Are you tired of the crazy hours, high stress and increased pressures? Have you ever thought about moving into industry?
Transitioning from audit to industry can provide a more balanced, impactful, and fulfilling career path, with diverse opportunities for professional growth and development. Here are our top reasons as to why you may want to move away from audit firms.
Better Work-Life Balance
Audit roles, especially in one of the top 20 firms, are known for their long hours and periods of high stress therefore choosing to move into industry may provide a more balanced work-life dynamic. There’s no need for late nights or excessively demanding periods such as month-end or year-end, instead, you’ll be working more predictable hours with a more balanced work-life routine.
Visible Impact
In an industry role, you have the opportunity to make a greater impact in a more dynamic commercial environment. You can see the direct impact of your work on the company’s performance and strategic direction. Whether serving as a strategic partner or financial advisor, you can offer insights and advice, implement and support projects directly, and witness the value you add. This can involve participating in, analysing, and resolving issues while driving improvements.
Limited Career Advancement
While audit firms do offer clear progression paths, the roles are often linear and heavily dependent on achieving specific milestones like passing CPA exams and meeting billable hour requirements. Career paths in industry are often clearer, offer more variety and opportunities to specialise in certain areas, take on strategic roles, and advance to executive or senior management roles. It would be easier to start your journey to CFO or other C-suite level roles while working in industry.
Broaden and hone your skills
Specialising in a particular sector or business function e.g. financial planning and analysis or management accounting will provide new skill sets which will include both technical and softer skills. These can include skills such as leadership, communication or project management skills, which will build upon and enhance the expertise you’ve already developed in your audit role.
While audit firms offer substantial training and development, especially for new hires, this training is typically very structured and focused on audit-specific skills. In contrast, companies in industry often invest in their employees' long-term development through tailored training programs, mentorship, and professional growth opportunities.
Variety of responsibility
Audit work is often repetitive and compliance-focused, involving routine checks and balances to ensure accuracy and regulatory adherence. Comparatively, industry roles are typically more diverse, encompassing budgeting, forecasting, financial analysis, and strategic decision-making. Transitioning to an industry role also offers the opportunity to work in various sectors, providing additional variety if desired.
Long-term projects
If you’re looking for something a little more fulfilling, going down the industry route might be a better option. Industry roles allow for involvement in long-term projects and initiatives, such as systems implementations, process improvements, and strategic planning, which can be more rewarding than the short-term nature of audit engagements.
Job Stability
Audit professionals often work on a client-project basis, which can lead to variability in workload and job security depending on the firm’s client-based and economic conditions. Roles in industry, on the other hand, can offer more stability as employees are part of an internal team focusing on the company’s continuous financial health and growth.
Company Culture
Audit roles are known for their competitive, high-pressure environment, with a strong emphasis on meeting tight deadlines and high expectations. Alternatively, industry roles often foster a collaborative and integrated team atmosphere, focusing on long-term goals and company culture. Working within a single organisation allows you to form stronger relationships with your colleagues and develop a deeper sense of belonging.
Financial Benefits
The compensation structure, work expectations and career progression differ between audit and industry. There is a perception that salaries are better in audit because base salaries tend to be higher, especially as professionals progress in their careers. Industry roles on the other hand, often offer strong benefits packages, bonuses, stock options and other forms of compensation. As professionals progress to management or executive roles, their salaries will increase significantly due to increased responsibility and strategic influence within the company. Entry-level salaries in audit roles may be competitive but the compensation growth can be slower and additional compensation e.g. bonuses may be less substantial. The highest salary levels are typically reserved for those who reach senior partner status, which can take many years.
Summary
Industry offers predictable hours, visible impact on strategic goals, diverse career paths, and skill development in financial analysis, project management, and leadership. With stability, long-term project involvement, and a supportive team culture, transitioning to industry can provide not only career growth but also improved job satisfaction and financial rewards.