Should you start working in industry?
As part of our series on different career paths within accountancy we turn to main alternative route to audit - working in industry.
What is industry?
Working in industry refers to any accountant that is working in-house in a non-accounting business (e.g. for a supermarket or construction company). In-house accountants provide insights and data to aid senior management in their decision making. Working in-house allows you to help shape the company and its commercial strategies over the long-term.
What type of work does this involve?
Working in-house as an accountant offers you the chance to work in the heart of a business and gives you the opportunity to be involved in a wide range of accounting and finance activities. Work that you might carry out could include:
Preparing financial projections and cash flow forecasts
Identifying and helping to mitigate operational, strategic and business risks
Helping to allocate available funds to projects (investment appraisal)
Maintaining financial records and preparing the financial statements
Collating information for the auditors
Creating accounting and reporting policies
Supporting the wider business
Strategic business planning
Why work in industry?
Working within a company gives you the chance to work on a range of different aspects of finance and allows you to develop your technical and soft skills. Work can range from month end preparation to budgeting and forecasting, monitoring cash flow to providing financial advice to project teams and senior management.
In addition, salaries for exam qualified or newly qualified accountants in industry tend to be slightly higher than those available in accounting practice and the hours are often more consistent, which is why this is such a popular route!
One option to experience working in industry if you currently work in practice is to go on secondment to one of your clients - this is becoming increasingly common at large accountancy firms as its allows trainees to get an even broader range of experience in different areas of business.
Would a career in industry suit me?
Working in-house would suit an individual that:
Enjoys strategic planning
Has a strong interest in a particular market and great commercial awareness
Has strong numerical and analytical skills
Has great interpersonal and communication skills
Is good at decision making