ICAEW.com works better with JavaScript enabled.

What Practice can do for your career

If you are thinking of making a move following the end of your training contract, first consider the benefits of moving to a new practice, advises Sinéad Byrne, public practice senior consultant at Morgan McKinley

Sinéad Byrne

October 2019

Are you nearing the end of your training contract? Are you thinking about making the move from practice to industry?

Undoubtedly industry has a lot to offer. The change from a practice environment to something new is an interesting prospect, and the increase in salary that normally comes with a move to industry is an undeniable draw.

But do you move straight after qualifying or do you move to a larger practice to gain some more experience first? Do you definitely want to leave the profession at all, or do you just need a change of scenery? Moving to a different or larger practice offers many advantages that industry cannot always guarantee.

These include:

1. Career Progression

Without a doubt, for those candidates who show drive, ambition and a strong team ethic, practice offers superb career prospects. The career path and time scales for progression for strong employees is mapped out from the outset.

In a larger firm, there are many paths your career can take that are not in audit or accounts. A Big Four firm can offer a shop window of disciplines and career paths once you are established there: corporate finance, consultancy, tax and many more. Plus, the opportunity to work in practically any country you want to in the world is an undeniable attraction.

2. Variety

Some who leave the profession straight after qualifying find themselves missing the variety of working in practice. That is variety in industries, locations, and people they work with.

It often surprises people quite how much they miss these things once they are working in the same office every day. The cyclical monthly nature of roles in industry can also come as a surprise to people too,

3. Long Term Career Prospects

If you haven’t worked on large or multinational clients but that is the size of employer you are seeking, then finding a role in larger practice is the best way forward rather than leaving the profession straight after qualifying. 12 to 18 months in practice with a recognised name on your CV will open many more doors, and ultimately pave the way for a higher salary offering.

4. Benefits

Practice can offer a host of benefits particularly at a Big Four or Top 10/20 practice level.

In addition to attractive financial packages (which can include a discretionary bonus structure typically at management level), practice can offer a range of additional benefits from useful health and well-being packages and education assistance to recognition and awards programmes.

Sinéad Byrne is Public Practice Senior Consultant at Morgan McKinley

Liked this? Read these:

London Accountant

Go to London Accountant for more features, news and opinion.
Follow us on Twitter @ICAEW_London and join us on LinkedIn: LSCA and Croydon.
Subscribe to ‘regional updates’ to receive more articles.