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It’s
all about results
This time of year many aspiring CAs are anxiously waiting for the postman
or logging onto the Institute’s web site looking for their name
on a prestigious list.
They’re waiting for the news that hopefully they have passed the
UFE and are now on their way – once their 30 months practical
experience is completed, to becoming a chartered accountant.
At this point in their young career a number of them will decide to
move out of public accounting and seek fresh new opportunities that
have been ‘sold’ to them as more exciting, more lucrative
and less stressful career choices, by head-hunters who are simply looking
to make a quick buck by placing new CAs in industry.
It ain’t necessarily the right choice.
Sure, many new CAs are worked to death, doing boring work (who enjoys
preparing audit lead schedules, doing inventory counts on new year’s
day and such like?) but what they fail to realise is that they are so
close now to starting to do some of the ‘sexy’ stuff that
we get to do as we become more senior within a public accounting firm.
It often boils down to which firm they are at.
In larger firms, the culture is often still ‘up or out’
(as author David Maister calls it) whereby you either get promoted,
or encouraged to take up a role as a financial analyst or internal auditor
in industry (often with one of their clients). Now, there’s nothing
wrong in doing that for some, but in several cases the candidate is
under the wrong impression that public accounting is simply boring,
because they are yet to be exposed to the different type of assignments
they could be working on in the future.
However, in smaller firms, the culture – and career prospects
– can often be very different.
In the larger firms there are limited numbers of spots open up the career
ladder, and a new influx of students wanting the jobs that the newly
minted CAs started at the firm in. Something has to give.
For smaller firms, they have made a significant financial and emotional
investment in getting their ‘bright young things’ qualified
and really want them to stay at the firm – often as a part of
the older partners’ own succession plan.
So, what are the options for the new CA?
Well, obviously, one could stay put and remain at their existing firm
and work their way up.
Whether some will do this depends on the firm itself. Will these people
get the opportunity to work on more interesting projects, or will they
simply be fulfilling more senior roles on the same old stuff? Now is
a good time for these people to sit down with a partner and have a very
frank discussion on this topic.
Will they get more client contact? Will they be mentored and coached
to develop new skills in areas such as marketing, client relationships,
managing small teams of staff, public speaking, writing articles and
all the more interesting work that one should be exposed to as we become
more senior in the firm? If the chances are that they will be involved
in some of these things, then the likelihood is that they will stay.
If not, then the choices are:
1. Do I move to another firm to get this experience, or
2. Do I move out of public accounting and maybe into industry?
Work/life balance is becoming a more and more important aspect for the
young CA. At this point in their lives they are starting to get married,
take on mortgages and plan for the future.
Money is important, sure, after all that’s why we go to work in
the first place, but it is not always the main driver behind career
decisions.
It is nice to be fairly compensated for the work that we do, but more
often than not, young professionals also want to know that they are
appreciated at their firm, will learn new skills, and develop into the
business advisor that maybe they want to be, rather than simply be an
even more expensive auditor.
Some will want to specialize in other disciplines within public accounting,
such as tax, litigation support, quality control, IFRS and so on. Others
would have gone into the profession with the simple goal of getting
their designation and then getting out!
But before any newly qualified readers make any rash decisions, assuming
you’ve decided to move on, please, ask yourself one simple question:
“Is it public accounting that you really want out of, or is it
your present firm that you want to escape?”
Give that some thought, and then, when you have the answer, then you’re
ready to start that search for a new position.
If you decide that you want to stay in public accounting but simply
move to a different firm, then there are many career options for you,
and as many places to go for help and advice.
My only advice to you at this stage is choose your recruiting firm carefully.
Pick one that specializes in public accounting as they will be best
positioned to give you some straight talking advice and counselling.
It will be time well spent. |
