Accountancy career advice

Corkguy24

Hello, so I recently completed a 3.5 year (April just gone ) contract with one of the big 4 in audit and am a newly qualified accountant. I still work here but tbh I hate audit it's just so boring and so repetitive and I've no intentions of staying here doing this long term. I passed all exams first time and get on fine in the job got new contract off them etc. Recently I've been really thinking of my next move as with everything going on most jobs are on hold. Having just done 3.5 years in big 4 audit, my experience it's just copying the prior year processes of big MNC audits with little learning done and more just putting support on files for very large balances in which you have little clue what's actually going on. You get no experience of tax and very little of accounts preparation. I am thinking of applying for jobs in small practices and getting experience in accounts preparation and dealing with SME businesses tax, accounts prep etc. The plan would then to try become manager and progress here rather than go to industry but if I dont like it then I could try industry. I am seeking advice what people would think of this move or should I be trying go to the MNC's who look for big 4 trained ? Any advice or information would be greatly appreciated and thanks in advance

Jim2007

Congratulations on qualifying and good luck with the future, whatever it may be....

Nobody can tell you what is right for you, we can just toss out our views and experiences. If it were me I'd be a bit slow to move to a small practice straight off as it might be a bit difficult to reverse the process alter if you want to change.

Is there any possibility you could get some exposure to accounts preparation, taxation etc.. at your current employer. Most of them have some kind of business services / start up etc...

Also have you thought about other areas such as:
- Management consulting
- Corporate finance/insolvency/reconstruction
- Foreign experience
- General management
- Banking
- Something completely different

jonnybravo

Corkguy24 wrote: »

Hello, so I recently completed a 3.5 year (April just gone ) contract with one of the big 4 in audit and am a newly qualified accountant. I still work here but tbh I hate audit it's just so boring and so repetitive and I've no intentions of staying here doing this long term. I passed all exams first time and get on fine in the job got new contract off them etc. Recently I've been really thinking of my next move as with everything going on most jobs are on hold. Having just done 3.5 years in big 4 audit, my experience it's just copying the prior year processes of big MNC audits with little learning done and more just putting support on files for very large balances in which you have little clue what's actually going on. You get no experience of tax and very little of accounts preparation. I am thinking of applying for jobs in small practices and getting experience in accounts preparation and dealing with SME businesses tax, accounts prep etc. The plan would then to try become manager and progress here rather than go to industry but if I dont like it then I could try industry. I am seeking advice what people would think of this move or should I be trying go to the MNC's who look for big 4 trained ? Any advice or information would be greatly appreciated and thanks in advance

Were you in an industry department or a financial services audit department? Industry department will make you more attractive to be hired for Industry type roles. Audit is boring but big 4 trained accountants are sought after. I'd try and show the positives in any interview / CV - meeting deadlines etc. etc.

I worked in a big 4 and went to a smaller IT company after qualifying. There you get to see all sides of accounting - management accounts, tax, payroll etc. etc. I think that would be a better option than going to a smaller practice. Smaller practices would also do audits.

But like Jim said there are a lot of other options. Need to try and see what you like doing and want to do long term. Large MNC's are far from the only option.

partyguinness

Corkguy24 wrote: »

Hello, so I recently completed a 3.5 year (April just gone ) contract with one of the big 4 in audit and am a newly qualified accountant. I still work here but tbh I hate audit it's just so boring and so repetitive and I've no intentions of staying here doing this long term. I passed all exams first time and get on fine in the job got new contract off them etc. Recently I've been really thinking of my next move as with everything going on most jobs are on hold. Having just done 3.5 years in big 4 audit, my experience it's just copying the prior year processes of big MNC audits with little learning done and more just putting support on files for very large balances in which you have little clue what's actually going on. You get no experience of tax and very little of accounts preparation. I am thinking of applying for jobs in small practices and getting experience in accounts preparation and dealing with SME businesses tax, accounts prep etc. The plan would then to try become manager and progress here rather than go to industry but if I dont like it then I could try industry. I am seeking advice what people would think of this move or should I be trying go to the MNC's who look for big 4 trained ? Any advice or information would be greatly appreciated and thanks in advance

That is one of the common problems when you work with one of the Big 4 (It was Big 5 in my day). You get pigeon holed and funnily enough small practices will think twice about taking you on as they perceive that you do not have the broad range of experience that a small practice would seek e.g. being allowed to operate independently and on your own two feet.

Quite often newly qualifieds come out and they are not able to sneeze without permission.

Firms will generally hire laterally i.e. take recruits from similar size firms.

Now, being pigeon holed in fine out and you can stay where you are but you will risk being 'stuck' there if you want to bail in 5-10 years. It is the same with law practices.

It is a difficult decision. There is the comfort of a Big 4 job but they will expect their pound of flesh from you no doubt. Naturally small firms have their pluses and minuses.

Would you try abroad for awhile?

Corkguy24

Many thanks for the responses above some very valid points and exactly what I was thinking about coming across. I work in industry audit and the option of transferring departments is not easy as you have to wait for the time period where you can transfer and then for a vacancy to open but tbh for reasons said already I want to leave this big 4 bubble. I am noticing alot on linkedin lately that industry experience is required for the roles open meaning my next move is a big one as if I go small practice then I'm cutting off more years of having no industry experience. However I think the appeal of working in a small practice and dealing with SME is something I would like and get thr experience to accounts prep and tax returns and providing valuable advice. You are a million miles from this in big 4 dealing with the big MNC who you are just a hindrance too looking for invoices and support in which most of the time you have no clue what its about other than both figures match. I feel in the long term the salary might be higher in practice but smaller short term. Industry will pay bigger at the start but might not go up to far unless you get a very senior role. Thanks again for all the advice

Jim2007

Corkguy24 wrote: »

However I think the appeal of working in a small practice and dealing with SME is something I would like and get thr experience to accounts prep and tax returns and providing valuable advice.

The primary reason to take this route would be to ultimately end up as a partner in a small practice or sole trader. So social skills and the ability to sell are very important in such a career, so the question is can you sell and are you happy in that role?

DubCount

Firstly, congratulations on getting through the exams.

Don't underestimate what you learn in audit. You will have seen the way things are done in all kinds of companies - the good, the bad and the ugly. You also get to figure out how to work out what systems ensure complete and accurate accounts. Even last years files can teach you things !!

I would not be a fan of moving to a small practice. I reckon it could be viewed as a step backwards on your cv. Also, there is any amount of dull repetitive work to be done in that environment. You might get accounts preparation and doing tax return etc., but it will mostly be dealing with smaller companies.

I would also be wary of taking a role in a very small company in industry. Its hard to move into larger companies later on, and its a big jump from auditing to being solely responsible for a companies finance function.

Think what industries you enjoyed working in while auditing - tech, pharma, manufacturing etc. Which kind of companies had a vibe you would enjoy. Try to get a job as management account or financial accountant etc. You'll learn a lot in the first year or two and would be better placed to move up the chain to finance manager, financial controller etc.