Practice to Industry

The majority of candidates I meet looking to make a move out of practice and into industry, are motivated by one/all of three main factors; they feel that they have reached a ceiling in their current company and cannot progress, they are burnt out and looking for a work/life balance or they cannot seem to bare another audit season and are looking for a more exciting role. If you are at Newly Qualified Level or Director Level within Practice, there are a few things that you need to take into consideration before making a move into Industry.

Research the Company

I advise candidates to look beyond the role and to the company. You can always endeavour to negotiate on your salary and the role itself will most likely evolve and go in different directions than envisaged, however, you can rarely change who you are working with. Getting the right fit is key! I would advise that you carry out your own due diligence and see if you know anyone (a previous colleague perhaps) who currently works in the company of interest who can give you an insight.

What’s your Motivation?

Look to see if the company is aligned with your motivational factors; career progression, work/life balance etc. Do a deep dive into the company; is it currently in growth phase, a start-up, growing upon a number of acquisitions, planning an IPO, a large company where you can develop and upskill a particular technical skill or a culture which will provide you with a work/life balance. Take note of and research the sector that the company is in to see if it is a growing one. Ask the question as to how the role came about (i.e. it is a new or replacement role?). This should be your starting point.

Avoid comparing Practice & Industry Job Titles

There is no comparison with Industry and Practice Job Titles. Avoid deciding on the level of a role based on the job title alone. What you need to consider is the scope of the role. Job titles are not like for like in Practice and Industry and it is fruitless to get fixated on title. Look beyond the title and begin to analyse the specifics of the role itself; who does it report to? How many are in the team? Is their people management involved? Is it client facing or internal? Is it purely financial or is there a commercial element to it? What is the extent of travel entailed? When was the last promotion within the team? And again, how did the role come about?

Map out your Career Plan

Most candidates are quite specific in terms of the role they’re looking for and whilst it’s good to know the exact role that you want, try not to limit yourself. Check in with your main motivating factor; progression, work/life balance etc. Ask yourself the question “where do I want to be in 3- 5 years’ time?” If you want to be Financial Controller, it is tempting to fix yourself to a Financial Accountant role however, think long-term and ensure that you are aligning yourself with a reputable company that will offer you support and training and furthermore, one that will read well on your CV. Most CEOs and CFOs start off in an Internal Audit or Financial Reporting role within industry and spend time gaining experience at various PLCs upskilling on their technical and commercial skill-sets. I have worked with many candidates in Big 4 Audit who are looking to progress to Financial Controller. At the initial suggestion of considering an Internal Audit role within Industry they decline. However, when I get them to research the current Financial Controller of a reputable PLC and they can see how they progressed within 18-24 months to this Level, they begin to see the bigger picture. Short- term pain can lead to an ultimate gain! The experience that they get not only leaves them open to the potentiality of progressing internally but if they align themselves with a reputable company, many doors open up for them.

Make a Strategic Move

So when deciding to move from Practice, I would suggest that you first consider what is motivating you to move and where you want to be in 3-5 years’ time. Do you have the energy to step into a challenging role (whether long hours or travel is entailed) for a short period of time to afford yourself with excellent experience on your CV or are you burnt out and want to work in a company with regular working hours? Challenge yourself and see how far you can push the boundaries in your industry job search. Remove your focus initially from the role to the company that best aligns with your career aspirations and be open to not only specific roles but include roles of a more challenging or technical nature that may open more doors for you down the road. Take a strategic approach to your job search when considering your next step from Practice into Industry.

If you would like some further guidance on the Industry market or current opportunities, contact Rosie O’Donohoe, Manager, Accountancy & Finance at Mason Alexander for a confidential and exploratory conversation on 01-6854414 or at r.odonohoe@masonalexandersports.ie

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