately the guardian of the public purse and ensuring that it is properly managed is my number one priority. “I am determined to play my part in handing over the national finance in good health whenever the term of this government ends or my term in this office finishes.” Current priorities Top of the agenda for McGrath currently is navigating the ongoing economic uncertainty prompted by the war in Ukraine and resulting inflationary pressures worldwide. “We are facing huge international challenges at the moment with the ongoing war, the spiral of inflation it has triggered, and the cost-of-living pressures households and businesses are having to endure,” he says. “Despite all of this, the Irish economy is in relatively good health compared to many other developed countries and we anticipate growth across the economy this year.  “The public finances are in good shape. We recorded an estimated general government surplus last year of over €5 billion, equivalent to two per cent of our national income, and we will be forecasting a larger surplus this year. “We have more people working in Ireland than at any time in our history—close to 2.6 million.  “Safeguarding these successes against the background of international economic uncertainty is a key priority for me—managing public expenditure in a sustainable way and handling the fall-out of signing up to the international OECD BEPS agreement.” Agreed in 2021, the OECD’s Domestic Tax Base Erosion and Profit Shifting (BEPS) deal will bring to an end Ireland’s long standing 12.5 percent corporate tax rate, instead introducing a 15 percent global tax rate for multinationals with annual revenues exceeding €750 million. The lower 12.5 percent rate will be retained for multinationals with annual revenues below this threshold. BEPS will also bring changes to the way in which corporate taxes are applied and collected. “I think BEPS will, in time, come at a cost to Ireland, but that has to be balanced against the policy certainty it affords us in relation to corporate tax as a key lever and, of course, at a European level, efforts are underway to negotiate reforms to the Stability and Growth Pact,” McGrath says. “There are changes to the fiscal rules and Ireland is very much part of this process and seeking to shape the overall outcome.” Indigenous business supports In the months ahead, McGrath says he will be “paying very close attention to the suite of enterprise taxes we have in our code”. “My question is: are we doing enough for SMEs through schemes such as the Key Employee Engagement Programme, the Employment and Investment Incentive Scheme, the Capital Gains Tax environment for entrepreneurs and, of course, the R&D tax credit system?  “I am very conscious that we have an extraordinarily successful Foreign Direct Investment community in Ireland. We must protect and continue to improve this where we can by remaining competitive and investing in our infrastructure and in our talent.  “However, I also think that it will be increasingly important in the future that we have an appropriate balance in how we support our indigenous economy.  “I will be looking very closely at the suite of enterprise tax measures we offer indigenous businesses to see if there is more we can do to incentivise entrepreneurship in Ireland, to reward it and create an environment in which start-ups see Ireland as a location in which they can scale.” Wise investment in public services is another key priority for McGrath. “It is crucial for me to ensure that we have a successful economy, but also that we use the fruits of that success to invest in vital public services,” he says. “We must continue to reform our healthcare system and build up permanent capacity within the system, while also focusing on the green and digital transition, both of which will be central to our economic development over the next 10 to 20 years. We must, of course, also address the huge challenges we face in housing.”

Andrew Keating, CFO at Musgrave Group, looks back at his career progression and tells us the most important lessons he has learned along the way Tell us about your current role? What does it involve? I was appointed as the Chief Financial Officer of Musgrave Group earlier this year. We operate 12 food and beverage brands, including SuperValu, Centra, Donnybrook Fair and Frank & Honest coffee, and feed one-in-three people on the island of Ireland every day.  Through our partnership with entrepreneurial independent retailers, Musgrave Group is also the largest private sector employer in Ireland with over 40,000 colleagues.  My role involves partnering with our CEO, executive colleagues, and our Board of Directors to develop and execute Musgrave Group’s business strategy in line with our purpose: “Growing Good Business”.  In addition, I lead, motivate, and develop our finance team—and, very importantly, I aim to act as a role model for our values across the wider organisation. You have had a highly successful career. What do you attribute this to? I believe my career progression to date has been as a consequence of the value and leadership I have brought to the organisations I have worked with, for my colleagues, customers, and wider stakeholders.  Of course, strong and relevant technical skills are important, but I have also found that, as my career has progressed, these skills have really just become the “minimum ticket to the game”.  Equally important for me has been my investment in developing my leadership competencies in areas such as impact and influence, commercial focus, change management and inspiring people.  Developing these competencies to a decent level takes time, a lot of practice and a willingness to learn from your mistakes. It’s important, therefore, to start your journey as early as possible. I would encourage ambitious Chartered Accountants to compare the amount of time they have invested in their technical skills (through school, third level, if relevant, professional exams, CPD, etc.) with the amount of time and energy they have invested in developing and nurturing their leadership competencies.  What was the best career advice you ever received and why?  One piece of career advice that really inspires me is to bring your whole self to work every day. This contributes strongly to a trusting, inclusive and authentic environment.  So much of the value we bring to our organisations comes through our collaboration with other people—colleagues, customers, and wider stakeholders.  The more effective these relationships, the more valuable our contribution to the organisation will be, and the more successful our own careers.  What do you look for yourself when you are hiring? When hiring new colleagues, I’m drawn to individuals who, I believe, could have a long-term career with our company. I don’t tend to simply recruit for a particular vacancy or role.  Once I have determined that the individual can do the job on offer from a technical perspective, my priority is to understand their competencies and values.  I want to understand where they are on their journey in terms of developing an authentic leadership style, how they might contribute to an inclusive team environment, how they will collaborate with colleagues, customers, and other stakeholders, and if their values are consistent both with the values of the organisation and my own. You can read this article and more about your career in accountancy in the Accountancy Ireland Career Guide 2023.

Investing time and effort in networking can help young professionals to develop important relationships and progress faster in their careers. Sonya Boyce explains why Networking is defined, broadly speaking, as: “the action or process of interacting with others to exchange information and develop professional or social contacts”.  When we think of networking as a transactional, one-sided, and artificial relationship, however, it can make us feel slightly uncomfortable about the concept, as though we are somehow using someone for our own professional gain.  Through our work with clients at Mazars and our own experience, we can see that post-COVID-19, working habits have reinforced artificial or contrived perceptions of networking.  Many employees have lost the appetite to network effectively and it can be difficult to mobilise people to re-engage with their existing network and forge new connections in-person.   Just as those connections become even more important in a physically disconnected professional environment, it is key that people invest now in re-establishing and developing their networks in a meaningful way.  Unlocking your network effectively in a post-COVID-19 world could be the key to deeper engagement with colleagues, faster career development and more enjoyable working environments and relationships.  Benefits of networking A strong professional network can be a powerful asset in your career development, playing a critical role in progression, professional opportunities, and making work more enjoyable. Building a network is about relationships with colleagues, bosses, friends, industry colleagues or connections.  Your network isn’t just the relationships you have nurtured over time with friends and colleagues. It also includes more distant relationships and connections with thought leaders, business leaders, and “infrequent contacts”, such as casual acquaintances, and people you have met at conferences.  While not necessarily as close, these connections can be an invaluable part of your network and often possess information or links that can grow your reach and opportunity to learn.  This network, of both close and looser ties, developed over the course of your career, can support greater job mobility, while also being beneficial for employment opportunities, career progression and rewards. Top networking tips Developing a network or networking is not simply about attending conferences and events to “sell” yourself professionally.  Growing a network is about relationship building, developing trust and engaging with the needs and interests of the people you meet and connect with.  To help you enhance this network, especially if you find the process intimidating, here are some useful ideas to consider:  Networking as learning Developing a network is not about gaining connections immediately. Like any relationship, it takes time to develop trust and understanding. Therefore, considering networking as a learning exercise in which we engage is important. Understanding people’s “currencies” Different people are motivated and engaged in different ways. Allan R. Cohen and David L. Bradford, the organisation psychologists known for their work about the power of influencing, wrote extensively on understanding people’s currencies, in order to be able to influence others without authority. Their work identified five primary currencies:  Tasks Position Inspiration Relationship  Personal These five “currencies” can help us identify areas for potential collaboration with other people, develop our networks, and deepen our relationships with others. Networking to get ahead Building your network is just as much about those outside your organisation as it is about your colleagues inside the organisation. One Cornell University study on networking found a correlation between a person’s ability to engage with internal network and their professional opportunities.  In the study, lawyers whose personal views of networking were positive ended with more billable hours and greater choice over the projects they wished to work on, than their colleagues who were less inclined to network.  In essence, those who engage colleagues, make connections and put themselves forward—i.e., those willing and able to develop their personal networks—were more successful in their careers.  Overcoming your fear There is a great opportunity for employers to support and encourage employees to network.  Julia Hobsbawm, author of The Nowhere Office, has, for example, promoted the idea of a Chief Networks Officer (CNO) as a means for organisations to put focus and energy into ensuring that employees are getting the most value out of their connections. Hobsbawm says: “Really, the office is going to be good for two things—social networks and learning. Because people have been out of the office, the last thing you want  to do is to send them to a conference.” Putting networks, and networking, at the C-Suite level would send a clear message to employees and customers alike about the importance of relationships, consistent engagement, chance encounters and stretch projects or developmental opportunities that come from our direct and indirect network.  Sonya Boyce is HR and Organisational Development Consulting Director with Mazars in Ireland You can read this article and more about your career in accountancy in the Accountancy Ireland Career Guide 2023.

Your personal brand is a definer of success in your career and the most visible marker of you and what you stand for. Veronica Canning explains why My definition of a personal brand is, “what people say about you when you leave the room”. It’s not what you say it is. It’s what others say it is—what others say about you. You know what I mean. Usually, the description is short, pointed and deadly accurate. Irish people are good with words, and there’s none better when putting someone down. So, your personal brand is not what you say it is. It’s what others say it is. It is also a definer of success in your career as it is the most visible marker of you and what you stand for and, as such, it offers you the chance to take control of what people say about you in a corporate setting.  It can give you a distinct advantage in having an active input into building your career. Listen well the next time you hear the side comments after a meeting, especially when someone has been upset.  How many times have you sat in a room and heard someone being written off with one sentence, or heard someone else being damned with faint praise? Whether or not you believe you have a brand, such comments constitute it.  Think of the most memorable descriptions that you have heard. Remember that a similar comment could be attached to you. Often admiration is expressed in few words, like: ‘rising star’, ‘jet-propelled’, ‘one to watch’, ‘born gentleman’, or ‘straight as a die’. Everyone has a personal brand. It’s not something you can opt out of. It is inevitable, but the good news is that you can control whether yours is ‘purposeful’ or ‘accidental’.  A crucial point is that what your brand looks and feels like is up to you! I believe that when you take control of all aspects of your personal brand, you craft a purposeful one that is authentic and is an integral part of your career plan.  In addition, a purposeful brand is considerably more likely to be a positive one, as you will see as you read on. I often say this to audiences when speaking at conferences, and I see the odd sceptical face, but when I ask them if their personal brand is accidental or purposeful, the scepticism disappears.  They move to questioning which kind of personal brand they have. It is an enlightening moment when you realise that every day people are interacting with you and judging you by your appearance, accent, behaviours, moods and by your impact on them.  If you are unaware of this and just do and say what you want, as you want, without reference to those around you, you definitely do not have a purposeful personal brand. Exploring your personal brand begins with these four hard-core truths: 1. You are at the centre of your personal brand The number one truth is that you are at the centre of your personal brand. It is built on you and your values, it emanates from you, it is played out by your behaviours.  For it to succeed and contribute to your development it must be authentic. You may think you can fake it like the person who asks everyone how they are and wants to look like they care, but then rosters them on long hours, or ignores requests to take leave for important occasions like weddings and funerals.  They fake that they are good people managers and care about their staff, but their deeds show that all they care about is results. You may be good at faking it, but believe me, others will eventually see the real you.  The inconsistency between the two is surprisingly visible to observers. It is often given away in subliminal ways and expressed as a feeling or intuition.  There is a dissonance, and observers catch it. Someone will express a fear that the person “is not all they seem to be”, or “there is something off about that person” and the result is an accidental brand, not a purposeful one. 2. You are in charge of your personal brand You create your brand daily, and you are responsible for it. Every action you take further defines it. It is vital that you realise that it is not an optional extra that you may get to later, when you are happy, wealthy and wise.  It is a big part of you now, at this moment. There is no point blaming your colleagues or your boss if you are in difficulty at work. You are a key player in your own drama.  Often, when I work with people who hate their job and everyone they work with, they see the answer as leaving so they can start afresh in a new place.  I always remind them that the unfortunate reality is that they take themselves with them to the new job. It’s far too easy to blame everyone else when you are the problem. 3. It is your single biggest transportable asset As people move away from having a job for life, or being a ‘lifer’ in one company, and move to having a career made up of different parts–jobs, periods of transition, breaks for education or childcare and, increasingly, periods of unemployment–your brand becomes your most valuable transportable asset.  In an increasingly fluid workplace, you have to move to a ‘portfolio’ approach to your career. You are the only constant as you move through a career spanning decades.  You therefore need to concentrate on imagining yourself as a little enterprise, ‘You Incorporated’, with unique skills, competencies and a personal brand. 4. It is a vibrant, evolving part of you The core ‘you’ remains more or less the same, but your confidence, experience, self-knowledge, projection and the extent of your fame changes.  You will not have the same personal brand as a mid-level executive as, later, a successful senior executive – at least I hope you won’t. The key message is that you have a brand at every stage, and as you learn from your mistakes, you will continuously adjust it. The great thing about getting older is that although you keep making mistakes, they are different ones, and you avoid repeating the disasters of the earlier part of your career.   Veronica Canning is a motivational speaker executive mentor and consultant, and author of Your Brand: Advance your Career by Building a Personal Brand You can read this article and more about your career in accountancy in the Accountancy Ireland Career Guide 2023.

Getting ahead in a new organisation requires planning, commitment and a willingness to be seen and heard. David Manifold, CFO of eShopWorld, explains how to do it right The best advice I can give young professionals on how to hit the ground running in a new job is to ensure you put the right plan in place before your start date.  Having grown from a headcount of 350 to over 1,000 in three short years at eShopWorld, I’ve seen first-hand how putting a strong plan in place before their start date has really benefited some of our new hires.  This plan should clearly detail your goals and objectives, broken out over the short-, medium- and long-term.  These goals, and the timeline you put in place, must be realistic, and you should be prepared to revisit and update your plan on a regular basis as you continue your journey through the organisation. Identify the key stakeholders in the organisation. During your induction, ask for one-to-one time with these decision-makers. This will help you to gain an understanding of the business as a whole.  Today’s accountant needs to have a wide breadth of knowledge when it comes to the dynamics of an organisation and, indeed, the wider industry in which it operates. You need this to perform your role in guiding future strategic direction.  Taking the right insights from decision-makers at all levels of the business can provide a goldmine of valuable information. One critical piece of advice I have here is to take the time you need reflect on what this information means and to form your own ideas and conclusions. This will give you a strong basis for determining your own career trajectory within the organisation.  Time and again, I see candidates rush into a new role with bundles of enthusiasm, and ideas they haven’t fully thought through. Unfortunately, this can have consequences. First impressions are important in winning stakeholders over.  I would encourage people to take at least three months of this induction period to muse and reflect on the insights they’ve gathered, and perhaps socialise draft ideas with some of the key stakeholders they have identified, before bringing them to the wider organisation.  This will give you a sound foundation on which to build ideas that could genuinely impact the business and set you on the right path for progression. So, by now you have your plan with your goals and objectives, and you’ve committed to updating the plan as you progress. To help keep you on track, I would highly recommend scheduling in formal one-to-ones with your manager at the outset. You will need this in order to gauge your progress and performance and keep track of where you’re going.  If this isn’t standard practice in your organisation, do it yourself. This will demonstrate a willingness to accept feedback (both good and bad!) and, in my view, huge initiative. Asking your manager to commit time to supporting your personal development is equally important for the wider organisation. I’ve seen first-hand the benefits, from a company perspective, of devoting resources to helping employees grow and develop, beyond their immediate contribution to wider business goals. Giving employees a sense of ownership is key to embedding the right mindset and culture in an organisation. Starting any new position at any time in your career is often challenging. Everyone will have those familiar feelings of trepidation, but, for young professionals with less experience, it can be especially daunting.   Putting a plan in place with support from your manager can really help to lessen the impact of the learning curve, and separate you from the pack. Stick with it, commit—and, above all, good luck! David Manifold is Chief Financial Officer with eShopWorld (ESW), the global e-commerce company founded in Dublin. ESW offers a range of in-country cross-border solutions, which allow global brands and retailers to localise their online offering in markets all over the world. Prior to joining ESW in 2019, David managed the group finance function at Oasis Group and spent close to a decade with Aer Lingus as Director of Integration and Corporate Strategy. He is a Fellow of Chartered Accountants Ireland and holds an MBA. Setting goals for career progression Having a clear picture of what you want from your career is key to realising your ambitions, writes Caroline Frawley Goal setting is a huge part of my life. I am a big believer in writing down goals, putting in the work and being conscious of what I want to achieve. When it comes to new career opportunities, having a clear idea of what you want is a great tool when beginning a job search.  Making a wish list of your dream jobs can really help you target your search and narrow down and identify what you want.  You can go into as much detail as you want, including factors such as: Organisation The size of the business – Would you like to work for a multinational, a large Irish business or do you prefer being in the heart of a growing SME with exposure to all facets of the business? Progression opportunities What is your medium to long term plan? Would you like to be able to grow in your next role? Leader Who are the type of leaders that inspire you? Location How do you envisage your commute? Would you like a role closer to home? Is fully remote something you would consider or would you prefer to be onsite with more day-to-day interaction? Salary Is a jump in salary extremely important, or is finding the right role or getting a foot in the door of a particular organisation more important? Work life balance  We all want it, where does it rank in your priorities? Environment What type of office would you like to work in?  Can you see yourself sitting in the heart of a manufacturing facility or would you prefer a Shared Services Centre or a company’s headquarters? Skillset Do you want to continue using the skills within your current area of expertise or would you like to pivot into a new area? Flexibility What does flexibility mean to you? Is a job where you can work from home for some of your week crucial in your next move? Team Who are the type of people you want to spend the majority of your week collaborating with? Non-runners Are there any things that you don’t want in your next move? Not every role will tick all the boxes, but having a wish list will help narrow down your non negotiables.  This list can be really useful whether you are working with a recruiter or applying for roles directly.  It’s likely this list will evolve over time as you review different job specs and start the interview process across different businesses. And you never know, you might be one of the lucky ones, and a year from now, you might realise you have manifested your dream job. Caroline Frawley ACA works with Barden’s Mid-Senior Accounting Team, supporting accounting professionals in Munster You can read this article and more about your career in accountancy in the Accountancy Ireland Career Guide 2023.

Starting a new role with a new organisation can be daunting, but you should embrace  the challenge and plan ahead to hit the ground running, writes Pamela Fay “Will I fit in and belong here?” For most candidates starting a new role with a new employer, this question will be top of mind.   You may be apprehensive about how best to understand and define your role in relation to the wider organisation, or you may be preoccupied with ‘culture fit’. Will you be a good fit in terms of the work you will be expected to do, the way you will be expected to work, and your traits and values? You’ll be thinking (probably quite a lot) about the projects and tasks you will be working on, and the people you will be working with.  All of this is normal and natural—and believe it or not, you can start to prepare for any uncertainties or challenges that might lie ahead long before you join the organisation. Your starting point is to go about finding out as much information as you can about the organisation in advance. Do your research Context is incredibly important when you’re about to take on a new role with different people in an unfamiliar culture and environment.  You want to find out what day-to-day life is like. Many Chartered Accountants will be joining big firms and these firms will have their own stated way of doing things—i.e. their values and what they say they do. In all organisations, however, there are also hidden systems.  You need to know what time you are expected to be at your desk, for example, what the accepted dress code is, and the extent to which you can work from locations outside the office, if at all. To get ahead of these questions, I would recommend reaching out to any existing connections you might have to people already employed at the organisation, either directly or via their extended network.  Find out what day-to-day working life is going to be like and research your team—who will you be working alongside and reporting to?  What is acceptable and encouraged in terms of communication style and presentation? What’s frowned upon? Listen and learn Your first six weeks in any new job is a time for observation. You shouldn’t really be aiming to do anything radical, or cause a stir, during this period.  Instead take the time to talk to your new colleagues, join them for tea or coffee, attend all the meetings you are invited to. In short: listen and learn.  It can take a long time to find out how an organisation functions, and you need to understand your role in the organisation, and what you are being asked to do.  You should be curious. Do as much research as possible, and ask as many questions as you can (never be afraid of appearing stupid), and take any support you’re offered. Appear, behave, communicate When it comes to the impression we make in the workplace, I always come back to the ‘ABC’. This is how you appear at work, how you behave, and how you communicate.  How you appear If you wear a suit on your first day, you need to wear a suit all the time. The team around you needs to know what impression you will be putting forward both within and outside the organisation. How you behave This is about how you conduct yourself at work. Are you behaving in a way that leads others to believe you are responsible, conscientious and empathetic? Are you polite and respectful of other’s views and contributions? Do you turn up, or log in, to meetings on time? Are you actively demonstrating that your are trustworthy and reliable? How you communicate Some people respond to emails quite quickly. Others don’t. Really, it doesn’t matter which category you fall into. What matters is that you are consistent. Nobody is perfect For many people, the thought of putting a foot wrong in the early stages of a new role will be a worry.  No one wants to get off to a bad start, but it’s also important to remember that we can almost always recover.  If you make a mistake, own up to it and face the consequences.  Look for support when you need it, chat to family and friends about what went wrong, and don’t try to handle the situation alone.  Colleagues may also be able to help you out because they’ve already ‘been there, done that’.  If your problems run deeper, however—if you’re not happy with your boss, for example, or you don’t share the same values as the people you are working with, you may need to start considering your next move. Trading places My mother had some great advice. She used to say, ‘never get stuck in a corner’.  If you’re unhappy with your role with an organisation, take your time before you make any definite decisions.  Don’t get cornered. If you decide that it would be best to move on, leave on your own terms. Again, this comes back to my earlier advice about doing your research.  An extra couple of weeks in a role you may not be enjoying is nothing compared to moving on to another role you may later regret. Life is all about learning and, really, it comes back to that saying ‘short-term pain for long-term gain’.  In my own career, I once took a job I wasn’t suited to. I stayed in that role for a year, but during that time, I was also actively looking for new career opportunities.  I realised pretty quickly that the organisation I was working for wasn’t going to change, so it was up to me to bring about the change I needed. Find your tribe Even if you’re happy with your new organisation, you may still find that you’re not getting the chance to fully utilise your skills in the role itself. In this situation, it’s a good idea to think about how these skills might be deployed in the wider organisation-in collaboration with another team or department, for example, or as part of a specific project. Seek out, take and create opportunities to showcase your abilities and demonstrate how you can add value to the organisation. Remember, different teams will work in different ways.  I’m a big believer in getting into an organisation you want to work for and then assessing your situation six months or a year in.  By then, if you have the sense that you would be better suited to another part of the organisation, you may be able to make the case to switch teams and take on different responsibilities.  Teams and team dynamics play a crucial role in how we experience our working lives.  Even if we enjoy the work we are doing, we need to feel valued within our team, and to be able to trust, rely on, and draw inspiration from our team-mates.  This is especially true for Chartered Accountants, who are often required to work very hard under severe time pressure. Support, camaraderie and teamwork really matters.  Recommended reading In her book Working Identity: Unconventional Strategies for Reinventing Your Career, author Herminia Ibarra outlines an active process of career reinvention. Ibarra’s approach leverages three ways of “working identity”.  These include: experimenting with new professional activities; interacting in new networks of people; and making sense of what is happening to us in light of emerging possibilities. Pamela Fay is an executive coach, coach supervisor and owner of Business Performance Perspectives You can read this article and more about your career in accountancy in the Accountancy Ireland Career Guide 2023.

Nailing your job interview comes down to preparation, presentation and delivery. Michelle Byrne outlines the golden rules to help you succeed on the day When you’re looking for a job, always remember that, while your CV gets you the interview for the job, it’s the interview that will get you the job itself. When we’re hiring someone new into a firm like Deloitte, it’s crucial that they are the right fit for our firm. Skills and experience are important, but we also want to find out what motivates you—your passions, interests, and hobbies—and how they can make an impact within a firm like Deloitte, and with our clients.  If you have travelled a lot, for example, this tells us that you have had different cultural experiences, and you could potentially bring these experiences with you to your new role if we decide to hire you. Here are some traps to avoid and tips to help you get ahead at interview and increase your chances of getting that new job: DON’T oversell yourself Honesty and integrity are crucial. The interviewer will soon discover if your story doesn’t match your CV and, remember, the interviewer will ask you questions based on the information contained in your CV. Your answers should be specific and include examples that demonstrate what drives you as a person and showcase your skillset.  If you worked as part of a team, explain how you contributed as an individual, rather than taking personal credit for the team’s achievements.  DON’T be vague Prepare a good opener and a strong closer for your interview. First and last impressions matter.  When your interviewer concludes by asking you if there is anything more you want to know about the organisation, use the opportunity to talk about your ambitions.   Don’t ask an obvious question when the answer is already available on the organisation’s website. At Deloitte, we’re looking for people who have ambition to grow and pursue their passions through their work.  Remember, your interview is your opportunity to ask questions about your potential employer, so don’t be afraid to challenge the interviewer.  Don’t give the interviewer answers you think they want to hear. Give them the answers that demonstrate the power of your story. DON’T be nervous You have been called for this interview because, on paper, you look fantastic. We always encourage our candidates to relax to ensure their confidence shines through.  If you don’t appear to be confident in your own abilities, the interviewer is going to find it difficult to decide if you are the right fit for the organisation. At the same time, try not to be too over-rehearsed. I want to know about you, who you are, where you are from, and what you do in your spare time.  You don’t want to be too informal, but when you are doing an interview, you are having a conversation with the interviewer as you tell your story.  DO nail the basics Never neglect the basics when you’re interviewing for a new role. How you present yourself, and your body language during the interview, are both very important. Your interviewer will form an opinion of you quickly.  If your interview is in-person, your initial handshake will be very telling—and you must be engaging: use direct eye contact at all times and don’t forget your posture.  If you sit in a very rigid position, it can make it difficult for the interviewer to build up rapport with you during the interview, so pay attention to this. And you can never be too overdressed when you are interviewing for a professional role. Dress neatly and professionally. DO prepare thoroughly Once you’ve been invited to interview, it’s important to do your homework in advance so that you know and understand the firm you want to work with, its values and business drivers. If I’m interviewing you, I will want to see how you can demonstrate the impact you can bring to our firm. Equally, I will want to know what you want us to give you as your potential employer, and what you value among colleagues and team leaders. It’s a good idea to do a mock interview with a friend before your formal interview—not your best friend, but someone you would be a little bit nervous sharing your life story with.  This will help you to relax on the day of the interview and also to anticipate questions that may take you outside your comfort zone. DO build a rapport  You know there will be other candidates for the job on offer, who will have excellent qualifications and experience, but your interview is your chance to shine and set yourself apart. Try to build a rapport with your interviewer. Ideally, they should leave the encounter feeling that they know you as a person, and that your story has made an impact on them.  You will have demonstrated that you share the organisation’s core values and purpose, and that you will help to drive the organisation forward. Michelle Byrne is a Partner in Audit and Assurance, leading the Financial Reporting Advisory team at Deloitte Ireland You can read this article and more about your career in accountancy in the Accountancy Ireland Career Guide 2023. The interview process has changed massively as a result of the pandemic and interviews are now being held both remotely and in-person.  At Deloitte, we operate a fully hybrid model, so it’s important for candidates to be prepared to shine in both scenarios. Remote interviews are particularly attractive for employers who want to employ candidates based overseas, but we shouldn’t underestimate the significance of the in-person experience.  If you think you can make a bigger impact in person, there is no harm in asking to be interviewed face-to-face. Remember, there will also be different stages to the interview, however. While your initial interview may be done remotely, the second interview will often take place in person.

The right approach to your job search and career planning will give you the best possible chance of securing the perfect role for the next phase in your career, writes Dave Riordan Every year brings a slightly different job market for Chartered Accountants and 2023 is no exception.  As a Chartered Accountant at the early stages of your career, you will need to keep a close eye on economic trends, both national and global, as well as the sectors that are buoyant and those that are stagnating.  Even if you have only just gone through the job search process as a newly qualified ACA, it’s worth revisiting the key elements of the process that you need to get right.  This will give you the best possible chance of securing the perfect role for the next step in your career path. Here are some key pillars of the process worth considering: 1. Know your strengths and weaknesses The best place to start is by getting to know yourself. There are several methods by which you can test your aptitudes, strengths and weaknesses.  Think about taking aptitude tests and talking honestly with mentors and peers about your work and career. Take time to explore and define: what you are good at; what you have been praised for at annual reviews, and;  what you want to improve and develop. Create your own ‘career file’ aligning all three items with your career goals. 2. Define your brand Build your CV while being cognisant of your personal brand. What unique selling point (USP) do you want to convey to set you apart from your competition?  When building your CV, don’t just list off the historical duties and responsibilities of the roles you have held.  Describe your value and highlight your key achievements concisely to the reader. Remember this is your sales document. Its purpose is to get you to the interview stage.  3. Prepare for interviews Plan for both formal and informal interviews. Write down your key stories and examples and refine how you will put these across to an interviewer.  Start to build your interview narrative: what are your main selling points, key stories that illustrate your abilities, strengths and accomplishments, and examples of how you have added value in previous roles?  Don’t be afraid to ask for advice. Contact the Institute’s Careers Team or a respected recruiter to request an interview preparation session. Remember, every interview is different, so customised preparation is always advised.    4. Document your career plan As we’ve mentioned here already, it’s a good idea to put together your own ‘career plan’ document, and to get into the habit of updating it on a weekly basis.  Your career plan should become an essential resource when you are job-hunting, with information on market intelligence, key networking contacts, prospective job titles, and preferred companies to work for. Once you have worked out what your USP is, think about how you will articulate this to recruiters and hiring managers.  Write an action list aimed at enhancing your profile in the market. Have an ongoing segment in your career plan examining extra qualifications or courses, charities you can get involved with, pro bono board positions, etc.  Make sure you fully research the different directions you could potentially take your career in, particularly if there is more than one sector you are passionate about.  Don’t worry too much about what your peers are earning, or whether their employers seem ‘glamorous’—far off hills are always greener! 5. Do some market mapping You should begin market mapping during the initial research phase of your job search and document the results in your career plan.  Mapping will help you job search more efficiently, rather than taking a scattergun approach to applications.  Analyse which organisations you want on your list of ‘top ten’ preferred employers and follow them on social media to stay abreast of current developments in each.    Set up alerts for different job titles you are interested in with various jobs boards. The roles sent to you will give you a broad snapshot of what your target market looks like.   While standing at your ‘job change crossroads’, make sure you step back and take a helicopter view of the many ways you can use your qualification, and the myriad sectors and roles open to you.  6. Build your network When you qualify, it can be tempting to distance yourself from the Institute, which you have perhaps come to associate with study, exams and hard slog over the course of your three-and-a-half year training contract.  However, now is the perfect time to stay close to the Institute and leverage this ready-made network by participating in events, committees and CPD talks, etc.  Adopt a networking mentality by starting to speak to your peer group about what they plan to do with their careers in the years ahead.  Use social media platforms, such as LinkedIn, and start to build sector and business connections. This will also serve to raise your visibility in the market, as well as enhancing your personal brand.  Don’t be shy about exploring the LinkedIn profiles of successful Chartered Accountants that are a few years ahead of you. It can be useful to look at the steps they have taken in their own careers and the upskilling they have taken part in along the way.  7. Apply the right way When it comes to active job applications, there are three main ways to secure a new role: recruiters; direct applications, and; your personal network.  Pay attention to how much time you are investing in each of these three options, bearing in mind the stage you have reached in your career pathway.  If you are working with a recruiter, make sure they fully understand the nuances and intricacies of a career as a Chartered Accountant.  And keep in mind when making applications, that a short- or medium-term contract might be the perfect move for you at this juncture. 8. Round up the right referees Consider formalising your professional relationship with a few experienced mentors whose advice and support you can count on as you look to progress your career. Think about who you would like your referees to be in 2023 and beyond—making sure they will be ready to sing your praises when needed.  9. Consider overseas experience Any recruiter will tell you that Chartered Accountants with international experience tend to display a worldliness and maturity that comes across well at interview.  Working abroad can deliver great experience, giving you valuable ammunition and confidence for future interviews.  Very often, greater responsibility is given to Chartered Accountants working overseas, which can help to accelerate your career trajectory if you return home.    Dave Riordan, FCA, is a recruitment specialist and career coach with the Careers Team at Chartered Accountants Ireland  You can read this article and more about your career in accountancy in the Accountancy Ireland Career Guide 2023.

A well-timed professional pivot can turbo-charge your progress and propel your career in an exciting new direction, but it’s not without its challenges, writes Siobhán Sexton   It can be difficult when we’re starting out in our careers to know exactly where we want to be in the future.  We’re navigating the ins and outs of the professional world, many of us for the first time, learning about our strengths and weaknesses, and striving to meet our responsibilities and, where possible, exceed expectations. It’s not surprising then that, for some of us, the bigger picture can take a back seat and it’s a few years down the line before we realise that we may be heading in the wrong direction.  For Chartered Accountants with a few years’ post-qualified experience under their belt, it’s not impossible to pivot and propel your career in a new direction—from practice to industry, for example, or vice versa, or from a Big 4 firm to a smaller practice.  Timing is important, however, so, if you find yourself questioning your choices where you are, get the advice you need to make the move to where you want to be. Options starting out Once Chartered Accountants qualify, they have a number of options open to them. The majority move into industry or financial services, depending on the department they have trained with.  Typically, between 75 and 80 percent will move into a financial role in industry. Ten to 15 percent, meanwhile, will become financial analysts, and the remainder will become internal auditors or tax specialists—again, depending on the area they have trained in. Some might choose to move abroad to gain international experience and others will choose to stick with the practice they trained in, gaining additional experience and becoming managers and assistant managers.  For those that move from a bigger to a smaller practice, the draw is often the opportunity to gain experience they did not have access to during their training contract.  Financial accountants and financial analysts have different job titles in different companies. At Barden, when working with qualified accountants, we spend a lot of time deciphering what these job titles mean. Your options now It’s possible to move from practice into industry, or from industry into practice. However, the further along a professional is in their career, and the more senior they have become, the trickier it becomes to make a lateral career move, one potential consequence being a drop in salary.  Hence, most professionals tend to make the move earlier, rather than later, in their career.  The most common move we see is from practice into industry. The appeal here for some candidates is that, in business, accountants tend to gain really good exposure to reporting and analysis. It’s less common for accountants to move from industry to practice, but doing so can actually be very rewarding.  You have the opportunity to gain experience across different industries, for example, and to learn about building key business relationships with clients and other stakeholders. Long-term opportunities The earlier you make the move from practice to industry, or vice-versa, the easier it will be. Ultimately, you have to ask yourself, ‘where do I see myself in the long-term?’  If you don’t see yourself as a partner in practice, for example, it would be more beneficial for your long-term career to move out of practice sooner rather than later. If you stay in practice for a couple of years and then look to make a move, you may be competing with people who have already switched course and gained experience in industry.  Also, the more senior you are in your existing career, the more likely it is that you will have to compromise on salary or title to gain traction where others have already proved themselves. Joining a smaller practice Leaving the Big 4 realm to join a smaller practice will typically allow you to gain broader experience.  If you’re coming from the audit department of a Big 4 firm, for example, you naturally won’t have gained a lot of exposure to tax.  Working at a smaller practice, you will gain wider experience of financial reporting, tax and advisory services, acting as a trusted partner to clients in businesses that are typically owner- or manager-led.  It’s important to bear in mind that, by their nature, these businesses will be smaller than the clients you will have worked with in Big 4. It’s a different dynamic. To move or not to move? A career-focused Chartered Accountant will typically move two or three times in their first five years PQE, either internally or externally. At Barden, we recommend that you initially seek out opportunities internally, because you will already have gained a solid understanding of the business and that can be a big advantage. There are no hard and fast rules in this scenario. If you’re gaining good experience in your existing team, learning from good people around you and you’re progressing, don’t move just for the sake of moving. If you feel you’re not the best person on your team, however, you’re probably not in the right place and an internal move could bring better career benefits. Moving overseas For those who have itchy feet and an urge to travel and explore after the stifling restrictions of the recent pandemic, the good news is that the Chartered Accountants Ireland qualification is recognised in the majority of countries worldwide. Better yet, in the current market, there is strong demand internationally for Chartered Accountants trained in Ireland.  The ease or difficulty of moving abroad will depend on a number of factors, including an individual country’s visa requirements. In some cases, you might also need to consider language barriers.  If you want to work in France, for example, you will need to factor in your ability to speak French well enough to communicate clearly with colleagues and clients. Plotting your job search If you’re looking for a new role, either in your existing field or a new one, your first port-of-call should be an expert recruitment firm specialising in your profession and skill set. At Barden, we are all qualified Chartered Accountants, advising Chartered Accountants.  Sending out your CV blindly, without having a fundamental knowledge of the role you’re applying for, or the organisation you’re applying to, is a huge risk. Instead, you should thoroughly research the companies and organisations that are recruiting and for which you would like to work.  Other people’s views and experiences matter so don’t be afraid to talk to people who may have experience of working for these companies—but take care to maintain a balanced view of what they have to say. Gather as much information and insight as you can before you make any final decision. At Barden, we advise and guide Chartered Accountants on a daily basis. We give them step-by-step guidance on their CVs and support them with interview preparation, so that they have the best possible chance of succeeding in their job search. The primary focus of your CV will be on your professional qualification and work experience, but don’t neglect your interests and activities outside work. You may enjoy sports, have an interest in the arts, or engage in voluntary work, for example.  All of this makes you human and, for the majority of employers, culture fit is very important. Preparation for interviews is also crucial. At Barden, we will spend an hour with you either over coffee or via Microsoft Teams, going through sample interview questions and answers to make sure you are properly prepared.  Siobhán Sexton, ACA, is Business Lead Expert in Recently Qualified Accounting, Tax and Practice Careers with Barden You can read this article and more about your career in accountancy in the Accountancy Ireland Career Guide 2023.

It’s never too early to start laying the foundations for a future in leadership and developing the skills and traits to rise to the top. Julia Rowan explains why The earliest part of a young professional’s career will often be spent learning the ropes and getting to grips with the ins and outs of your daily responsibilities. If you have a few years’ Post-Qualified Experience under your belt, however, now is the time to start thinking about what you want from your career in the long-term and how best to position yourself for future success. As Julia Rowan sees it, it’s never too early to begin laying the foundations for a future in leadership. Rowan is Principal Consultant at Performance Matters, a leadership team and development consultancy. “The early stage of your career is a great time to start thinking about building your reputation and a network that will help you progress in the future,” she says. “It’s also a good time to start learning about yourself—understanding your strengths and building on them—but also embracing your weaknesses and finding ways to improve in these areas.” Rowan has these seven tips to help you chart the course for a future in leadership: 1. Prioritise self- awareness and personal skills Self-awareness is a vital trait for leaders and, in the early stages of your career, can also help you to determine the best career path for you, and zone in on what you need to do now to get there in the future.  “Your priority could be, ‘I love the role I’m in, I want to be an expert in this area’, you might want to specialise even further, becoming a partner in a firm, or to set up your own business a few years down the line,” says Rowan. “In all cases, I would be saying to people, particularly young accountants who already have a high degree of technical knowledge, don’t overlook the importance of personal skills—how you get on with others, and how you show up at meetings. These are the skills that will move you up the ladder.” 2. Learn to lead at any level How you treat others has an enormous effect on whether or not you are perceived as leadership material, regardless of your seniority. “You can be a leader at every stage in our career, regardless of what you do, and it’s important to be aware of just how important it is to be respectful of everyone you meet and work with,” says Rowan. “Young professionals can get stuck when they come across something that isn’t working: an approach or process.  They may say nothing – or perhaps talk about it as ‘ridiculous’. “This won’t come across well, because we need to be respectful of everything and everyone that has gone before.  “Even when we think something is ridiculous, we need to find a respectful way to deal with it.  For example, we might instead say something like, ‘I’ve been thinking about this and I have an idea, would you like to hear it?’” 3. Find your own voice A big part of impression management in the workplace comes down to how, and how much, we engage, and communicate with, those around us. “My advice would be to trust yourself. If you have a question, ask it. If you have an opinion, share it—and trust yourself to ask for help if you need it,” says Rowan. “Sometimes, young professionals feel ‘I need to prove myself, I can’t ask for help’, but what you will find is that most people are delighted to help.  “Creating these good habits early in your career will help you to find your own voice and show up as yourself, because you don’t want to be a carbon copy of anyone else, no matter how senior or successful.” 4. Work out what you want Once you have determined what you want to do with your career in the long-term, you can then begin to take the steps to make it happen. “I’m a big believer in people working out what they really want to do. It means that you can have the right conversations with your boss or managing partner when opportunities arise,” says Rowan. “It’s amazing, when we ask for what we want in a gentle, respectful way, how often it will happen for us. It could be as simple as saying, ‘I would love the opportunity to lead this project or be involved with that client’. Think about it carefully, work it out, and ask for it.  “I often talk to people about humble confidence. It’s where you can say, ‘I trust myself enough to push myself, take the risk and ask for something, but I also know that I need to keep learning and listening to the feedback’.” 5. Develop the right mindset Don’t get into a negative mindset whereby the peculiarities, ways of working and politics of the organisation you are working for start to bring you down. Instead, rise above it and always look at the bigger picture. “You have to think intentionally about the habits you want to create—the habits that underpin strong leadership,” says Rowan. “It can be challenging when young professionals come into an organisation with its own established rules and regulations, systems, processes, and templates. They might not even make sense, but you don’t want to get into the habit of moaning, gossiping, or complaining.  “If you find yourself doing that, it’s a signal that you’re feeling disempowered and you need to say to yourself, ‘okay, I need to stop and find a better way to deal with this’.” How you learn to view yourself, your current role, and your potential to grow and advance, is critical. “When I’m coaching senior leaders, they will often tell me, ‘I’m still seen as the young graduate, the trainee, or the new hire’,” says Rowan. “They think that is how they’re viewed within their organisation, despite their rise up the ranks, but what they are really telling me is, ‘this is how I still see myself’.” 6. Keep a learning journal To get ahead of this problem and promote healthy self-perception, Rowan advises young professionals to consider keeping a learning journal to help organise and understand their thoughts and progress. “Doing this can help you to be more conscious of your thoughts and feelings at and around work,” she says.  “It can help you to recognise your strengths—where you are feeling good, easy, and comfortable—but also the aspects of your work that make you feel less comfortable. “When we write things down, we get themout of our head, and we can engage with them in a better way.  “It’s generally the negative stuff that buzzes around in our minds, so, if there are thoughts which are unhelpful like ‘they still see me as a graduate’, writing it down can help you to engage with it and find a way forward.”  7. develop good habits  Above all, it’s important to be aware that we can change thoughts, perceptions and assumptions that might be holding us back, helping us to better plot a course forward and position ourselves for success in our future career.  “Aristotle said, ‘We are what we repeatedly do. Excellence then is not an act but a habit’. If we are able to shift our thoughts and change our habits by examining how and why we do things the way we do, we can change our future,” says Rowan. “It’s about consciously creating good habits, like making to-do lists, being focused, speaking up, asking questions, so that we don’t feel in our later career that we have learned to do things in a way that has held us back.” Julia Rowan is Principal Consultant at leadership and team development consultancy Performance Matters You can read this article and more about your career in accountancy in the Accountancy Ireland Career Guide 2023.

Despite recent tech sector layoffs and ongoing economic uncertainty, the job market for accountants remains robust. Ed Heffernan explains why demand is still high This time last year, as fears for the economic implications of the Ukraine invasion began to emerge, Ireland’s post-COVID job market had just begun its recovery. Twelve months on—despite the recent spate of tech sector lay-offs, and the impact of rising inflation rates and energy price hikes—demand for accounting professionals remains constant. “We’ve seen a fair bit of change in the wider job market over the past year, but employers will always need good financial talent,” says Ed Heffernan, Managing Partner at Barden, the partner-led expert recruitment firm. “At the start of 2022, there was an expectation as to how the market would evolve over the course of the year, but, because of the subsequent impact of various geopolitical events on the global economy, it became clear that ambition and market realities were not aligned for some companies. “For us, demand continued to accelerate from January through to September. We were busier and busier as the year went on. Then, from October onwards, we started to hear news of job cuts in the technology sector.”  The market reality Despite the recent deluge of negative headlines, however, it’s important to look at the reality of the situation “in context”, Heffernan says.  “Good news stories aren’t as eye-catching as bad news stories. People are programmed to worry; it’s human nature. What we’re actually seeing are some of the biggest players in the tech space announcing a global reduction in headcount of about 10 to 12 percent. “They are, by and large, cutting headcount in the areas most businesses look to when they need to cut costs—sales, business development, marketing and maybe also talent and HR teams.” Demand in the job market overall may be down, but supply for key skill sets has not waned, creating a “counterbalancing” effect.  “I would say job numbers overall right now are down probably between 16 and 18 percent quarter-on-quarter, but the drop is mostly down to fear. Employers are holding back on making hiring decisions because of uncertainty,” says Heffernan. “It’s the same ‘wait and see’ effect we saw during the pandemic and that creates pressure in the workplace because teams are having to wait to fill vacant positions.  “Then, what you get is this rebound in the market, because organisations realise they have to forge ahead and start hiring again.” Demand for accountants Regardless of wider trends in the job market, demand for accountants remains consistent, Heffernan says. “Companies always need good financial talent. That’s a given because finance is just so fundamental to how companies function.” In terms of the skill sets most in demand among employers recruiting for accountants, Heffernan sees “two extremes”. “On one side, there is always strong demand for organised and technically oriented professionals from larger firms or who have risen up within the group functions of listed multinationals,” he says. “These are the people that run the consol, coordinate the internal and external reporting and lead the audit activity. Without them the business just does not function.   “Group functions like Flutter, Ardagh, CRH and Dalata always have a demand for accounting talent. It’s where many of their future leaders learn how the business knits together, so it’s an ideal first step for an early career accountant with ambition.” On the other side, there is consistent demand for professionals adept at business partnering. “These are the accountants who can ‘translate’ what the numbers mean for people in the business outside the finance function,” says Heffernan. “They can participate in the wider decision-making process, and in shaping strategy, rather than simply producing a spreadsheet and leaving it at that. “In terms of industries, pharma and tech companies dominate the landscape. In terms of functions, it’s group entities and shared services centres that typically employ the largest numbers of talented accountants. Scale brings opportunity and that’s not changing any time soon.” Proactive approach For ambitious young professionals keen to move ahead in their career and avail of the right opportunities at the right time, Heffernan advises a proactive approach. “I see a lot of people who are reactive, rather than proactive, in terms of how they approach the job search process. They look to move jobs only after something has happened, so they’re fundamentally not in the driving seat,” he says. “If you’re ambitious and you want to go places with your career, you should be thinking ahead from the get-go. Most accountants move roles two to three times in their first five years’ PQE, either internally or externally. That’s just the way it is. “Your first port of call should always be the internal option. Leveraging your track record and leaning on established relationships within your organisation, is nearly always the best way to shape your next move. “Failing that, there is of course ample opportunity externally to leverage your PQE to create value in a different setting.” Changing employers Getting ahead in your career isn’t always just about staying with the same employer and hoping that your loyalty will pay off in the long run. Moving organisations tactically can also deliver tangible results. “It’s really important to be market aware,” says Heffernan, “you need to understand what is going on and be able to benchmark your own position and progress on a regular basis, so you know you are on the right track.” He advises professionals to take a proactive approach to shaping their own career path, utilising contacts and connections to keep ahead of the curve. “I think people sometimes underestimate just how important their career is to their overall level of wellbeing. We spend up to 80 percent of our waking hours working alongside our colleagues, whether in-person or remotely,” says Heffernan. “The most successful CFOs I know constantly have their ear to the ground. They’re calling me every 12 to 18 months to find out what’s going on in the market. Being market aware is what the smart, ambitious people do.  “That puts them in the driving seat career-wise, because they’re making informed decisions about their future—and that’s incredibly important.” Expert support Accountants should also make full use of the range and quality of the advice and support on offer to the profession from specialist recruiters, Heffernan says. “The accounting community is one of the best served communities when it comes to recruiters and advisers active in the space,” he says. “There are some incredible people you can get objective information from. My advice is to make full use of this - not all professions have the same advantage.  “If you expect to be engaging with recruiters at a point in the near future, reach out before you are actively looking for a job.  “It’s at that stage that you could find yourself getting the most value and clarity from the relationship because the waters won’t be muddied by the requirements of one specific role,” he says.  “You’ll be getting objective advice and that could really stand to you from the point-of-view of long-term career planning. That’s how we built Barden—we are advisory-first, an ally to the finance professionals we work with. We’re where accountants go before they start looking for a job.” Ed Heffernan is Managing Partner at Barden You can read this article and more about your career in accountancy in the Accountancy Ireland Career Guide 2023.

Remote work has given trainee accountants a lot of freedom. However, that freedom comes with some challenges that can be overcome with balance, says Jack Deignan It’s easy to list the obvious joys of remote work. The increased levels of flexibility in daily routines, the total elimination of the pains of the commute and the comfort to be found in working from your own home.  There’s also something to be said of the lack of pressure that working from home allows. There is no expectation to get out of your pyjamas, and you can take solace in knowing your favourite mug is just down the hall.  It can be much easier to get into the rhythm of the day if you just need to walk from your bed to your desk.  Work and study challenges However, working remotely is not without its challenges.  The lack of social cohesion in teams when everyone works from home can impact performance. It’s also difficult to foster a sense of comradery if every interaction is facilitated through a screen.  Learning on the job has also become more difficult in some cases. It’s almost always more beneficial to ask someone to explain something face-to-face.  The same goes for studying. When the pressure is on, it can feel isolating to be away from people who are going through the same kind of juggling act between work, study and life. A proper balance Working remotely has created an opportunity to reflect on what is gained and lost when given a chance to work from home.  We must balance our work and study while utilising the advantages of remote working. When working from home, you can get lost in a task and continue working more than what would be considered healthy for proper work-life balance. It’s important to remember to take breaks—go for a walk, get a coffee and don’t worry about going to the GP or running to the post office if needed. Similarly, studying can take over your life when you don’t have people around you that can keep you in check. Take the initiative to meet fellow trainees for a study session at the office or a local café.  Alternatively, set up a Teams or Zoom study call, so you don’t have to leave home but still have a study group. Having flexibility doesn't mean forgetting when the work and study day ends—it means you get some of that time back for yourself. Enjoy it. Jack Deignan is a Risk Assurance Associate at PwC  

A decade of low interest rates has come to an end and companies are facing a much-altered lending landscape. David Martin offers his advice on negotiating with banks and alternative lenders in the current economy The Irish economy has faced many headwinds over the past year, but three key developments have had the most impact, namely: rising interest rates; rising inflation; and fluctuating energy prices. Together, these challenges have made life considerably harder for borrowers tasked with balancing existing debt and new debt requirements with banks and alternative lenders.  Up until recently, the world since 2010 had seen very low interest rates. This allowed some companies to borrow money at very cheap rates and use debt as a mechanism to finance business growth. While we are still seeing a healthy appetite from both domestic and international lenders for funding new debt requirements and refinancing, lenders now face tighter credit conditions, delayed decision-making, and a notable shift in sentiment.  Borrowers are also facing difficult trading conditions, resulting in cases of: actual or potential breached covenants;  issues in meeting debt obligations and therefore potential default; funding deficits against their business plan; and  refinance risk. Debt plan for discussions with lenders For borrowers, there are several factors to consider when putting together a debt plan. Working with a professional adviser, companies should factor the following points into their plan. Present data early Presenting “self-help” data (evidence to prove that the organisation has considered all options) to the lender at an early stage is crucial for both traditional and real estate companies, regardless of whether they are looking for new debt, refinancing, or dealing with covenant breaches. By presenting a critically assessed recast set of numbers with robust assumptions, lenders are more likely to provide covenant waivers or recast covenants. This plan should be put together after you consider the following “self-help” measures: Enhancing revenue and portfolio optimisation: identify and remove loss-making products and services; Price: understand and demonstrate what costs can be passed on to the end user; Improving margins: demonstrate to the lender how  margins have been improved and mitigated against rising costs; Productivity and efficiency improvements: ensure costs are controlled; Labour cost management: deliver an employer value proposition to manage wages and retain talent; Policy optimisation: reduce cost base through regulatory and government supports. By presenting a critically assessed recast set of numbers with robust assumptions, lenders are more likely to provide covenant waivers or recast covenants. Be proactive with stakeholders In addition to presenting early to lenders, commence discussions with Revenue and other creditors/stakeholders in a timely manner to set out appropriate plans. Engaging with customers is also essential to fully understanding the receivables timelines. Forecasts, covenants and debt requirements It is important to demonstrate the impact of any self-help measures the company has taken to bolster forecasts for the business and how they might impact financial covenants (for existing borrowers) or projected covenants (for a new borrower). The self-help measures and the financial model outlining forecasts should result in a comprehensive understanding of the organisation’s funding requirement, which in turn helps to identify what the debt ask from the lender is. Further, organisations should access their facility agreements to ensure full understanding of: terms and conditions of lending documents including all covenants;  what the covenant headroom is; and  all events of default that are in the lending documents. Once funding requirements have been established, being able to demonstrate to a lender how they are getting repaid is a key part of the negotiation.  While banks and most debt funds will usually expect repayment to come from the free cashflow of the business, some debt funds and special situation funds will look at repayment from other sources, including the sale of assets, partial disposals and other liquidity events. Additional sources of capital  Some companies carry a high net debt to earnings before interest, taxes, depreciation and amortisation (EBITDA), high loan to value, and low interest coverage ratio.  A review of the capital structure of the company and these key leverage ratios, as well as the ability to service principal and interest, will be a key determinant in understanding if other sources of capital might be needed to meet funding objectives in the short-, medium- and long-term.  Consider too if there are other sources of capital from existing debt providers or other debt and equity providers. Regular review  Ensure that cashflow and revised strategy is kept under regular review and the requirement for additional sources of capital is reviewed on a continuous basis. It is key to stay up to date with government supports available for organisations. Examine your hedging policy against best practice and make sure to regularly review it. Recovery  Crucially, at the presentation with a lender, you must demonstrate—through restatement of cashflows and plans (where applicable) for additional sources of capital—that the organisation is on the path to recovery and the lender will get full repayment. Debt solutions When negotiating with your lenders, it is worth considering the range of options from overseas, which may be helpful.  Despite the previously outlined headwinds, there are numerous international lenders that view Ireland as an attractive destination for debt transactions.   Previously, many companies saw their debt solution as a ‘bank v alternative lender’ solution.  However, there are several companies whose banks work alongside alternative lenders, working capital specialists, private placement and bond issuers, thereby demonstrating that different debt solutions can co-exist for companies.  The growing pool of lenders results in a more competitive landscape and choice for the borrower, increasing their debt options.  And while having a mix of lenders attracts different terms and conditions for different funding needs, it can result in the diversification of refinance risk—an important criterion in any debt negotiation. Some of the types of debt companies should consider include: Growth finance, e.g. expansion; Acquisition finance, e.g. buying another business; Real estate specialist lenders, e.g. development and/or acquisition; Refinance, e.g. amending or extending existing debt; Recapitalisation, e.g. capital structure optimisation; Special situation, e.g. liquidity funding; Private placement, e.g. long-term debt. The economic headwinds we are currently facing are likely to continue as the year progresses. Indeed, the lack of certainty with respect to inflation and ongoing geopolitical events has led commentators to predict further interest rate hikes in the Eurozone in 2023.  Whether or not your business is over-leveraged, a well thought out debt plan could help you to access the numerous debt structures and lending options available to Irish companies in the market.  David Martin is Partner and Head of Debt Advisory at EY Ireland

A mainstay of Ireland’s financial services landscape for over 60 years, our credit unions are entering an exciting phase with recent developments presenting new opportunities to adapt and change Credit unions are an important part of the financial services landscape. With offices a common feature of cities, towns and villages throughout Ireland, they play a key role in the day-to-day finances of many Irish people and communities. There are more than 3.6 million credit union members on the island of Ireland.  A history of credit unions Credit unions were first established in Ireland in the late 1950s and quickly became a repository for savings and a source of loans for many people. The total value of loans extended by credit unions in the Republic of Ireland is currently around €5 billion, with total savings coming to about €16 billion.  Average sector total reserves, as a percentage of total assets, is approximately 16 percent, which serves to underpin the confidence of their members, particularly in times of uncertainty and disruptive change. These institutions are not-for-profit financial co-operatives. They are owned and controlled by their members and therefore have a different business model to retail banks. Each credit union is independent, with its own board of directors, charged with overall responsibility for running the credit union.  Because they are part of the financial services sector, credit unions are governed by legislation in Ireland, principally the Credit Union Act 1997, as amended, and regulated by the Central Bank.  Significant amendments to the 1997 Act were introduced by the Credit Union and Co-operation with Overseas Regulators Act 2012, and this is the legislative regime under which credit unions currently operate. The credit union sector has been relatively stable in terms of any legislative or government policy changes. However, two recent developments, the Credit Union (Amendment) Bill 2022 and the Retail Banking Review (November 2022), present new opportunities for credit unions to adapt and change their business models and enhance their product and service offerings to members. The Credit Union (Amendment) Bill 2022 The first major legislative change for credit unions since the 2012 Act, the Credit Union (Amendment) Bill 2022 (the Bill) was published on 30 November 2022 following over two years of stakeholder engagement, with over 100 proposals considered. Highly technical and not an easy read, the Bill is currently before the Dáil, where proposals for amendments will be considered.  There is no fixed timeline for enactment and, post-enactment, commencement of sections may occur in phases, with the Central Bank of Ireland having to amend regulations to accommodate the new provisions.  The main provisions of the Bill involve: the establishment of ‘corporate credit unions’; amending the requirements and qualifications for membership of credit unions; altering the scope of permitted investments by credit unions; changes to the governance of credit unions; maximum interest rates on loans by credit unions; provision of services by credit unions to members of other credit unions; and participation by credit unions in loans to members of other credit unions. Collaboration between credit unions The introduction of ‘corporate credit unions’ should support greater collaboration between credit unions, facilitating a pooling of resources and greater access to funding.  A new form of regulated entity, their membership would be restricted to other credit unions, with lending allowed only to those members. Further collaboration is envisaged with a provision in the Bill allowing all credit unions to refer members to other credit unions to avail of a service that the original credit union does not provide.  While such referral is not mandatory, it is a new option for making additional services available to members—for example, a current account facility where the original credit union may be reluctant to provide this service to all members based on cost or other reasons.  Another provision enabling collaboration allows a credit union to participate in a loan to a member of another credit union. This will facilitate risk sharing associated with the loan and will make it easier for an individual credit union to offer larger loans to its members.  Regarding lending to businesses, and other organisations or associations, there is a further key provision in the Bill for “bodies” (incorporated or unincorporated) to be allowed join a credit union with the same rights and obligations as a “natural person” (member).  This is, however, subject to conditions that a majority of the members of the body would be eligible to join the credit union and the body meets the common bond requirement. Ultimately, this will make it easier for credit unions to lend to such bodies and is principally focused on SMEs. While none of these changes are mandatory, they do provide new options and opportunities for credit unions. Governance changes Regarding changes in governance, two provisions stand out: the option to appoint the manager (chief executive officer) of the credit union to the board; and  reduction of the minimum number of board meetings per year to six, down from the current 10.   The extent to which these changes will be adopted remains to be seen, as many credit union boards may be content with the existing practice.   Where a credit union decides to include its manager as a board member, the Bill proposes that this will be done by their direct appointment to the board and not by election at a general meeting of members.  The term can be for any length but cannot extend beyond the individual’s term as manager.  One restriction on the manager as a board member is that they cannot sit on the nomination committee of the credit union, the membership of which is restricted to board members who have been co-opted or elected at general meetings.  Similarly, regarding the frequency of board meetings, the board may be reluctant to change the current practice of having at least one meeting per month, concluding that it cannot adequately carry out its responsibilities with only six board meetings.  Because of the voluntary ethos of credit unions, the historically close involvement of board members with the credit union, and the relatively onerous responsibilities of boards, it may take some time before six board meetings is considered the norm. Other governance changes proposed by the 2022 Bill include reducing the number of board oversight committee meetings, removing the requirement for the board oversight committee to sign the audited annual accounts, and extending from annually to every three years the review of specific policies by the board. The Credit Union (Amendment) Bill 2022 includes substantive policy change in the areas of collaboration, members’ services, and governance. It seeks to give more power to credit unions to determine strategy and, when enacted, will require consequential changes to Central Bank regulations.  To fully exploit the options and opportunities enabled by its provisions will require significant work by the sector. The Retail Banking Review 2022 In November 2022, following its approval by Government, Minister for Finance, Paschal Donohoe, and Minister of State for Financial Services, Credit Unions and Insurance, Sean Fleming, published the report of the Retail Banking Review (the Review).  Driven by the departure of two major banks, Ulster Bank and KBC, this is a broad-ranging review of the retail banking sector in Ireland, including the credit union sector.  In relation to credit unions, the Review states: “Credit unions have a strong and trusted brand, they are present in communities throughout the country, and have been developing their product offering. The credit unions are already a significant player in consumer credit, and they are making inroads in the current account, mortgages and SME segments of the market. These developments, coupled with their collectively strong levels of capital and deposit bases, leads the Review Team to believe that credit unions could play a greater role in the provision of retail banking products and services in the coming years.” Referencing the Credit Union (Amendment) Bill 2022, the Review recommends that the credit union sector develop a strategic plan to deliver business model changes that would enable it to sustainably provide a universal product offering to all credit union members. Provided directly or on a referral basis, this would continue to be community-based. The Review suggests that such a strategic plan should show how credit unions can: viably scale their business model in key product areas such as mortgages and SME lending; invest in expertise, systems, controls, and processes to deliver standard products and services across all credit unions, while managing any risks arising and continuing to protect members’ savings; provide the option of in-branch services for members of all credit unions. Both the Bill and the Review point to new opportunities for credit unions and demonstrate confidence in their future as part of the Irish financial services sector. For these opportunities to be successfully managed, however, credit unions must continue to maintain high levels of governance so that legislators, the Central Bank, their members, and the wider community can have confidence in the sector.  Credit unions have done much for many people in Ireland for more than 60 years. These developments in legislation and government policy point to their continued and increasing relevance in the years ahead. Gene Boyd, FCA, is a risk management consultant and author of The Governance of Credit Unions in Ireland