In this edition of the Barden Practice Series (our practice focused blogs), Aideen Murphy, Partner with Barden and expert in tax & practice careers, continues to shine a spotlight on practice as a professional accounting career, and in particular the main reasons why accounting professionals make a move back to practice.
Here Aideen zones in on the trends that we, in Barden, are seeing as to why people are moving back from industry to practice.
Over the last while we’ve noticed a number of accountants and tax professionals who have worked in industry moving back into practice roles.
We know that for lots of people three to four years in a training contract with an accounting firm is more than enough, and often the immediate reaction is “I want a change, I want something different”. For those who think this, industry is generally the obvious choice!
Why Do People Return to Practice
However, after making the move to industry some people realise that the grass isn’t always greener and the option of going back to where it all started, in practice, can make a lot of sense. Here are some of the main reasons we have come across as to why people return to practice:
Progression – Particularly in the larger firms, there is a very clear and transparent career path.
Flexibility – Accounting firms have spent a lot of time improving work life balance policies and options to work from home and/or remotely in recent years.
Team of Experts / Technical Knowledge – Companies depend on accounting firms for advice because they are the experts. Many candidates want to improve their technical knowledge and want to be the expert in their field. Where better to do this than in a firm where you will be surrounded by a team of experts in your particular area, e.g. tax, audit, corporate finance.
Variety of Work / Exposure to Different Industries – Every day is different in practice, while you may specialise in a particular industry (e.g. FS Audit) there are always opportunities to work on different clients, to see how different organisations work, etc.
Be a Consultant / Add Value – Many candidates feel that the first-hand experience they have gained in industry would be best utilised in a forum where they can advise similar companies. They understand client needs and want to add value to other organisations.
Entrepreneurial Aspect / Build Your Business and Brand – As you progress in practice there can be the opportunity to build up relationships with clients, bring in your own business, build your brand and essentially be responsible for your own book of business. For some, being client facing and involved in the service being provided to clients, rather than being in a support function, is more rewarding.
Of course, with making such a move there are challenges too and it is a big decision. But if it is something that you have been thinking about the above reasons might give you a little nudge in the right direction.
A move to practice can dramatically change the direction of your long-term career so if it is something that you are considering, before you decide, talk to us. As the experts in accounting and tax recruitment we regularly assist people who have made or are making such a move.
We’ve dealt directly with people who have already made the move back to all areas of practice including audit, corporate finance, advisory, consulting and tax. We’ll give you all the practical, real, impartial and important information you need to help you make the decision that’s right for you.
Barden’s Practice Series
The Barden Practice Series aims to deliver practice focused content and interviews with the practice profession, and shine a spotlight on practice as a professional accounting career in the Irish market. Feel free to get in touch with Aideen Murphy, at firstname.lastname@example.org, if you’d like to have a chat about the practice market, career opportunities, building your practice team or have an idea for a blog.
Check out our first Barden Practice Series blog by following the link below: