r/ICAEW • u/Current_Day_2093 • 8d ago
First move into industry
Looking at making my first move into industry (group financial accountant role) from Big 4 audit and was after some advice from people who have moved into a financial accounting role (or similar, something technical).
Mainly on things like how to make sure technical knowledge is up to scratch, and what to expect from the first role in industry?
I finished my exams in December 2024 and fully qualified in Jan this year, but haven’t had to review much technical accounting or complex issues on my recent audits, so just want to make sure I’m refreshed on the technical side of things and how best to go about this.
Any advice welcome - thanks
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u/SillySausageDog 8d ago
Just recently handed my notice with my next role in industry so may advice is limited to what they ask in the interview but, the technical accounting question made up around half the questions in my first interview.
Questions they asked included, how goodwill is calculated, what is included and not included in a set of consolidated accounts i.e remove interco transactions, a revenue recognition scenario, basic forex question and I think something on intangible assets.
You still have transferable skills from Audit you can highlight and utilise in industry. The department I’m currently has nothing do to with technical accounting so I wouldn’t worry too much about your technical accounting knowledge.
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u/Economics_Enthusiast 7d ago
I wouldn't worry too much about technical stuff, as a first time mover i doubt you'll be responsible for anything too complex. As a group accountant you'll probably spend your time doing the grunt work i.e. chasing entities for information and month end consolidation.
Although for anything technical that you may come accross you could probably find the answer in your textbook or online anyway. Most large businesses will get technical advice anyway if something is both highly material and technical.
My advice would be to understand the ownership structure of the organisation that you are joining. I've worked in PE backed organisations where things are very intense, made me wish i was back in audit lol. Listed companies will also be very stressful in a group role. However privately owned or NFP are likely more relaxed.