Advice For Newly Qualified Accountants
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The market for newly qualified accountants continues to thrive, offering a wide range of opportunities beyond traditional practice. Making the right choice for your first job outside of practice is crucial, as it can shape your career trajectory for the next few years. In this updated guide, we will explore key factors to consider and provide relevant insights for today's job market.
Determine Your Preferred Job Role:
As a newly qualified ACA accountant, your experience is highly sought after by various employers. Instead of settling for any role that isn't external audit, take the time to identify the type of job you genuinely aspire to pursue. Consider roles in financial accounting, financial reporting, financial analysis, internal audit, and more. Choose a position that aligns with your interests and offers long-term job satisfaction.
Explore Industry Preferences:
With several years of audit experience, you have acquired first-hand knowledge of companies across different industries. Reflect on the organizations you audited and identify those you would personally like to work for. Dublin, in particular, offers numerous opportunities in sectors such as banking, insurance, funds, multinationals, and even Irish-owned SMEs and start-ups. While transitioning to a similar industry may be easier, some employers recognize the transferability of your skills and may provide opportunities to change sectors. Consult with your recruiter to learn which companies can offer this flexibility.
Practice or Transition?
While many accountants in audit eagerly leave practice after their training contract, staying in practice can also be a viable option. Advancement to managerial roles, leading larger teams, and engaging with senior stakeholders in different companies can benefit some individuals in the long run. However, if staying in your current role offers no new challenges or growth opportunities, it may be advisable to explore other options.
Consider shifting to a different accountancy practice after completing your training contract. Big 4 and top-tier audit firms often seek talented auditor seniors. Changing practices can expose you to new clients and sectors, particularly if you trained in a Top 20 practice. Gaining experience in a Big 4 firm can be advantageous if your ultimate goal is to secure a role in a multinational or financial services organization.
What is most important to you in a new job?
All candidates will have different motives for leaving practice. Every candidate has unique motivations for leaving practice. Some seek organizations that offer continuous progression and development over the next 5-10 years, while others prioritize roles that provide variety and mental challenges. After working long hours for several years, some individuals simply desire a job with regular work hours. Whatever your priorities, there are diverse options available to suit your needs.
When working with a recruiter, be transparent about your preferences, which will help them identify the most suitable companies and roles for your skill set.Additionally, reach out to former colleagues who have transitioned to industry roles to gain first hand insights into life outside of practice.
Update your CV:
Until you interview your CV is the only document you have to describe your skills and experience. Until you secure an interview, your CV serves as the primary document to showcase your skills and experience. Despite the availability of resources like CV templates and online advice, preparing a strong CV can still be challenging for some qualified accountants. Ensure your CV accurately represents the relevant experience gained during your training contract. If you're uncertain about the layout or content, consult a recruiter who can assist you in this process. In general your CV should be clear, concise, easy to read and very informative (facts and figures). If you have trained in audit list the different clients you have audited and describe their size (turnover, number of employees etc.) and industry sector. Recruiters see hundreds of CVs from Big 4 candidates every year and most CVs look very similar – what distinguishes one from the other is the different clients that you have worked on. Your audit clients will also be the first thing employers will look at when reviewing your application along with your educational record.
In certain cases your recruiter may get you to tailor your CV for an application to a specific role – this will significantly increase your chance of securing an interview.
Engage with a recruiter:
Meeting with a recruiter in person offers more benefits than a mere phone call. In an initial meeting, you can have an open and honest conversation about your desired job and preferences. This ensures that you are only considered for roles that genuinely interest you, rather than being submitted to multiple positions solely due to your skill set. Applying to jobs of no appeal to you is a waste of the recruiter’s and the client’s time and does not reflect well on you either. By meeting with the recruiter at the beginning of your job search you will also distinguish yourself from the other hundred candidates coming out of training contracts at the same time. A good recruiter will also be able to match you to a company environment that will suit your personality as well as your skill set.
Don't wait to be approached by recruiters; take a proactive approach and contact them yourself. While being headhunted for a specific role is appealing, recruiters with the most relevant opportunities might not have the time to extensively search LinkedIn. By registering with a reputable recruitment consultant, you'll stay informed about suitable job openings. Even if you are not looking for a role immediately the best way to find out about good jobs is by having a relationship with the recruiter that will be speaking to these companies. Also, recruiters that have worked with companies for a number of years tend to be able to influence clients into meeting candidates that they have met and can personally recommend.
By applying to a job through an agency you should be able to gain a competitive advantage over applicants that apply directly. Your recruiter will be able to give you advice about the company, the work environment, the hiring manager and also be able to conduct interview preparation with you. They will also be able to keep you better informed of the timelines involved in the process and will be able to ensure the hiring manager makes a quick decision if you are interviewing with a couple of different companies.
Consider Salary Expectations:
Naturally the salary you attain in a new job is an important factor when making your decision about what company to join. As a qualified ACA accountant in Dublin's current job market, you can expect a competitive salary. Companies in different industries pay different various salaries so have a look at salary guides for an idea of what you may be eligible for. Some companies may offer lower initial salaries with a clear path for increased remuneration and benefits as you progress. Others might provide a higher starting salary but limited opportunities for career advancement over the next few years. Maintain an open-minded approach and seek advice from your recruitment consultant, colleagues, and managers.Taking a short-term view of salary expectations may not be in your long-term best interest, as slight differences in salary will have minimal impact on your monthly take-home pay.
Should I take a contract job?
Many candidates focus exclusively on permanent positions when considering career changes. While this approach is understandable in certain circumstances (e.g., mortgage applications), dismissing contract roles can limit your options. Large multinational and financial services companies in Dublin often offer contract roles initially, which often extend beyond the initial fixed term. These roles are typically permanent in all but name. Consult your recruiter for insights into which companies are more likely to offer permanent positions.
Can I go travelling after my contract ends?
On completion of a training contract or within a year of qualifying, a large percentage of accountants will go abroad to travel or to work. Depending on your personal circumstances you may be better off staying in your current practice for six months before going away whereas in the majority of cases it may be good to try and get 6-12 months industry experience before going away as this will make your CV look more marketable when you decide to return to Ireland. Of course this is dependent on individual circumstance and jobs on offer.
What if I fail my FAEs?
If you fail your exams you will still have a significant number of options available to you. The first thing you should consider is whether you plan on repeating your ACA exams the following year. If this is the case, the best option will likely be to stay working in practice as no company in industry will offer you the amount of study leave that you will get in practice. If you are unhappy in your role maybe consider joining another audit firm that will offer a new environment and new clients to work with.
A good option for a lot of candidates is to change to ACCA. This is still a prestigious qualification that will be hugely beneficial to you over the course of your career. You will be exempt from most exams and should be able to qualify within a year. The exam format is much friendlier to people in full time jobs than ACA exams are. The majority of accountants that train in industry will undertake ACCA exams rather than ACA ones. If you want to stay doing ACA maybe consider taking a contract role until next summer and then take a couple of months off to study for your FAEs once again.
You will still have lots of options available to you to move into industry. You have the same amount of work experience as those that are qualified and your skillset will still be in demand to employers. You may not command the same salary that qualified accountants can but you will still get a good package. You will also have a year’s experience in industry (rather than another twelve months in practice) and when you qualify next year you should be able to command the same salary as your work colleagues who pass the exams this year.
If you have any questions on your current position or are interested in roles that Sigmar has on offer please contact our Accountancy Recruitment team by email at accountancy@sigmar.ie or call 01-4744 600.
