"Your career as an ACA". - Making your 1st Move out of practice into the Tech/Fintech World.

There are always commonalities within people’s motivations and the choices they make and the move you see the most is the choice to leave practice and venture into the world of industry.?This move will of course allow any budding accountant, access to the more commercially significant workings of the many businesses they have been auditing during their career in practice.

In this series of articles, I will try to lay out from my own experience, what you will learn when you engage in a particular path and where that path may lead long term.

We will also explore some of the things that fill candidates with anxieties and try to give reassurance and clarity to them.

Contents of this Article:

1. When is the best time to leave practice?
2. Senior Manager Intro.
3. Financial and Group Accounting Manager
4. Financial Controller
5. Group Financial Controller
6. Questions and Anxieties common during someone’s search.
7. CV writing Tips.
8. Conclusion.

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When is the best time to leave practice?

There are generally 3 key times when Audit trained Aca’s may choose to leave practice, Newly qualified, Manager Level or Senior Manager. During this series we will explore all 3.?This month we’ll focus on:

Senior Audit Managers

The benefits of leaving practice at Senior Manager level are primarily that you have:

• Acquired significant management experience within a reputable and well-known institution.?
• You will most likely have multiple specialisations across technical accounting, IPO support, Deals, or Fp&A and a thematic specialisation of industry which can be used to leverage into that same industry outside of practice.?
• A stamp of credibility and performance that you managed to be promoted multiple times within a competitive org.

As a Senior manager it’s prudent to leverage your specialism into that relevant industry space to gain most value, but it’s not essential when making your choice.?The number of roles that are available to Senior Managers when they come into the market are far fewer and less frequent in their availability and you will sometimes be competing against some of your peers who’ve been in industry for 5-10 years by now.

The most common roles you see in the market for managers are financial reporting focussed at their core, but they can have a healthy amount of budgeting, forecasting and partnering in them as well.

Roles such as:

• Senior Reporting Manager
• Financial Controller
• Group Financial Contoller
• Senior Group Reporting Manager
• Technical Accounting Manager

Fp&A Manager or Director are almost impossible as you're competing against peers who have spent their careers in it already.

But which role to choose?

Financial and Group Accounting Manager

Moving into a Financial or Group accounting role is a very strong option for any Senior Manager who likes the idea of leveraging their technical skill in a larger, predominamntly listed environment.?The further technical skills you will develop are highly valued within Industry and are essential to the smooth running of any function.?Later in your career these skills will help you move into a specialised technical leader. These roles are highly prized in Listed Orgs.

The more “commercial”, operational business partnering and Fp&A Elements to your career won't necessarily be developed here in the same way as in other positions. You would generally go into this pathway as you're comfortable with being a highly renumerated specialist in your chosen field.

• You’ll improve core technical skills, Audit, Stats, Month end. Highly desirable in finance.
• Process and controls improvement are some of the achievements you can acquire. Highly prized in industry.
• Business partnering and Fp&A are possible but not essential parts of the day to day.

Possible Career directions as a result of this role:

• Financial controller is most the common. This role would encompass reviewing all work across the function, more operational involvement and some solid Fp&A involvement, with obvious team management.
• Progression into a specialised tehcnical leadership role, either IPO prep focussed or with a Global Remit.

Financial Controller

Moving into a Financial Controller role can be possible for a Senior Audit Manager.?Post Series B businesses up to Listed accommodate these roles. If you like the idea of developing your budgeting, forecasting and operational partnering early in your move to industry then this could be an interesting route.?The roles tend to have a good broad mix of responsibility that put you in a pathway to Finance director.

• You will gain Month end, budgeting, forecasting and operational partnering.
• You may also improve Audit and stats experience.
• Process improvement and controls achievements will be something to acquire in this role.
• Fp&A experience will be part of this role indirectly.
• You can learn to support operational teams.

Possible Career directions as a result of this role:

• Senior Financial controller is most the common. This role would encompass reviewing all work across the function, more operational involvement and some solid Fp&A involvement, with obvious team management.
• Finance Director can be an option if your commercial invovlement and ability to perform is continued as a high level. Many candidates do a couple of FC roles before they hit this mark though as commercial understanding takes time.

Group Financial Controller

Moving into a Group Controller role can be a very sensible and positive move. You gain a good understanding of a global business. You can be invovled in M&A transactions. You can also leverage your analysis on the consolidated global numbers and be part of global decisions.

• You’ll Gain a Full Understanding of the global business.
• You’ll Improve Your Analytic Abilities
• You’ll learn how to be a Business Partner.
• You'll manage a small team people.
• You'll be involved in external transactions.

Possible Career directions as a result of this role:

• Group FD - A straightforward move up the ranks is possible.
• Finanical Controller or Finance Manager - (Divisional) - This pathway is chosen by candidates who want to be part of the operational side of the business, usually as they want to move into smaller scale ups long term.

Questions Commonly asked and Anxieties usually shared:

• Is this the most important move of your career?

All moves in your career are important in some way, but you will not be “type cast” or “Pidgeon holed” if you make a move early in your career that you later regret into industry.?Candidates transition in an out of different parts of the function all the time.?It’s much easier to transition early in your career.?If you decide you’re in the wrong part of the function after 5-10 years, then that’s a different story!

• Can you only reach FD/CFO from a certain pathway?

You can become an FD or a CFO from any pathway, however some are faster and more mainstream than others.?As your career develops, you’ll also understand more about what an FD or a CFO actually does, reassuring yourself of how you can get there too.

• How long should I stay in my role before I progress?

When you’re early on in your career you are usually very keen to progress quickly and gain access to what you perceive to be more important, or more commercial leadership positions.?I would always council ACA’s to complete 18 Months to 3 years in all their early roles, as understanding and being competent when delivering the basics are very important for later in your career.

Also, on a side note – The concept of being “Jumpy” is something that isn’t communicated to the candidate directly, but it’s something that’s commented on intensely by the top companies when looking at candidate’s CV’s.?The candidate may perceive themselves to be an ambitious and progressive fast riser, but the best companies in London cannot see that through a CV, all they see Is someone who leaves early, doesn’t want to be part of any company’s mission or journey and seems to be signing up to companies purely for their own ends.

If your CV starts to reflect this, then it will affect your career in ways you won’t be able to overtly perceive, you simply won’t be approached by the best companies as much and you will lose access to the best jobs.

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Writing your CV

I see many Senior Managers CV’s and many can look the same. They will all have an excellent academic background and a Practice that is well known. So, it is important to provide detail on the key financial challenges you faced with each client and where possible, highlight the value that you added rather than just saying I audited X or Y.?

Be willing to let your personality come across on your C.V. and mention the extracurricular activities you participate in.

There is no need in Finance to produce a CV that is hugely focussed on clever formatting, colourful graphics or any such art related paraphernalia.?This is a technical career, so your CV should reflect that.?Simple formatting, simple presentation, but laden with interesting detail as to what you delivered and why you’re an interesting prospect to an employer.

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I hope this was of some small use.

Remember these thoughts are my own based off my 7 years recruiting in Qualified finance.

If you want career advice or help with your search, drop me your CV.

[email protected]

Or message me on Linkedin -?Simon Bennett .