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Newly qualified accountants frequently navigate two to three job changes within their first five years post-qualification. Driven by a thirst for new challenges, diverse career paths, international adventures and enticing compensation packages, these moves are essential steps toward finding their ideal professional fit.
Generally speaking, accountants will make an average of two to three career moves, either internally or externally, within their first five years of Post Qualification Experience (PQE). The first of these moves tends to naturally occur at the 18–24 month PQE mark.
Why?
It can be challenging to transition from a part-qualified to fully qualified accountant, particularly if you’ve completed a training contract in audit. Stepping into a finance department requires accountants to get to grips with new concepts, tasks and processes.
After 18 months, most accountants may find that they have sufficiently adapted to their new roles and are ready for the next step in their career progression.
Why Move?
There are several reasons why you might want to hop to a new job PQE.
Exploring Different Career Paths
An ‘accountant’ role has several definitions and nuances. From consolidating financial statements in a group function of a PLC to maintaining the general ledger for specific entities within a shared services environment, no two ‘accountant’ roles are the same.
Sometimes, it is difficult for a newly qualified (NQ) accountant to know which role suits them best – they need to try them out first. Contract roles, which are common for NQ accountants, offer a valuable opportunity to test-drive different roles, industries and work environments in a short period of time.
Changing roles allows them to discover their strengths, preferences and, ultimately, the type of career that’s the best fit.
International Opportunities
A disruption to travel caused by COVID has accelerated the trend of accountants emigrating to Australia, the UK, Dubai or Canada post-qualification to spend a few years living and working abroad.
Working visas necessitate frequent job changes as accountants experience different cultures, companies, and work styles within a limited timeframe.
Reward Package
The near-full employment environment has created an employee-led market, where accountants have multiple career options from which to choose.
With more NQ accountants emigrating, the pool of talent has diminished even more, further tightening competition for talent at this level, giving accountants leverage to negotiate attractive salary packages and benefits.
As a result, NQ accountants may be more likely to make a job change if they are offered a more competitive compensation package elsewhere.
In essence, a lot of it comes down to the demographic. At these early stages of their careers, accountants want to try new things and figure out where they are best placed.
What to Keep in Mind
If you’re a newly qualified accountant thinking about job hopping, there are some considerations to keep in mind:
- Several career moves may not present well on your CV: While exploring different roles can be valuable, a CV overflowing with short-term positions within a few years can raise red flags for hiring managers. They might question your commitment, stability or even competence without ever meeting you. If your moves have been for genuine reasons, it is a good idea to write a one-line explainer with each career move on your CV. This will provide the hiring manager with context about the reasons you moved roles.
- Think about your long-term objectives: There can be great value to staying with one organisation for several years, particularly if you are offered the opportunity to move internally within the organisation. You will get to know the business from different perspectives, deeply understanding its key financials, processes and strategy. Furthermore, you can develop strong relationships with your colleagues. This network becomes a support system for your professional development and opens doors to future opportunities. However, internal promotions/development are not always an option. Headcount limitations or a lack of opportunities to progress to more senior positions can result in accountants becoming “stuck” in their current roles. This is another contributing factor to this cohort of accountants looking to move externally.
- Be clear about your motivation: Before you click that “apply” button or say “yes” to an interview, question why you are considering a new role. Is there more room for growth and learning in your current role/organisation? Does the new role align with your long-term career aspirations? Is this move purely motivated by financial gain? By being clear about your motivations, you can target your job search strategically toward opportunities that facilitate your growth and set you up for long-term success. In some cases, there might be untapped potential for growth within your current organisation. Consider having a conversation with your manager about your career aspirations and exploring internal mobility options.
Equipping yourself with the right knowledge and a strategic approach can help you navigate these early career moves with confidence and purpose. While exploring different roles and organisations is a natural part of your career journey, focus on opportunities that offer learning and propel you toward your long-term career goals.
By prioritising growth over short-term financial gains, you’ll be well on your way to building a successful and fulfilling career.
In Barden, we understand that each team, role, and career is unique.
We’re where talent go before they start looking for a job.
If you would like to discuss any of the above in more detail or you would like our expert advice & insights, contact Brian O’Connor ACA via LinkedIn or at brian.oconnor@barden.ie
This article was written for the recent Accountancy Ireland publication. Check out the online version here>>>