Industry or practice?

Accountancy careers are renowned for their variety – one reason why ACCA is so popular – but the first step into employment is often a simple choice between practice or industry. We talk to two ACCA prize winners about their very different career choices, and their potential career paths.

IN INDUSTRY: JOSHUA WOOD

Joshua is a silver medal prize winner, and works as an assistant management accountant for the UK division of international parcel delivery service, DPD Group.

‘I studied business at A-level and always enjoyed finance and accounting – I found both topics interesting, and realised the fundamentally important role they play in helping a business stay on top of its finances. I also wanted to enter a profession, and thought that accountancy offered good career prospects.

‘I decided to go to university and study for a relevant degree that could help to move me in the right direction. I eventually gained a first class degree in Accounting for Management from Aston University, which also earned me exemptions from six ACCA exams.

‘As my degree was a ‘sandwich’ course, my career actually began with a 12-month placement – during my third year – with Grant Thornton in Birmingham, where I worked as an auditor. When I graduated, however, I decided to work in industry and joined the DPD Group.

‘In my first role I helped analyse the company’s strategic investments to make sure the financial benefits were in line with targets. I’m now an assistant management accountant reporting on our lease agreements from an IFRS 16 perspective, as well as overseeing the reporting for one of our service streams, the DPD Pickup service. I’m still involved in investment analysis but in more of a supervisory role, focusing on appraising investments before they happen.

‘For me, working towards the success of a company feels more rewarding than providing a service, and another advantage is the work-life balance that industry offers’

‘I really enjoy working in industry – you can embed yourself into a team, and become immersed in your responsibilities. As you are consistently focused on a particular business area you can really develop your understanding and, as a result, improve your contribution. For me, working towards the success of a company feels more rewarding than providing a service, and another advantage is the work-life balance that industry offers. You generally stay in one place every day, whereas in practice you can often be in different locations, and for up to two weeks at a time. The predictability of an industry role can also help when preparing for ACCA exams, and suits someone who doesn’t like to move around too much.

‘Regarding ACCA study, there can be some disadvantages in industry as different companies can offer different levels of support. At DPD, for example, I had to study and attend college at the weekend, rather than on day release, but my employer provided a good level of study leave. Having worked in both industry and practice, I can also see that the initial learning curve in practice is slightly steeper due to the sheer variety and pressure of the job, so the early stages of professional development might be slightly faster as a result.

‘However, I plan to stay in industry and at DPD. I’m focusing on short term, manageable goals, so continuing to improve myself, increase my responsibilities and gain recognition for my efforts. Over the longer term, I’m aiming to be in a strong managerial position (or higher), overseeing both a team and an important area of the business.’

IN PRACTICE: RACHEL DAVIS

Rachel, joint winner of the July 2020 Financial Reporting prize, is a trainee accountant at Thompson Wright Ltd, a leading regional firm of chartered accountants covering the midlands and north west of England.

‘After my GCSEs I started at sixth form college but within a couple of months I had left home and had to work long hours in a fast food outlet in order to pay my bills. This affected my college work and, although I achieved two AS-levels, I eventually dropped out. After a few months I found a job as an administrator with the Crown Prosecution Service and although I enjoyed the role, my career prospects were very limited so I started looking into accountancy, a career I’d always been interested in as I was good at maths. It was also a pleasant surprise to discover that to become an accountant I didn’t have to go to college or university. Along with my financial struggles, I hadn’t enjoyed sitting in a classroom at college, so I knew I needed to find a career where I could learn on the job.

‘I began to self-study for AAT while looking for an accountancy job but found that most entry-level positions were apprenticeships. I would have loved to follow this route, as I think it’s one of the best ways into the profession, but the salary wouldn’t even cover my rent.

‘Six months and hundreds of applications later, I joined a very small accountancy firm (husband and wife owners plus myself), 35 miles away, where I learnt bookkeeping, VAT returns and some accounts and tax return preparation. I stayed for over three years while I completed my AAT, but the commute was draining and I eventually outgrew the work, so I moved on to my current employer, Thompson Wright, a chartered accountants practice with around 60 staff.

‘I’ve been here for nearly two years. I really love my job and the work environment, and the office is only 15 minutes away from home. I’ve recently been promoted to deputy team leader, and have clients of my own as well as helping with other accounts. I mainly prepare year-end accounts and tax returns and I also train and support junior staff. My employer also funds my ACCA qualification and I’m given study leave.

‘…it became clear – while job hunting – that ACCA was well recognised by employers’

‘When choosing my professional qualification, it became clear – while job hunting – that ACCA was well recognised by employers. I also discovered that five out of six of my potential employers preferred ACCA over other accountancy qualifications, which told me that ACCA was the more widely recognised qualification.

‘I love working in practice because it’s very varied and every day is different. I enjoy working with a range of clients, and find it particularly satisfying to support small businesses. Looking ahead, I hope to remain with Thompson Wright and eventually move to a more senior role with responsibility for both a larger client list and a small team of junior staff. For me, there are no disadvantages to working in practice but I guess it’s personal preference.’