Navigating post-contract options can be overwhelming. Bernie Duffy helps Chartered Accountants explore diverse paths within the finance sector, offering insights on market segments, role titles and staying in or moving from practice
For many people, coming out of contract can be daunting, with most unsure of their potential options.
The specialisation for your career should depend on your interests and, ultimately, your long-term goals.
Step 1: The market
Before we start thinking about the types of roles you might want to take, you first need to step back and look at the wider context of the market.
At Barden, we use what we call “The Three Pillar Model” to simplify the market.
The market can be broken down into practice (accounting firms) and non-practice. If you enjoy practice, there are a lot of options to build a great career.
Non-practice can be broken down into two separate pillars: financial services (any company with a financial product or service) and industry (companies with a non-financial product, so everything from retail to manufacturing and tech).
It's easier to move within a pillar than between them, and as you gain more post-qualified experience (with a salary reflective of that specialism), that difficulty increases.
Step 2: Understanding role titles
The second you start to read job specs and consider different roles, you will notice that companies call similar roles by different names.
Broadly speaking, qualified accountants moving to non-practice will see three different types of roles: financial accountant, financial analyst, and internal audit.
About 75 percent of people from practice will start in some form of financial accounting. Financial accounting is the historical side of accounting; accounting for things that have already happened – looking at month-end and year-end reporting.
These roles will vary depending on the company's organisational structure, usually with roles in larger companies being more set and defined and smaller companies having broader and more undefined roles.
Financial accounting can be a great first move to learn the foundations of the finance function, and can mean pivoting easily into any of the other roles later.
Approximately 10 percent of people will make a first move into a financial analyst position.
Financial analysis is the forward-looking side of accounting, which will include activities such as budgeting, forecasting and variance analysis, usually with the goal of becoming a finance business partner.
The final 15 percent is split between internal audit (around 7.5 percent) and other areas such as tax accounting, corporate finance, and system and project accounting.
Internal audit can be a great way to pivot audit experience into industry but is very different to external audit.
Internal audit roles vary from company to company. They can be operational or finance-focused and, in many cases, used as a stepping stone to a more commercial role in the company.
Step 3: Staying in or moving from practice
The practice pillar is also still an option and worth considering.
Staying in practice or within audit are good options if you are enjoying it or want to develop your skill set further.
A lot of people who have been trained in audit don’t consider other options within practice. Some of these may be worth considering, particularly if you are trying to pivot your career and skillset in a different way.
Other departments include corporate finance, advisory or consulting, management consulting or financial accounting advisory services, data analytics, or environment, social or governance, to name a few.
You should think of the career path you want to follow from the department you are considering and ensure it aligns with your long-term goals and will be of benefit to you spending time there.
At the end of the day, it is all trial and error, and some moves will require stepping stones, so don’t worry if your next role isn’t your forever role.
Focus on taking steps in the right direction and getting as much learning and development as possible.
Bernie Duffy ACA is a Senior Associate with Barden’s Accounting, Finance and Tax Talent Advisory & Recruitment Practice, and she supports Recently Qualified Accountants. Contact Bernie at bernie.duffy@barden.ie or via LinkedIn
LOADING...