A conversation I have had many times over the years is centred around an Accountant’s desire to marry their profession with a sector they are passionate about. It makes complete sense, place value on the product or service you are producing information for and surely the enjoyment of the job will be higher – right?
Well interestingly, this is often not the case. The first challenge is not all successful businesses operate is a sector that we as consumers have an attachment to and the second harks back to the old saying that all that glitters is gold.
My advice to all Accountant’s thinking this way is to perhaps focus on other factors that will often dictate the enjoyment and satisfaction in a job. Whilst it’s to simplistic to say it all ultimately ends up as numbers on a spreadsheet, there some fundamentals that sound decision making shouldn’t ignore:
Financial Position: Most Accountant’s will naturally do their financial due diligence however it’s amazing how many don’t factor what the accounts are showing into their decision making. Under performing companies come with certain pressures that can dictate morale and culture, but they can also give individuals the chance to make an impact and drive change – what’s important to you?
Ownership Structure: There are vast differences to an Accountant’s role dependant on the ownership structure. PLC’s are great and often come with larger teams and resources, but this also brings a level of reporting that can often detract add from the value proposition. Owner managed businesses often give greater exposure to the wider business, however ensuring the ambitions and values of the Owner become paramount in this structure. Investment backed companies can often be high growth with the financial backing to drive progress, however there are usually greater expectations for delivery and the inevitable change that may come following an investment cycle – All things to consider when you are the one looking after the numbers.
Company Structure: Independently owned, Subsidiary or Group Structure all present different propositions to an Accountant. Be sure to consider the nuances each structure may present in relation to the working experiences you are hoping gain exposure to.
Reporting Lines: As with company structures, all businesses will have a different hierarchy and the position of the Accountants role in this hierarchy can often be pivotal to the exposure or support an individual will receive. A strong Finance lead could provide a great source of learning or development but may also provide a blocker to progression – All key factors to help appreciate if the role is right for you.
Whilst ‘cool’ products and services may seem appealing at first glance, be sure to look at the substance behind the employing business and reconcile what that could materially mean for you. Remember, any successful company tends to be built on great fundamentals and exposure to these in any sector can prove invaluable.
So what’s important to you, sector or substance?
If anyone is deliberating this choice and wants to discuss, please do not hesitate to reach out to me!