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The Authors

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2. Is Industry & Commerce for you?

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Lincoln’s positioning in the search & selection market is unique and innovative. Our team is comprised of many of the recruitment industry’s most successful performers, with a wealth and breadth of relevant experience in their respective markets. This genuine understanding of your requirements is the reason Lincoln is the premier provider of talent management solutions with a proven track record of success in the market.

3. Management Accounting

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4. Financial Accounting

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5. Financial / Commercial Analyst

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6. Compliance & Operational Risk

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7. Internal Audit

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8. Tax

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9. Corporate Finance

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10. Is Financial Services for you?

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11. Banking & Investment Management

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12. Funds Industry

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13. Insurance

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14. Developing your Career in Practice

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15. International Opportunities

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16. Ethics in Business

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17. The Emergence of Social Media

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18. The Eternal Student

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19. Salary Survey 2015 / 2016

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Shay Dalton: Managing Director – Specialism Executive Search

Shay Dalton: Managing Director – Specialism Executive Search

Shay Dalton: Managing Director – Specialism Executive Search

Shay Dalton: Managing Director – Specialism Executive Search

Shay Dalton: Managing Director – Specialism Executive Search

Shay Dalton: Managing Director – Specialism Executive Search

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Shay Dalton: Managing Director – Specialism Executive Search

1. Overview

ContentsYour Career in Practice

Shay Dalton: Managing Director – Specialism Executive Search

Lincoln Recruitment Specialists is a specialist accountancy and finance recruitment group. Our focus on recruiting the best talent backed up by a commitment to original, detailed research is aimed at meeting the exact requirements of our clients.

Overview

Your academic background along with the technical skills developed throughout your training has equipped you well for future career opportunities. The options available to you are considerable and the area you choose to go into should be one that you will enjoy, that will play to your strengths and set you on the path to achieving and fulfilling your long term career aspirations.

Upon qualifying, the majority of Chartered Accountants reassess their career objectives and options. Industry & Commerce, Practice and Financial Services, along with the international options available to you are detailed in this handbook in order to assist you in making informed career decisions.

Sectors The main sectors in Ireland include: • • • • •

Retail FMCG TELCO Technology Sciences

• • • •

Manufacturing Energy / Utility Service Industry Media

Variety and Size Corporate environments within Industry and Commerce in Ireland range from Irish and International PLC’s and multi-national firms to the indigenous small and medium sector (SME). This wide variety of industries attracts many accountants and the skills you acquire are highly transferable between different sectors allowing for a flexible career path. In many cases moving within Industry can be achieved with more ease than moving from Industry to Banking. Industry and Commerce firms offer accountants the ability to gain broad coverage of the business and develop commercial knowledge.

Consideration should also be given to the choice of locations of various sectors. Typically, Professional Services and Marketing / Media / Advertising organisations are based in the Dublin area. A number of multi-national Pharmaceutical / Bio-technology firms are based in Cork, Galway and other regional locations, while sectors like FMCG have a cross-regional spread.

Roles available to newly qualified accountants There are a variety of roles across all sectors within Industry and Commerce, including: • • • •

Management Accountant Financial Accountant Financial Analyst Group Accountant

• • • •

Internal Audit Project Accountant Systems Accountant GL Accountant

Many positions within Industry and Commerce can lead to general management roles in the medium term.

This is a common route in the SME sector.

For more information on potential opportunities in Industry & commerce contact Dermot O’Sullivan of Lincoln Recruitment Specialists on 01 661 0444 / dosullivan@lincoln.ie

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Career Advice Tip #1 Have a plan – but always be flexible. There is always more than one path to the same goal.

Industry and Commerce covers a vast number of sectors and a variety of different roles. Quite often the responsibilities behind a role will depend on the size and type of organisation. Regardless of what area you trained in, you now have the expertise to move across sectors and choose a role that will assist you in achieving your long term career goals. Moving from a Practice background to Industry and Commerce provides you with the opportunity to further develop the core competencies developed throughout your training contract in a rewarding and challenging environment.

Career Advice Tip #2 Find a good mentor at work through your network – someone who has “been there”. It will save time and assist decision making.

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We highlight some of the key roles in each of these sections that a newly qualified accountant may move into and also mention positions you may aspire to or those already held by prominent Chartered Accountants. Lincoln Recruitment Specialist’s 2015/2016 Salary Review is enclosed in Section 19 which provides guidance on salary levels for the various roles available to a qualified accountant as their career progresses.

For more insight and advice on how to progress into any of these roles, contact the team at Lincoln Recruitment Specialists.

Is Industry and Commerce for you?

This career handbook is a definitive guide aimed at the newly qualified accountancy market which provides a description of the opportunities, within each sector, available to you as well as general advice.

Management Accounting

Financial Accountants are responsible for producing the financial statements for an organisation and play an integral role within the business. Firms quoted on stock exchanges must publically report their accounts on a quarterly basis. Alongside this, financial reporting is also required for internal and external stakeholders.

Reporting is usually produced on a monthly basis to assist management in the identification of trends or sudden deviations in financial information. Other areas in which you will be involved include:

Financial accountants prepare, analyse and report on all financial information and prepare:

• • • • •

• • • • • •

Cost Analysis Competitor Analysis Tender Preparation Cost reduction projects Investor Appraisal

In addition to the production of these reports, with experience, a management accountant will be expected to present and offer views to senior management to allow them make informed and strategic business decisions.

In many large organisations these positions are located within a Financial Planning & Analysis team, which feeds directly into the Head of Finance but may have a matrix reporting line into a Commercial Director. In the SME sector, the management accounting and financial accounting functions are often combined.

A selection of roles includes: • • • • •

Management Accountant Systems Accountant Project Accountant Finance Manager General Management

• •

Project Management Consulting bv

Looking to the future: • • •

Why choose Financial Accounting?

Qualified accountants who choose this career path usually have a preference for a more technically oriented reporting role and this will provide you with a skill-set that is easily transferable to different companies across international locations.

Financial accountants can also be of real assistance to voluntary organisations such as charities and non-profit bodies (including sports clubs and associations) to assist in their financial management.

A selection of roles includes: • • • • • • • • •

Financial Accountant Systems Accountant Project Accountant Financial Controller Finance Manager Financial Planning Group Reporting Treasury & Tax Consulting

Looking to the future:

Head of Financial Planning & Analysis Finance Director Commercial Director

For more information on potential opportunities in Management Accounting contact Concepta Cadogan of Lincoln Recruitment Specialists on 01 661 0444 / ccadogan@lincoln.ie

• • •

Chief Financial Officer Head of Financial Planning CEO

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Career Advice Tip #3 Technical experience is the bedrock of a successful accountancy career but equally important is sound business and commercial understanding. Get exposure to commercial experience as early as possible.

Ideal candidates will be more commercially minded and have a real interest in developing financial / business modelling, analysis and presentation skills.

Profit & Loss Accounts Balance Sheet Cash Flow Statement Consolidated Reports Finance / KPI Analysis Statutory Accounts

Career Advice Tip #4 You never know who may open the door to your next opportunity so build a network of people who you can help and may offer to help you in return.

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Why choose Management Accounting:

Financial Accounting

Management accounting is internally focused, providing management with financial and operational information on areas such as revenue, costs and budgeting for business decision making and cost control purposes.

Financial/Commercial Analyst

Analysts are a critical requirement for organisations as they monitor current and future profitability, cash flow and working capital. They are usually employed in medium to larger sized firms to assist in commercial decision making.

A Financial / Commercial analyst position can be combined with a Financial Accounting or Management Accounting position in the SME sector.

Analyst roles usually sit within the finance team, where you will work closely with other finance professionals whilst developing business relationships within senior managers in operating departments and the Managing Director. Analysts support the financial planning and analysis processes critical to improving business performance.

Grab a pen and answer this question: “What are the top 3 things to do this week that will give me the best return for my work?”

(Hint: The answers are probably not in the “HAVE TO” category but rather the “SHOULD DO” category.)

Why choose Financial / Commercial Analysis?

Working with management provides excellent exposure to the commercial side of a business and can lead to career progression in operational areas within an organisation.

Qualified accountants who work in this area usually have a high business acumen with strong numerical ability, a real interest in the wider commercial environment and may have a more general business related undergraduate degree.

with your answers - complete the following:

1. Prioritise the list from 1 to 3.

Career Advice Tip #5 Transferrable skills will afford you extra flexibility in your future career, so get involved with training opportunities.

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2. Estimate how long each one will take to do.

Ideal candidates will be more commercially minded and have a real interest in developing financial / business modelling, analysis and presentation skills.

3. Take that block of time and put it in your diary on a definite date at a set time.

A selection of roles includes: • • • • •

Financial Analyst Business Analyst Commercial Analyst Cost Accountant Project Accountant

Looking to the future: • • •

Head of Financial Planning & Analysis Finance Director Commercial Director

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