As you approach the end of your training contract in October/November, it is natural to start thinking, “What’s next after practice?” Whether you are with a Big 4 or a Top 10 firm, this moment presents a unique opportunity to reflect on your career path and the direction you want to take. The market is evolving rapidly, and there are significant opportunities ahead, but it is essential to avoid getting pigeonholed into roles that may limit your long-term growth.

Introduction to Coopman Search and Selection

At Coopman, we specialise in the recruitment of newly qualified accountants within financial services, notably across the insurance, aircraft leasing and asset & wealth management sectors. Through our deep market insights, we help professionals transition from practice to industry, or to specialised roles within financial services. Our consultants provide support every step of the way, offering valuable market information, CV guidance, and interview preparation to ensure you make the best career choices.

Market Trends and Demand for Newly Qualified Accountants

In 2024, the demand for qualified accountants at all levels in Ireland has remained steady. Several sectors, including funds, payments, insurance, aircraft leasing, and banking, have experienced consistent growth, contributing to this steady demand. Additionally, many organisations are launching internal projects and system improvements, creating a critical need for more commercially minded accountants. Overall, demand across all sectors has been strong throughout the year. This hiring influx is driven by new entrants into the market and the expansion of several organisations, leading to a stable and steady local market in Ireland.

Coming Out of Contract – What is the Next Step?

As your contract ends, you will need to decide whether to stay in practice or move into the industry. If you are considering a career shift into the financial services sector, your next move should be based on your current experience. Below, we break down the most common paths based on whether you have direct financial services (FS) experience or not.

For Those with Direct Financial Services Experience

If your audit experience includes FS clients, such as aircraft leasing, asset & wealth management, insurance, fintech, or banking, you may find transitioning into these sectors smoother. Here are some of the most common career paths for professionals with FS experience:

Financial Accounting is one of the most popular choices for those transitioning from practice. This role involves recording, summarising, and reporting a company’s financial transactions, making it a great fit for those who enjoy the numerical aspects of auditing. Additionally, it offers a well-defined career trajectory, potentially leading to senior roles such as Finance Manager or Chief Financial Officer (CFO). Financial Accounting provides a solid foundation for long-term career growth, as it equips professionals with a deep understanding of a company’s financial health, positioning them for strategic decision-making roles. With its clear progression path and relevance across industries, it’s an excellent choice for those with long-term career ambitions in finance.

For those who want a broader view of how businesses operate while making an immediate impact, Internal Audit could be an excellent fit. It builds on your knowledge of controls and reporting, allowing you to gain insights into a company’s risk management to ensure its governance processes are functioning effectively. This role also provides flexibility in future career choices as it can lead to various strategic positions within a company.

If you’re more inclined toward strategic, business-oriented roles, consider becoming a Financial Analyst or pursuing Financial Planning & Analysis (FP&A). In these roles, you’ll assess financial statements, create financial models, manage budgets, and analyse market trends. While opportunities at the newly qualified level may be limited, this path can set you on a trajectory toward advanced roles like FP&A or Finance Business Partnering, where collaboration with business leaders on strategic planning is key.

Financial Reporting is another natural progression for many auditors. This role focuses on preparing financial statements, managing month-end close processes, and ensuring compliance with regulatory standards. It provides a clear career progression path, with opportunities to advance to senior positions such as Head of Financial Reporting. This stable role is rewarding for those who excel in detail-oriented work and seek to ensure financial accuracy and transparency.

If you enjoy the client-facing aspect of your current role but are uncertain about your next step, Client Accounting could be an ideal fit. In this capacity, you will act as a Financial Controller for clients, handling their financial management while liaising with external auditors. This role offers exposure to a variety of sectors, from large multinationals to start-ups, particularly in aircraft leasing and fund management, allowing you to broaden your experience significantly.

Finally, if you’re interested in asset management, consider Fund Accounting. This role focuses on the financial management and reporting of investment funds and is in steady demand, particularly within banks and asset management firms. Fund Accounting offers a stable career path with opportunities to advance into roles like Fund Controller. However, be mindful that it can be somewhat limiting due to its primary focus on net asset value (NAV) preparation; thus, positions that incorporate financial reporting elements can provide broader opportunities.

For Those Without Direct Financial Services Experience

If you do not have direct FS experience, don’t worry! We have successfully helped many professionals without this background find roles within financial services. It is about positioning your transferable skills and working with a recruiter who understands how to match your strengths with the right opportunities.

Key Tip: Avoid Being Pigeonholed

The market is full of diverse opportunities, many of which offer long-term growth and opportunity, so don’t feel pressured to take the first offer that comes your way. Working with a recruiter who understands both your background and the market can prevent you from being pigeonholed into a role that may limit your future potential.

Why Choose a Specialist Recruiter?

At Coopman, with over 35 years of combined experience, we offer invaluable insights into the market. Our focus on purpose and progression ensures that every career move we facilitate is in your best interest. Whether you are transitioning from practice or looking to expand your career within financial services, we provide the market insights and career guidance you need to succeed.

Partnering with a specialist recruiter can significantly enhance your career transition. We provide detailed market insights and support that can make all the difference in securing the right role. Beyond that, we aim to build long-lasting relationships with both our candidates and clients, grounded in our core values of engagement and excellence.

Article by Christine Jones & Ellen Conlon at Coopman.

For a confidential conversation on the market and to discuss opportunities, please reach out directly to Senior Consultant, Christine Jones at Christine.jones@coopman.ie, +353 86 102 5488 or Ellen Conlon at ellen.conlon@coopman.ie, +353 832037496.