Transitioning to a new industry can be a daunting yet rewarding experience, presenting both opportunities and challenges. As you contemplate this significant decision, it's crucial to weigh the benefits and potential hurdles carefully. Being fully prepared and understanding what lies ahead is essential as you consider the next steps in your career and the type of organisation you aspire to join.
Challenges and Considerations
A Shock to the system
Transitioning from a career in audit to a role in industry can be quite an adjustment. Experiencing financial reporting from the other side of the fence can feel strange, especially when leaving the familiar territory of audit. The nature of the work and the work environment both shift significantly. In industry, the focus turns to internal processes and long-term projects, requiring a deeper engagement in business operations but often with less variety.
Change in pace and environment
The change in pace is noticeable, as industry roles tend to be less intense and more continuous, necessitating an adaptation to a new workflow. This transition often involves adjusting to a more sustained and in-depth involvement in the company's day-to-day activities.
Additionally, unlike audit firms, Industry roles focus on internal processes and long-term projects, which may require adjusting to a less varied but deeper engagement in business operations.
Cultural Changes
Moving into industry means a new corporate culture. Integrating into a new company with different dynamics, processes and expectations can be challenging. While audit offers a structured and hierarchical work culture, industry roles can vary widely in terms of organisational culture and work dynamics. You may need to develop your interpersonal skills to understand and navigate the new internal politics.
Skill Adoption
Industry roles often demand a broader set of skills, including strategic planning, management accounting, and operational knowledge, beyond the technical audit skills. This is due to the variety in jobs tasks that industry roles have and the heavier focus on aligning to strategic goals. This can be a challenge as adjusting to new software, systems, and industry-specific regulations can present a steep learning curve.
Shift in responsibilities
Industry roles might require more initiative and self-direction while focusing more on the business impact and strategic contributions. Audit environments on the other hand are usually more structured, have clearer procedures and focus more on compliance and accuracy.
Career Path Uncertainty
Although there is more diversity in industry role progression, it can be less defined, and require more proactive management. Similarly roles and responsibilities can be a little more ambiguous, requiring a little more clarity and adaptability.
Benefits
Broader Business Exposure
Working in industry offers a more holistic understanding of business operations, strategy and decision-making, beyond just the financials. There is more opportunity for you to participate in strategic decision-making processes and see the direct impact of your financial insights on the company’s direction, performance and growth.
Opportunities for specialisation
Industry roles often provide the chance to specialise in a particular industry or type of business, allowing you to gain deeper knowledge and expertise in that field. You'll have the opportunity to develop and refine skills specific to your industry, such as cost accounting, financial planning, or operational finance. Or to a specific business function such as financial planning and analysis or management accounting. You’ll also have the opportunity to explore various roles within the finance function, enhancing your career versatility.
Stability and Work-Life Balance
If you’re looking for a little more stability in your routine and day-to-day, industry may be for you. Although there will be busy seasonal periods, industry roles generally offer more predictable and stable working hours compared to the often unpredictable and long hours during audit busy seasons. The more regular hours can lead to a better work-life balance, allowing more time for personal interests and family.
Career Growth and Development
The career paths in industry tend to be clearer and more direct. It’s easier to know which roles you need to move into to progress to senior finance roles such as CFO or Finance Directors. Companies will usually offer professional development opportunities through training programs, leadership development and continued education, investing resources into your professional growth. Leadership development and management skills would also help you prepare for senior executive positions in the future.
Furthermore, working in an industry role will allow you to develop a network of industry-specific contacts, which can be beneficial for future career opportunities and professional growth.
Varied Responsibilities
Industry roles tend to offer a more dynamic work experience with more variety in tasks and responsibilities. Whether financial planning, financial analysis, budgeting, internal controls or aligning to strategic goals, industry roles offer more diversity in day-to-day work. There also tends to be long-term projects, such as system implementations or mergers and acquisitions, providing a chance to see projects through from start to finish, providing a switch up in your tasks and allowing you to see the impact of your work. It can be highly rewarding to see the tangible impact of your work on the company's performance and success
In-Depth Financial Management
You’ll engage more deeply with the financial management of the business, including cost control, profit maximisation and financial strategy. This will give you a bigger part to play in driving operational decisions, efficiency and profitability of the organisations where you’ll be able to see a direct influence of your work.
Company Culture & Environment
The company culture you experience in an industry role tends to me more collaborative with a shared purpose and shared goals. Whereas in Audit you’re focusing on your clients and perhaps more on individual goals, in industry you are often part of a larger, integrated team working towards common business goals, fostering a sense of belonging and teamwork. You’ll work with key stakeholders across various functions in the business and build strong relationships across departments which can be beneficial for future career opportunities and professional growth.
Industry roles also often provide additional benefits such as bonuses, stock options, health insurance, and other employee perks.
Financial Rewards
Industry roles can offer competitive salaries, bonuses, and benefits, potentially exceeding those in audit firms. There are also more opportunities for long-term incentives, such as stock options and retirement plans, tied to company performance.
Conclusion
Transitioning from audit to an industry role presents a mix of challenges and rewards that can significantly shape your career. While the initial adjustment may be daunting, with a shift in work environment, pace, and responsibilities, the benefits of making this move can be substantial. The opportunity to engage in broader business operations, specialise in a particular field, and experience a more stable work-life balance are just a few of the advantages.
In industry, you'll find clearer career paths, varied responsibilities, and the chance to deeply influence financial strategy and business decisions. The collaborative culture and potential for financial rewards further enhance the appeal of this career move. As you weigh your options, consider how these factors align with your career aspirations and personal goals. With the right preparation and mindset, transitioning to an industry role can be a highly rewarding step in your professional journey.