For all you qualified CA's out there, where are you working now ie. industry, role etc.?
To provide a bit of context - I'm currently in B4 audit and will be completing my final exam (Capstone) in a couple of weeks, so I'm starting to think about the road ahead once I'm fully qualified soon. I'm sure many have went down this path before, so it'll be good to hear some of your experiences.
Ah yes, the whole secondment/living abroad thing is definitely a popular choice. I know of a few people (my girlfriend included actually) who are currently doing it now. I've thought about doing it but because the mrs is finishing up her stay in London, and if I end up going we would be far apart for too long which would really put a strain on our relationship; we're looking to settle down in the short term. So in essence, the whole secondment idea is more of a want not a need at this point.
I would ultimately want to work in the tech industry since I'm a bit of a closet geek, but just unsure of what kind of roles I would enjoy doing day in-day out.
Good luck in the final subject! I completed mine in 2008 while in a client facing role in audit. I am still in a Big 4 but in an “industry role”! What this means is I have an internal finance role in a big 4. Big 4s are large businesses and you require a significant “back office” team to keep the business running.
How many years have you spent in Audit? Sometimes people move a little “too early”. The idea is to get your full qualification and surpass claw back period so you don’t have to pay them back for studies. If you progress up to Manager level, it’s ideal as you can pick up an industry role which remunerates well. Leaving it too late can piegoen hole you as an “auditor” and “lacking industry and commercial experience”. Having said that, I know people who moved at an AM level and have done quite well so just depends on career path. Let me know if you have any questions. Happy to share my experience.
Thanks very much! I'm very much looking forward to finally getting those 2 extra letters attached next to my name haha. That's awesome, I've actually met a couple of people who are working in the back office Finance team, it's always interesting to hear stories about going from a client facing role to being "on the other side".
I hit the 3 year mark recently, which coincides well with finishing CA since I'd have already ticked off the 3 year professional experience requirement. I agree with your sentiments re making the choice to leave at the right time. I'll be going for Senior promotion in the later half of the year (I'm actually a lateral hire at the start of this year); I've been told that ideally it would be good to have at least 1 busy season under my belt as a Senior before applying for industry roles.
Out of curiosity - at what level did you decide to leave audit and why not try a different industry?
When i started looking, i roughly had 5 and a bit of chartered experience. The challenge which most people face when trying to move from CA to Industry is that you would generally lack "industry experience". Not only are you competing with people wanting a similar move but also people with industry experience seeking greener pastures.
I was overlooked a few times due this lack of experience. Then I found an opportunity in internal Finance and been here over 7 years in which i have done about 4 different roles. In essence; Finance business partnering covering budgeting & analysis, Reporting & Compliance roles, Project Management and currently sit in a hybrid role - managing firm's reporting and integration of investment activities.
So to answer your question, I needed a start and I took what was available. In hindsight, I am really happy that it worked out that way as the current firm has provided a lot of opportunities. The Big 4s like most businesses operate in a complex and dynamic landscape so nothing remains static. We continue to evolve which creates opportunities and keeps one "interested".
In terms of hours, i would say at times a few late shifts are needed which would not be too dissimilar to audit. The difference here is that i feel like, i am doing something "meaningful" and i am contributing to the firm's growth. Culture is the same - work hard and you get looked after.
Thanks for the detailed response. Sounds like you scored yourself a pretty good gig! Glad it all worked out well in the end. I agree that it would be an interesting take being "behind the scenes" and contributing to the direction and growth of the firm.
Speaking of the FP&A side of things, I'm actually considering going down this route in the future. To be frank I feel like I'd enjoy roles that are more "forward looking" per se, rather than the traditional historical/reporting type. I've spoken to a few people and had a poke around to what sort of experience those types of roles require and from what I gather, having Corporate Finance experience is probably definitely more advantageous (eg. exposure to FS modelling etc).
I've thought about giving Corp Fin a go, but I've heard that internal transfers are difficult due to intense competition, and I'm not sure how I feel about taking a few steps back and starting again.
Re taking a few steps back, i will give you a different spin to it. When you are early on your career, it is more viable to "take a few steps back" as the financial impact is not that huge. I am not advocating you do that. I know some peers wanting a career realignment but it is harder when you career is say 10-12 years old.
Yes, i do have a good gig now but trust me a lot of patience, blood, sweat and tears have gone into it (and counting…). Have a long term goal, shelve it and focus on little goals to get you there. You can do a lot of little things to separate yourself from the competition. Once people complete their qualifications (CA/CPA), many get comfortable and stop investing themselves. My suggestion would be to continue developing and growing. It is not too hard to separate yourself from the crowd. Good luck with everything.
Yeah I get what you mean. I'm still not married/have my own family so at least I can afford to "experiment" whilst I'm younger.
Thanks very much for the advice, it's probably what I needed to hear.
Never discount clients and contacts you make along your journey for opportunities.
5 years after being the senior on the client file (not CA at this point, business services), I ended up being offered a great opportunity directly by the client in question, despite having moved to a different firm and not working with the firm which they are a client of for a number of years. The impression left with them from my work in 2008, coupled with the experience i'd gathered at a smaller boutique firm (working in a hybrid business services/ongoing secondment role to a major client) led to them tapping me on the shoulder to join them, where I've been since.
Biggest thing to remember in moving to industry is that you're generally not a fee-generator, but an overhead.
Definitely agreed. Networking and having the right contacts will take people to places.
Unfortunately I can't say that I get too excited about working for any clients in my current portfolio haha. They're either not great at what they do or are not in the industry that I find interesting (tech-related).
Started in mid tier firm in business advisory and assurance, pumped out CA quickly and did secondment in Washington DC for 6 months. (Highly recommend it, good experience and great for cv.
After 4 years made it to assistant manager but chose to move to industry accounting for asx listed company for few years. Now working for a sme as finance manager.
Good luck on your last subject it's very rewarding once you have completed it. My advice is to grind it out for a few years with professinal services then start exploring options to move to industry from what I have experienced hours are way less and pay is way more.
Have to agree that secondments are always a good plus on CVs. I had the opportunity to be a Vaccie at a B4 firm in Singapore back in uni and that was good fun plus it was a good conversational starter in interviews. Bit harder to do that now since I have a partner and LDR isn't ideal.
I'm exploring the Corporate Finance route now since it's super common for people with Audit backgrounds to transition over, and the work sounds far more interesting. If I do end up here the long term goal is to bag an in-house CF role in industry.
PS: Thank you! I'm very much looking to finally not have to study on week nights/weekends anymore…
Not an accountant but I have an unusual amount of friends who are qualified CAs. Two friends, who worked at a B4 company, wrapped things up here then moved to London for a few years (Youth Mobility Visa then sponsored after 2 years). They loved it there and have said the UK was a great base to travel from, meet new people, earn money and garner experience. One's now working for an insurance firm and another in a major apparel company.
Another mate works for the ATO and was promoted to a managerial (executive level) role shortly after obtaining his accreditation.
Lastly, one of my family members is also a qualified CA. She's at a B4 bank in a compliance role of some sort.
Barring family/relationship commitments here it seems like the travel abroad option is great, maybe you could go as part of a transfer if you want more job certainty.