Career profile: advisory accountant

Posted by & filed under Career, Career profiles.

Ever considered becoming an advisory accountant? Here’s what to expect and how much you could earn.

Being an advisory accountant is a move many professionals might not have thought of – but it’s increasingly an important part of the accountancy landscape, with the role being significant at Big Four firms as well as elsewhere. Mark Young is an advisory accountant at HMRC. He talks about why his job matters, how qualifications can help boost your prospects and salary and how being an advisory accountant is a step AAT members may want to make to boost their career.

What do you do?

I work at HMRC solicitors’ office, in a team of 16. We advise upon what is generally accepted accounting practice; essentially, I offer accountancy advice to HMRC solicitors, policy specialists and accountants. For example, solicitors might be litigating a tax dispute for a tribunal or the courts, where accountancy principles and practices are relevant.

Why does your job matter?

Some people wonder – why does HMRC have accountants? It comes back to the basic principle we have in tax law that the starting point to determine taxable profit is accounting profit. So HMRC does need accountants to show how you compute profit properly. That’s the cornerstone as to why we’re here. If an HMRC lawyer is engaged in a tax dispute, you need accountants to drill down and prove that the profit is calculated correctly.

The career accomplishment you are most proud of?

I have always been a strong advocate of improving the way in which HMRC works with accountants and tax agents. I came up with the idea of publishing toolkits on the government website to help accountants and tax agents reduce errors in their clients’ tax returns. I am even more proud that these have stood the test of time and remain one of the key annual publications for accountants and tax agents from HMRC.

What effect does being qualified have on your salary long-term?

Undoubtedly it vastly improves your prospects. My salary increases have always been linked to obtaining professional qualifications.* Once you get something like AAT your employer recognises it makes you more employable so in turn they recognise the need to raise your salary.** And if you have to go into the recruitment market it puts you in a much stronger position. Your career is a long haul. You get job security and an enhanced income; there is no good reason not to. Even today, it has impacts. If I decided I wanted to leave HMRC tomorrow, I can go back to my AAT qualification. I could set up on my own, or go elsewhere and I’d find my feet very quickly.

How did you develop your career strategically?

At some point you have to decide if you want to work in industry, commerce, work for yourself, or accountancy practice. It’s a tough decision and you don’t come to any conclusions on day one. Doing the qualification has an incidental benefit here – it gives you time to decide. Whilst studying, you find you have a tendency towards certain subjects and I found I liked financial accounting and tax. I wasn’t so good at management accounting. So it helps you test out what kind of career you want – I knew by the time I qualified that I wanted to be in accountancy practice. That time spent studying can help you identify that; it’s hard to know otherwise.

What are the benefits of CPD?

If you see learning as something you do for life, the benefits will keep accruing. Other people rely on my advice and that means I have to stay up to date. But that isn’t a chore; it’s personally rewarding. You’re competent, you know your stuff, are good at what you do, and confident in your advice. That’s a compelling mix. The learning challenges you intellectually. And your CPD needs change, as I discovered with the project management training. I led a team creating toolkits to help accountants in practice understand the common errors that HMRC see in tax returns, then help them understand how to reduce them. That required project governance; so my CPD needs changed overnight.

Bookkeepers are breaking free in the gig economy

Posted by & filed under Bookkeepers.

As the workforce changes, business owners are turning to freelancers as a way to cut overhead expenses and maximise the skill set that’s required.

As a result, there are more opportunities for outsourced accounting and bookkeeping services. How can you make the most of it?

A flexible career

Outsourcing bookkeeping and accountancy services allows business leaders to tap into the UK’s talent pool and helps HR departments address skills shortages that might exist within the business.

For freelance bookkeepers and accountants, it opens up the opportunity to choose which sectors you want to work in, set your own hours, and be in control of your own business and career development.

Paul Smith, FMAAT, has been a self-employed AAT Licensed Accountant since 1999. He combined his love of music with accountancy early on: “When I started out as self-employed I was into the local music scene – all the rock people came to me to do their accounts.”

Paul built his client base from there and would never go back to a typical 9 – 5 role.

“Actually I think I am unemployable now: I do what I want and when I want – who could ask more than that?”

A win-win scenario?

For the company who hires you, outsourcing talent has huge appeal, and can save a business major costs, such as payroll taxes, salaries, benefits, and HR and training. It also means that companies don’t lose valuable resource when staff are absent from work.

Jenny Oldfield is CEO of Veritas Commercial Services, a credit management firm which is immensely proud of its cohesive team. Yet she describes the gig economy as “a win-win for everybody”, emphasising that a virtual team can deliver real financial benefits.

“The gig economy will continue to evolve, with more accountancy professionals working to their own schedules, in their own way, from wherever they choose,” advises Jenny.

Teams can thrive with freelancers; they do not have to function as separate entities.

Technology empowers freelancers

“The days of punching numbers into a calculator are long gone, as technology continues to change the financial industry dramatically,” Jenny Oldfield says.

Where firms used to favour humans for data processing, now they’re using AI to fulfil this function. AI learns from data and draws conclusions, removing the need for human interaction.

In the gig economy, freelance bookkeepers should embrace AI technology where possible so that they can work cohesively with modern companies.

Jenny Oldfield advises: “In the future, a large amount of the financial workforce will be using AI to support and enhance their insights and workflows.”

The adoption of more intelligent systems will allow finance experts to divert time from data processing to problem solving through data interpretation and analysis. Communicating this to clients means relationships will be vital to your success as an outsourced bookkeeper.

Soft skills are essential

The AAT surveyed over 250 AAT students and more experienced members to determine how bookkeepers and accountants can add value in an increasingly digital sector. This research further underlined the growing need for soft skills as technology advances.

Encouragingly, 42% of people identified technology as beneficial, highlighting that it made their job easier. A further 60% believe ‘predictable’ accountancy processes will be fully automated within 4 years, so we’ll likely see a massive change in the day-to-day for finance specialists.

Andi Lonnen of The Finance Training Academy, who took part in our expert panel to discuss the future of accountancy advises; “We forget some people don’t like numbers, and they don’t understand them like we do. So breaking it down, having those clear communication skills is what it will be about.”

By adding real value, you are much more likely to enjoy repeat business, and recommendations from happy clients.

Questions to ask yourself

If you are thinking of working in a freelance capacity, it helps to cultivate an area of specialism or a niche where you can sell your skills and expert knowledge.

Ask yourself:

  • What areas interest me, and how can I develop my skill set to serve clients in these areas?
  • What hours do I want to work and what type of clients do I enjoy working with?
  • Do I need further professional training in order to provide a full service for clients?
  • How can I ensure that my business is customer-focussed?
  • Are there any soft skills that I need to develop in order to succeed in a freelance environment?
  • Am I happy with the uncertainty and irregular cashflow of freelance work?

In summary

Running your own business requires a different skill set from being an employee. You’ll need to get used to managing cashflow as not all contracts will pay on time. You’ll also need to think about how to market yourself, and how to keep your professional training and skills up-to-date.

The good news is that you can build close and long-lasting relationships with key clients if you understand how the role of bookkeeping and accountancy is likely to develop in the new economy. You can set your own hours and choose your own work, specialising in the areas that interest you.

For more on thriving as a freelancer in the finance industry:

Would self-employment work for you?

Why soft skills have become a recruitment need for accountants

In versus out: bookkeepers and outsourcing

How to ace that presentation – and enhance your career

Posted by & filed under Skills.

You’ve been asked to give a presentation at work. But you’re unsure where to start. Follow our tips and you’ll be on your way to volunteering to make presentations and speeches at work.

Why presentations are important

John Lees, career coach and author of The Success Code says: “It tends to be those who give good presentations who advance their careers, because if you get noticed in this way then others can see you could be good at presenting your company to a wider audience.”

It’s a great skill to master: someone who can make a good, confident, interesting presentation can be seen as a good leader.

Gemma Denham, FMAAT and 2018 Licensed Member of the Year finalist, remembers her first presentation. ‘This particular presentation was an in-depth update for all staff in the compliance and tax teams from trainee to partner level. As a semi-senior myself this in itself was daunting!” But she persevered and is now an old-hand at giving presentations.

Top tip: Accept you are going to be nervous and focus on the positive effect on your career. See this article for more ideas.

Know your audience

Who are you speaking to – and what do they need to get from your presentation?

It might be tempting to try to be amusing, charismatic or entertaining. But don’t. “You need to think about what your audience needs to hear, not what you need to say,” says Lees.

“Keep it simple and straight. Give a summary of what you will be talking about. You don’t need to be dramatic or funny. This is not a best man’s speech or an after-dinner talk.”

Don’t spend too much time introducing yourself: your name and what you’re talking about will do. You should also know exactly how long you are expected to speak for and stick to that; keep an eye on a clock so you know when it’s nearly time to wrap up.

Top tip: You’re not on stage; don’t try to entertain.

Start and finish well

It’s a good idea to learn your first two opening sentences and your last two, says Lees. “For your opening sentences you need to explain what you are going to do – so ‘I am here to talk about x’.”

If you feel happier reading the whole speech, that’s fine, as long as you’ve rehearsed it otherwise you could stumble over words and phrasing. Once you’ve rehearsed it, you’ll be committing bits of it to memory anyway.

Do watch out if you are reading as you can lose the connection with your audience if your eyes are fixed on the page. Learning can work – but always keep notes with you for prompts or if there’s some kind of distraction which puts you off.

Visual prompts – whether on a PowerPoint or on cards you keep in front of you – are essential. Have one card for each idea and maybe colour-code them.

Top tip: Learn or read – but always have cue cards to hand.

Body language is key

You use your hands in everyday conversation, so it will look natural to do so when you’re given a speech or presentation.

And if you can’t face making eye contact with a large group, don’t stare at the floor or ceiling but focus on the audiences’ foreheads.

Do practice how you speak. You mustn’t be too slow or you’ll bore your audience, says Lees. “But speak too fast and you’ll also lose them because they won’t hear the end of words and thus won’t follow what you are saying.”

If you are worried you will be so nervous that you shake or have a dry mouth, then be aware of such possibilities and plan. “When you give a speech, physiologically your body is acting as if it’s at risk,” says Lees.

“That’s why you might have physical symptoms. If you shake, you could hold onto the lectern so it isn’t obvious. If you have a dry mouth, then sugar is better than water so have a boiled sweet or black coffee with sugar in it.”

Top tip: Rehearse your physical and vocal movements in advance.

How to avoid nightmares

Horrendous speeches and problematic presentations are topics ripe for comedies. To avoid cringe-making mistakes, you MUST stick to your script or cue cards.

“Do not introduce new ideas or miss out parts while you speak,” advises Lees. “You could easily end up in an Alan Partridge-style nightmare and say something inappropriate. And you’ll lose your thread.” Stick to your prepared schedule otherwise you won’t link naturally between parts of your speech.

Top tip: NEVER go off piste.

Do it again?

Once you’ve done your first presentation or speech, you must carry on doing them.

Think of the benefits – “It is said that if you keep your nose to the grindstone and do what is wanted then you should progress, but if you nail that presentation then you can give your career a real uptick,” says Lees.

By the time you’ve done a few, you might even enjoy it.

Gemma Denham FMAAT adds: “I still dread every presentation but it’s never as bad as I think it is going to be. It has made me more confident in dealing with clients and presenting myself now I run my own small practice.”

Top tip: Asking for feedback from colleagues is a good idea. Denham says after her first presentation she was boosted by the positive feedback from her colleagues.

Summary

Although it can seem daunting to begin with, making presentations is a great skill to have and could really help to raise your profile. Preparation is key, so ensure you know your audience and what they will be looking to get from your presentation. And once you’ve done one, do another. Practice really does make perfect!

Further reading:

Who’s who in social mobility?

Posted by & filed under Social mobility.

A recent study found the relatively small proportion of people who went to private school dominate the country’s top jobs.

Employers also have a duty to do what they can in this space to help ensure those from less privileged backgrounds are not overlooked, whether that’s being more open-minded around recruitment or ensuring people have the opportunity once in a role to develop.

The following is a guide to Who’s Who in social mobility, looking at sources of support and advice which can help to create a more equal society, and ensure employers can gain from a more diverse talent pool:

Apprenticeships

Apprenticeships are one way in which employers can help to give school-leavers or young adults an entry point into a career that could transform their prospects, particularly in the wake of the apprenticeship levy, which has encouraged larger businesses to develop their own schemes.

Sites such as GetMyFirstJob or Apprenticeship Connect provide links between would-be apprentices and employers, while many recruiters such as Totaljobs or Monster also advertise vacancies.

NotGoingtoUni offers a range of apprenticeships and gap year options, while many larger employers such as KPMG, PwC and BDO also have their own schemes. Employers can help here by being open to recruiting from non-graduate populations, and developing their own schemes.

HR/recruitment best practice

Employers also need to make sure they eliminate any form of unconscious bias in the recruitment or promotion of employees. Artificial intelligence can help with this by making initial decisions based on suitability for the role, while some organisations now remove educational achievements altogether from CVs.

Rare Recruitment

Organisations such as Rare Recruitment, which specialises in diverse graduate recruitment, can also work with employers on their processes, including helping firms to track ethnicity and background.

The Bridge Group

The Bridge Group, meanwhile, is a non-profit consultancy that works with employers to identify any barriers to social mobility that may be inherent in their processes. This has been used by Grant Thornton and has been instrumental in the firm overhauling its recruitment processes after a report highlighted a number of ways in which it could improve its practices.

Charities

There are a number of charities which exist to help promote social mobility, and can assist employers looking to tap into talent from unusual sources or disadvantaged backgrounds.

The Social Mobility Foundation

The Social Mobility Foundation, for instance, benchmarks employers through its SM Employer Index, assessing their recruitment and progression processes, and providing valuable feedback.

As well as benefiting from a more diverse talent pool, organisations can also generate some favourable publicity from their efforts; in the most recent index Deloitte, PwC and KPMG all featured in the top 10 employers.

The Equality Trust

The Equality Trust actively campaigns to reduce social and economic inequality, and runs a speaker network which delivers talks to schools, colleges and universities as well as businesses, trade unions and other organisations.

Government bodies

The Social Mobility Commission

The Social Mobility Commission is an independent statutory body which was recently allocated £2 million in research funding to help investigate the educational and skills issues associated with a lack of social mobility.

A recent study found that the poorest adults with the lowest qualifications are the least likely to access adult training, with graduates three times more likely to receive training than those with no qualifications.

The Pledge

The Pledge is an initiative set up by Justin Greening MP to get employers to take practical steps to improve social mobility for staff. Those signing up have to commit to recruitment practices that level the playing field for candidates, as well as to offer internships and access to coaching and mentoring.

The scheme is a good starting point for employers, for those who are not yet at the stage of joining the Social Mobility Foundation’s benchmarking index. To date, more than 250 employers have signed up.

Social enterprises

Many social enterprises exist to help individuals improve their chances in life, offering stable employment and the prospect to develop new skills. By using social enterprises as suppliers, employers from all sectors can do their bit to help support these organisations, and their staff.

Social Enterprise UK

Social Enterprise UK is the country’s biggest network of social enterprises, and helps connect organisations such as Johnson & Johnson, PwC and Wates Group with responsible social enterprises.

Inspire2Enterprise

The charitable organisation Inspire2Enterprise can also help individuals who are looking to set up their own social enterprise.

The Big Society Capital

The Big Society Capital exists to link such organisations with fund managers and other investors to help them access finance to get up and running.

Read more on social mobility here:

Study tips: Budgeting part 1 – Compiling the materials elements

Posted by & filed under Professional Diploma, Students, Study tips.

This is the first article in our 3-part series on budgeting to support the MABU unit for level 4 students.

Study tips: Budgeting series

A budget is a financial plan which is compiled to enable an organisation to meet its strategic objectives, based on the company’s vision or aims. It gathers together all the relevant data, whether it is financial information in the form of forecasts, or non-financial in the form of strategic targets, and comes up with a monetary based blueprint. In this series we are going to look at the three main components of an operating budget; materials, labour and overheads, and some of the key planning assumptions behind them.

Let’s assume the role of the budget accountant for a food manufacturer that produces a range of dairy products. The company has recently been reviewing the product life cycle of some of its milkshakes as sales have been in decline. A PEST analysis indicated that changes in government policies about health choices and general shifts in consumer perceptions of milkshake as being healthy, might have contributed to the reduction in sales. This led the company to commission some market research which sampled a mixture of existing and target customers. The result of this combined research has been the development of a new fruit smoothie which will be launched with the support of a targeted marketing campaign. You are at the start of the process of compiling a draft operating budget for upcoming production.

After consulting with the marketing manager, the predicted sales targets have been agreed as 5,000 units in week 1 with a 10% weekly increase until the target volume of 10,000 units has been achieved. The production manager estimates that 8.5% of production could be rejected during quality control and because the product is perishable it has been agreed that large quantities of closing inventory are not desirable. Closing inventory has been calculated as 2% of the following week’s sales volume.

The variables above are therefore used to produce a production forecast:

Week 1’s calculations start with determining the closing inventory, which is 2% of week 2’s sales volume (5,500 ÷ 100 x 2). Closing inventory for one week will become the opening inventory for the next:

The good production is calculated as the week’s sales volume + the closing inventory – opening inventory. This is the quantity of units required, however, due to the 8.5% rejection rate we know that it is only 91.5% (100 – 8.5) of what needs to be manufactured. Therefore, the total manufactured units can be calculated by dividing the good production by the percentage it represents to calculate 1% (5,110 ÷ 91.5 = 55.8469) and then multiplying by 100 and rounding up to the nearest whole unit:

Finally, the rejected production is determined as 8.5% of the total manufactured units (5,585 ÷ 100 x 8.5):

The calculations can be sanity checked by thinking through the requirements. In other words, the opening inventory plus the total number of units manufactured, less the rejection allowance, must be sufficient to meet the sales target, and leave the closing inventory. For week 2 this would be 110 + 6,023 – 512 = 5,500 + 121

If you would like to complete the table you will be able to access the full forecast by selecting the link below. If you find calculating the total manufactured units challenging, further reading on margins and mark-ups would help as the skills are transferable once you understand the theory. Also remember that logically the total of manufactured units must be more than the good production to account for the units that are made and then rejected.

Based on the completed forecast (click to download) the production manager has compiled the following production budget for the first quarter. The link will enable you to see the source of the figures.

Each unit requires 0.2kg of fruit. As this is a perishable material a small buffer opening inventory is held and a daily delivery received on a just in time basis. The company has been buying berries to flavour milk shakes and found that wholesale prices have fluctuated over the last two year between £2.15 and £4.60. The chief buyer has been monitoring statistics published by the Department for Environment, Food and Rural Affairs, and has suggested it would be prudent to budget at £5.10 which is 15% more than this year’s actual average per kg.

In order to calculate the cost of raw materials to include in the operating budget, you need to calculate how much fruit will be required given the open and closing inventory (the opening inventory will be transferred from a product whose production will cease):

The working schedule is completed by calculating the required quantity to be used in production. This is based on the number of units to be produced multiplied by the raw material requirement per unit (106,426 units x 0.2kg). This can then be adjusted by the opening and closing inventory to calculate the quantity to purchase. The open inventory doesn’t need to be purchased again but we do need to buy enough so that we end up with the required closing inventory (21,285kg – 250kg + 300kg):

Now, the values can be added. The company works on the basis that purchases and closing inventory of raw materials should be valued at the budgeted cost of purchases, with usage being valued on a FIFO basis.

Therefore, the value of purchases and closing inventory can be calculated first by multiplying the quantity by the budget cost (21,335 x £5.10) and (300 x £5.10):

The value of the units used in production is the difference between the value of the opening inventory plus purchases less the value of the closing inventory (£110,009 – £1,530):

The value of materials used in production, in this case £108,479, is the figure that will be transferred to the operating budget.

In part 2 – labour, overheads and operating budget, we’ll go through the process of writing an email to submit the draft production budget to the budgetary committee for approval. Agreement at this stage will then allow us to continue preparing the operating budget by adding the labour and overheads elements, which we’ll cover in part 3.

For more Professional level study materials: Professional study tips

Read more tips on Excel here

Browse the full range of AAT study support resources here

What can small businesses do to support employees with financial education?

Posted by & filed under Employers.

Three quarters of employees believe that money worries impact their working lives, according to a recent study.

The report also showed that more than a quarter were unhappy with their finances. The most common concerns were funding retirement, paying off debt and coping with a reduction in household income.

Financial security is important

Jeanette Makings, head of financial education at Close Brothers, says: “Worrying about money not only affects people at home, it also affects their productivity at work and is one of the biggest causes of stress and anxiety.”

There are a number of simple steps people can take to improve their financial wellbeing says Makings, “Review your budget and outgoings and shop around to reduce regular costs,” she advises.

Employers also have an obligation to educate their employees on financial matters, according to Makings, “Doing so will improve employees’ financial wellbeing, reduce their level of stress in the workplace, and fundamentally improve performance and retention. It’s a win-win,” she notes.

What can employers do to help staff with financial education?

Communicate the benefits

Rebecca Aldridge, managing director at Neon Financial Planning, says communication is key. “Employees should be made aware of what benefits they have as part of their package, and how to maximise them,” she comments.

Offer a discount

“Employers could consider offering a discount to staff who want to seek personal advice in the same way they offer other employee benefits like life insurance or gym membership,” Aldridge says. “This can even be done via salary sacrifice arrangement so it’s more tax efficient for both the employer and employee.”

Use financial education as a recruitment tool

“Imagine telling someone at the interview stage that part of the package is a financial wellbeing program to ensure they feel happy and secure whilst working there. Who could argue with that?” says Aldridge. “Happy staff are also more productive, and less likely to leave – which means increased business output and less time and money spent on recruiting and training staff.”

Run lunch and learn seminars

“Lunch and learn seminars at the workplace are always popular and stimulate people to come up with a strategy for financial wellbeing,” says Jeff Lestz, CEO of Genistar financial services firm. “Offering your employees a one-on-one meeting with a financial consultant will encourage them to plan for the future. It’s easy to do and shows you truly care about your people.”

Set up a payroll drop-in clinic

“Payroll teams are well positioned to help employees to understand their pay and taxes – an area that is often overlooked in favour of saving into a pension or debt management,” says Laura Hughes, head of marketing at PayDashboard. “Payroll drop-in clinics for employees can be helpful in helping them to understand their pay and other finances.”

Think about timing

“The key is providing the right information at the right time,” says Hughes. “Our guidance about pay and taxes is provided with the employee’s payslip, when an employee is viewing their payslip then money is on their mind, and they are more likely to engage with content that involves their pay.” If, for example, you are implementing a pay rise, it would be a good time to talk to employees about their pension contributions.

Think about the bigger picture

If anyone in your business is still a little reluctant to provide financial education, encourage them to look at the bigger picture, says Aldridge. “The case for employers to provide a service to make employees feel in control of their finances should speak volumes; better employee retention, improved productivity and a harmonised working environment,” she notes.

In Summary

Although financial security is one of the biggest causes of worry for employees, there are plenty of things you can do as an employer to alleviate this worry. From better communication about employee benefits to “lunch and learn” training seminars. Keeping the lines of communication open between you and your employees will not only enable them to feel more comfortable, but will also help to boost their productivity.

For more employer tips:

Dive into your next adventure with a job overseas

Posted by & filed under Career, Members, Students.

If your daily routine is starting to chafe, or the job hunt is proving unsuccessful, why not take a look at the overseas market? We’ve broken it down into bitesize chunks to help make your new Mediterranean lifestyle a reality.

“With companies facing talent shortages globally, there are plenty of opportunities for UK-trained accountants to work overseas,” says Matt Weston, Managing Director at Robert Half UK. “One example of a destination with high demand is the UAE.”

Rachel Barnetson, Business Director at Hays Globalink, advises that there’s also a growing demand in Australia and New Zealand for qualified accountants with a Big 4 or mid-tier background who are already in a commercial role.

Your right to work abroad

But what about all the practicalities like Visas and permits?

“We see both qualified and part-qualified accountants heading out to New Zealand on a working holiday visa and although immigration rules for skilled migrants in Australia have been tightened slightly, it’s still very easy to obtain a working holiday visa there too,” Barnetson says.

If you are looking to move outside of the EU, holding a relevant, internationally recognised qualification such as AAT is usually a prerequisite for an offer of employment and a work visa.

Within Europe, UK citizens currently have the right to work in any country in the European Economic Area (EEA) and Switzerland without a work permit. This will change on a country-by-country basis if or when the UK leaves the EU.

Key takeaways:

  • head to New Zealand or Australia with a working holiday visa
  • AAT qualifications are internationally recognised; ideal for moving outside of the EU.
  • beware of a rule change with Brexit.

Benefits and challenges

Jenn Fenwick, Career Coach at Rebel Road Coaching, believes that we should all embrace the thrill of adventure when it comes to our careers.

“New adventures and challenges build confidence as we realise that we have a huge capacity to learn and adapt, strengthening that all-important ‘resilience’ muscle. We also gain diversity of thought – nothing drives this more than having exposure to new cultures and new ways of doing things.”

International experience will make your CV stand out when you get back home too.

But uprooting yourself (and potentially your family) is a big step, so you need to consider any potential challenges – including practical and financial implications – beforehand.

“The experience can be more complex and exhausting than you first appreciate, it is both an emotional and a learning journey, a bit of a roller-coaster in fact,” says Fenwick.

Key takeaways:  

  • embrace adventure and the unknown when it comes to your career; the international experience will build resilience and boost your CV
  • but moving country, or moving your family, can be a complex and exhausting experience. Research well and approach it with open eyes ready to learn.

It’s all in the prep

Firstly, research potential destinations – where are your particular skills most in demand?

“By making the right decision in terms of location you are far more likely to command a generous package,” Barnetson says. Speak to a recruiter who can give you an indication of local market conditions, rates and salary guidelines.

Moving to work abroad will mean having to adjust to unfamiliar business practices and culture. This could end up being very different to what you’re used to.

Barnetson advises: “Get access to ex-pat guides on your destination, join forums and speak to contacts on the ground or practical tips and advice on working and living in that country.”

Key takeaways:

  • find out where your skills are most in demand
  • look into the business culture and practices in the area
  • get in touch with ex-pats, and local communities for practical tips
  • touch base with potential employers and colleagues ahead of time via LinkedIn.

How to bag that job abroad

Make sure that your LinkedIn profile and your CV are up-to-date, and that they’re attractive to overseas employers.

Fenwick says: “If you’ve delivered or collaborated on projects that have had an international element, or worked with international clients, highlight this.”

Barnetson adds: “If you worked or studied abroad in the past, clearly state this. If not, it’s worth detailing why you’d want to obtain this type of experience on your CV or in your cover letter.” 

Your CV should also demonstrate your ability to adapt and learn.

“Internal secondments, for example, showcase an open and positive attitude to new challenges and work experiences, and a willingness to learn,” says Weston.

Key takeaway:

  • Tailor your LinkedIn profile and CV to target the job you want, highlighting any international experience you already have.

Interview tips

“Showing that you’ve done your research and demonstrating your knowledge of country-specific nuances relating to the industry is interview gold,” says Fenwick.

Still, they will likely want to know your exact motivation for seeking an international move.

Weston advises that focusing on the skills and experience that the job can offer will go down better with your interviewers that talking about the job being an opportunity to relocate abroad.

Finally, your first interview will probably take place over Skype.

“Make sure you look directly into the webcam when you speak and not at the screen,” says Barnetson. “This will help maintain eye contact, which will show the interviewer that you are paying attention, and will help you build rapport, making the conversation flow more naturally.”

Key takeaways:

  • research some country-specific metrics and the latest industry news to discuss during your interview; it shows you’re invested in making this move
  • link the reasons for your international move to the role you’re interviewing for
  • you are likely to have a few Skype interviews in this process, so get comfortable with this format by practising with a friend.

In Summary

Working overseas could be your next big adventure. It’s a great way to shake things up and potentially find a role or company that you absolutely love.

Moving your life abroad is undeniably a big undertaking with it’s own unique risks and costs, but break things down into manageable steps and you’ll soon get moving.

For more on working overseas:

Dream job, dream island – why Malta is a great place for new accountants

Why taking a secondment can help you update your skills

Can I use my UK accountancy qualifications abroad?

Moving your business abroad – can you retain the same clients?

What questions should you ask at an interview?

Posted by & filed under Interview tips.

It’s a pivotal point in the interview, the tables are turned and you’re asked if you have any questions for the interviewer.

Get your questions wrong and you could reverse all the good stuff you’ve said earlier.

Don’t say you haven’t any questions to ask

It will make you look indifferent to the process as well as bringing the interview to an anticlimactic close. Felicity Dwyer is a career coach and member of the Life Coach Directory

‘You should always ask questions at an interview: it shows you are interested and engaged in the process. Ideally, you should think about the type of questions you might ask as part of your interview preparation’.

Treat asking questions as a way of promoting your suitability for the job. ‘Asking questions is key to demonstrating your interest and enthusiasm in the role and convincing the interviewer that you would do the job well’ advises James Brent, director at recruiters Hays Accountancy & Finance.

Key points to take away:

  • Always think of some pertinent questions in advance – but don’t necessarily ask all of them. Read more for more ideas on how to be brilliant at competency-based interviews.

What information do you need to help you decide whether you want the job?

Dan Brown, senior manager at recruiters Robert Walters adds: ‘Don’t be scared to ask about the challenges of the role in the first six months and the expectations they have of you in this time. It is good to highlight areas that you will be growing into the role and development around this’.

Dwyer advises that you might want to ask what the company’s values and culture are: you’ll then be able to see if it’s for you. You could ask why the position has become available – if your predecessor was promoted then you’ll get a positive impression on the career progression prospects.

Key points to take away:

  • Consider what you need to learn from the interview – and how you’ll frame your questions. If you’re having an initial interview by phone there are some good tips here.

Do your research

Going into an interview without researching the company is a sure fire way to fail. But it’s not enough just to know about the company in isolation. Spend some time looking at the sector overall.

You could for example ask about what your interviewer thinks the implications of law changes/mergers in the sector/ corporate activity will have on the company or organisation.

You might ask whether there are any expansion plans. Not only will you look switched on but you’ll also get a good idea where the company is going and thus whether it’s a suitable step to take on your career ladder.

Key points to take away:

  • Do your research so you show you are interested in the company and its future – and your part in it. Consider what skills your potential employer wants: see here for more ideas.

What questions NOT to ask

Ask an inappropriate question and you’ll spoil all the good work you’ve already put into the interview.

There’s some great advice here on what questions not to ask. James Brent of Hays says ‘Avoid asking about salary level, benefits and hours at the first stage of an interview as well as questions starting with ‘why?’ which may come across as confrontational. Instead, try asking ‘please can you give me more of an insight into this’.

In an interview, you’re trying to show what you can do for the company or organisation – not how it can benefit you. You should also ensure that you don’t ask questions which have already been covered in the interview.

Key points to take away:

  • Don’t mention money, holidays or benefits at the interview. And make sure you listen to the interviewer!

Summary

Everyone is nervous when they are interviewed. By the end, you’re likely to be relieved and want to finish. However, you need to keep your wits about you right until the final handshake.

That means when you are asked if you have any questions, you must say you do. Prepare some in advance but don’t ask any that have already been answered earlier in the interview or it will look as if you’ve not been listening.

Remember an interview is a two-way process: you have to decide whether the role is for you – and asking questions is your way of doing this.

For more on interviews:

What medium sized accountants can learn from the Big Four

Posted by & filed under Social mobility.

Social mobility has become more important than ever in recent years and employers are in a strong position to influence the communities they serve.

So what can smaller firms learn from the Big Four? Here we speak to Hollie Crompton, Social Mobility Operations Leader at PWC and Sally Bucknell, Director of Diversity and Inclusion at Ernst & Young to get their thoughts.

Why is social mobility important?

“The issues related to social mobility are complex and, as employers and influencers on the communities we serve, businesses have the power – and the responsibility – to effect positive change. We have a major role to play in advancing social mobility and in being part of the complex and varied solutions to this important problem” says Crompton.

“Social mobility is a major issue for our country and our economy,” says Hollie Crompton, social mobility operations leader at PwC. “Someone’s future should be determined by their talent and determination”.

How do your social mobility initiatives reflect your organisational culture?

PwC has always had an active focus on social mobility, according to Crompton. “We ensure that our recruitment processes for school leavers, graduates and experienced hires promote social mobility and enable access for all, and we’re a Top 10 social mobility employer in the 2018 Social Mobility Employer Index,” says Crompton.

Sally Bucknell, director of diversity and inclusion, UK and Ireland, at Ernst & Young (EY), says: “The experience of working with a global firm like EY can last a lifetime and we want to help extend that opportunity to as many people as possible”.

Bucknell says EY has widened access to the profession and created a more level playing field in a number of ways, such as removing the academic entry threshold (previously 300 UCAS points and 2.1 degree) as an application filter to their student recruitment process.

“Also, the EY Foundation, an independent charity set up by the firm, supported more than 1,000 young people in 2018, to help develop their core skills, access paid work experience and help provide a positive start to their working lives,” she notes.

What steps can SMEs and smaller firms take to ensure they improve social mobility within their organisation?

“Understand where you are currently in terms of recruitment and the socioeconomic make up of your workforce and learn from your work in other areas of diversity,” says Crompton. “Set a clear strategy, objectives and targets and ensure you have buy-in at a senior level. This will help to concentrate minds on progress and accountability.”

Bucknell says EY recently signed the Social Mobility Pledge, a cross party campaign to improve social mobility in the UK. “We agreed to three commitments focused on partnership, access and recruitment. SMEs and smaller firms could also follow the same commitments to help improve social mobility,” she notes.

How can employers work with their local communities to ensure they reflect them?

Partnering with local schools to provide coaching through careers advice, experience and mentoring for people from disadvantaged backgrounds should be your first step, advises Bucknell.

Crompton says PwC is also active in their local communities. “We’re raising skills and aspirations that will help people to be more aware of the world of work and more successful within it, whether at PwC or elsewhere. We’re a people business and we want the best people to work for us, wherever they come from.

What can smaller accountancy firms learn from the so-called Big Four?

“We’ve made great strides to broaden access to PwC and our profession, but we want to lead by example as a social mobility employer,” says Crompton. We’ve also found that setting a clear strategy and five point social mobility action plan has helped us focus on the most impactful changes we want to make.”

Promoting social mobility is, quite simply, the right thing to do, says Crompton. We do this through four key pillars:

  1. Community Outreach – upskilling and supporting the social mobility of disadvantaged communities
  2. Recruitment – hiring more people from disadvantaged backgrounds
  3. Development and progression – supporting those we recruit to develop and progress while they’re at PwC
  4. Advocacy – leading and being vocal on the importance of increased social mobility across the UK

In Summary

Social mobility is about more than diversity and inclusion. It’s about working with the local community to support people from disadvantaged backgrounds, upskilling and broadening your company’s mindset and outlook.

For more on social mobility:

“I’m studying to become an accountant” – footballer, Sam Cosgrove

Posted by & filed under Social mobility.

As we’ve seen in previous articles on social mobility, the accountancy profession can hold its head high in this area – four of the UK’s five largest accountancy firms were involved in the initiative.

But what about from the young person’s point of view? How can you show young people, particularly those from deprived or harder-to-reach backgrounds, that a profession such as accountancy is something they could aspire to?

Sam Cosgrove is well-known as a Scottish Premier League footballer, having made some 40 appearances with Aberdeen Football Club. What’s less well-known is that he’s also currently studying for his AAT Advanced Diploma.

An ambassador for young people

“The position we find ourselves in being footballers is that we can change a lot of people’s lives,” he says. “We can go out and see young people and offer them support and guidance.”

Professional football can be a ruthless business, Cosgrove says. “It’s hard knuckle, but if you do things right, the rewards are there for you. The part we can play is to offer motivation and a pathway to people – especially young adults.”

Cosgrove did not come from a difficult background himself – “my parents were extremely supportive” – but he’s conscious that not everyone has that support. “I know how much it helped me when I was growing up and if I can now show how important education is to children, it can only benefit them.”

Having a back-up plan

Football being a lucrative but also precarious career, Cosgrove took the sensible view that he needed a safety net and started studying for his accountancy exams two years ago.

For Cosgrove “it’s a great stepping stone, it opens up a lot of avenues whether in accountancy itself or elsewhere; because it’s such a highly regarded skill to have. Whatever happens in the future, it was a good decision that will put me in good stead.”

This personal development has enabled him to speak with authority when going into schools. “It’s vital to aim for the stars, but it’s also essential to have your feet grounded and have a back-up plan. Football was therefore always the aspiration, “but education is definitely something that should be a fall back for aspiring sportspeople.”

Working with young people

What does the day-to-day of Cosgrove’s work with young people look like?

Most of the work is centred on schools and it often entails going to sports clubs in the evening or early afternoon, “when the kids are training and playing football themselves. We make sure it’s fun, they ask questions about the game but there’s also the more serious element which is talking to them about the fact that it’s not all plain sailing.”

You have to work hard for what you want, Cosgrove says. “I think the main aim when you talk to children is – keep them engaged. Make it as fun as possible but also let them know it is tough.”

Cosgrove himself is only 22; how has he coped with high-profile success at such a young age? “It’s something I’ve been subconsciously training for all my life; since I was relatively young I’ve lived away from home and have had to look after myself.”

Before starting his studies, “I may not have been able to talk to children the way I do now and in public; but I’m growing as a person and becoming more confident and more social.”

Key takeaways

  • Be ambitious, but think about all possibilities. “You’ve got to follow your dreams but it’s hard when you’re young. You can’t be naïve: you’ve got to have your head screwed on”.
  • Education is a huge step towards a positive future. “The first stage is to try to engage. For young adults, it’s important to do this as much as possible and offer advice about how to be successful; whether that’s socially, at work or in developing a long-term career”.
  • Ambassadors from high-profile professions like sport can engage with young minds. “We can get the key points across about determination, hard work and graft, because young people will listen to us.”

For more on social mobility: