Often the first reaction on successfully completing the ACA or ACCA qualification is to consider a move out of practice into commerce and industry. A commonly held misconception amongst newly qualified accountants is that there is nowhere else to go within the profession. There are some amazing opportunities to be had in the audit field but if that really isn’t the way you see your career progressing, make sure you don’t miss out on the other opportunities that practice can offer.

There are a number of reasons for thinking twice before looking for career progression outside the profession. Even if you are determined to move away from a practice environment – it is often better in the long run to get at least 18 months post-qualification experience; this will help to develop an even better all-round view of a number of different industries. Also when you do eventually look for a move you will have a much better chance than those people who decided to jump ship immediately upon qualification. Whilst you will probably already have worked on many clients’ files, the challenges you will face in more of a supervisory capacity will be invaluable for future roles.

Public Practice also offers many more career paths and personal development opportunities than a pure audit role. For those that are interested there may be opportunities within a number of other specialist areas such as Corporate Finance, Business Recovery, Forensics, and Taxation, all of which will allow you to expand your knowledge base and improve your CV.

AREAS WITHIN PRACTICE

Corporate Finance

In today’s fast-moving markets, corporate finance professionals are key figures in advising and assisting businesses in planning and executing strategic transactions. As a member of a corporate finance team you will work with a wide variety of clients on a number of ‘deals’ which would typically include acquisitions, alliances and financing initiatives. Whether you are interested in getting involved in developing business and ‘deal-making’, or are keen to concentrate on the transaction support side of the business there may be opportunities for you. This is a fast-paced and growing area right at the cutting edge of financial decision-making and strategic thinking.

Taxation

Specialising in taxation can offer a whole career in itself. Typically this is split between Corporate and Private Client (Personal) service lines although, in truth, there are so many specific areas of specialism which also include Indirect Tax, Transaction Tax and International Tax. Those wishing to specialise within the field of taxation are likely to continue training towards the ATII qualification (which will usually be sponsored by your employer). Taxation is an extremely demanding area that is constantly evolving becoming more intricate as new and updated legislation dictates, it is also an area offering genuine job satisfaction and the opportunity to become a true expert in your field.

Forensic Services

Forensic accounting is yet another area of expertise encompassed under the Public Practice umbrella. It also provides plenty of interesting and sometimes high-profile engagements. Much of your work will take place in the following areas:

Uncovering missing assets, instances of bribery and paybacks, complex commercial litigation and financial disputes, fraud, negotiating a settlement, or appearing in court as an ‘expert witness’.

The forensic accountant needs to look beyond the obvious and think laterally at all times. Projects will invariably involve close contact with the legal profession, but increasingly expert work combines interaction with professional investigators, solicitors, security analysts, IT experts, in fact any expert from a number of industry sectors.

A proven ability to deal with complex issues is key coupled with good investigative and reporting skills. Established departments currently only exist in the larger practices, although the majority of accountancy practices carry out forensic work. In addition there are an increasing number of specialist firms covering the forensic accounting specialism and corporate investigation services.

Clearly these are only a few of the areas in which a newly qualified accountant can specialise (there are other equally exciting and rewarding areas such as Insolvency and Corporate Recovery) but this should give you a taste of the options that are open to you.

Connect with your local Manpower Professional office and we will work with you to get a rewarding career within practice.