Newly Qualified ACA - What Next?

By Adam Parsons

Adam Parsons is the Head of Alexander Lloyd’s Professional Practice division, specialising in recruitment of senior accountancy and finance professionals, from Trainee, to Partner and Director level, within the Public Practice sector across Sussex, Surrey, Kent and London..

Adam Parsons, head of Alexander Lloyd's Professional Practice division considers the decisions facing those who receive their ACA results tomorrow....

The ACA results are published tomorrow, and for those of you who will be achieving fully qualified status, this is a unique point in your career. Decisions made now will have far ranging impacts on the road that is ultimately travelled.

Career Advice
Around this time of year I have a number of newly qualified (or soon to be) accountants asking for career advice. This has led me to sit down and put pen to paper (or fingers to keyboard rather) and relay the advice that my colleagues and I are dispensing on a daily basis.

The most obvious choice presented to you as a newly qualified accountant is to remain in practice or venture into the world of industry.  This is a really fundamental career choice - once the move is made it is very rare, and quite difficult, to make the transition back to practice.  I highly recommend that you think strategically about the long-term career path you want to follow, in order to achieve your goals at each stage.

Working in Practice
Staying in practice for some is the obvious choice.  Many will be fortunate enough to secure a new contract with their current employer and be excitedly contemplating their next step to Managerial level. However, what about those of you who are not able to secure a new contract, or those of you who simply want a new challenge within the practice environment? 

I would recommend the first step is to consider whether you want to specialise at this point in time, or would rather have a wider remit.  Secondly, take a look at the competition and decide whether you are looking for the challenge of moving to a higher-ranking practice, or would rather a smaller more intimate environment.  Whilst a challenging option, moving up will provide you with greater scope for progression and the possibility of working in new disciplines and specialising further along your career path. 

Competition for the top tier can be fierce, and I do recommend that you consider the location in which you are willing to work.  Don’t automatically discount those regions outside of London. Offices in these areas are often looking for new recruits, whereas those in London are usually inundated with applicants.  You will increase your options quite considerably by doing so, and whilst the financial package is not necessarily as high, you get a foot through the door providing greater opportunities in the future.

Working in Industry
For many though, the lure of industry calls.  Providing first hand commercial experience, Accountancy within industry is a very different ball game. The key piece of advice that I give to job seekers wanting to enter this domain is to be realistic in regards to your immediate expectations.  It is not always going to be possible to walk straight into a commercially driven strategic role - many companies will require you to have more experience within industry first.  It would pay to employ a strategic approach and consider where you want to get to in the next few years and plan the best route to get there. 

Whilst being pragmatic about your immediate options, it also pays to be realistic about your financial expectations.  Once qualified, a move into industry will not always result in a significant pay increase in the short term.  The remuneration packages in practice are on average slightly higher than their industry equivalent within the South East.  However you will have opportunities to be closely involved with the performance and direction of the company where you can see the results and impact that you, as an Accounting professional, are able to bring about.

Review your CV
Once you have considered in which direction you want to drive your career, the very next thing I recommend is to review your CV.  It is really worth taking the time to get some advice and prepare a CV that fully showcases your skills and experience.   A reputable agency, that has good relationships with a wide range of companies, will be able to assist you with this and also have opportunities worth discussing.

Moving into industry or staying in practice wholly depends upon the individual, and there is demand for job seekers in both.  If you were to take one thing away with you, I would say it is to apply a strategic approach to which career path best suits you in the long term, and good luck.

 

 

Selling your interpersonal skills in a competitive market

The Director of Recruitment at PwC has gone on record to say that it is no longer enough for accountancy professionals to simply have well-developed technical skills; they must also possess excellent interpersonal skills and the ability to build relationships.

Employers looking to recruit now consider a candidate’s technical ability as ‘a given’. So how do you sell your value and make yourself stand out from the crowd as the candidate of choice against fierce competition? This is a common question asked of us from those who are searching for new opportunities, either with a move from practice into industry, or to further their career within a commercial environment.

Within the industry, the key competencies that employers are looking for is a good solid academic grounding, in addition to the industry standard qualifications of ACA, ACCA or CIMA. Almost all applicants will have this type of background, making it evident why these additional qualities are so important – they are what recruiters want to see from the best candidates.

The ability to confidently communicate with others at different levels within the organisational hierarchy is key. Just as important (if not more so) is the ability to communicate technical information in a manner in which others without an accountancy background can understand and assess, in order to make strategic commercial decisions.

Much easier to demonstrate through the interview process than on paper, interviewers will commonly attempt to assess your interpersonal skills by posing probing questions about your experiences that reflect the manner in which you deal with divergence, and interact within a team environment. While interpersonal skills are much more efficiently demonstrated during the interview process, it is possible to reflect these abilities on your CV in order to make your listed technical skills and experience stand out. Highlighting your reporting abilities and any management experience acquired through the implementation of your duties will show evidence of your communication and teamwork experience.

The focus on the importance of these additional skills is not to belittle how crucial technical expertise and the extensive associated skill set is. Rather, it is to highlight employers’ awareness of the need for well-rounded individuals with commercial acumen in positions of responsibility, and that in clearly demonstrating such during the application process, you will present yourself in the most attractive light and therefore maximise your chances of achieving your goal – the job.



Adam Parsons is the Head of Alexander Lloyd’s Professional Practice division, specialising in recruitment of senior accountancy and finance professionals within the Public Practice sector across Sussex, Surrey, Kent and London.

 

Moving into Practice in the New Year

Along with the post-summer holiday blues, the Christmas and New Year break is a prime time for employees to really reflect and take stock of their past year, their motivations and achievements, and what their career goals are for the coming year. For many, the time off is an ideal time to browse job sites, do a little networking and consider moving on.

For people in practice looking for change, a move into a new industry could be the ideal break for them. Alternatively they could be looking to move into a practice that offers a new portfolio of clients, allowing them to develop their knowledge base and skill set.

Moving into industry is easier now than it has been for months, with some companies even specifically advertising for first-time movers from practice. However, the level at which people pitch themselves is often the problem. According to the Financial Reporting Council, only 31% of ICAEW members still work within public practice, whilst 75% of ICAEW students are employed in practice. Clearly moving is common, but it can often be difficult to judge the types of role, and how to know what to apply for.

There are a high percentage of Audit Seniors or Audit Managers who we speak to here at Alexander Lloyd who have aspirations of becoming a Financial Controller. However, even though with practice experience you are likely to have a good depth of experience and a technical skillset, you will not necessarily have the overall controls and commercial management experience needed to move straight into this role.

The best way of moving into such a position is to firstly move into a financial accounting or internal audit role with a company of reasonable size. This will give you commercial exposure to the company, as well as facilitating an internal move once your industry knowledge has increased. There may of course be the initial back or side step in terms of salary, but the long-term gain will be greater as you will be more confident in your role, and better able to progress in the career you really want to pursue.

For those looking for a change that will allow them to grow and learn new skills, then a move into a different practice will often solve this. Many mid-tier practices have excellent staff growth programmes and can offer a fast-track route into management to the right people. If you are currently working in a practice where you would leave with a fee following, there are also opportunities for partner designate roles within many local firms.

Overall, the market is beginning to move, and employers are realising the importance of recruiting and retaining the best people. Now is an excellent time to consider moving into a company that will offer you the future you deserve.



Adam Parsons is the Head of Professional Practice at Alexander Lloyd.