From Industry to Practice: Can You Succeed?

Making the transition to Industry and Commerce is increasingly becoming the topic of conversation amongst everyone in the Accountancy community. But what happens when you make the step the other way?

Having navigated their way into industry, what fuels an accountant’s move back into an accountancy firm environment? With this, what lessons and skill-sets are acquired from industry that can be used in practice? This article explores those questions alongside the ‘ups and downs’ of such a move, including examples of accountants who have embraced the jump…

Numerous accountants who have been in industry are hesitant to return to public practice life. The initial thought of marketing accounting services and keeping countless numbers of clients happy presents daunting challenges when contemplating a return. 

However, others believe that the move has enabled them to become a more practical and ‘commercial’ accountant, providing a higher quality of service than ever before. Sometimes to build a successful career you must figure out how to make “lemonade out of lemons”. So in this case, leveraging your industry experience is key to making the transition as smooth as and as successful as possible. 

One of the ways that this can be done is through the practical skills gained as an industry accountant. For example, one accountant we spoke to explained how their practical skills helped deepen an understanding of business ‘know-how’.

“Once you have been on the hot seat in industry, you have a new understanding of what it all means and why the client is calling. This practical perspective can be really helpful to a client.”  

Another notes, “As an outside accountant, you are often saying no. You don’t have to deal with the consequences. But inside you have to figure out how to get it done. And this has really helped me to become a more practical accountant.” 

The more practical view can also be seen as a valuable marketing tool. By having a better understanding of how a business operates from the inside, it enables an accountant who has returned to a firm to have a better all-rounded awareness of the client’s needs. 

While being in industry can make you a more practical accountant, it can also lead to an enhanced appreciation of a high quality service. This is an important attribute to take with you to private practice, as making sure the client understands they’re important to the firm is key. Service by a public practice firm is a lot like dining at an upscale restaurant. The client needs to feel that they’re the only client you are attending to… 

“Being in industry gave me a new appreciation of the importance of responding to clients promptly, whether it be phone calls or emails. It sends completely the wrong signal when accountants fail to be responsive and proactive when it comes to client service.” 

However, as much as the skills acquired in industry & commerce are a great source of help once in practice, actually being accepted by a firm may bring its own set of challenges… 

Often it can be difficult for an industry accountant to differentiate themselves from the crowd. Firms aren’t always accustomed to making this kind of hire, so when someone comes through the hiring process, they really need to have packaged themselves to show they are distinguishable. 

Above all else, firms are looking for hires to come with a book of business. So one of the key things that an industry accountant can have during this process is a business plan to present to potential employers that lays out exactly what they can bring to the table. 

In this market, what it really comes down to is revenue, and the core business plan outlines exactly how the potential hire will bring it in. A business plan is strategic. It discusses how and when you’ll contact potential and future clients alongside what services you are going to provide. 

Industry & Commerce accountants will find that a very few firms these days are hiring based on skill-sets alone. Firms want to see that someone has the desire and capability of generating business and nurturing client relationships. 

But giving firms a rundown of potential clients will only work if the individual has accumulated that network in the first place. Fortunately, industry accountants are in prime position to do so. The obvious connection will be their most recent corporate employer… 

Not only this, but accountants have a huge advantage going back into practice if they have spent their industry & commerce days sharing best practices with peers. Working in industry, you are uniquely positioned to build great relationships because you don’t come off as making a pitch for a business the way an outside accountant might. Firms therefore value an accountant who is highly connected and can say, “I’m connected throughout my community both professionally and personally.” 

Along with building contacts, industry accountants should build upon their own brands. This can be done by positioning themselves as thought leaders in their industry. Whether this is speaking at conferences, writing thought provoking content or building a social media presence, developing your personal brand can really make you attractive to a firm. 

 

Case Study: 

A Corporate Finance Director’s transition from Industry back into Practice

 

Background 

When I made the move into industry in 2010, the decision was easy. M&A markets were quiet at the time and it was becoming increasingly obvious that a broad skill set and industry experience was an important differentiator for a successful Corporate Finance career. Also, I fancied a change of scene and wanted to experience a different way of working. 

 

Great Corporate Experience

My industry experience was fantastic. I had four great years which expanded my horizons through working with people with very different backgrounds and skill-sets. The job allowed me to work closely with a FTSE100 Executive team whilst also working four continents. The two main differences I found in industry were the people and responsibility. The top tier management in industry were incredibly dedicated and as you went further down the organisation, people’s roles were highly skilled but more process orientated. This sometimes made it difficult to coral enthusiasm and support for ‘extracurricular’ projects like M&A whereas people within practice are exceptionally dedicated and always looking for different and challenging experiences. Also, I found within industry, there was a high level of responsibility without the support network you get in practice. This is both good and bad, it gives you more freedom to make your own decisions and leaves you more exposed to both the praise and criticism! 

 

Time for a Change

The career paths for a professional can be less structured in industry. Therefore, the individual needs to drive their career progression by seeking out new roles rather than waiting for the promotion. After four years, it was time for me to make the move either into a different area of the business or externally. I had learnt most of what I could in the role and was keen to seek out a new challenge. I looked at all options, but in all honesty, without a focus on moving back into practice. I very much saw myself moving into another corporate role. 

 

Moving into Practice was easier that I thought

Most of my job discussions were either with trusted recruitment consultants or individuals I knew in related businesses. There were a number of good opportunities but I was focussed on getting the right one. I had a false start, nearly accepting a corporate role before realising the cultural fit was not right. This made me consider more carefully a move back into practice. The role I ultimately took allowed me to use all the skills I had developed in industry whilst working with great people and being locally based to my family. 

 

Some concerns moving back

There was an element of apprehension about moving back into practice. I had three main concerns: firstly, internal networks are important in practice and I would be moving to a new firm with no network; secondly I did not want the same role as I previously held in practice; and finally, I needed to find the right team to work with. The latter two I could diligence and make sure I knew what I was getting into whilst the first was a trip into the unknown. However, 18 months on, it’s been a very positive experience. Building my network has been nowhere near as hard or difficult as I thought it might be. The great thing about practice is the quality, values and enthusiasm of the people which makes building networks straightforward. 

 

Differentiation aiding my career

My industry experience has provided a great platform to move my career forward within one of the big four. I can relate much better to the clients I am advising having been in their shoes and my sector knowledge provides more depth to my advice. Also, I have been exposed to different management styles in industry (good and bad), cultural differences and some very technically strong people. This has helped to develop project and team management skills. 

 

Thoroughly recommended 

Although having had a great time in industry, I would have no hesitation recommending a move back into practice. You have to be prepared to put extra work into your internal networks and accept the need to rebuild a pipeline of work but the opportunities, variety of work and people are great. Industry experience should make you a sought out commodity as you’ll be able to offer your clients a different experience from other advisers. 

 

In Summary:

A move back into the profession doesn’t have to be daunting. Provided you’ve gained applicable skills whilst in industry, the professional firms will welcome you. Diversity is high on their agendas and this applies as much to career background as it does gender and race. Besides, it’s now common for people to have multiple employers during their careers. A move back into the profession may just be giving you another skill-set to move into another career. 

 

To find out more information on roles in both industry and practice and how we could helo you…
Please call: 0370 240 1010

Visit our website: www.adlestropconsulting.com

Get in touch with our experienced consultant:

Charles Magill – charles.magill@adlestropconsulting.com

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