One of the first questions you should ask yourself when looking for a new job in Accountancy and Finance is, “Do I want to work in practice or industry?” Has this question made you wonder what’s the difference between the two? To find the answer to this and in case you’re looking for help to make this decision, tag along!
They work for a company or a public accounting firm and deal with the finances of other businesses and individuals. They examine an individual’s or a corporation’s accounting operations to ensure that they are in compliance with the reporting standards as well as the law. For this, the accountant has to frequently specialize in one or more areas of accountancy, like taxation or auditing, and each specialization comes with its own set of responsibilities.
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While practicing, you also anticipate managing the finances of a wide range of clients. Small or independently owned enterprises typically handle the finances of individuals and small businesses. But large multi-office firms are more likely to handle the accounts of multinational corporations and organizations.
And for that, they prefer recruiting accountants through the centralized hiring method. As a result, a public practice accountant’s working hours and atmosphere are variable and unpredictable. You might have to travel to your client’s office often. Working days for practice accountants might be longer during peak season or because of tight deadlines. Read about Farm Names of Stardew Valley
Who Is It Best Suited For?
Freshly graduated accountants usually begin their careers in practice before going on to a position in the industry after completing their training and qualifications.
- Continuous social interaction builds your social skills
- Opportunity to build a long-term relationship with multiple clients
- A chance to work with multiple clients from a range of industries
- A roadmap to progression since you grow as the firm grows and there’s always the opportunity to switch to a different firm.
- Some clients can be highly demanding and plain rude and you can’t do much about that
- Work-life balance sucks since you have multiple clients to serve.
Now let’s move on to the role of Industry accountants. They are responsible for the internal financial operations of the company for which they work. Their job entails analyzing performance, establishing estimates, and creating budgets for and then doing reporting and analysis. Must check Funny Names For Your Phone
For instance, if you are working for an FMCG company, as an accountant, your job would be to gather and analyze current and historical financial data from the company, and perform analysis for anticipating future expenses, earnings, and set budgets. Accountants are also responsible for the internal financial operations of the organization they are working for.
Industry accountants don’t really get the opportunity to work for a diverse pool of clients. They continue to work with the business they’re involved with. They also communicate across departments to gather information and offer financial advice. Hence, they also meet with senior managers for forecasting purposes and to improve the business’s financial process.
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Who Is Suitable for It?
This job is for those accountants with a genuine interest in the sector they are working for. A strong commercial mindset is mandatory. It’s more like a standard desk job where work hours are predictable and consistent. Farm Names of Stardew Valley
- The opportunity to delve deeper into the success of one business/organization
- No juggling between clients, which means you can focus on one business at a time and develop a financial plan for it accordingly.
- There are plenty of choices starting from which industry to choose, the size, and location
- Lack of diversity in tasks
- Fewer opportunities to advance in career
What Is the Best Career Choice for Me?
This is a question you have got to ask yourself. If you value diversity more than anything then a practicing accountant is the right career choice for you. On the other hand, if you want career progression and you expect a higher salary level, industry practice is the right choice.
Working in practice leaves you with lots of technical perspectives. The skills you gain make you an attractive candidate. The work environment will be busy and you will be dealing with a range of clients. But, if you choose industry, this will give you commercial experience which is also an attractive skill to acquire.
What works for one individual may not work for another, but it’s a good idea to test out both practice and industry and see which role you enjoy working for the most. There’s no harm in switching between the two. In fact, this will only improve your employability. Plus, organizations that follow the best practices in talent acquisition strategies will consider you as a potential candidate.
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