Are you really ready to jump ship …?

As a fully qualified ACA/ACCA Accountant working within a Practice environment, you may feel one of two ways; “The world is my oyster!” or “What on earth do I do now?”

“Should I know move to industry to enhance my career?” This is a question that I am asked by many qualified accountants over the years and something I have given much thought.

It may be a part master plan or simply an unexpected window has opened for you but making the move from practice to industry represents a significant change for all chartered accountants.

Why are you looking to leave Practice?

In a research study carried out in August 2016 by the Audit Association; One of the main reasons certified accountants leave Practice is on a quest to seek better work-life balance. It is common that during the first 1-5 years of training this isn’t so much of a complaint, however, once people progress with their own personal lives IE starting a family, priorities change drastically.

Is a successful career in practice compatible with a growing family?

Well, the answer is YES! You just need to know what company best suits you.

As a qualified accountant, before making the decision to move into industry you might want to consider whether practice really is the problem here or whether it’s your current firm that’s putting you off staying.

When presented with an opportunity to work in-house, it may seem very appealing at first due to an increase in annual salary, improved benefits package and reduced/fixed working hours, while this may be a quick fix short term, you must consider your long-term goal.

In practice, you may have the potential to work your way to Partner and be rewarded with an attractive 6 figure salary £££. You get to be the first to understand the evolving market that is accounting and be involved in the most interesting projects across an entire range of industries. The opportunity to expand your knowledge is endless.

The Top Accounting firms are a different place than what they were 10 years ago, many have tackled this issue of work-life balance and offer flexible working. So, if you are on a quest to have a more desirable work-life balance, don’t jump ship just yet.

Maybe it’s time to speak to me and see what other options there are for you within practice? After all, not all practices are operating in the same way!

Why would you choose industry?

If you are a Top 20 professional, no doubt you are getting inundated with messages about roles in industry, as clients/recruiters are always on the lookout for qualified accountants from the Top 20 Accounting Firms.

I have spoken with candidates who have made the move from practice to industry and here are some of the top reasons why they moved:

Your work-life balance will improve.
There are lots of opportunities in industry in a range of sectors.
Everyone is trying to speak with you so you are constantly hearing about new jobs in the market.
You won’t have to manage many clients so you will be able to spend more time devoted to one client.
I would in part agree with these points but only on a short-term measure. One thing I would strongly consider when making a move to industry is the sector you want to be in and the company itself. Make sure you choose something you are passionate about or that fits in with your own personal values and motivators.

For those who took the leap too prematurely, they have said that after a year has passed, the role can become monotonous and a chance for promotion is a very distant goal. Let’s face it, you are used to juggling many spinning plates all at once!

So in summary, Practice or Industry…a dilemma you will all face, but all I advise is do your research and really understand the reasons you are wanting to make a change. It may well be that you just need to find a company that suits you, not you suit them!

If you are still undecided and would like more information on the practice vs industry debate, feel free to contact me on 07909228785 or Nicolalane@knownfour.com, we can discuss your motivators and together find the role to suit you.