Azon's Guide for ACA's - Azon Recruitment

Azon’s Guide for ACA’s

Coming out of a contract? Thinking of transitioning into industry? Maybe you’re just looking for a change? Discover Irelands top industries, salary guidelines for ACA’s and insights into where your career might take you with the latest Azon Recruitment Group eBook.

ACA Guide Contents

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What They Don't Tell You

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Welcome to our ACA Guide, with tips and insights to boost your career potential. 2018, the economy is on the rise, unemployment is decreasing and it really is a candidates market. As you approach the end of your contract there is a lot of information on offer, paths you can choose, industries and roles to decide from. Don't let this bog you down. Here you will find concise and easy to read information that will make the transition easier. When you are ready to talk more we would be delighted to sit down and talk through the companies we work with and help you make the right move for your career. About The Author Katie’s primary focus is on sourcing and maintaining connections with Qualified Accountants across Industry & Commerce markets. Katie jump-started her career at Azon as a Research Consultant and progressed to recruiting in Finance and Accounting where she now has 2 years extensive experience. Katie was promoted in 2017 to Senior Recruiter in this area. Her market knowledge has been used to grow her talent pool and reputation with recently qualified Chartered Accountants. Katie holds a Bachelor’s Degree in Business Studies from Dundalk Institute of Technology. In her spare time, Katie is a fitness fanatic and has been central to enhancing the health and well being of many of her Azon colleagues through her positive encouragement. [email protected] +35316909728

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Overall Economic Overview

Hot Industries Aviation & Travel

50% of the World’s aircrafts are leased out of Ireland

Construction A total of 19,000 homes built by 2017 YE and another

23,000 by 2018 YE

Legal Brexit results in 2 major UK law firms moving to Ireland with more to follow 1100 UK Solicitors on the Roll of Solicitors in Ireland in 2017 Funds

40% of Hedge Fund Assets globally are serviced in Ireland

14,000 employed in this sector in Ireland Ireland is the 2nd

Tech largest exporter of tech services.

Home to 9/10 top tech companies Funds raised for tech startups increased by in 2016 Life Science & Pharmaceuticals Exports more than €50 billion pa Directly employs 50,000 people

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70%

Contract vs Permanent

Coming out of contract you will be asked if you are open to contract work. The majority of people say no because of the uncertainty around security or the fear it will reflect badly on your CV. If anything, this is the prime time to get into a contract role before you need to settle in one place. A contract role could offer you the chance to break into a popular industry and can give you the opportunity to get exposure to various industries before deciding on your long term preference. It is also a great way to work and travel at the same time while you’re still young! A permanent role on the other hand does offer a sense of security, promotion opportunities and on-the-job training and development. Although, employees could feel “stuck in a rut” if these options cannot be seen on the horizon.

Permanent

Contract Pros Usually higher salary than direct employees Can give an opportunity to explore a particular industry of interest Can gain experience before/ while travelling

Pros Typically more “security and stability”

Cons Usually no benefits package May feel slightly isolated from permanent team members

Ability to make changes, get stuck in and make a difference

Limited promotional opportunity

No long term commitments

Don’t really have a say in how processes are conducted

Usually quicker hiring process

Won’t see long term effects of work

Defined career path with on the job training Gain specific, long term, industry experience Easier to obtain loans as a full time employee Benefits, eg. yearly salary reviews

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Cons May get mundane - same thing day in day out in the same business Office politics Salary typically lower because more security and benefits Can be lack of variety in role Longer notice periods Harder to move to a new opportunity because of a sense of loyalty and relationships built

CV Tips

It might have been a while since you needed to update your CV. But don’t worry—it doesn’t need to be daunting! These quick tips will help.

• 2 pages or less is ideal • Bullet points all the way - employers get bogged down in “story telling” blocks of text • Include Professional Qualifications and Education with final results (especially if placed in • • • • • • •

exams) Most recent experience first - include names/table of significant client engagements Highlight specific achievements and/or involvement in projects from each role It’s okay to be big headed here!! List software and computer skills after experience Don’t go OTT on font and tables - content is most important Address any gaps Include interests - eg. sports show commitment/teamwork and is an easy talking point

Don’t worry - we have included a downloadable Word template to save you even more time! bit.ly/ACAcvtemplate

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Accounting Salaries Chart Qualified Positions Permanent CFO Divisional Finance Director Financial Controller Finance Manager Senior Accountant Group Accountant General Ledger Financial Accountant Commercial Accountant FP&A Project/ERP Accountant Tax Accountant

0-3 years

3-5 years

5+ years

130k - 150k 100k - 110k 80k - 90k 60k - 70k 55k - 60k 50k - 55k 50k - 53k 50k - 58k 50k - 58k 55k - 60k 60k - 65k 50k - 55k


180k - 250k 130k - 170k 100k - 110k 75k - 85k 65k - 70k 60k+ 60k+ 65k+ 65k+ 65k+ 75k - 90k 60k -65k

0-3 years

3-5 years

5+ years


135 - 165 100k - 120k 70k - 75k 60k - 65k 50k - 58k 50k - 58k 50k - 58k 52k - 58k 53k - 58k 54k - 58k 55k - 60k 50k - 55k

165k + 120k + 75k - 85k 65k - 75k 58k - 65k 58k - 65k 58k - 65k 58k - 65k 58k - 65k 58k - 65k 60k+ 55k+

€Per Annum

€ per hour

150k + 120k - 160k 80k - 120k 65k - 85k 60k - 70k 50k - 65k 50k - 65k 50k - 65k 50k - 65k 50k - 65k 65k - 75k 45k - 60k

60 - 90 41 - 61.50 32 - 45 30 - 36 27 - 35 27 - 35 27 - 35 22 - 33 22 - 33 35 - 40 23 - 30

Regions CFO Divisional Finance Director Financial Controller Finance Manager Senior Accountant Group Accountant General Ledger Financial Accountant Commercial Accountant FP&A Project/ERP Accountant Tax Accountant

Contract CFO Divisional Finance Director Financial Controller Finance Manager Senior Accountant Group Accountant General Ledger Financial Accountant Commercial Accountant FP&A Project/ERP Accountant Tax Accountant

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Salary Guidelines

These salaries vary depending on each individual's experience in practice or industry and the size/ structure of the prospect company. If you have progressed within practice to Assistant Manager/ Manager it can be slightly more difficult to move into industry at the same salary level. You could be competing with candidates who made the move as a newly qualified accountant that now has prior industry experience. Sometimes taking a small salary cut in the short term can open more opportunities and progression long term. Take everything into consideration from a birds eye view.

Different Titles, Different Responsibilities Financial Reporting Financial Statements written in compliance with the relevant GAAP. These are for external purposes. It is backward looking, reviewing how the business has performed and does not really give an in depth into specific operations of the business or a prediction on how it will perform in the future.

Financial Accounting Similar to Financial Reporting but can have an element of management reporting and give broader responsibilities. Financial Analyst Looks at the financial statements as a whole and analyse trends. Works with sales teams to see where profit can be increased, budget for promotional spend and ROI.

Management Accounting These are not mandatory and are only used for internal purposes. Looks at the P&L and Cash Flows. This helps a business identify areas of improvement. More forward looking around growth and profitable.

FP&A (Financial Planning and Analysis) This person uses the historical information provided by the Financial Accountant and uses it get involved with budgets, forecasts, scenario analysis and providing detailed reports to the board and Management team to aid them with decision making. They work on various projects to cut costs and increase performance. Generally strong on excel and Financial Modelling.

Group Accountant Usually works in the head office of a Plc or large business with various entities. Includes responsibilities of Financial Reporting and consolidation of other entities Financial Statements to ensure they are in compliance with the correct accounting standards.

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What They Don't Tell You

There are some things that may not be made clear coming to the end of your contract that you should probably know. Here is some brutal honesty: 1. Overtime is still a thing... It’s no secret that you have been putting in A LOT of hours in the office: late nights, early mornings. Here is the thing, you’re an accountant, it is going to be difficult to escape month-end and tight deadlines. It won’t be as severe but don’t bank on a 9-5. More than likely a few days a month will be go go go. 2. Getting a "commercial" role is hard Everyday we hear “I want a Commercial role” - so does every other newly qual coming out of practice. Previous commercial or value add experience is an advantage. These roles are more sought after because of the interesting projects and forward looking exposure as opposed to preparation and review of financial statements. There is a lot of competition in this space and personality is key! Do you have value add experience and can you communicate cross functionally and influence decision makers? It is not impossible. Just be open minded on how you can get there. Take a financial accountant role in a bigger company for 12-18 months then prove yourself and move internally into a commercial role. OR: Take a role in a smaller company with a smaller team so your role is broad and you are doing month end AND budgets and forecasts. 3. Beanbags and free beer We all know how attractive the big businesses are with the lavish offices and free food. These companies do offer a big brand name on the CV but don’t let this be your deciding factor. We have seen, in the past, (not always) longer working days than other businesses. Don’t get me wrong, being involved in an established company is great exposure to processes on a bigger scale and the culture is pretty cool but keep in mind the long hours and the scope of your role in a finance team of 30 other people. 4. Your first move doesn't define your career Don’t panic. It is okay to move around in your first couple of years and get a feel for what you like and dislike, try out a couple of different industries and even do a bit of travelling. Realistically you aren’t going to be in your first industry role until retirement. If it offers decent experience and could open a few doors - go for it, don’t overthink it too much.

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Ed Rossiter Associate Director Senior Finance Specialist +35315549296

David Butler Tax & Professional Services Specialist +35316909708

Katie Barrett Senior Consultant Qualified Finance Specialist +35316909728

Gillian Scanlan Part Qualified/ Transaction Finance Specialist +35316909705

Looking for your next move within the Accounting Sector? We can help.

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