Transitioning to industry post CA qualification
Transitioning to industry post CA qualification
Are you considering a move into industry post CA qualification? Harry Young, Rutherford Cross Consultant, shares his best tips on making the move from practice.
Congratulations! You have worked extremely hard and completed a challenging ICAS qualification alongside working long hours and developing your accountancy skillset. For many people, focus will now turn to the future; what is next and what can you do with your CA qualification?
Over the past four years I have helped more than 100 people transition from practice into the commercial industry. I often find myself giving similar advice to my candidates, so I thought it would be beneficial to pull together an overview of my top tips which can be used as a resource for anyone weighing up their options and considering a move into industry.
It should be noted that there are a variety of directions you can go with a CA qualification; you can move into different service lines within practice such as Transaction Services or Corporate Finance, transition into the investment world, or even take the leap into public sector. This article may provide some insight for these individuals; however, it focuses more heavily on making a move into traditional, commercial industry roles.
First things first – where to start?
Looking for your first industry role can be overwhelming. During your training contract, you will likely have received a large volume of InMails and connection requests from recruiters on LinkedIn, making it hard to separate the wheat from the chaff: Distinguishing between the genuinely good opportunities and those which are perhaps best avoided. Job titles can also be misleading as it is common for the same role to have a different title in different businesses, and the best opportunities may be overlooked.
Some people may have a clear idea of what they want their first step into industry to look like, while others may still be seeking inspiration. For those who are unsure, my advice is to speak to your network in the first instance. If you have any family members, friends or peers who have worked in industry, get in touch with them to find out what they like/do not like about the sector. I would also advise you to research different job specifications and businesses online: Start building a picture in your head of the duties and responsibilities you think will interest you and those that won’t. Sometimes knowing what you don’t want to do can be just as important as knowing what you want to do.
Following this research phase, it is helpful to seek out recruiters who operate within your space. My advice for finding suitable Consultants is to visit job boards and LinkedIn to identify the people who are recruiting the roles that interest you; then reach out to them - they will all want to help. It is also worthwhile utilising your network. If you have friends or peers who have used Consultants for their own transitions, take a referral from them, particularly if you have heard good things and feel they are trustworthy.
Some of the best advice I received when buying property was to go out and view as many properties as possible, build up a picture of what is on the market, and let that guide you. This can (and should) be applied to job searching as well. There are some jobs and businesses that may seem totally uninteresting to you, but if you are not completely sure, it is often worth having the conversation and learning about the organisation and the role from the hiring manager. Not only will this give you a greater understanding of what different roles look like in different businesses, but it helps you refine what you are really looking for.
Types of roles
For ease, I split industry roles into two very broad categories. Of course, it is a lot more nuanced than this, but I find this to be a helpful starting point.
Backward-looking: These roles include group reporting, financial accounting, financial reporting, etc., and are often an easier transition into industry from audit. I define these as ‘backward-looking’ as you are typically preparing statutory accounts and related duties. For these roles, businesses are looking for individuals with robust technical strength, hence why a first mover from audit is often preferred.
Forward-looking: These roles typically span management accounting, financial analysis, finance business partnering, etc. While not exclusively ‘forward-looking’, these types of roles tend to have a more ‘commercial’ element to them. Management accounting can often be month-end/year-end focused, but these styles of roles are often responsible for budgeting, forecasting and cash flows, which we would define as more forward-looking in nature. Financial analysis/‘FP&A’ and business partnering roles tend to be the most popular in the market for accountants who are a bit more extroverted and like influencing business decision making. Business partnering has become a bit of a buzzword in finance in recent years, but it essentially means being the link between finance and non-finance. A commercial business partner would have stakeholders within sales/marketing and be expected to influence decision making within that department, while an operational business partner would likely work with supply chain/production-focused, non-finance stakeholders.
Beyond backward and forward-looking finance roles, we also have specialist roles such as internal audit, tax and treasury, the role contents of which are more self-explanatory.
It is worth noting that the bigger the business, the more likely your role is going to be more specialised, with less breadth in duties and responsibilities. A good rule of thumb is that the larger the organisation, the more ‘siloed’ a role is. There are of course exceptions, but typically, if you have qualified in a Big 4/larger mid-tier firm, you are more likely to move into a larger corporate as you will have gained large and complex audit experience and will have an understanding of comparable businesses (which makes you more suitable). Conversely, if you have qualified in a smaller firm and your experience is in accounts preparation rather than audit, you are likely more suited to an SME role, as this is where you will have gained the majority of your experience. This isn’t to say that if you have worked in a smaller firm you can’t work for a large corporate, or vice versa, but the initial transitions into these new opportunities are more well-trodden paths.
How to choose?
One of my favourite quotes is from British podcaster, Chris Williamson, who hypothesises, “you can have anything, but you can’t have everything”. There are various things you can focus on when looking for your first industry role: Salary, sector, role content, location, flexibility, progression and the hiring manager. You can likely secure a good cross section of these, but it is important to know the things that are most important to you and let these inform your decisions if you are planning to make a move. It is unlikely that any recruiter or role will tick every single box, but by identifying your ‘pull’ factors and knowing what is important to you, you can work out what you are prepared to compromise on and therefore make the best choice.
Some people have particular sectors that interest them, while others want to work for a hiring manager who has a track record of staff development. Some people prioritise their financial stability, while others are more focused on flexible working to suit their lifestyles. It could be anything, but knowing what is most important to you will positively impact your search.
Final thoughts
Hopefully the guidance above provides some good insights to help you start your search for your first role in industry. Understanding what you can do with your qualification, what your main drivers are, and what types of roles are out there, is half the battle. I would suggest the other half is finding out who you want to work for. We all spend a large proportion of our lives at work, so finding a culture, manager and team that are a good fit for you is arguably the most important.
This blog is one of a series of articles from our commercial partners. The views expressed are those of the author and not necessarily those of ICAS.
At Rutherford Cross we have a demonstrable track record of helping people transition from practice into industry across Scotland. We are always happy to have informal discussions with people and provide career advice. Please contact the team at enquiries@rutherfordcross.com if we can be of assistance.
