For newly qualified accountants, there seems to be a bit of reluctance to take the leap into a new job. It could be because of general economic uncertainty and worries about redundancies – regardless, not making a career move might be the riskiest move of all.
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That’s why Jane Setter CA, who heads up the Aberdeen based resourcing team at finance recruitment and business advisory firm Hutcheon Mearns, is keen to make sure accountants in Aberdeen realise the range of career opportunities available to them in the current market.
Jane says: “We’ve seen a real shift in the newly qualified market. Before COVID, as soon as people qualified, they were very keen to start looking at their options.
“Now people are much more cautious and seem happier to stay where they are. They’re almost fearful of a move.
“This feeling is particularly strong with people who are qualifying in practice. The practices are doing a really great job of retaining people by offering salary increases, retention bonuses and quicker promotions. The practice-based newly qualified accountants are therefore feeling well rewarded and “safe”, viewing a move to an industry-based role as high risk.”
So, what do newly qualified accountants need to know about the job market today? Jane answers some common questions and concerns, below.
7 commonly asked questions about newly qualified accountant jobs
1. Is now a good time to look for accounting jobs in Aberdeen and across Scotland?
While being aware of economic and job market issues is important, it’s still a great time to look for your next move in Aberdeen. Jane explains: “If we look at the Aberdeen market, the oil price is currently high, which results in an increased level of investment and new projects, which in turn creates new opportunities for accountants.
“Recruitment activity has been reduced during the COVID period, so companies are now looking at their teams and the finance support they need. This allows them to identify gaps and pressure points in their finance teams where additional support is needed. This creates really interesting and exciting opportunities for newly qualified accountants who are looking for a fresh challenge in industry or a step out of practice.
“Candidates should be confident and open minded to taking that next step. It’s a candidate short market, so as a newly qualified accountant, you are going to be in demand. If you start looking for a job, you’ll find lots of opportunities will be open to you.”
2. What are the newly qualified accountant job options?
A Chartered Accountant herself, Jane also had to consider all her options after qualifying. Her advice for others in the same position now is: “If you’re in practice, you’ve got two key options. One is to move into an industry-based role. There is a broad spectrum of roles available within that space, depending upon your interests, the type of accounting you enjoy and the direction you want to take your career.
“But there’s also the opportunity to move to a different practice, to do something slightly different or to work on a different client base. For example, you could move to a smaller or larger firm to gain new experiences or move into a new area.
“You don’t have to go into industry, there are other practices. We’re seeing quite a few accountants moving from practice to practice.”
3. What do I need to know about moving from practice to industry as a newly qualified accountant?
Moving from a practice to an industry accounting role is a big step – but you will get support. Jane advises: “It’s a huge change in terms of the culture of practice versus industry, and what you’re going to be doing day-to-day.
“There’s going to be a natural learning curve, but you shouldn’t be scared of that. If you look at senior finance people in industry, many of them have come from a practice background and have taken the step into industry at some point in their career. They understand the challenge and appreciate how daunting it is to make that step, so they’ll support you through it.
“Be cognisant that it’s going to be a big step, but also be confident in your abilities. Many of your core skills are transferrable and you have already proven that you’re able to learn. Your manager and wider team will be there to offer support and guidance. It could be a fantastic fresh challenge and the opportunity to widen your experience”.
4. How important is it for my future career – especially if want to become a finance director – to move into industry?
It all depends on your career end goals. Jane explains: “You need those broad experiences to become rounded enough as an accountant to progress up the ladder to financial controller and then FD/CFO. If you stay in practice for too long, you pigeonhole yourself and potentially become too senior, thus pricing yourself out of the industry market.
“Practice training is fantastic as a building block. But if you don’t want to be in practice long-term and you ultimately see yourself as a finance director, then you really need to get that industry experience.
“For newly qualified accountants, the first step out doesn’t need to be a career for life. You can view it as a stepping stone to broaden your skill set and experience while gaining commercial experience.”
5. What else, besides salary, should I consider before moving job as a newly qualified accountant?
Some people move jobs purely for a salary increase, but Jane advises caution when it comes to this approach.
She says: “Jumping for a job without properly researching it or thinking it through, just for a salary increase, is certainly not an approach I would advise.
“I recommend taking a balanced approach and weighing up all your options. Try to see the big picture of not only the remuneration package but also what this role is going to add to your profile and marketability going forward. Does this offer me better experience than where I am? What are the next steps from this role? Is the new company more attractive in terms of industry, culture, future plans, etc? Am I moving for the right reason? What will I gain from this to progress my career? Will I be more challenged?
“Don’t just move for a title or more money. Move to get the experience that’s going to take you to where you want to be, in a company with values aligned to yours and that will make your work life more enjoyable.
6. Will I be able to find fully remote accountant jobs in Aberdeen? What are my options?
Jane says: “We’re seeing a shift towards predominantly hybrid working arrangements, with flexibility. Accountants can very much work from home, but they also need to be visible in the business, and they need to be available. We rarely see 100% remote opportunities, however they do exist.”
Hybrid, with two or three days in the office and the remainder at home, is the most common approach for accounting jobs at the moment. Don’t be afraid to ask about flexible, remote and hybrid working options, as the industry is now much more open to discussions of this nature.
Jane explains: “Now, it always forms part of the discussion, whereas before it never did, or did so very rarely. We used to have conversations with candidates and employers around flexible working arrangements, but home working is definitely new.
“It should be a consideration when you’re looking at an accounting opportunity, depending on your preferences and your situation.”
7. How can I find my next accounting job and specialist finance career advice?
If you’re newly qualified, or ready for a change, now is a great time to look for a new role in your area.
You can register formally as a candidate with Hutcheon Mearns. After an initial discussion to get to know you and your career aspirations, Hutcheon Mearns will then start a targeted search for you and share potential opportunities, guiding you through every step.
Hutcheon Mearns also offers an advisory career consulting service, even if you don’t want to formally register quite yet. Jane says: “We’re always happy to talk to people who aren’t 100% sure about what they want to do. We’re happy to chat and give advice on what options there are for them, on a general basis.
“It allows us to build up a relationship and get to know you. There’s no pressure and we are more than happy to spend the time to understand your situation so we can provide advice and guidance, tailored specifically to you.”
Learn more about accounting job opportunities in Aberdeen and make your next career move.