Category: Team

The Dilemma

Posted: 15th April 2021

Emma Shahnavaz discusses the dilemma many newly qualified accountants face – whether to choose practice or industry?

As a newly qualified accountant, you may be starting to question what your future within Accountancy will look like. One of the most common questions that you will no doubt face will be whether to stay in Practice or begin your career in Industry.

There are both pros and cons to either option, but if a move to Industry is the route you are looking to go down, here are some pointers that could help.

Carving out your area of specialism…

Accountants who work within Industry often place focus on the economics within a business which can include cost control, cash flow and budgeting with areas of specialism surrounding financial accounting, management accounting and treasury management. Making the transition from Practice to Industry can provide you with the chance to use your knowledge and skillset within a very different landscape, one in which you’ll have the opportunity to place focus on certain requirements and needs of that particular organisation that you are a part of, rather than being pulled in different directions by a variety of clients within Practice.

Finding your passion…

One of the key benefits of working in Industry is the opportunity to work in sectors that genuinely interest you, which will, in turn, allow you to develop a strong technical skillset and focus on a core area of the business. If your interest lies within a particular sector – be it engineering, charity or manufacturing for example – then you can seek out a role as an accountant within your chosen industry from the size, to the location, putting genuine passion into what you do.

The financials of it all…

Newly qualified accountants are often drawn into industry with an attractive bump in salary, compared to starting salaries within practice. From experience, we have found that people with similar skill sets can get a higher salary in industry than they could in practice, with a difference on average of up to £5,000 per annum.

Final thoughts…

The decision to work in practice or industry is a personal one, and it should be based on what you want from your career. When making such a decision, it’s always best to take a step back and ask yourself what is more important; is it the salary or the importance of the work you produce? Is it variety, people, or your day-to-day work-life balance? Whatever route you choose to go down, Qualified Accountants are very much high in demand, and I am sure you will enjoy a long-lasting career where you will be able to make a solid impact on your organisation.

Connecting with a reputable Finance Recruiter can help in your decision making. With insights on the market and access to a range of different clients – there are plenty of areas to explore. I specialise in the recruitment of Part-Qualified and Fully Qualified Accountants across Scotland. With over 4 years’ experience, I am always open to offering useful advice and updates on the market.

So if you are looking to discuss your next steps or you are currently recruiting contact Emma on  eshahnavaz@allstaff.co.uk / t: 0141 887 1137 for more info.