Transitioning from audit to industry can lead you down two main paths: Financial Reporting or Commercial Finance. Both routes offer unique experiences and skills that can ultimately lead to senior roles such as Financial Director (FD) or Chief Financial Officer (CFO). Here’s a detailed look at both paths to help you decide which might be the best fit for you.
Financial reporting primarily revolves around generating accurate financial reports; ensuring compliance and providing historical insights into a company's financial performance. On the other hand; Commercial Finance involves partnering with business units, influencing decision-making and contributing directly to the organisation's growth and profitability
Reporting
Probably the most natural transition from an audit into an industry role is to join an organisation's group or financial reporting division.
Roles within this scope of accounting and finance essentially involve working on “the other side of the fence” and are heavily focused on the actual production of year-end statutory, consolidation of group accounts and the preparation of technical papers.
Reporting roles are more heavily focused on technical aspects of accounting and would be best suited to candidates who prefer this to the more commercial side.
The Roles:
Moving as an Audit Senior/ Assistant Manager:
For candidates who are ranging from newly qualified to circa 3 years PQE the most common routes are:
Group Accountant
Financial AccountantTechnical Accountant
Group Reporting Manager
Financial Reporting Manager
Moving as an Audit Manager/ Senior Audit Manager:
Once you have 3+ years PQE experience the seniority and level of roles will naturally open up to more senior-level positions:
Senior Financial Reporting Manager
Senior Group Reporting Manager
Technical Accounting Manager
Financial Controller
Moving as a Director/ Partner:
At this level, you will likely be transitioning into more senior management-focused roles:
Group Financial Controller
Finance Director
Head of Finance
VP Finance/ CFO
Commercial Finance
This route is better suited for candidates who enjoy looking forward rather than backward from an accounting perspective.
Commercial finance and FP&A teams will often look at the bigger picture and work with the wider business to help plan forwards, create budgets and forecasts, produce models and in-depth financial analysis in order to help aid key decision-making and contribute to sustained business growth and profitability.
The change from audit to commercial finance is steeper than moving into a reporting role and requires candidates to have strong commercial acumen and the ability to quickly learn.
The Roles:
Moving as an Audit Senior/ Assistant Manager:
For candidates who are ranging from newly qualified to circa 3 years PQE the most common routes are:
FP&A Analyst
Finance Business Partner
Commercial Accountant
Moving as an Audit Manager/ Senior Audit Manager:
Once you have 3+ years PQE experience the seniority and level of roles will naturally open up to more senior-level positions:
Senior Finance Business Partner
FP&A Manager
Commercial Finance Manager
Moving as a Director/ Partner:
At this level, you will likely be transitioning into more senior management-focused roles:
Head of FP&A
Head of Commercial Finance
Conclusion
Whether you choose the reporting route or the commercial finance route, the journey to becoming a CFO involves building a strong foundation in financial analysis, gaining diverse experience, and developing leadership and strategic skills. By continuously learning, strategically enhancing your skills, and effectively communicating your value, you can successfully navigate your career progression and achieve your goal of becoming a CFO. Both paths leverage the skills and experiences gained in audit, providing a robust foundation for a successful career in finance.