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Practice vs Industry

Forums › ACCA Forums › General ACCA Forums › Practice vs Industry

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by awogbod2.
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  • June 29, 2019 at 3:14 pm #521522
    beckie80
    Member
    • Topics: 1
    • Replies: 11
    • ☆

    Hey guys. Just as a matter of interest how many of you work in a practice and industry. What are the benefits/drawbacks of working in accountancy practice? Is it true that it’s hard to get the good job once qualified, if didn’t get training in practice? Any comments will be much appreciated. Thanks

    July 2, 2019 at 10:50 am #521645
    awogbod2
    Member
    • Topics: 6
    • Replies: 69
    • ☆☆

    Both have their pros and cons. I am in industry at the moment but initially accepted practice/BIG 4
    In the context of UK and Ireland I could say
    Industry
    Pros
    Exposure to financial reporting- posting journals, bank recs, management accounts
    Usually ACCA focussed so flexible exam sittings
    There is more work life balance
    Shorter hours, I always leave the office at 5
    Salary and bonus is competitive and usually better than practice
    More understanding to exam failure.

    Cons
    Less study leave than practice
    Progression can be a grey area after you become qualified as, if finance manager or controller do not leave positions opportunities within the organisations are limited
    Your role may be specialised in the finance function, it may be difficult to get cover for your tasks when you are absent/holiday
    Do not have a lot of collegeas sitting exams to share tips and advice as some could be from different account bodies and have sat exams years ago
    Practice
    Pros:
    More career progression and opportunities
    More study leave 4-8 weeks
    a large pool of colleagues will be sitting exams at the same time,
    career path is very clear ie A1, A2 senior associate to manager
    Cons:
    Long hours- busy season could be in the office till late
    Not much movement within department within the training contract
    Salary is usually lower than practice
    Exam sittings are once or twice a year
    Contract is very strict if you fail an exam once or twice the employer can sack you

    Personally i am happy in industry. i would have switched to industry after a big practice so i just choose to go with industry from the beginning. you can get a good job either route on my team most people came from practice. Most employers focus on experience and being qualified. the market for accountants is very strong so you will always find a job

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