PRACTICE OR INDUSTRY

PRACTICE OR INDUSTRY

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Hi,

Im currently studying AAT just finished the intermediate level and will be starting the Technician level soon. I currently work in a letting agents but really want to get into accountancy, the thing is i'm really confused about which direction to go and how I can get there. What is the difference between industry and practice? What would I expect from a job at my level in industry and in practice?

If anyone could help me I would be really grateful.

Thanks In advance

LB :)

Replies (14)

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By chrisdxuk
12th Aug 2009 11:57

Industry or practice?
Laura I have found that the main difference is that of your role. In Industry the accountant is the Control, the check on the excesses of others and reporting the infractions of the rules and good governance. In Practice you are a rainmaker, generating income for firm or partners, hence, a more positive outlook compared with that in industry.

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By Democratus
12th Aug 2009 12:14

Laura
The last post whilst helpful would seem to suggest that there is no positivity to working in commerce. Au contraire. To be part of or a leader of a team that steers an organisation through the vicissitudes and difficulties of business, to add value to a company balance sheet, instigate efficiencies, act as the interpreter for fellow managers and, even dealing with auditors can be fantastic.

It depends on your eventual goal – if you want to set up your own practice eventually specialising in audit, tax, compliance etc then there would possibly be better training in working for a largish established practice and specialising. If you want to know how things get done then find an interesting industry or company, throw yourself into things and work with colleagues from other disciplines to get a rounded understanding and you’ll not regret it either.

There that’s enough proselytising for the other side. Talk to people in both fields and take your time to make the right choice.

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By User deleted
12th Aug 2009 14:13

Public practice
Have you also considered working in the Public Sector ?

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By Craigie_Bhoy
12th Aug 2009 15:06

Why not try both?
Laura, I did my training in a small practice and stayed in practice for 4 or 5 years after qualifying. I've just taken my first job in industry and I'm glad I did.

Yes I miss the client contact, the variety etc to a certain extent, but the chance to see things from the other side of the fence intriuged me and I certainly have no regrets.

Completing my training within a practice has given me a fantastic all round training for which I will always be thankful. After gathering confidence in my own ability, it was all about using that ability to add value to a company, participate in management decision making, ensuring accurate information is available for a team/group to help everyone going forward.

I've been fortunate to have been in both camps and wouldn't swap my practice training for anything.

Hope this helps!

C

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By Steve Holloway
12th Aug 2009 16:03

Both have merits
I started in practice, then did 10 years in industry but then went back to square one to become a sole practitioner. As a junior in practive you will prepare accounts for a lot of small busineses typically and help out on larger client audits. I always found the former very interesting and deep down I am nosey and like to see what people are up to with their money! Audit work left me cold and that was why I left ... as you become more senior you get to do more of that type of work.

As a junior in industry you will do a lot of processing of transactions and preparation of management reports for use in the business. The positive part is that what you do really feels like it matters as you are dealing with real money and working on current issues. In practice it can feel like you are always working a year behind! In general I worked much harder and longer hours in industry but I felt more valued and part of things. The money was better in industry by far.

The best of all worlds is to be a sole-practitioner and be your own boss. To do this you NEED to do time in practice - some will disagree but I do not believe there are any short-cuts.

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By notmy realname
12th Aug 2009 17:42

.
I've done both and it shows in terms of the outlook you get with your clients.

So many people have just worked "in practice" they couldn't run for the bus, let alone a business - which means they then cant advise their clients properly.

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By User deleted
12th Aug 2009 22:38

Variety
In practice you get to deal with a variety of clients and issues & there are always new things coming along.

Industry can be a bit samey although it depends on the business of your employer of course. You may prefer getting to know one business inside out. And of course if you were to work for a big practice all on one client arguably that is not much different. On which note I would say that working for the biggest firms is quite different to a smaller one where - in my experience - you have more autonomy and are measured much more by what you personally give to the firm rather than meeting bureaucratic goals set by HR.

I am surprised no-one mentions time sheets!

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By User deleted
13th Aug 2009 00:17

Dont forget....
The Public Sector ?

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By Steve Holloway
13th Aug 2009 08:46

Yes --- public sector ....
you will get a good salary, final salary pension, great holidays, decades of sick leave and the opportunity to go on strike if someone vaguely annoys you.

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By Democratus
13th Aug 2009 09:12

Steve
You forgot to mention being virtually unsackable

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By LauraBlair
13th Aug 2009 10:34

Public centre?
What would that entail?

--
LB :)

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By User deleted
13th Aug 2009 12:35

Public sector NOT centre !

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By LauraBlair
13th Aug 2009 14:38

Oops
How silly! I did actually mean to write sector but as I was also looking at something else at the same time I wrote centre, shows you should concentrate on one thing at a time :). What does working within the public sector entail for a junior?

--
LB :)

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By User deleted
13th Aug 2009 20:11

Public Sector
I have never worked in the Public Sector and maybe this is an area AW should address.

But I do know certain things about the Public Sector:

1/Expenditure in total is equal to the total taxation of the country plus borrrowings.
2/The relevant qualification is CIPFA. Chartered Institute of Public Finance Accountants
3/Areas of activity are there diverse e.g.Health,Defence,Police,Fire,Parks,etc
4/There are common features to all these activities e.g. budgeting,forecasting,purchasing,personnel
5/The Public Sector has its own rules e.g. Cost plus or fixed cost accounting in defence

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