On the right career path
Over half of the accounting and finance sector population would move jobs tomorrow if it meant a clearer career progression, highlighted in recent research from Badenoch & Clark. It’s a statement that would startle many from the old school of accountancy who qualified at a time when company loyalty was the norm and career progression was crystal clear.
It’s quite a startling figure for the rest of us as well, especially in a market where employers are facing a growing retention crisis. It used to be much more simple. Graduate; join one of the big four accountancy firms; get your ACA; move into business and ride the curve to boardroom success. But the picture has become a lot less clear in recent years. Even deciding which qualification to take is less straightforward than it seems.
Increasing numbers of people are opting to study for the CIMA qualification instead of ACA. ACCA still attracts a lot of people, and let’s not forget the CIPFA if you want to work in the public sector. Yes, there are still a great deal more ACA students than anything else, but the CIMA and ACCA student bodies are growing much quicker. And it’s not just the qualification. The big four are taking on fewer graduates these days, so the first steps any aspiring accountant takes have become very blurred.
48% of finance professionals plan to change jobs this year alone.
Set all of this against a backdrop of economic uncertainty and a business community that seems to be collectively holding its breath through the credit crunch, and you’d be forgiven for thinking the outlook is pretty bleak for the ambitious young accountant. On the contrary, the job market is still very much a candidate’s one, and if previous economic downturns are to be held up as an example, there’s little for the most talented accountants to worry about.
The job for life no-longer exists. It’s a trend that accountancy hasn’t been immune to. A startling 48% of finance professionals plan to change jobs this year alone. Over a third say that they wouldn’t think twice about leaving their current employer if another opportunity came along. In a job market characterised by nomad-accountants, it’s no wonder they’re finding it difficult to make long term plans about their careers. The business world is more fluid and fast paced than ever before, so your career plans seemingly have to mirror that environment and be ready to change as the market does.
The role of an accountant has also changed a lot since the days where a clear career progression was taken for granted. The responsibilities are much wider ranging and the skill-set of the modern accountant differ in some key areas from the past. As the role has developed, its scope has widened and become more difficult to pigeon hole. Because of that, the route to the top of the profession is no longer the straight road it used to be – there are many potential detours on the way and even the “top” isn’t necessarily where it used to be for some people.
Simply put, the modern accountant has many faces and just as many paths to choose from.
As an employee, the path forward is clear. If you don’t have a good idea of your own career progression, speak with your employer and raise the issue. It’s not something that’s likely to fix itself. If you’re employer isn’t receptive to the idea of sitting down and planning where they see your future, it’s perhaps time to seriously consider whether or not you’re at the right company.
For employers, it’s a bit more complicated. It means taking a structured approach to your people. Attracting talent is one of the most difficult business skills to conquer – it takes time, money, energy, skill and no small amount of luck. It makes much more sense to keep the talent you’ve already got, and if our research is anything to go by, that means helping them to see what their career will look like if they stay.
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