The ACA has given Amy Murphy a springboard to a career in transactions. Now a corporate finance manager based at FRP Advisory’s Manchester office, she talks to Jo Russell about her role and her plans.
Why did you decide to take the ACA?
After completing a physics degree at the University of Manchester, I considered my options. I knew doing the ACA was one of the best ways to get into the world of finance and business; it would open up opportunities in practice or industry. I joined BDO in Manchester in 2015 as an audit trainee. As one of the top 10 accounting audit firms, it offered a great foundation for my career. Alongside the ACA, it would mean working with a lot of trainees and colleagues of a similar age, so I could immediately start building a network.
I completed my ACA in 2018. I found time management was one of the biggest challenges when trying to study and work at the same time. It can be hard to balance everything, but is ultimately rewarding. My physics degree also proved to be a useful grounding to help with analysis and understanding of businesses, and how they are valued. As with physics, accountancy has its own language.
And why corporate finance?
After qualifying, I became an audit senior, but had the opportunity to spend some time as a corporate finance advisory executive and I got a taste for it. I enjoyed the faster-paced environment and the focus on transactions and deals. Corporate finance is more commercially driven, requiring an understanding of businesses and, on a wider basis, movements in the markets they operate.
I wanted to work in a boutique firm, and FRP Advisory appealed to me as there was an opportunity to work across due diligence and corporate finance. There are few firms that offer the flexibility of that dual transitionary role. I joined FRP in Manchester in November 2020 as assistant manager, and was promoted to manager in 2022. Initially, I worked in financial due diligence, which allowed for a smoother transition from audit into transaction services, and from there I moved into corporate finance, making use of the analytical skill set necessary in due diligence.
What is your role now?
It’s predominantly in corporate finance lead advisory, from reaching out to buyers and pulling together an information memorandum, through to negotiations, management presentations, co-ordinating due diligence and preparing completion documents. The FRP Manchester office is growing and I work with graduate trainees and assistant managers, helping coach new starters. I work with owner-managed businesses between £1m-£10m EBITDA across a range of sectors. Deal values are £5m-£50m. I currently have about four or five deals on the go, all at different stages.
What are the challenges?
The macroeconomic environment has been very uncertain over the past three years. Deals have been impacted by rising interest rates and supply-chain issues, and have taken longer to get over the line. The biggest lesson learned is to be persistent, have a plan in place and be prepared to adapt.
We are currently working with a manufacturer that relies on a European supply chain. When we went to market, trade buyers were wary; we realised we had to reschedule the timetable and allow the market to settle. Telling someone who wants to sell their business that they have to hold fire is a difficult message to deliver. We have to manage disappointment and expectations, making sure everyone is on board with changes. I am more hopeful about the state of the market now and I am seeing more traction with deals.
And your goals for the future?
I am working with my first PE-backed business and looking forward to seeing that deal through to completion. I want to expand my knowledge of different sectors and work with as many different clients as possible.
I’d like to have more responsibility. We have taken on more juniors, so I will be coaching them, and I’m also working towards the next promotion.
I’m also part of our environmental, social and governance, and corporate social responsibility teams, which I enjoy. We host charity events, volunteer with homeless charities and help raise awareness. We recently ran 10km for Manchester Mind and hosted a number of events in the office for Mental Health Awareness Week. It’s fantastic to work in a place where everyone agrees it is good to give back.