Six in ten accountants would like to make a career switch to either practice or industry. Despite the desire to swap places, nearly half (43%) admitted there are issues which are holding them back from progressing to the next stage, according to recent research published by global job board CareersinAudit.com(* 1341 accountants were surveyed during July-September 2016) More than a quarter (26%) felt that it was too risky an economic climate, with a fifth (20%) believing they did not have the right skills, a further 17% are worried that it would not be as they imagined and 12% believe that there is too much competition.
Yet for all the issues preventing them from crossing over to the 'other side', four in ten are actively looking for a job, with this figure set to rise to two-thirds of all accountants looking for a new role within a year. More than a third of accountants (36%) cited their reason for leaving was to work abroad as they felt it provided a better work life balance and better career progression.
Whilst there is a bullish attitude towards moving jobs, a fifth of accountants admitted the interview process invokes so much fear that it would prevent them moving to a new organisation. Whilst a third of accountants revealed they fear the interview process (41% amongst accountants aged 18-30 – perhaps not surprising given they have less experience in the workplace ).
Simon Wright, Operations Director, comments:
“In the current climate, it may be advisable to stay put and really make an impact in one’s current role. Making a success of the current position and climbing the ladder during a slow or uncertain economy when moving jobs is risky is a smart strategy. When the economic conditions improve then accountants will be in an even better position to make the move from industry to practice or visa versa.
“For professionals looking to move from practice to industry it is often thought of as an easier move, but it is not always the case. Commerce and industry work expectations and company culture, in general, are often overlooked as contributing factors and potential issues to consider and the change can come as a shock. With less defined study structure and focus, it can take longer to complete qualifications than in practice. The industry does, however, offer the chance to become an expert in a specific industry much faster than practice. There is also the chance to move into operational roles rather than being focused on accountancy and finance, which is appealing to the entrepreneurs and those looking to start their own business one day.
“To ensure that candidates stand the best chance of successfully moving from industry to practice they must demonstrate strong leadership and managerial qualities as well as a proven track record of success across various different disciplines. A wide knowledge of different sectors and clients is advantageous. Practice professionals are expected to be rounded business professionals with business skills and a strong commercial outlook; the lack of which is a common downfall for those looking to make the switch. These skills added to the professional arsenal will serve to strengthen one’s position when they feel ready to make the move.
“For those that feel they have missed the boat, my advice is it’s never too late! Both the practice and industry sectors are very receptive to the candidates with depth and breadth of experience – which is certainly something that a mid or late-career-er can bring to the table.”
