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Practice v Industry – which is for you?

11th Jan 2017
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©depositphotos.com/tashatuvango
©depositphotos.com/tashatuvango
For many people, the idea of a career in accountancy is synonymous with the Big Four. However, according to a recent report from the Financial Reporting Council, Key Facts and Trends in the Accountancy Profession, collectively, over half of all members of all seven major accountancy bodies (ACCA, CIMA, CIPFA, ICAEW, CAI, ICAS and AIA) work within industry and commerce.

This is unsurprising when you consider businesses’ ever-increasing need for expertise in this area – and the benefits that in-house work offers. However, making the move from practice to industry represents a significant career change for chartered accountants and the decision shouldn’t be taken lightly.

Of course, some personalities are well suited to a career in public practice, and the breadth of experience which can be gained through the variety of work available should not be underestimated. While some may choose to remain with the employer they began their career with, striving through the ranks, others may find that long and irregular hours and the travel associated with the differing requirements of various clients begins to take its toll. These professionals have the option to cash out on their experience and move in-house. 

In-house roles typically offer more consistent hours, more control over workload and greater flexibility. Of course, some may miss the variety that comes from dealing with different clients and their varied requirements. However when accountants are, in essence, working for a single client, they largely free themselves from the constraints that worrying about billable hours binds them with. They are not just a cog in a machine. They are adding real value at the epicentre of a businesses’ corporate strategy, participating in management decision making, and ensuring accurate information is available for their team to impact the organisation’s direction going forward.

It’s not just the social and emotional benefits that encourage professionals to move in-house. While working at partner level in practice, of course, can be hugely rewarding financially, the results of the latest Global Accounting Network Salary Survey, which is produced in conjunction with CIMA, suggest that in-house roles typically offer more attractive remuneration packages than public practice firms. Average salaries also fluctuated significantly between professional sectors. CIMA members working within banking enjoyed the highest average salary at £85,553. Other sectors which offer salaries above the mean average include construction & property (£74,573), media & marketing (£67,162) and technology (£66,873). CIMA members working within the accountancy sector reported the lowest average salary at £50,877.

For accountants with practice experience who have aspirations to improve their work-life in 2017, the world really is your oyster. Ever-changing legislation and increasing globalisation means that commerce and industry need finance experts more than ever. Could you benefit from taking your career in-house?

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By tom123
15th Jan 2017 20:09

On the whole, I have enjoyed my industry career. I don't feel I have missed much by never working in practice - although at the time I think I thought I would have preferred it.

My January's are certainly calmer than lots of other contributors.

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