Once you qualify as a Chartered Accountant, a key decision is whether to pursue a career in an industry finance role or remain in practice. Both options offer distinct advantages and career trajectories and understanding the differences can help you make an informed choice that aligns with your professional goals.
It probably feels like yesterday when you took the leap and decided to pursue your ICAS training contract. It might have felt daunting, yet exciting as you embarked on your journey towards becoming a CA, combining work, learning on the job and academic studies. That sense of relief, when you realise that all your hard work has officially paid off, then leaves you with a dilemma. Where next?
In this article, Craig and Oliver will discuss which career pathway might suit you best, highlighting the advantages within each, the things you should consider and solving the great debate: Industry or practice after qualification?
What are the advantages to continuing your career in practice?
Working in practice provides newly qualified CAs with the opportunity to collaborate with clients across diverse industries. This exposure helps develop technical skills while offering insight into a range of sectors and business models, whether in audit, tax or advisory roles.
There are great career progression opportunities within accountancy firms, with clear pathways. You will also be surrounded by other accountancy professionals, giving you a wider support network to learn from. This, paired with the high investment in learning and development, can position you well to progress.
Working in an accountancy firm can also give you a chance to specialise in specific areas, like business restructuring, CF and Tax Advisory. Given the clear career progression within practice, this can also translate into potential earnings. Typically, jobs within practice are also very stable and secure.
An important aspect to consider is “when” it’s the right time to leave if you decide industry is for you. Staying for a year or two post qualification allows you to really focus on your role without the distraction of studies. However, if industry is where you see yourself in the future, try to avoid progressing too far in practice where you run the risk of pricing yourself out of industry roles, relative to your experience.
Advantages to continuing your career in industry
There is a common phrase that you hear in the world of recruitment. ‘‘I’m looking for my first move into Industry’’. Often hiring managers look for this profile when searching for talent within their teams, so the reality is, you are a highly sought after candidate at this critical time in your career.
There is no doubt that accountancy firms offer outstanding training and a platform to start an illustrious career at a young age. Three to four years of hard work, case studies, exams and trying to do the job that you are still learning. What happens next is both critical for you and for your firm. Incredibly talented people are being lured into industry, leaving behind a firm that helped them achieve their CA status. The key question is, why is this happening so much now and what does a career in Industry bring?
Moving from practice to industry gives you the opportunity to showcase and develop your skills in a very different environment with a particular focus on an individual business or group finance within a specific industry sector. You will be an integral part of the business, acting as a key business partner or budget holder within that business, reporting to key stakeholders and board members with the ability and autonomy to make a real difference. You can choose an industry that you have enjoyed working in before or that you have a passion for, and this makes a real difference when it comes to climbing the career ladder.
In industry you are likely to have more varied career progression opportunities and can build a broader skill set by making sideways as well as upward moves. You will be exposed to the more commercial and strategic side of the business by interacting with a broader range of stakeholders. There are also a vast array of new areas to become involved in such as data analytics, AI and the use of more sophisticated reporting tools such as Power BI.
Common trends we are seeing with ‘first time movers’ is their interest in specific sectors such as FMCG, renewable energy, technology, investments and sustainability. These are topical and high performing industries which can attract talent through their brands and simply with how interesting their line of work is.
Accountants in industry typically have better work-life balance than accountants in practice, this is another common reason for those seeking a move into industry. However, there is always the increased workload at month, quarter and year end!
In summary
There is no right or wrong answer to this ever-evolving dilemma. The decision to swap Practice for Industry, or indeed, vice-versa is a personal one. The best choice you can make will be guided by your individual skillset, personal interests and career ambition. When thinking about making a move, you should consider the ‘why’. Think about what may be lacking in your current business, as it may not be just the job. Weigh up the pros and cons of all opportunities presented to you and speaking to peers, colleagues, mentors and a dedicated careers advisor can really help shape and inform your decision-making process.
Get in touch with Oliver, Head of Practice Resourcing, and Craig, Resourcing Manager – Qualified Finance, for help and guidance choosing the right pathway for you.
