Start Your Career Strong: Why Accounting Firms Beat Industry

From my experience in training to become a professional accountant, working in practice, industry and training aspiring accountants over the years, I can confidently say that the most ideal place to begin your career as an aspiring accountant is in an Accounting Practice (i.e., Accounting/Audit firm) compared to starting in industry (i.e., a company).

Starting your career in practice affords you the following opportunities which may not be available in industry:

• The working environment is training and learning oriented. There are deliberate programs to train the staff to move through the ranks of an Associate, Senior Associate, Manager etc. In addition to the hands-on training, there are training schedules to discuss important subjects such as; International Financial Reporting Standards (IFRSs), tax laws, new accounting trends, regulatory updates etc.
• You are not limited to a few areas of accounting typical of a person working in industry but rather broad, varying and complex aspects of accounting, tax and business advisory. You could work on engagements involving book keeping, tax filing, business registrations, tax mediations, accounting books clean up, business dissolutions etc.
• You become conversant with the accounting systems and procedures of companies in multiple industries other than being limited to a specific industry. You could get the opportunity to work in manufacturing, real estates, Oil and Gas, retail, wholesale etc.
• Opportunity to be exposed to and learn multiple accounting softwares due to the fact that the various clients use different softwares for their operations. Accounting has moved on from keeping physical books to cloud based accounting systems. Practical knowledge of these systems has become necessary for your progress in the profession.
• Exposure to high profile meetings and networking opportunities. Even as a junior in the firm, you may get the opportunity to attend clients’ Board and Management meetings to discuss and make presentations on financial statements, audit planning arrangements, management letters etc. This boosts your confidence, sharpen your presentation skills and helps you network with key people in these companies.
• You get exposed to job opportunities due to the fact that a number of companies employ their key accounting & finance staff from practicing firms.

The downside to training in a practice firm is that, it may be less financially rewarding in the short term hence more suitable for young and fresh graduates. Nonetheless, it is remunerative in the medium to long-term because you could get a good offer in industry due to your vast practical experience, become a consultant or progress to become a partner in the firm.

ABOUT THE WRITER:
Samuel Osae-Ansah B.Sc., MBA, CA is a Chartered Accountant and a licensed Audit Practitioner. He is an entrepreneurship enthusiast and Accounting Consultant who takes keen interest in the growth trajectory of businesses and provide advisory services in that regard.

Contact: +233 598632806
Email: [email protected]