Historically (and unfairly) viewed as a “bookish” profession, staffed by numbers-nerds of limited social and athletic skill, Accounting is now becoming one of the most desirable professions for Young Professionals due to it’s in-demand skills and resultant high-end salaries. For the right people, it can also open up other attractive career opportunities in consulting. Accountants are in especially high demand in Australia across all industries, so much so that employers often struggle to fill vacancies. Big 4 Accounting firms even recruit high school students as cadets.
As a graduate, intern or cadet in the Big 4, you are one of many being inducted into the organisation simultaneously. This means you will be taking part in a highly sophisticated and effective training program, as well also being presented with excellent networking opportunities amongst your new peers. Public Accounting (Client-facing Accounting firms such as the Big 4), also gives you excellent exposure to a range of different industries and organisations.
Key competencies
- Personality, presentation & People Skills
Accounting is much more than the mere-number crunching profession it’s made out to be. Contrary to popular opinion, your people skills, presentation and personality all matter, particularly in Public Accounting i.e. Accounting firms, where client interaction is key. Teamwork, cultural fit and relationship building skills are highly regarded. Emphasise your listening, social and communication skills and general all-roundedness throughout your application. Don’t just rely on your technical abilities to win a role, remember the hiring manager has to like you as a person as well. There’s much more to your job than making spreadsheets.
- Analysis and attention to detail
A no-brainer. Accountants are hired specifically for their ability to scan large volumes of numerical data and translate it all into a concise, and above all, accurate report. For junior roles with large corporations e.g. banks and Big 4, expect to have your analysis and numerical reasoning tested. Attention to detail is important as Accounting is not a subjective profession. Overlooking any detail, no matter how small, can have large ramifications further down the line. Accountants must be meticulous in their approach.
Finance
Finance is, like Accounting, a highly numeric profession but with a more strategic edge. Put simply, an Accountant’s duties are primarily centred on the development and provision of data on a firm’s performance and financial position, while a Finance professional’s duties are to take that data and act on it, i.e. assess risk, make decisions or advise others as to the best course of action. Finance professionals have a slightly wider range of responsibilities (generally speaking) than Accountants, with opportunities in commercial and investment banking, insurance, stock exchanges and finance/management consultancy for both external consultancy companies as well as internal finance departments. The goal of Finance managers is to maximise a company's long-term cash flow, profit and return on investment. The Accountant’s goal is to tell the Finance officer what the company’s cash flow, profit and return on investment are. Finance careers are 'generally' higher paying, but so are the hours.
The following Key Competancies relates to primarly to Finance careers in goods or services companies. Other common Finance careers in Investment Banking, Insurance and Consultancy are beyond our scope here.
Key Competencies
- Strong leadership and teamwork
As a Finance officer, you will be supplying expertise to an extremely diverse list of internal and external contacts. In a large company, the Finance officers will be advising different departments such as Sales & Marketing, Legal, Supply Chain & Procurement and Research & Development etc on the economic viability of a project or process. A good Finance professional must be able to guide with authority, or “Lead” different teams in the most economically beneficial direction. For example, if a multi-million dollar promotional campaign devised by Marketing falls flat, failure is shared equally by Finance who failed to properly assess the numbers. Finance officers can’t allow themselves to be merrily led along by others.
- Results-orientated, business acumen
Any business manager will tell you “all that really matters, at the end of the day, is the bottom line” (achieved ethically of course!). Since any given project requires sign-off from Finance before going ahead, Finance frequently butts heads with other departments, and has to fend off accusations of “lacking vision” from the (generally speaking) more creative professionals in Marketing and Product Development. A Finance professional therefore, is in the interesting conundrum of conservatively defending share holder value in the short term, while being able envision how the business will be profitable in the long term. A good Finance professional must be able to see the “opportunity” as well as the “risk”.
Simply put, a Finance professional needs the creative and opportunity-seeking vision that marks a shrew businessperson, without ever losing sight of the bottom line.
The final word – Finance or Accounting?
New Commerce graduates often leave University unsure of what career path to take. A commerce graduate can secure entry-level positions in either field regardless of whether they hold Accounting or Finance majors. Duties can overlap considerably depending on the company, pay is comparable and CFO positions are attainable through either stream.
Currently, Accountants are in higher demand due to their more specialised skill-set, but run a slightly higher risk of becoming pigeon-holed e.g. a Public Accountant who gets stuck in audit work. Where you’ll be happiest may ultimately depend on your personality. Generally speaking, the work of an Accountant is more formulaic and is more likely to be performed autonomously, whereas Finance work, while also formulaic, often requires higher-level strategic thinking and frequent high-level interaction with others.
All the above information should be taken with a grain of salt as it is presented in generalities (always a dangerous thing), and the work of an Accountant or Finance officer can vary considerably company-to-company and individual circumstance. Think carefully about what you want in terms of day-to-day responsibilities and what you enjoy in terms of personal challenges. Seek out the advise of industry professionals and your University professors. It’s a big decision, so do your research.
Finance & Accounting Careers
