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  • Become a Chartered Accountant podcast series

Michael Mc Dermott ACA, Barclays Bank

Gen BODY - Lucy Maher-min

Does the Chartered Accountancy qualification offer security as a career?

The Chartered Accountancy really does offer security as a career. There are so many different applicable uses for the qualification. It opens up a huge variety of industries as well as locations to choose from once you are qualified. There will always be a demand for Chartered Accountants.

Have you discovered flexibility in your career options as a Chartered Accountant? Do you feel you could move industry or country easily?

While I have remained at Barclays Bank Ireland since prior to commencing the qualification, I have seen first-hand how the prestige of the qualification is viewed in the Irish market. I am very lucky in that I am happy in my current role but I am confident that the qualification would allow me to easily move industry or country in the future.

How have your strategic skills as a Chartered Accountant been of benefit to you and your company, during recent times?

Since the outset of COVID-19, many companies have faced challenges as a result of not being able to operate as normal. I work for a large corporate bank and as such the qualification has been invaluable in order to understand the pressure points that my clients have experienced over the last year or so.

I work in a client-facing role and as such have direct contact with Chartered Accountants working for clients that I manage from a banking perspective. The qualification not only allows you to develop an instant rapport, by virtue of being part of the same network, but it enables me to understand their points of view too.

Can you share your thoughts on how flexibility to study from work or home could prove a real advantage?  

I completed my Final Admitting Exams (FAEs) in August 2019, which were likely one of the last set of exams not to have been impacted. However, I can see how the ability to work and study could play to students’ advantage.

The time saved during the commute could be used to study before and after work, for example, without having much of an impact on your overall work/study time. It’s amazing how even small time slots add up and hopefully it will be to the benefit of the future students.

Tell us about your academic background?

I completed my Leaving Certificate in 2012 and following that I went to the UCD Lochlann Quinn School of Business to complete a Bachelor of Commerce (BComm) degree. This is a fairly tried and tested route for Chartered Accountants but completing the qualification was not part of a grand-master plan at that early stage.

I applied for the internship programme as part of my third year in UCD and was thrilled to have been accepted to Barclays Bank Ireland. The internship experience was a great experience and it was unique to get a long placement at such an early stage of my career, particularly in a major, global financial institution. I then completed my fourth and final year in UCD in 2016.

Why accountancy?

Accountancy was not always the plan but the reason has remained the same – options! I am someone who really enjoys variety and the breadth of knowledge that you complete as part of the qualification really appealed to me.

There is not only one type of accountant, which can be a common misconception. If you like problem solving, giving advice and are commercially aware, it could be an ideal path for you too.

Why Chartered Accountants Ireland?

When I was thinking about completing a professional qualification and researching it, Chartered Accountants Ireland always appeared to be the gold standard. The Institute and the qualification is so well regarded not only in Ireland but also around the world.

The strength of the alumni and the positions they now hold provide evidence that you should look no further than Chartered Accountants Ireland.

Can you explain the Flexible Route to someone who doesn't know what it is?

The Flexible Route allows you to complete the qualification while outside of a normal Training Contract. This means that you can have greater choice in terms of industry and timeframe for completing the qualification. This really appealed to me!

What are the advantages to working and studying?

The advantages are many to working and studying at the same time. The main benefit for me is that you can continue to progress your career alongside your professional development. There is no need to pause one in lieu of the other.

I wanted to be in a position to advance in my role while gaining a qualification that would benefit me long into the future and completing the Chartered Accountancy qualification with Barclays allowed me to do that.

Where have you worked and what kind of roles have you been in?

I have worked in Barclays since college and that is coming up to five years now. I have always been in the same type of role being client facing on the corporate banking sales team. However, I would stress that I have moved around internally and was successful enough to achieve a promotion while completing the qualification. This was really important that my career was not on hold while studying and Barclays are a very supportive employer in this regard.

Describe a typical day for you?

A typical day is hard to describe, given that there are many facets to my role. However, it usually includes several calls and video calls with clients and colleagues alike.

I really enjoy the people and problem-solving element to my day-to-day work life, which provides me with high levels of job satisfaction.

There are inevitably some high-pressured days in banking but I enjoy the fast-paced nature of the banking world! 

How was combining work and study?

I will not lie to anyone and say it was a walk in the park. The important thing to remember is that many people are doing the qualification, and other qualifications, at the same time and many more have completed it in the past.

It would be very easy to gloss over the times when work was very busy and sacrifices had to be made to study. However, those were thankfully rare for me. The positive result of completing the qualification far outweigh any trying moments along the way.

Can you see how someone who is not an accountant might benefit from this qualification?

I can speak from first-hand experience as to how someone can benefit from the qualification. I do not complete sets of accounts or have anything to do with debits and credits in my day job. The qualification gives you a fantastic, broad understanding of how a business works.

This is how I have benefitted from the qualification. I now have the qualification behind me and have a real sense of how businesses operate and what are the main drivers of their success.

Would you recommend the Flexible Route to others? Why?

I would wholeheartedly recommend the Flexible Route due to a number of reasons that I have mentioned. The main one being that you can continue to progress and further your career while completing a professional qualification.

The ability to study and work at the same time allows you to augment many skills including organisation and time keeping but it also importantly shows employers that you can effectively manage a number of tasks at once. 

What advice would you give someone who is considering the Flexible Route?

I would say go for it - you will not regret it.

What are your future goals?

The ability to make an impact is really important to me. My role at Barclays allows me to do this and I am lucky enough to be paid to do something I enjoy! I hope this will continue for many more years to come.

Do you think Chartered Accountants have a role to play in making businesses more sustainable? 

There is an increasing level of focus on sustainability and broader Environmental, Social and Governance (ESG) matters. I believe that Chartered Accountants will be tasked with considering the positive impacts that their clients are having and as such, clients will be judged on this basis to a greater extent than they are today.

There will likely be a clear set of metrics that allow accountants to evaluate their clients, which will in turn hopefully make the world a more sustainable place.

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