Making the move from practice to industry.

Iwantcoffeenai

I have been offered a job in industry and am in two minds whether to take it. I am a recently qualified accountant but am fed up with working in audit and want to try something new.

Is a move into to industry all it's cracked up to be?

I have been offered an industry role despite having no experience so have no idea what it will be like.

jonnybravo

Vast majority of people leave audit for industry. What is causing you concern about moving? For the vast majority of people industry is way better than audit but like any job there will be massive differences in jobs in industry, some will be better than others.

But it's great timing for recently qualified accountants at the momentwith a lot of jobs at that level so if your not happy with the current job you've been offered wait until you get a better offer.

Loughc

Iwantcoffeenai wrote: »

I have been offered a job in industry and am in two minds whether to take it. I am a recently qualified accountant but am fed up with working in audit and want to try something new.

Is a move into to industry all it's cracked up to be?

I have been offered an industry role despite having no experience so have no idea what it will be like.

I moved from Audit to Industry, and I can honeslty say I would never go back. I love Industry, the learning curve isn't as drastic as you may think it's all about learning how the company does things, as each company is different and they all focus on different areas.

Autobotsarego

I'm at audit manger level (€60k) but outside top 20 firms but still a medium practice - is there a direct route to industry without taking a large paycut?

Very hard to get a financial controller job without industry experience and assistant FC seems to be at the €45k-€50k level.

Thoughts?

Loughc

Autobotsarego wrote: »

I'm at audit manger level (€60k) but outside top 20 firms but still a medium practice - is there a direct route to industry without taking a large paycut?

Very hard to get a financial controller job without industry experience and assistant FC seems to be at the €45k-€50k level.

Thoughts?

No there's no direct route. In Industry experience is key to moving up the ladder. The more industry experience you have the better, ideally the best time to make the jump to Industry is as a newly qualified.

Autobotsarego

Loughc wrote: »

No there's no direct route. In Industry experience is key to moving up the ladder. The more industry experience you have the better, ideally the best time to make the jump to Industry is as a newly qualified.

Thanks going off that it seems my main opportunity has based me by and I'd be better sticking with practice at this stage and either trying to make director in a bigger firm or partner in small/medium one.

Going back to assistant FC really isn't an option given kids & bills.

jonnybravo

Are you based in Dublin? I would have thought you'd get €60k for a senior financial accountant role. Would have thought that there was a lot of opportunities at that level?

Loughc

jonnybravo wrote: »

Are you based in Dublin? I would have thought you'd get €60k for a senior financial accountant role. Would have thought that there was a lot of opportunities at that level?

Most places in Industry looking for a Senior Financial Accountant would be looking for someone with Industry experience who could slot right in.

myshirt

€60k for Audit Manager level?

Christ....

I'm in industry on north of that as a cub accountant, just barely out the gap. Counting my lucky stars so....

Op, have you any intention of making partner? Do you like other areas of practice? I loved practice, only thing hated was timesheets!!!

Autobotsarego

myshirt wrote: »

€60k for Audit Manager level?

Christ....

I'm in industry on north of that as a cub accountant, just barely out the gap. Counting my lucky stars so....

Op, have you any intention of making partner? Do you like other areas of practice? I loved practice, only thing hated was timesheets!!!

What's a cub accountant? Haven't heard that term before. Is your background in practice or solely in industry.

Yeah I'd like to make partner if possible just not going to happen where I am currently so I've lot of work/years to put in some place else.

I'm just trying to decide right route. I like practice but I can clearly see it's a long and not very lucrative road to get to there. Don't get me wrong 60k is okay money but unless your a director in big firm or partner there's no big bucks involved. Industry seems better in terms of prospects in that respect.

You could move to an internal audit or SOX role.
Your audit experience would help there.

After a while you could move internally again.
You might be contracting for a while.

There seem to be big salary differences across sectors and locations.

Some places like Galway have a bit of a reputation of being a closed shop - you go in as a part qualified / newly qualified and then never move company.