GUEST COMMENT: Accountants need to choose their specialism carefully
Qualification stage is one of the best times for trainee accountants to make a career move and, despite the credit crunch, newly qualified accountants should still see the financial services industry as an attractive proposition. There continue to be opportunities for high-calibre accountants within the sector, particularly at boutique investment banks, asset managers, wealth management houses and hedge funds, both in London and abroad.
Aside from the types of organisation mentioned above, financial services also offers accountants a variety of specialist roles, including corporate finance, product control, financial control, risk management, and business or equity analysis, amongst many others.
So where do you start? With so many options, making the first move can be daunting. In the current uncertain market, it is especially important for those who want to get into or remain in financial services to think really hard about their long-term career goals. Then you can begin to map out a career path. Your first move is not just a job, it is a chance to get yourself in the best position to reach your ultimate goals. The top jobs are almost exclusively the preserve of those who have done the basic groundwork and planning at the newly qualified stage.
As a newly qualified accountant, a good starting point is to decide on the sector in which you would ultimately like to specialise. For example, if you see yourself specialising in private wealth or asset management and working in a boutique firm, one option could be to make your first move into a product control role within an investment bank, so you can build up your product knowledge. From there you could move across to a boutique firm. Obviously, there are other career paths you could take, which is why it pays to do your research.
Employers are wary of candidates who have taken several sideways moves early on in their career. During the recruitment process they will challenge you on your level of research into the area, why you took that direction and why you didn't want to pursue that route any further.
To get an idea of your ideal specialism, it's important to speak with as many people as possible who work in the areas you're interested in. This will help you to have an informed opinion of the sector, what it involves, roles and career paths. What can appear as fast moving and exciting from the outside may be completely different once it is your day job. Likewise, if this is a serious career move, it is vital you have a genuine interest in the area and are not simply basing your decision on what you think will be the most lucrative option.
It is just as important to look at career development opportunities and demand for skills in the market. Accountants who have a subject specialism - for example, strong product knowledge - are always sought after in the marketplace and this kind of expertise will open up many doors. Couple your specialist knowledge with good project skills and you'll stand out from your peers.
Steve Leeson is associate director at banking and finance recruiter Morgan McKinley. Morgan McKinley produces a career guide to opportunities for newly qualified accountants in financial services. Contact jdavies@morganmckinley.com for a free copy.
