Rutherford Cross’ Jonathan Donnelly explores the options available to Chartered Accountants looking for their second role in industry in our latest article.
Despite the uncertain nature of the current economy, the demand for finance and accounting experts remains strong. A Chartered Accountant’s (CA) second move within industry is a critical step in their career and should be a well-considered, strategic decision that aligns with their long-term goals. At this stage, some CAs may have a clear vision of their ultimate career path, while others may seek the flexibility to explore multiple routes of progression. In this article, I explore two key considerations when making a second industry move: choosing between staying in the same sector or making a switch, and whether to hone your expertise or broaden your skill set.
Cementing Yourself as an Industry Expert or Exploring New Opportunities
Scotland’s economy is diverse, with major sectors ranging from energy and finance to technology, tourism, agriculture, and FMCG.
If you have spent a couple of years post-qualification in a particular sector, your next career move may focus on solidifying your expertise within that field. Gaining experience with two different companies within the same industry can provide a comprehensive understanding of its dynamics and competitive landscape. Staying in the same sector allows you to leverage your prior knowledge to quickly add value, streamline processes, challenge existing practices, and introduce best practices from previous roles. In theory, this approach helps further establish you as an industry expert, boosting professional credibility and enhancing career prospects.
For many, remaining within the same sector can be a rewarding and strategic choice, especially if you have a strong passion for it, recognise its growth potential, and are committed to building your career within that space. Staying in the same sector allows you to capitalise on market expansion opportunities and position yourself for long-term development.
However, others prefer to keep their options open. A finance professional with experience across multiple sectors is generally marketable to a wider range of potential employers. The versatility gained from working in diverse industries broadens your perspective and expertise, providing you with more career options than someone who has specialised in just one sector.
Exposure to different industries helps finance professionals develop a diverse skillset. Each sector has its own financial challenges, regulations, and strategies, enabling you to become more adaptable and well-rounded. This broad experience strengthens problem-solving abilities and fosters innovative thinking, as you will encounter a variety of financial issues and solutions.
Honing Financial Expertise vs. Broadening Your Skillset
When Chartered Accountants transition into industry roles, particularly in larger organisations, they often specialise in one of three key areas:
- Commercial Finance – Supporting strategic decision-making and driving business growth.
- Operational Business Partnering – Optimising business operations, managing costs, and improving efficiency.
- Technical Accounting – Ensuring compliance with accounting principles and standards.
The decision to specialise or broaden your exposure in a second industry role is crucial for career development. Some argue that to become a true finance leader, one must gain experience in all three areas, thereby developing a multi-faceted understanding of business and enhancing the ability to make informed, strategic decisions.
- Commercial Finance typically involves working closely with other departments like sales and marketing. This exposure improves communication and allows finance professionals to tailor financial strategies to meet the needs of different business units. Commercial finance roles require a mix of strategic FP&A forward-thinking, and operational insight. This experience opens up a wide array of career paths, from business strategy to senior finance leadership, and can accelerate career advancement.
- Operational Business Partnering involves collaboration with non-financial departments, such as operations and supply chain management. This role provides a deep understanding of how different business units function and how financial considerations impact operational success. In these roles, finance professionals develop a broad range of skills, including project management, process improvement, and performance measurement. The dynamic nature of operational business partnering leads to higher job satisfaction, as finance professionals can see the direct impact of their work on the business.
- Technical Accounting offers in-depth exposure to complex accounting principles and regulations, such as IFRS or GAAP. This experience helps professionals build a strong technical foundation, making them experts in financial reporting and compliance. Technical accounting expertise is highly valued, particularly in roles related to financial reporting, auditing, and regulatory compliance. A career in technical accounting can establish you as a specialist, making you a valuable asset to any organisation.
For CAs making a second move, there is the option to broaden your skillset, potentially laying the foundation for a future CFO role. Alternatively, you could choose to specialise further, aiming for positions such as Head of Commercial Finance, Operations Finance Director, or Group Financial Controller. All of these paths can lead to successful careers, but at the juncture of your second move, it is important to carefully consider your next step, as it can significantly shape the trajectory of your career development.
If you are looking for expert advice on making your second move within industry, please reach out to Jonathan Donnelly at Rutherford Cross for a confidential discussion: [email protected].
