CV Tips. 4. Get the lowdown on what you need to know. Salary Guidelines. 5. Discover ... and is home to 9/10 of the top
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.
Contents Hot Industries
2
Discover Ireland’s hottest sectors for job vacancies
Contract vs Permanent
3
What are the pros and cons of both options?
CV Tips
4
Get the lowdown on what you need to know
Salary Guidelines
5
Discover what you should be earning in your position
What They Don’t Tell You
7
Some industry home truths
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. 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.
Get in touch: Contact Katie directly via
[email protected] or call +35316909728.
HOT INDUSTRIES Renewable Energy By 2020, 16% of Ireland’s energy is to come from renewable sources
Construction 19,000 homes to be built by 2017 YE & another 23,000 by 2018 YE
FinTech $2B investment in FinTech in Europe in Q2, 2017
Technology Ireland is the 2nd largest exporter of tech services in the world, and is home to 9/10 of the top technology companies
Life Science & Pharmaceuticals Exports of more than €50 billion p.a.—directly employing 50k people
Aviation and Travel 50% of the world’s aircrafts are leased out of Ireland 2
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 PROS
CONS
Typically more “security and stability”
May get mundane - same thing day in day out in the same business
Ability to make changes, get stuck in and make a difference
Harder to getmove stuckto inaand newmake opportunity a difference because of a sense of loyalty and relationships built
Defined career path with on-the-job training
Salary typically lower because more security and benefits
Gain specific, long term, industry experience
Potentially longer long term noticed period
Easier to obtain loans as a full time employee
Office Politics
Benefits, eg. yearly salary reviews
Can be lack of variety in role
CONTRACT PROS
CONS
Usually higher salary than direct employees
Usually no benefits package
Can give an opportunity to explore a particular industry of interest
May feel slightly isolated from permanent team members
Can gain experience before/while travelling
Limited promotional opportunity
No long term commitments
Don’t have a say in how processes are conducted
Usually quicker hiring process
Won’t see long term effects of work 3
CV TIPS
So, it’s been roughly 3.5 years 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 4
SALARY GUIDELINES Salary guideline for Newly Qualified ACAs (exclusive of benefits): Practice
€45,000 - 50,000
Internal Audit
€50,000 - 58,000
Financial Accountant
€50,000 - 58,000
Tax Accountant
€50,000 - 55,000
Private Equity/Investment Analyst
€55,000 - 65,000
Corporate Finance Associate
€55,000 - 60,000
Salary guideline based on year of Qualification (exclusive of benefits): Dublin
Limerick
0-1PQE 2-3PQE 4-5PQE 0-1PQE 2-3PQE 4-5PQE Position Group Accountant
50-55k
55-60k
60k+
40-45k
45-50k
50-55k
General Ledger
50-53k
54-58k
60k+
40-45k
45-50k
50-55k
Financial Accountant
50-58k
60-65k
65k+
40-48k
48-55k
55-58k
Management Accountant
50-58k
60-65k
65k+
40-48k
48-55k
55-58k
Financial Analyst
55-60k
60-65k
65k+
45-50k
50-55k
55-58k
Financial Reporting
50-55k
55-60k
60-65k
40-45k
45-50k
50-55k
FP&A
55-60k
60-65k
65k+
45-50k
50-55k
55-58k
Tax Accountant
50-55k
55-60k
60-65k
40-45k
45-50k
50-55k
Senior Accountant
-
55-60k
60-65k
-
45-50k
50-60k
Finance Manager
-
60-70k
65-75k
-
60-65k
65-70k
60-70k
70-80k
55-65k
65-75k
Financial Controller
55-60k
50-55k
5
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. 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. Financial Accounting Similar to Financial Reporting but can have an element of management reporting and give broader responsibilities. 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. 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. 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.
6
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 GOING TO BE 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. IT’S HARD TO GET A “COMMERCIAL” ROLE 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 a 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 DOES NOT 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.
7
Looking for your next career move within Accounting? Let Azon recruitment group help:
Ed Rossiter
Katie Barrett
Associate Director Senior Finance Specialist +35315549296
Senior Consultant Qualified Finance Specialist +35316909728
David Butler
Gillian Scanlan
Professional Services Specialist +35316909708
Part Qualified/Transaction Finance Specialist +35316909705
