career opportunities for corporate recovery and insolvency trainee

Tasha90

What are the future career opportunities and benefits for a trainee if they choose corporate recovery and insolvency department. If in 5/6 years time, there is not much work in insolvency can you change to another accountancy area easy? Would it matter if I gained training in insolvency?

Hackysack

I'm also interested in replies on this matter.

Although in fairness, I would imagine that there'd still be work in 5/6 years time in that type of industry.

EveT

interested too...

Jim2007

Back in the 1980s I spend about 18 months of my training contract working in this area and I must say it was a great experience. Unlike other areas, you get to do a lot of hands on business stuff: in most cases, you get involved in running the company while the liquidator decides what to do, so you get involved in:
- budgeting
- credit control
- payroll
- dealing with banks
- general management
and so on
All good stuff for a move into industry later. And of course on top of that there is all the corporate recovery stuff you get involved in as well.

Good luck with that,

Jim

PS - of course I ended up somewhere else altogether - institutional asset management, where I spend most of my time designing risk management systems!

statss

Hi,

I am upping this thread as I'd like to hear more about working in corporate recovery - would anyone care to share their experience?

myshirt

In my view, there is no better time than now to be training as an Accountant, and no better area to be than Insolvency & Recovery.

Most people trained during the good times where it was all run of the mill stuff; all pie in the sky if you ask me and there are now a lot of accountants getting found out. If you accidentally stumbled into a bank during lunch you couldn't leave without a loan.

Training now and working in this area during a sh!tstorm will really stand to you. We are finding out what really works and seeing all the crap that went on in the past. The inadequacy of some due dilligence and reckless lending I have came across shocks the conscience.

The environment now really challenges you to now know and remember the fundamentals of a business.

Gone are the days of bullsh!t number crunching for projections; half arsed fluffy banking proposals; ignorance of counter-party analysis; poor cashflow management and not really understanding what was driving your business.

Look at the amount of hotels in this country which were built not because of a sound business plan, but because of the capital allowances available. The banks are now goosed here in terms of getting their loans back.

In this area, you also have to deal with some difficult scenarios which require problem solving skills and leadership skills - it's an area that is never the same in different weeks and really requires personal ownership until resolution and strategic judgement making.

It throws you right in the mix.

I believe it will produce better accountants.