Your first move to industry as a newly qualified accountant
Are you a newly qualified accountant who is considering or actively looking for a new role within industry? I have spoken with a lot of newly qualified accountants and get quite a few questions around industry roles and what to expect in comparison to a public accounting firm.
I decided to do a Q&A with three candidates whom I worked with over the course of last year about their journey from initial job search to eventually making a move into industry which will hopefully provide some insight on some questions you might have about the process as a whole.
If you have some additional questions other than those listed below please don’t hesitate to contact me at [email protected] or pop me a message on LinkedIn and I will be more than happy to help in any way I can.
Candidate backgrounds
James - Working within the FMCG sector and has been in his role for approximately 6 months. Spent 3.5 years in audit before moving into industry.
Phillip - Joined a US software PLC as a financial accountant and has been in his role for almost 9 months. Spent 4+ years in audit before moving into industry.
Saoirse - Currently working in a company which specialises in the provision of capital markets services across Europe. Saoirse has been working here for over 12 months.
*please note that the names of the candidates have been changed for GDPR purposes*
Why did you decide to make a move from practice/public accounting?
James
“I decided to leave practice for a number of reasons including a better work/life balance, I felt it was a better opportunity for me and also the pay scales in industry are generally higher than that of practice.
From speaking with friends and previous colleagues, industry appeared more varied in terms of your roles and responsibilities, which I have found to be true in my time in industry so far.”
Phillip
“I left practice as I wanted a change in a working environment having spent a number of years within audit. In addition, I wanted to get experience in the type of work performed within industry. There were also increased salaries and benefits on offer in Industry.”
Saoirse
“Public accounting was a fast paced environment so I was in search of a role with both a better work life balance and better remuneration.”
How did you find the process of searching for a role?
James
“I thought the process of searching for a role was easier than expected as the recruiter took away a lot of the hassle which is usually involved when looking for a new role. There was no back and forth with potential employers as this was all done by the recruiter.”
Saoirse
“I initially started forwarding my CV to jobs posted online via Jobs.ie and from there recruiters got in contact with me and things began to move pretty fast.”
What were the benefits of using a recruiter?
James
“I thought that using a recruiter saved me a lot of time as it allowed me to focus on my CV and interview preparation while they liaised with potential employers. Recruitment agencies have a lot of well established relationships with well regarded employers so they know the kind of candidate they are looking for.
There was a lot of great advice and approaches given around CV and interviews. They also know their clients very well and understand what they are looking for and what potential questions will be asked in the interview which allowed me to prepare better.”
?Phillip
“The recruiter assisted with the whole process from start to finish. After having an initial conversation regarding what kind of role I wanted, all of the job specs sent across to me were suited towards my preferences. I didn’t have to directly communicate with the employer in terms of applying for the role or for interviews as this was all performed by the recruiter. The recruiter also assisted with salary negotiations which made the process earlier.”?
Saoirse
“Easier process overall, they provided me with a shortlist of potential jobs for me to review and opt into putting my CV forward based on my expectations. i.e I wanted a job that offered good annual leave and WFH flexibility so they compiled a short list tailored for me to review. I believe recruiters also managed jobs that I didn’t see posted online so it opened up more opportunities for me. In addition to this they also provided guidance on the interview process and what potential questions to expect.”
?How did you prepare for your interview?
James
“I prepared for my interview by doing the following:
-?Reviewed my CV and ensured I was confidently able to talk down through it and answer any questions in relation to my experience.
-?Had a few calls with the recruiter I was working with who gave great advice on what to would be asked in the interview and the standard of the answers that they expect.
-?Researched the company in detail and also review the LinkedIn profiles of my interviewers.
-?Researched the industry in which I was applying.
-?Brushed up on some technical accounting areas.”
Phillip
“I researched the company to gain an understanding of what functions the company performed. Analysed the most recent financial statements of the company to gain an understanding of the financial performance year on year. Ensured that I was confident with speaking about anything that I had on my cv.”?
Saoirse
“By taking the advice given to me by the recruiter, I researched the company prior to the interview, prepared for competency based questions and provided examples of how I’ve previously worked under pressure managing my time etc.”
How has your first 6 months looked like in comparison to practice?
James
“I am definitely a lot more satisfied in my current role as there is a lot more work life balance and there are no consistent late nights. There is a great working environment in my current company and a lot of support is provided. I am getting great exposure to different systems including SAP and involved in weekly meetings which allows me to feel like a valued member of the team.”
?Phillip
“Steep learning curve as functions performed were different to the sort of work performed in practice. After a few months I was much more familiar with the work I was required to perform and I required less assistance from my team. Every month there are set tasks that I am required to perform as opposed to being responsible for ensuring that numerous audits are completed on time. My responsibilities have decreased as I am not required to senior numerous audit teams and just need to ensure that my tasks are completed.”
Saoirse
“Very calm in comparison. My working hours were 9-5.30 and if I felt under pressure I could voice this and be heard.”
Can you name some of the biggest differences between practice and industry that you found the most challenging?
James
“I think understanding the systems was one of the most challenging at first as I didn’t have any exposure to SAP in practice so it took a lot of getting used to.
Working independently - most of the time you are in charge of your own work and have to take responsibility early on which can be daunting at first.
Less interaction with clients/customers in the accounting function which means adapting the way you work initially.”
Phillip
“Not being familiar with new tasks initially as the type of work is very different from audit. Not many tasks to perform at the start as people need to teach you how to perform each task first. It was harder to communicate and build relationships with the team initially due to covid as only required to be in the office once a week. The functions performed by the entity are complex so it takes time to understand them.”
Saoirse
“I don’t think there were any big challenges from transitioning from industry to practice. I suppose the usual learning curve of adapting to using new systems and following new processes would be one to bear in mind, but this comes with every job transition. If I had to name one I would probably say dealing with journal entry postings on a daily basis.”
Was sufficient training and support provided to you when you first joined?
James
“There was plenty of training and support. Any function I took over, I was given a full handover including notes etc. Full handover was then staggered to allow me to get used to the process and have time to understand it better.”
Phillip
“Yes, sufficient training and support was provided from my manager and the team. There was training provided by the team before I performed each of my tasks. I was sent to training courses to further my knowledge of the tasks that I was required to complete.”
?Saoirse
“Yes, one on one training was provided from the very start. This was one thing I was quite anxious about when moving jobs as I wasn’t sure whether or not sufficient training would be provided.”
At Morgan McKinley we aim to provide you with all of the tools needed to successfully secure you your desired role. We do this by providing material which will help you create a strong CV, prepare you for any interview questions, how to effectively structure your answer and provide you with objective advice on your career and how you can best go about achieving your goals for the future.
If you would like to set up a call and begin discussing your plans for the future and what kind of roles you are interested in pursuing, please don’t hesitate to reach out to me and we can set up a call or meet for a coffee to discuss further in more detail.?