Moving from an audit firm can be daunting and a shock to the system. Exiting the safety blanket of structure and process-based workload that defines work in audit requires careful consideration. Key considerations include identifying where your skills can be effectively transferred, how your experience can add the most value, and aligning the move with your career objectives. Here, we explore our advice on making the move and how to hit the ground running once you’ve transitioned.
Making the move
Who to speak to
The first thing to do is speak to relevant people in the industry, whether industry leaders, professionals who have already made the move, or hiring managers. A lot of information can be gained from having a better understanding of working in industry, specific industry roles and where your career can go.
Networking on LinkedIn is a great way to do this. Reach out to finance industry leaders, professionals in your preferred industry, or those in roles you are considering. Learn about their experiences and gather information on different organisations to find the right fit with a strong support structure. Joining industry-specific professional groups or organisations, such as the ACCA Global Group on LinkedIn, can also provide valuable knowledge and networking opportunities.
Industry conferences and networking events are excellent venues for meeting people in your desired field and seeking advice on transitioning. You can also reach out to former colleagues, mentors, or clients who may have made similar transitions or can provide referrals and introductions.
If you’re unsure about which role to pursue, talking to recruiters and hiring managers is a great starting point. Specialist recruitment agencies have the expertise to help you identify roles suited to your skillset, experience, and career goals.
Target roles
If you are still deciding on which route to take, you should undertake some research. Looking into roles such as financial analyst, internal auditor, management accountant or FP&A Analyst to make sure you understand the requirements and responsibilities of these positions. Speaking to professionals in these roles can give you a sense of their day-to-day tasks and help you gauge your interest and alignment with your career objectives.
Planning & Vision
It may seem obvious, but making the move from audit to industry requires careful planning, preparation, and a proactive approach. Define a clear path for your new career, whether that involves further training, obtaining additional certifications, or networking with the right people. You must identify and leverage the skills and experience you have and how they can support your progression.
To facilitate this transition, customise your CV and cover letter to emphasise relevant audit experience and demonstrate how it translates to the target industry role. Highlight specific projects, skills, and achievements that showcase your value. Focus on enhancing your skill set through targeted learning opportunities and certifications relevant to the industry. By strategically enhancing your skills, effectively communicating your experience, proactively building your network, and having a clear vision of where you’d like to go, you can successfully transition into a rewarding industry role.
Skills & Experience
One of the best things you can do is highlight transferable skills and leverage existing skills. Whether in your CV or during an interview it’s crucial to emphasise and use your skills gained in audit, such as financial analysis, attention to detail, risk management and regulatory compliance. Highlight achievements, using examples of your contributions to audit engagements, problem-solving abilities, and any process improvements you’ve implemented as this will appeal to your potential employer and the strategic goals of the business.
Be Open to Move Diagonally
When transitioning, be open to moving diagonally to the same level of roles which offer a fantastic path to grow within the company. Even with relevant experience, making the switch will be a steep learning curve no matter which direction you take, whether commercial or reporting. You must be prepared and willing to start from scratch as although there are similarities, the way of learning is different to that of Audit roles. This will be a great opportunity to develop the necessary skill set, especially with exposure to new and different aspects of the business through different specialisations, colleagues and functions.
Demonstrate Adaptability
One of the best things you could do is demonstrate adaptability. We touched on this earlier but emphasising your ability to quickly adapt to new environments and learn new systems or processes can be a big asset. You need to be able to demonstrate your openness to taking on diverse tasks and responsibilities in your new role.
Achieving Success After The Move
So you’ve got the role now, but how to hit the ground running you ask?
Understanding the company
The first thing to do is take a deep dive into the company's operations. Try to familiarise yourself with the company’s operations, services and market position. Understanding how the business works will help you align your efforts with its strategic goals and understanding the business model, and how that relates to an array of factors is key to helping you make a successful transition. You could study the company’s financial reports and KPIs to understand its financial health, areas of improvement and how you can contribute to the profitability of the business.
Building relationships
When entering a new business you’ll meet many new colleagues, especially those in the finance function where it’s important to build relationships. This can help you gain valuable insights, foster collaboration and they can provide guidance to support your career progression. You should also schedule meetings with key stakeholders to understand their expectations, challenges and how you can support them which will show your ambition, motivation and genuine interest in the role and company goals.
Using your skills & Experience
Once you’ve secured your roles, you can use the technical and soft skills from your audit background to get to grips with the new role and tasks effectively. By taking a proactive and adaptable approach you can also quickly and effectively learn the skill set required for your new role. This would be an opportune moment to use your strong analytical skills to quickly identify inefficiencies, risks and opportunities within the company’s processes and implement internal controls and best practices you’ve learned in audit to improve the financial accuracy and compliance of the business.
Focus on Strategic Contributions
In industry-related roles, strategy is paramount and taking the initiative to contribute to strategic discussions and decision-making will be key to your success. You can show how your insights can drive business performance and growth and provide actionable recommendations. This is a great way of demonstrating your value and building credibility within the business.
Conclusion
Transitioning from an audit firm to an industry role can be a daunting and significant change, but with careful planning and a proactive approach, it can lead to a highly rewarding career. Moving out of the structured and process-driven world of audit requires identifying where your skills can be most effectively transferred, how your experience can add value, and aligning this move with your career objectives. By leveraging your existing skills, enhancing your knowledge, and building strong relationships within your new organisation, you can make a successful transition and thrive in your new role.