When is the right time for your first time?

When is the right time for your ‘first move’ from the accounting profession into the commercial world?

The profession is a great place to start your accounting and finance career, but it’s long term for only a very few. Having an awareness of what you want to achieve from your experience, and understanding when is the right time to leave and pursue a broader career, is critical to leveraging your experiences later in your career.

When an accounting graduate enters the world of ‘the profession’, they are sold on the idea of partnership opportunities. Statistics say that 95% of all graduates leave after they become qualified, and of the remaining, only 2% of accounting seniors and upwards will make the level of partner.

This means there is less than 1% chance of achieving partnership… so the reality is that you are highly likely to leave the profession. When is the right time? And what considerations should be made to ensure you set the platform for success for the rest of your career?

The advantages of an accounting career that starts in the profession are education, training, networks developed and the exposure you receive to a variety of companies and industries.

Developing a personal/professional score card can be an excellent way to help you determine the right time to move, and can be developed around these four key areas:

1. Education: For most accounting professionals in the chartered environment, education reaches its pinnacle at qualification stage from the CA/CPA/ACCA institutions. Aim to achieve this as a minimum base; it’s your ticket to the game and often a minimum expectation.
2. Training: Seek and gain exposure to the courses that the profession do offer, as well as the institution you have qualified under (CA/CPA/ACCA). The leading chartered firms offer a lot in terms of mentor programs; have you been exposed to additional courses? You could be involved as a mentor for juniors, seek exposure and access to workshops, marking panels, leadership courses and subject matter development programs. Achieve at least two of these, as this starts to display proactive behaviours and will differentiate you from you peers. It also helps you to start getting an understanding of what you enjoy.
3. Networks: Probably one of the most important benefits of the profession is the exposure to your clients, peers, partners and the broader firm. Spend time developing these networks in every way; your brand and the image it creates will be what reflects you once you leave the profession, and it’s this alumni that when well maintained, works hard and opens career doors for you. The test here is to imagine you were to leave your role in the profession tomorrow; who would be your references and which of your clients would seek to employ you? You want to reach this level of satisfaction. Look at the TOP Career 360 tool to help you reference who your network is.
4. Exposure: Have you limited yourself to doing just what your Client Portfolio business card title denotes? Stretch yourself, accept secondments, look for projects, seek an overseas posting, get involved in projects internally. And with your clients, always look to get involved in client events (IPOs, mergers, systems implementations etc). This will become key in your life after the profession (see TOP Unlock Your Potential module).

Most accountants in the profession will at some stage feel underpaid, overworked, tired of timesheets and the monotony of the role itself. Just be sure you don’t fail to miss out on the lessons you could be learning. Give yourself a goal, achieve as much as you can and work hard on the four areas above to maximise your position as you head into the next phase of your career.

Remember, don’t be caught doing the same role year after year, gaining one year of experience but repeating it for ten — it’s still just one year of experience.

Now it’s time to start navigating the far more complex career journey in the commercial world. The Outperformer is well placed to provide that career management platform.

Adam is the Co-Founder of The Outperformer — the world’s first online career management and virtual coaching platform dedicated to the accounting and finance profession.

Adam has spent the last 15 years advising Accounting & Finance professionals internationally on best career practice through his Leadership roles in Executive Search & Recruitment in Australia and Asia.

Adam is an Award Winning Consultant (Asia Money Poll) and helping Accounting & Finance professionals realize their full career potential has become his life’s work

Go to www.theoutperformer.co for more on career management and planning for Accounting & Finance professionals.

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