Reskilling as an accountant

Accountancy is a profession whose perception is often of young apprentices or mathematics graduates, fresh out of university, pouring over spreadsheets and revising for exams. But there is increasingly a trend of professionals with more experience under their belts in other fields making the jump to the trade.

The reasons for this are varied, from people looking for stable work in an otherwise financially turbulent environment, to women wanting to come back to their careers after having children, or the realisation that the finance profession isn’t as stereotypically calculator-clad and elbow-patched as it once was. Indeed, a shifting approach to business advisory – one that Monahans has very much adopted – calls for a far more hands-on, collaborative approach to client services, acting with and on behalf of a range of organisations to support their business needs. Far more so than traditional bookkeeping.

While an interest in finance, a knowledge of tax and being good with numbers are, of course, key requisites to the profession, this shift of accountants being more client-facing is also highlighting the need for more so-called ‘soft skills’. Problem solving, the ability to communicate, presenting ideas to groups of colleagues and stakeholders, and being an empathetic manager are increasingly sought after as firms look to shed old-fashioned stereotypes and be seen as a right-hand partner to organisations in many of their business decisions.

Communication, in particular, is a highly-regarded transferable skill from many other sectors and professions, given the need for accountants to make sense of often complicated financial information, tax compliance issues or other regulations, and package this up in a way that is easy to understand for the owner of a small-or-medium-sized enterprise (SME). Founders of SMEs and of family run businesses are often wearing the hats of CEO, CFO, CTO, CMO and many more C-based acronyms, and therefore need to receive direction and guidance in a language that is easy to understand, rather than being overwhelmed with financial jargon.

As an example, my background in hospitality served me well in my switch to accountancy later in my career. I decided to complete a second degree in accounting and joined a finance team of a big company, before taking several years out of work to have children.

Working in industry before joining Monahans gave me broader exposure to the business landscape. Even though I became a client portfolio manager about ten years after my peers, I gained additional abilities from other real-life scenarios, such as honing my customer service skills working in hospitality, as well as working well under pressure. It also gave me insight into the stresses and strains that go into being at the coalface of running a business, which now helps me to better empathise with clients and put myself in their shoes.

This sort of experience is highly valued by firms who are often looking for practitioners who’ve ‘been there and done that’ and maybe even bought the t-shirt. Sector-specific knowledge is also invaluable, as this can help you carve a niche in finance and be recognised as an expert in your field. Monahans has, for example, practitioners working with healthcare, education, tourism, rural, engineering and manufacturing, and not-for-profit organisations, as well as strengths across a range of services that support different-sized businesses in these industries and more.

It goes to show that there are multiple routes into a career in accountancy, and the skills that might not ordinarily be associated with the profession are becoming more and more sought-after. If you are late to the profession, you are by no means too late, and you shouldn’t be discouraged from exploring your options. Indeed, the varied skills that you could bring to an accountancy role could well be what a firm is looking for.

Looking for your next career step? Why not visit our careers page to see what opportunities are available. Still not sure? Our accountancy career myth-buster might resolve some of your unanswered questions.

Clare Bowen