Newly Qualified
As a newly qualified accountant, you are at a key stage of your career and appropriate career advice is vital. Your initial choices after qualification will shape your future career direction and proper advice about the market will help you navigate through the many opportunities that are available.
We aim to provide you with informed, unbiased career advice that will guide you in making the right choices. Our recruitment consultants, with accountancy and finance backgrounds themselves have an unparalleled track record in advising newly qualified accountants on the market and partnering them throughout their careers.
Your academic background along with the technical skills developed throughout your training have equipped you well for future career opportunities. The choices that are available are considerable and the area you go into should be one that you enjoy and that plays to your strengths and sets you along the path that will help you achieve your career objectives. Take your time, and with your Lincoln recruitment consultant, consider all your options, including opportunities for progression, culture and future training.
In this section we have laid out some of the career opportunities available, such as:
This is not an exhaustive list, rather it will give you a good indication of the opportunities available. We have also detailed some career advice that will be useful when preparing a CV and attending interviews.
For further information please contact any of our consultants on 01-6610444 or newlyqualified@lincoln.ie.
Industry & Commerce
There are numerous sectors within Industry as well as a variety of roles. These roles include:
- Financial Accountant
- Group Accountant
- Internal Audit
- Project Accountant
- Management Accountant
- Financial Analyst
Quite often the responsibilities behind a role will depend on the size and type of organisation. One of the first decisions you need to make is what type of corporate environment you wish to work in. This can range from Irish and international Plc’s and multi-national companies to the indigenous small and medium sector (SME). There is also a multitude of sectors within Industry that newly qualified accountants can move into such as FMCG, Pharma, Telco and Utilities. For a full sector analysis click here.
Financial Reporting
Although, each organisation is different, a typical reporting role in large Plc’s or multi-national companies requires strong technical and analytical skills. The roles can range from providing management information on financial activities to the production and analysis of statutory accounts for use by management and third parties such as shareholders, auditors and other stakeholders.
There can be a strong regulatory aspect to some financial accountant roles in Plc’s and MNC’s. Quite often you are part of a small, highly experienced core team and the experience you will gain is outstanding. The role of a management accountant is more internally focused, providing management with financial and operational information on areas such as revenue, costs, and budgeting & planning information.
There is likely to be more variety in a SME environment, and less of a regulatory requirement. The emphasis is on linking the finance function with the operations and getting to understand what financial decisions have on the business and what impact operational decisions have on the finance. Quite often, this involves working with non-finance people across the organisation in a joint effort to ensure the business is operating successfully on a day-to-day basis. Roles will be commercial and operational in focus, and often present an opportunity to impact company strategy and work closely with senior management.
Internal Audit
Internal audit roles are excellent stepping stones into a corporate environment and provide an opportunity to see the entire business from the bottom up, while getting exposure to senior decision-makers. Different in nature to a practice based audit role, it is a role that moves naturally on from practice. It has moved on a lot from the traditional role of watch-dog to areas such as to risk profiling and operational and financial advisory roles.
Financial Analyst
This role would suit someone who would prefer not to go down the reporting or audit route, but rather wish to use their analytical ability to facilitate accurate forecasting, planning & budgeting to enable decision making. Working at the forefront of a business, analysts are involved with the monitoring and analysis of the performance and profitability of a company, enhancing its commercial and operational ability as well as the provision of financial operating information to management.
Where will a move into Industry lead me?
Depending on the route you take initially, it will develop into different opportunities and provide different skill sets. For example, Internal Auditors are in a strong position to leverage their experience across the business into finance roles, such as financial control or into non finance operational roles, as they will have strong experience of the entire organisation. Prospects are excellent within the organisation as well as outside, as internal audit is a valued skill set. Most internal auditors move into management roles after 18-24 months in the job.
With reporting roles, depending on the size of the business the financial accountant can rise throughout the finance team, into finance manager and financial controller roles. There is scope for moving across the finance team into financial analyst positions and there is also scope for moving into non-accounting roles particularly within multinationals.
In addition, accountancy practices are becoming more aware of the benefits of Industry experience coupled with a practice background and welcome people back into practice in many departments.
Many positions within Industry can lead to general management roles in the medium term and this is a common route within the SME sector.
Within larger organisations, your initial position will be seen as a stepping stone for future roles and many organisations actively skill up newly qualified accountants for more senior roles, progressing to Financial Control / Director positions or senior roles with Financial Planning and Analysis. Furthermore financial analysts can move within the finance function or the general business and many are tempted into project or consultancy positions.
For further information please contact any of our consultants on 01-6610444 or newlyqualified@lincoln.ie
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Financial Services
Dublin's IFSC, which was founded 1987, is globally recognised as a leading location for a range of internationally traded financial services, including banking, asset financing, fund management, corporate treasury management, investment management, custody and administration and specialised insurance operations.
The centre is a vital part of the Irish economy. It employs about 20,000 people directly and thousands more indirectly and contributes in the region of €1.1 billion in taxes to the Exchequer.
The IFSC now houses many of the world’s premier financial institutions, together with the leading law firms and accountancy and taxation advisors who support them. This includes many of the world's top 50 banks and up to half of the top 20 insurance companies, including Merrill Lynch, PFPC International, Bears Stearns Bank plc, Citigroup, Irish Life & Permanent Plc, JP Morgan (Chase), Commerzbank and Investec.
Within the Banking and Financial Services sectors there are a variety of roles where newly qualified accountants can use their training. This can be within an accounting / financial control position or within banking operations. There is also an increasing regulatory aspect to the financial markets and many roles exist here for practice trained accountants especially.
Corporate Finance
Quite often seen as an attractive choice for newly qualified accountants, it combines strong technical skills and general business acumen with excellent inter-personal abilities and the rewards for those that succeed can be great. Generally split between Merger & Acquisition and Capital Markets which includes advisory work as well as private equity transactions and venture capital houses.
While initially as a newly qualified accountant, the role will start with areas of research and liaison with clients and intermediaries, due diligence and financial modelling and analysis of client data and commercial drivers, the range of activities within corporate finance is diverse and will range from the preparation of detailed financial analysis, deal negotiation and management of client relationships, corporate restructuring, MBO’s & MBI’s, raising finance, sales of private and public companies and privatisations.
An excellent academic record is required for a career in corporate finance, along with strong communication and presentation skills.
Financial Control
Just like commercial organisations within Industry, Banks and Financial Services organisations have reporting and analysis functions that will employ financial accountants, analysts and internal auditors. Financial control teams provide high level reporting and analysis of the institution to ensure all stakeholders and interested parties are satisfied with the accuracy of the results. Financial control is vital in all organisations none more so than in financial services where the variety of products made accurate reporting more complex. This leads the financial control team to maintain control and awareness of the profitability of transactions and deals.
This control environment has led to a number of roles within risk management and compliance. This includes assessing the risk, such as liquidity risk and operational risk, in all aspects of the business, due to external and internal factors. Risk roles within financial services are becoming more high profile given the increasing regulatory environment.
Financial control and risk positions are an excellent ‘first-moves’ into the Banking and Financial Services sectors.
Product Control
Outside of core finance reporting there are roles within product control, where you would be working closely with dealers and traders, monitoring the core activities of the banks trading functions. This involves providing financial information, including the P&L process, and analysis to enable traders and senior management make strategic decisions on issues such as risk and pricing.
Internal Audit
Internal audit roles are excellent stepping stones into a corporate environment and provide an opportunity to see the entire business from the bottom up, while getting exposure to senior decision-makers. Different in nature to a practice based audit role, it is a role that moves naturally on from practice. It has moved on a lot from the traditional role of watch-dog to areas such as to risk profiling and operational and financial advisory roles.
Financial Analyst
This role suits someone who would prefer not to go down the reporting or audit route, rather they wish to use their analytical ability to facilitate accurate forecasting, planning & budgeting to enable decision making. Working at the forefront of a business, analysts are involved with the monitoring and analysis of performance and profitability of a company, enhancing its commercial and operational ability as well as the provision of financial operating information to management.
For further information on these areas and others options such as project finance, equity analysis, and wealth management contact one of our team at 01-6610444 or info@lincoln.ie
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Professional Services
Professional services firms have never before offered such diverse career options for newly qualified accountants as they do today. Initially, a training ground for many accountants, professional services firms now provide a number of areas for accountants to move into. Alternatively, there is also a growing trend for candidates with Industry and Financial Services experience to move back into practice.
There are a number of specialist areas typically within practice including:
- Audit & Assurance
- Audit is an independent service that enhances the reliability of information used by investors and other stakeholders. This service provides assurance on the finance performance and operations of a business. This includes the traditional area of independent audit services, which ensures the authenticity of financial information used by third parties, assistance with financial reporting and regulatory issues, and certain non-financial performance advice.
This area will enable you to gain a strong knowledge of the sectors you work in, as well as the opportunity to work within a global environment with a network of skilled professionals.
- Taxation
- Taxation is a constantly changing discipline. Especially in today’s self-assessment environment, areas of tax compliance and planning require greater focus and accountability. In general, tax consultancy involves providing tax, advisory and compliance services to corporate and private clients, in relation to managing and planning their tax liabilities and optimising tax efficiencies and strategies.
Broadly speaking, the role of a newly qualified tax consultant ranges from actively managing a portfolio of clients to providing a full range of Tax services. At a corporate level, tax is at the heart of every financial transaction. Tax consultants advise the key decision-makers in companies as tax advice is instrumental to making critical business decisions. Tax areas covered within practice include:
- Personal tax
- Corporate Tax
- Indirect tax
- Transfer Pricing & Investigations
- International Tax
Variety and choice are some of the attractions of a career in tax, as tax consultants can move from practice to industry or financial services. Also, tax consultants benefit from the ability of being able to work in a variety of roles throughout their career, both nationally and internationally. A career in tax can lead to opportunities in practice as well as major financial institutions, legal firms, Plc’s and MNC’s, as well as statutory bodies. Within each area, the role will differ and bring its own opportunities. In addition, many consultants ultimately set up their own boutique tax firms, which can prove rewarding, both professional and financially.
- Advisory
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Advisory services enable businesses to improve performance methods and enhance value while successfully managing risk. Advisory services can include corporate finance and transaction services support, corporate recovery and forensic accounting. Careers within advisory services can be developed upon entry into practice or after some time in an area like audit and they can add invaluable experience to your CV.
Overall, experience in advisory practice can offer excellent professional services experience and create a wealth of career opportunities, both within and outside of practice. Several employers welcome the structured training a Big 4 / Top 10 firms offers newly qualified accountants. In addition a move from one practice to another, for example from a smaller firm to a larger one or from one Big 4 firm to another, can offer strong career building blocks.
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International
An accounting qualification is an internationally recognised qualification and open up a variety of opportunities in locations like the USA, Europe, Australia, Middle East and the Caribbean. Depending on location these opportunities are within Financial Services, Industry or Practice. International experience on your CV can be attractive to future employers as it often exposes you to experience you may not have received in Ireland. In addition, it can fast-track your career by offering assignments earlier that might ordinarily have happened.
If you are interested in working abroad please contact our International division on 01-6610444 or email
newlyqualified@lincoln.ie.
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