The route from university to one of the big four accounting firms is a well-trodden one, offering graduates a reliable route into finance. According to the Graduate Recruitment Bureau nearly 10% of all graduates choose accountancy, and the vast majority go to PwC, Ernst & Young, KPMG and Deloitte.
Amid the annual round of glossy prospectuses and campus events, however, many aspiring accountants overlook the opportunity to train and qualify in-house with a specific company.
Do you want to be an accountant in business or in the business of accounting? If you want to be part of a business delivering real products or services to real customers, then qualifying in-house can pave the way for a career within the company or elsewhere.
What are the main benefits of the in-house route?
Being embedded in a company helps you get under the skin of business, to understand how it really operates and gain first-hand experience of the challenges and opportunities. Many in-house finance schemes provide the option to rotate through different departments, which helps to acquire a broad knowledge of business and industry. For example, graduates at Sky typically undertake three placements over three years, covering departments as diverse as shared services, movies, advertising, technology, news, supply chain, sales and marketing and investor relations.
Another major attraction is the opportunity to work for a household name that plays a part in people's everyday lives. This is particularly true for broadcasting. Everyone likes to talk about what they watched on TV last night – be it films, cricket, the opera, quiz shows, news or the latest instalment of Mad Men – and employees are no exception.
Why might an in-house route not be right for you?
Some graduates leave university unsure about the sector they want to work in. In this case an accountancy scheme that isn't tied to a particular sector could be an attractive option. Be careful to check the scheme, though – in some you will be allocated to a sector and may not have a choice.
Moreover, choosing to train with an accountancy firm won't stop you moving in-house later in your career. Many organisations recognise the value of having people who have worked across a range of companies and sectors. After all, sometimes the most innovative ideas come from applying techniques learned in one context to a completely different type of industry or business challenge.
If your primary interest is in professional services such as audit specifically, rather than business in general, you could be better off going to an accounting firm.
The most important thing to know is that you can fully qualify via either route. Both in-house and accounting firm finance schemes offer a mixture of on-the-job training and college study leading up to a set of exams and a set of letters after your name.
What's in a name?
There are different professional qualifications available with different professional bodies. A chartered accountant qualification with ICAEW, ICAS or ACCA has historically been favoured by the accountancy firms due to its emphasis on public practice. Whereas the chartered management accountant of CIMA has historically been favoured by industry due to its greater focus on accounting in business.
Some companies support both, however, and it should be noted that all professional qualifications are rigorously examined and internationally respected. We usually find that those fresh from accountancy firms typically have a stronger working understanding of accounting standards; those who have trained in industry typically have more experience of commercial decisions through involvement in deals and business management.
A win-win situation
Both routes will provide ample opportunities for personal development. Ask yourself is how you work best, and be aware of how the two options compare. Training with an accountancy firm is the most frequent route into finance professionalism, but in-house schemes provide a wealth of opportunities for business-minded individuals.
Rob Collie is the director of finance development at Sky
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