The ACA Migration

Why leave Audit?

For some it was only a 3 year job, but not for many.

However after a year or two in, many more realise it isn’t for them in the long term.

Common complaints are
1. Hours are too long and workload unrelenting
2. Careers in Audit not interesting and repetitive
3. Salary and bonus not as high as Accountants in industry
4. Little variety of opportunity or career path
5. Advising on projects but not delivering them
6. Nomadic, moving from client to client
7. Lack of growth in the sector, seemingly choking partnership opportunity

Whatever the reason, it will not come as a surprise to hiring managers outside of practice.

How has 3 years Audit affected my career prospects?

The Fund Industry is predominantly lead by ACAs with the lion share of senior finance roles

You may feel at a loss, that you are starting over. But you’ve gained a highly prized and tested set of experiences.
1.You are a top graduate
2.Survived being thrown in the at the deep end from day 1
3. Managed clients way above pay-grade for information and explanations whilst not ruffling feathers
4. Studied the ACA, passed 1st time for fear of being asked to leave
5. Collaborated with peers whilst knowing they’re your direct competition as you climb the ranks
6. Manage large teams whilst managing upwards to demanding bosses
7. Experience of project management, lots of it
8. Client facing skills, whilst adapting from one environment to another
9. Developed broad yet specialist technical knowledge
A powerful list!
Resulting for many in self-confidence, self-awareness, and self-learning capabilities. With a no-nonsense attitude that gets things done. This often is toned down once leaving but is your bedrock and will see you do well.

We are impressed with the quality of ACAs/CA every year. And more importantly so are our clients.

What should I consider as a first step?

A big question, the $64000 question needing parsing out more than anything other

So, what next? Or what first? Given it the first step into industry.
Let’s assume your end goal is Finance Director or CFO, as without a compass bearing to aim at we can’t career plan. Risking drifting without direction, which can be fatal to your chance to make it to the top.
But thankfully most have set a goal and want the first step to be Financial Analysis, Fund Accounting or Commercial Finance
This has a major impact of job market supply and demand.

Ask yourself which option is most beneficial?
Option 1: Hold out for the Commercial or Fund Accounting roles in an A-Grade firm, even if that takes me a year plus

Option 2: Prioritise the calibre of the firm over the commercialism of the role, taking a less competitive Corporate or Financial accounting role in a top firm

Option 3: Prioritise the commercialism of the role over the calibre of the firm, taking a more competitive role in a less well-known firm

Then layer on some perspective.
1. Which option has the best longer-term implication to my career goal?
2. What are the medium-term implications on my career path?
3. What are the implications of holding out for option 1 delaying the move to industry for up to 12-18 months?

Now what if we said, it doesn’t matter what decision you take? That each decision presents it’s own short term benefits whilst putting up hurdles to you will have to overcome.
You need to acquire a broad set of skills which significantly improves securing the FD & CFO roles. Starting as a Corporate Accountant, then moving into Fund Control is a smart move getting the more mundane role out the way first, making the transition to industry less intense as you will already have a good understanding of the role.

What about the company size?

Large companies present endless opportunity if you work tirelessly, small companies give a sense of community but you may become stuck quickly

Defining the size of a small, medium or large company depends on industry. The Fund Industry can be defined as, small < 50, medium 50-250 and large > 250

We can generalise;

The smaller company
1. Greater exposure to senior management and front office
2. Broader roles eliminating risk of being pigeon holed
3. Ability to build the FD toolkit quickly
4. Affect change with fewer rules, regulations and more agility
5. Entrepreneurial, creative, voices lower down are heard and a sense of community/family
6. 1000s more FD and CFO opportunities
7. Reach the top at a younger age

The larger company
1. Complexity creates problems which are solved with greater resource
2. Acquisitions, Re-Structures and operational change create project work
3. Internal career path promotion with structured training and rotation scheme
4. Plethora of world-class talent to learn from
5. Segregated functional disciplines allow specialisation
6. Benefits packages often better namely insurance, pension and lifestyle perks
7. Alumni proving advantageous in the future

I'm ambitious, how do I make it to the top?

Most FDs and CFOs are ACA qualified, the lion share being 86% last time we counted

In short, accumulate the broadest set of skills, as quickly as possible. By not focusing on single functional discipline once you’ve ‘mastered it’.

Technical Accounting, Corporate Accounting, Commercial Finance and Fund Accounting are the building blocks of a FD. Then gain board exposure, corporate finance, strategy, world class talent attraction/retention and industry networking.

Is there a fast track?
Yes, the smaller the firm, the younger the FD can be i.e. A £1Bn AUM fund based in London only Vs a Global PLC with £1trn AUM. The latter tending to take at least 10 years longer.

Follow these rules to expedite your journey;

1. Relentlessly build achievements by going the extra mile saving money and time
2. Build the above toolkit of accounting experience and as quickly as possible
3. Deliver rich and digestible commercial finance insight
4. Don't hang around when comfortable, keep progressing and diversifying
5. Double down on your industry specialism, or closely related sub-sectors
6. Nurture a growth mind-set, always learning and developing
7. Be self-aware, stay hungry and stay humble