Choosing a practice or industry career in accounting
Despite the fact that economic conditions are changing, the demand for qualified accountants continues both in practice and industry. Which career path is the right one for you?
Both the practice and industry sectors offer great potential for career development, the big decision for many accountants who have trained in practice is whether to make the switch and pursue a career in external consulting, or move in-house in commerce or industry.
Many accountants start their careers working in practice before they move to a role in industry. However, before making the decision to move from practice to industry, there are a few things that you should consider first.
A career in practice
Working in practice gives newly qualified accounts the opportunity to work with clients in a range of different industries. You can hone your technical skills, and get exposure to a variety of different industry sectors from tech to financial services, in audit, taxation, or advisory service lines.
The main appeal of a role in practice is that the roles tend to be more varied than a job in the industry. Areas like audit, tax, and advisory are still growing, and offer accountants the chance to engage with lots of clients, each with their own unique requirements, business practices, and methods of engagements. This offers some real variety in your day-to-day role. You can expect to deal with a variety of clients across industry sectors, depending on the size of business you work in.
Working in industry
Accountants who work in industry often focus on the economics within a business, including cash flow, cost control, and budgeting. You could work in a variety of specialized areas, such as financial accounting, management accounting, cost accounting, and treasury management.
Making the move from practice to industry, through an organization like COPAS, gives you the chance to use your set of skills in a very different environment. You’ll be able to focus on the specific needs and requirements of the business that you work in, rather than working across many different businesses that are your clients.
Working in an industry role will allow you to focus on a core area of finance, and allows you to provide real value to a company’s processes, while giving key commercial insight into the strategic direction of a business.
The focus in industry roles is more specialized, so an accountant who moves to an in-house position will need to have a strong technical skillset that is paired with an interest in the industry that they plan to work in.
Both options have pros and cons, so it is important to weigh up what kind of career you will find most satisfying. For those who prefer variety, remaining in practice may be the best fit, as you can work across industries through different clients. If you have a strong interest in a particular industry and would like the chance to specialize, then a move from practice to industry could be the right direction for your career to move in.
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Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(email) ken@stltest.net
(website and blog) https://www.accountingaccidentally.com/