Hey all. Basically right now im looking for a change in career cuz im not really enjoying what im doing right now (financial accountant). I like to be very hands on and provide solutions to decision makers. Im a very creative guy. Thats by far my strongest attribute. You put any problem in front of me and i will find a way around it. Financial accounting is very clear cut and there is a very specific way, laid out way of doing things - you dont get to think creatively. Someone suggested consulting to me. Can someone who has had any kind of experience in this field go into a bit of depth of what it is?? and how would i jump ship exactly?? would it be difficult??
Midnight , sorry I was waiting for someone more experienced to speak up , but since we dont have anyone here yet so I will share the tiny bit I know of the industry ...
yes , Consultancy is a good choice , you can start with enhancing your qualifications .. are you ACA qualified ? coz then its much easier to get into the consultancies like the top 20 ... BIG 4 ( deloitte , KPMG etc ) are very targetted in what they do and it will take you ages to be in a position to creatively use your skill.. hence I would suggest try to get into the top twenty like Baker Tilly , PKF ect ... these guys have some fabulous client base and they dont operate in the same fashion as the Big 4 .. say you have a client and your skill can be utilized to develop the relationship further with them , they will actually encourage you to do so ...
Now , the next important thing is , what area within accountancy you should target .. I believe if you work in a pure accounting role , you would be given an opportunity in the financial services team .. but you should aim to get into Audit team .. thats where all the creativity is needed .. specially as you climb up the ladder , you will get more and more challenging cases to sort out audit issues ...
If you have any more interest , why dont you explore the Corporate Finance side of the consultancy , its not really accounting , but a much bigger and a better world , specially if you are looking for strong commercial experience that goes hand in hand with your accounting experience ...
but all in all I think Audit is what you are looking for ... so do your CV up and start posting your CV to the top 20 accountancy consultancies in your area and see where that takes you ...
I have no experience of Accounting consultancy. I did IT consulting during its golden period. I did not like the traveling part of it since I had growing kids and my wife could not raise kids on her own.
So I had to quit. If I had a choice I will go back to it. It is new experience new challenge everyday which attracts me.
i disagree with biryani....... audit is least creative....having done it for years.......i can assure you that...
what you are looking for, is a position in some financial consulting firm, possibly aligned with IT.....
like BPR, SOP development, Implementation of accounting systems thats the accounting related side of it....
you can go for financial consultancy services, due diligence, transaction services, feasibility studies.......... corporate financee etc etc.....
regardless of the specific role you opt for........you need to join some consulting firm.........and just remember one thing.......... the actual creative part of it is at least a couple of years down the line...........in the beginning it will still be repetitive work etc..
So supposing i did do something aligned with IT - how good would i have to be with computers, because my degree is actually accountancy and finance, not computing science or engineering?? Thanks
Midnight ... to be aligned with IT , you will need lots of experience and knowledge of fianancial systems .. but since that isnt your strongest point , right now , look for a starting point in accountancy ... Majority areas within consultancy are very competitive .. use Audit or Financial services are your point of entry and build your career from there ... When you work in consultancy, things may look boring at the junior level .. but as your progress and take on the commercial aspects of the client case load .. you will find it quite creative and fulfilling ... read up the related areas on teh websites of the big accountancy consultancies .. it will give you an indepth idea ..
It seems to me that Audit seems to be a very good springboard onto other things. Actually i was talking to my friends big brother. He was saying that he worked for KPMG where he audited IT firms. Later on he walked into the consultancy branch of IBM, asked for a consultancy role and he was literally handed it. Chicken biryani ive been looking to do the CA, (scottish equivalent of ACA). I understand that being armed with either of these pretty much unlocks a world of opportunities to you. Is it as valuable as i think it is??
Midnight .. ACA or CA qualification will definitely take you places ... almost all the firms within the top 10 consultancies are always on the lookout for quality ACA candidates to take on into their audit and financial services teams ... alot of other teams like corporate finance , tax etc take on people from the audit and FS teams , they are trained and their move into other fields is their progression ...
So yeah, for sure ACA or CA is the best starting point .. after which start applying in the top 20 and be clear in what you have to offer .. approach a few key recruitment consultancies .. those that specifically deal with the top 20 .. they usually market CV's of relevant candidates really well ... apply directly as well in a few places and you will be able to get some opportunity Inshallah ...
Midnight..
The world is your oyster and pointless tieing your self down (depending on your age) to one specialty n Accounting .. The first few years, you need to be almost jack of all trades master of none so that you can get the jist of programme management which I believe is key in Consulting..
What would be a great step in is to be a project Accountant (Junior role) You will have the accounting experience and even though I was one for 2 years with no accounting experience it was because I did it as a favor to an agency colleague (for a few weeks) which became long term
What you will realise when you jump in you will find one area of finance/IT that you will particularly enjoy and that's where you start specialising ..
I love my job I love consulting and the motto of contracting is ..if you don't know what IT, Vanilla Systems, Mainframe, Accrual calculations ..etc means you will as hell find out how to do it and be the best at it by the time you finish.
decided to go with the CA/ACA just because ill be getting very wide exposure - accounting/business/finance/consulting. It touches on all of these and is a very well rounded qualification. I just sent out my CVs to KPMG, ernst and young, PWC and deloitte. I heard back from deloitte the next afternoon. still to hear back from the other three. The big four as i understand it is the place to be for CA/ACA training and very good name to have on CV. But most of all i would be getting exposures to a wide variety of clients and industries so if i would wanna specialize the big four would be a good starting point - that was my reasoning for going after the big four in particular. So far so good - ive already heard back from deloitte and they called me in for a competency based interview but still to hear back from the other 3. I just sent my CVs out this past monday. Also, with the CA/ACA there are no geographical barriers. They have agreements with a number of other accounting bodies so you could take it and go abroad.
Midnight , so glad to hear the positive developments .. i have had the pleasure of working with Deloitte on several fronts and it is one of the most friendly firms amongst the big 4 .. the culture is much more positive compared to the other firms ...
So yeah good luck and hope you find your way into this new world :)
there is a downside to the Big4.........since the scale is so big........and specialities defined.....
sometimes its hard to switch fields........for example if you get into audit.......you are likely to stay in audit............ and then there are different groups within audiit too........... specialities so to say..
for example, financial services audit is very specialised area......... and switching between financial services auidit to lets say energy audit is quite difficult........since both are quite different.......
so keep in mind ........i am not trying to scare you........but just so you know the nature of Big4.......
Valid point by Nomi .. Infact most people who enter the BIG 4 world dont know it at the time ... I think it can be avoided thought , longer term .. once you have worked with the BIG 4 for 2-3 years start applying in the Top 10 .. they are always on the look out for talent coming out of the BIg 4 and their culture is very different .. they will give you a varied role ...
So no harm in using the Big 4 as a starting point to something bigger and better in your career ..
Thanks man!! Honestly didnt think i would hear back from any of them. Im just trying to evaluate the pros and cons about both. Leaning towards Deloitte at the moment. But who knows......
