Career Guide 2017

ACCOUNTANCY IRELAND

Career Guide 2017

A practical guide for accountancy and finance professionals

The corporate landscape

How to forge a fulfilling career

Tips for navigating the corporate world

A strategic approach to your dream career

SELECT SERIES - CAREER DEVELOPMENT 2017

IN ASSOCIATION WITH

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ACCOUNTANCY IRELAND

Welcome!

Career Partners to thepeople Connceting the right Accounting Tax Community to the right & jobs.

Whether you’re manager lookingseeking to attract new talent or a Whether you’reaahiring finance professional advice/opportunity qualified/part qualifiedlooking accounting, finance or talent tax professional, we you. can or a hiring manager to attract new , we can help helpare you.focused We areon focused on you, yourand future and guiding in decisions. the We you, your future helping informyou your right to direction foron your career.

Talk to us today on 01 477 3463.

Talk us today 01 477 3463.

Career Guide 2017

Hello and welcome! For decades, myself and the team at Barden have worked with accountants at all levels of their careers and with leaders looking to build bestin-class finance teams. We have walked the path with many; from graduate to recently qualified, from manager to director, from director to CFO. Their journeys have informed our insights, and their wisdom has enlightened our thinking.

Most people we meet are career aware, but few are career informed.

Informed as to how organisational structures, positions on the supply chain, systems, context and a host of other elements will affect their journey. Informed on a route to market. Informed on the host of little things that can make a big difference in their future.

With the help of the inspiring team in Accountancy Ireland, we have attempted to capture some of these insights in this guide. Since the launch of our first guide last year, we have evolved our thinking and attempted to put a little science into the art of career development.

We developed the Barden Career

Model and a number of other lenses through which you can view and strategically plan your future.

The following pages are not just the exclusive domain of the accountant. They are for graduates, career advisors, hiring managers, recruitment consultants and HR teams. We hope this publication will kick-start a new way of thinking about professional careers. If we can begin to speak in a common language and look at accounting and tax careers through the same lens, we can start a different type of conversation; a conversation that might just lead to more informed decisions and ultimately, happier and more fulfilled lives.

Barden exists to make a difference in the lives of the people for whom we work – we just happen to work in accounting, finance and tax recruitment. That means we happen to work for you. We hope the pages that follow will make a difference.

Ed Heffernan Partner, Barden www.barden.ie

A practical guide for accountancy and finance professionals

The corporate landscape

How to forge a fulfilling career

Tips for navigating the corporate world

A strategic approach to your dream career

IN ASSOCIATION WITH

T: 01 477 3463 E: yourteam@barden.ie W: www.barden.ie L: Dublin | Cork 2

SELECT SERIES - CAREER DEVELOPMENT 2017

ACCOUNTANCY IRELAND

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SELECT SERIES - CAREER GUIDE 2017

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Navigate the guide

Section 01

Section 01

06. The corporate landscape 08. Common structures Section 01

This guide will equip you with the skills and insights necessary to take control of your career and work towards your ideal job.

Section 01

10. Pinpoint your position... 12. Job context is key Section 01

Section 01

Section 02

Section 02

ANNATE EQUITY

With the average person working over 90,000 hours during their lifetime, spending time understanding some important, universal career concepts can prove a very worthwhile investment for finance professionals at all levels. This career guide is an attempt at the impossible. An attempt to bring a degree of logic – and, dare I say, science – to the art of career and team development. It’s no small task, I can tell you. To help you navigate this innovative guide, we have segmented the content as follows:

SECTION 1

The corporate landscape: different ways to look at the company you currently work with and how it relates to the companies you hope to work with in the future.

Job context is key: different ways to look at the job you have now and how it relates to the job you aspire to have in the future.

The Barden Career Model: a simple and robust model, which allows accountants to visualise their career options and identify strategic moves that will help them achieve their career goals.

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SECTION 2

SME

BANKING

GROUP

Before you start: what to have in place before you start looking for a new job.

Planning a route to market: how to access the right people and the right roles for you.

The inter view process: tailored tips for accountancy interviews, from both sides of the table.

Career Guide 2017 isn’t just a personal guide for career development. It’s also a guide for hiring managers as the tools discussed in the pages that follow can be used in reverse, giving hiring managers a lens through which they can look at their teams and the external talent pool. It speaks to both sides of the same coin, so to speak.

We hope this gives you a feel for what lies in the pages that follow. You can find a table of contents overleaf but to begin your journey of discovery in earnest, turn to page six to read about the corporate landscape…

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IRISH COMPANY

CORPORATE FINANCE

PRACTICE

FINANCIAL ACCOUNTING FMCG

CONSUMER PRODUCTS

CONSTRUCTION

INTERNAL

FOOD AUDIT

MANUFACTURING IFRS FINANCIAL ANALYSIS

INSURANCE

US GAAP

14. The continuum of activity Section 02

24. Working with your recruiter

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AIRCRAFT LEAGUE

16. The Barden Career Model

*IF BILLY WANTS TO MOVE TO AIRCRAFT LEASING HE MAY NEED TO COMPROMISE ON SOME TRADING VARIABLES & MANAGE HIS EXPECTATIONS ON THE REALITY OF THIS MOVE

Section 02

26. Interviews: a twoway street

20. Before you start...

Section 02

28. Tips for interviewers and interviewees

22. Build your personal brand Section 02

30. Psychometric and aptitude testing

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The corporate landscape

The three pillars explained...

ILLUSTRATION 1: THE THREE PILLARS

Before you begin to think about the type of role you want, take a step back and look at the wider context of what you do and where you sit in the corporate landscape.

There are three key factors that will define your current position in the corporate landscape. They are: which pillar you work in, what organisational structure you work in and, if relevant, where this structure sits on the supply chain. Let’s look at each individually and consider how, when taken together, they can give you a 3D picture of your starting point.

At a very high level, the corporate landscape can be broken down into three key pillars: 1. Practice (e.g. a Big 4 or Top 10 firm); 2. Financial services,

which includes companies with a financial product or service (e.g. banking, insurance and leasing); and 3. Industry, which includes companies with a non-financial product or service (e.g. pharmaceuticals, food and medical devices).

These three pillars cover the entire corporate world. Where you start within these pillars will dictate to a large degree the job opportunities open to you in the future. Here are some things to keep in mind at this point:

•

•

•

It’s easier to move within a pillar; and it’s more difficult to move between pillars; The easiest time to move between pillars is when you are newly qualified; and When moving from practice, the likewith-like concept applies (see page seven).

Like with like

A fundamental truth in career development is that you will be most likely to make a move to a company or role that has something in common with your more recent company or role.

This fundamental truth underpins the Three Pillars

Model and we will see it crop up again and again within this guide. If, for example, you work in the industry pillar, you will be more likely to move to another role within the industry pillar. You will also be less likely to move to a role in the financial services pillar.

A well-worn path that illustrates this process is the recently qualified accountant moving out of practice. In this case, the recently qualified accountant will be more likely to move either within the practice pillar or to the pillar that best represents their client exposure. An audit

“You will get exposure to many different businesses, people, technical challenges, pressurised situations, conflict and business failures and successes. This is where you really learn. However, you will be presented with very few challenges that cannot be brought back to basics. Keep it simple.”

It’s important to note the use of the terms “more likely” and “less likely” above. Nothing is impossible and we are not saying that your dreams won’t come true – far from it. In reality, however, some career moves are more likely than others. Market forces, supply and demand for talent, and a number of other factors, can soften or harden the barriers between pillars but the fundamental truth of “less likely” or “more likely” will continue to persist.

ILLUSTRATION 2: MORE LIKELY VS LESS LIKELY

The ‘like-with-like’ concept also transcends the Three Pillar Model.

We will see later how it can be applied to other variables such as organisational structure, position on the supply chain, and primary commercial drivers within industry.

Mark Fitzpatrick Chief Financial Officer, Gannon Homes

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senior with an industry client base will therefore be more likely to move to either the industry pillar (as opposed to the financial services pillar) or to an industry audit role in the practice pillar.

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This is where the CEO, CFO and executive team sit within a large multinational company – the headquarters, so to speak.

The role of the accounting function is to consolidate global financial and management information, and harmonise the data on one platform for analysis.

The end product forms the basis of several key managerial decisions and also features in the company’s financial reports.

Examples include CRH, Kerry Group and DCC.

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SMEs

This company type is the most common and varied company type, ranging from small, family-owned companies to medium-sized, privately-owned and professionally run companies with multiple lines of business. In this type of company, accountants can expect a broader remit as the line between financial accounting and management accounting can be blurred.

Large indigenous business In this structure, you’ll find a large finance department with a clear division between financial accounting and management accounting activity. Such departments tend to involve a high volume of transactions and often serve a domestic customer base. Examples include ESB, Irish Water and Three Ireland. They are often stand-alone entities or large strategic business units of bigger, global companies (e.g.

Three Ireland).

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Strategic business unit

STRATEGIC BUSINESS UNIT

Group functions

SMALL & MEDIUM ENTERPRISES

SHARED SERVICES CENTRE

Here, a company will consolidate functions that are replicated throughout the organisation. The end result is a team of employees in one location managing a specific activity – financial accounting, for example – for a company with a presence across multiple jurisdictions. This approach minimises the risk to the company by harmonising its approach to specific tasks, and creates efficiencies by eliminating repetition of roles. A prime example is Pfizer’s Global Financial Shared Services centre in Ringsend, which services its business units across a wide geography.

LARGE INDIGENOUS BUSINESS

Often overlooked but tremendously important for your career as an accountant is the concept of organisational structure: where your team sits in the overall business.

GROUP FUNCTIONS

Common corporate structures

Shared services centre

This company type is usually a trading entity for a multinational company. Types of strategic business units can range from small teams of 40-50 people.

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Pinpoint your position...

“Your qualification is your entry key to any organisation. Don’t be afraid to move beyond it to understand how the organisation works – sales, marketing, procurement and production can give you valuable insights and lead to a more enriched career.”

Ken Bowles Chief Financial Officer, Smurfit Kappa Group

ILLUSTRATION 1

The career decisions you make today will likely affect the options available to you in the future.

Beyond industry and organisational structures lies a third dimension – your position on the supply chain.

This concept is best illustrated with a working example.

You work in a pharmaceutical company. The likewith-like concept dictates that you will definitely be a good candidate for a role in another pharmaceutical company, right? Yes, but unfortunately not all the time.

The pharmaceutical industry, like many others, involves a supply chain of activity running from research and development to manufacturing, logistics, wholesale and retail. Working in a pharmaceutical manufacturing plant is very different to working in a pharmacy, but both are within the pharmaceutical supply chain.Your position on the supply chain can be very defining. Moving from manufacturing to retail in the same industry can be a difficult leap. In fact, it can be easier to move to a similar position in a different industry – from manufacturing in a medical device company to manufacturing in a pharmaceutical company, for example. The closer you are on the supply chain, the more possible the move. In Illustration 1 (see right), one step in either direction is far more accessible than taking two, or more, steps in one leap. As with the three pillars and organisational 10

structures, nothing is impossible in moving within or between supply chains. Some moves are just more likely than others.

Like with like

When embarking on a career move or hiring for your team, it’s vital that you understand your current and target pillar; organisational structure; and your position on the supply chain. If you’re moving from practice, however, you should also look at this from the perspective of your client or clients. Accountants need to understand these factors fully before thinking about the detail of an actual role. The like-with-like concept is equally applicable across all aspects of the corporate landscape, so ignore it at your peril!

Where do you sit?

When it comes to pinpointing your position, the first step is to look at where you currently sit in the corporate landscape. That’s the easy part – you know your own business better than anyone. The next step is to understand the elements of the corporate landscape that are nearby – they’re the ones that are most likely to ACCOUNTANCY IRELAND

be accessible to you. So, if you’re considering applying to a particular company, check first where it sits in the corporate landscape – are they near to, or far away from, where you sit now? Figuring out where another company or office sits in the corporate landscape can be tricky.

Begin by researching the company online to get a feel for what pillar they sit in. Once you understand that, dig a little deeper and figure out where they’re headquartered globally and what type of entity they have in Ireland.

Next, and this can be very tricky, try to understand what site (or sites) in Ireland do what in the supply chain. Use your network, LinkedIn and other tools to figure this out.

Plan your path

Behind this entire process is one simple premise – as an accountant, it can be difficult to move through the corporate landscape; between pillars and structures; and along the supply chain. It’s not impossible to access a dramatically different part of the corporate landscape, SELECT SERIES - CAREER GUIDE 2017

but doing so requires careful planning and patience.Your ability to emphasise commonalities during an application process or at interview can give you a real competitive advantage. Knowing what’s a step too far in the corporate landscape can also save time and make your job search less frustrating. In a nutshell, understanding that your career is a series of strategic steps rather than one giant leap can lead to a more enlightened and successful career.

Avoid being pigeon-holed

Assessing the corporate landscape and understanding your position in it can provide clarity around the options open to you. It isn’t easy, but it’s a very worthwhile endeavour that can help you understand your options if you plan to move externally. People can get trapped within a part of the corporate landscape very early in their careers without realising it. It’s best to know the impact today’s decision will have on tomorrow’s options.

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Job context is key...

“Choose carefully the industry you wish to work in. Once you decide on the industry, try to choose an employer who will invest in you, help you develop, and inspire you.”

Majella Mungovan EMEA Financial Operations Director, Facebook

To make a wise career move, you need to understand fully what’s on the cards.

Once you’ve developed a clear understanding of the corporate landscape and your position in it, it’s time to get into the detail of what you do in your company and what you’d like to do in another company – the day job, so to speak. It’s easier said than done, however!

Different companies call the same jobs and job activities by different names. Job specs can lack detail around hierarchy, division of labour and weighting towards different types of activity. So can CVs for that matter. In the pages that follow, we’ll move beyond assessing opportunities on the basis of job titles and define a common language for the activities of an accounting department.

We’ll also provide you with a few tools and tricks to better describe your experience, assess potential opportunities and, again, understand what’s more and less likely in your next move.

This will allow you to look differently at the job you now have, and how it relates to the job you aspire to.

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The perils of job titles

Unfortunately, people don’t spend a lot of time looking at the detail. Candidates scan job specs and make decisions based on key words, especially job titles.

HR managers will likely review hundreds of CVs a day and will make fast calls based on a quick scan of a document. Hiring managers might review a smaller volume of CVs, but they often do it on top of their day job – they rarely have time to pour over the detail.

Candidates, HR managers and hiring managers place an over-reliance on job titles – not all of them, but enough to matter. When looking for a financial analyst, a hiring manager might discount a candidate with a job title of ‘financial accountant’ and vice versa. People are busy and more often than not, make decisions based on very little information. People that don’t understand the detail will almost definitely make snap decisions based on tiny details like job titles.

In accounting and finance, similar jobs will have different job titles. What one company calls a ‘financial accountant’, another might call a ‘management accountant’ and another might call a ‘GL accountant’.

Candidates will, of course, put their actual job title in their CV (what their current manager calls what they do) and hiring managers will put a title on a job spec that fits other titles in their company.

The problem arises when these two worlds collide.

A candidate can overlook a relevant job opportunity because the job title means something different in their experience. Likewise, a hiring manager can reject a CV because the candidate’s current job title means something different in their company. In an ideal world, we’d title jobs in a standard way – a way that reflects the context and content of the role; a way that would be understood by all. It would be a universal label or language for job titles.

Unfortunately, that world is a long way off. In the meantime, be tactical and use this knowledge to your advantage.

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Take care when you create your CV or write a job spec that you use a job title that best reflects what the market calls the job. Be cautious when reviewing a CV or job spec that you don’t judge a book by its cover.

The danger is in the detail

Job titles are perilous enough, but it gets worse when you dive into the detail and actual activities of a CV or job spec. Companies tend to speak their own language and use their own specific acronyms when describing the activities of a particular job. Let’s take an example: the payments process. Depending on where you work, the payments process can be described as accounts payable, AP, purchase to pay, P2P, PTP, payables, payments, invoicing and even bookkeeping. It’s a simple process with a lot of different names!

It’s therefore easy to miss an opportunity through an overly-narrow keyword search, or be overlooked because you listed “invoicing” but not “accounts payable” or “AP” in your profile or CV. And it gets even more complicated when you get into more valueadd activities. Now that you’re aware of the dangers, be tactical as to how you address them in the context of your unique situation.

Weighting of your time

Universal job titles and a common language for activities would go a long way towards solving this problem, but not far enough. Two job specs can read exactly the same but the percentage of time spent on certain activities might vary. A role that’s 90% financial accounting and 10% forecasting/analysis is very different to a role that’s 10% financial accounting and 90% forecasting/analysis. However, you might not be able to judge the weighting by the job spec and the same goes for CVs. So weight the time spent on different activities in your document as best you can, and seek weighting before applying for a job or inviting a candidate to interview.

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Continuum of activity...

ILLUSTRATION 1

Another lens through which you can view your experience or a job opportunity is ‘the continuum of activity’.

We can use this visual representation of the basic activity in a standard finance department in a few ways:

1. Establish a common language

To the left of the line in Illustration 1 (see right) is what has happened in the past – let’s call it ‘financial accounting’. From left to right are all the transactions that add up to the creation of a set of accounts (P&L, balance sheet or income statement) for a company.

That’s where financial accounting activity ends and where financial analysis activity begins.

Crossing into financial analysis activity, we first analyse the P&L and assess or comment on variances.

Next we get into budgeting, forecasting, analysis and planning (BFAP) of operating expenditure (costs), capital expenditure (investments) and then on to revenue (sales). One could argue that the further to the right on this continuum, the more commercial the activity. Although, one could also argue that saving on costs can lead to more profit than an increase in sales.

It depends on what’s important to the company at a given time and, of course, where on the continuum you spend your time.

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Either way, once you get to strategic planning and beyond, you will find that the typical responsibilities of the finance team end and the responsibilities of the executives, operations and sales/marketing teams begin. It’s by moving in this direction that accountants find themselves moving out of accounting and into business.

2. Weighting of activity

Now that we’ve a common language, albeit a loose one, and a way to differentiate between activities, it’s easy to figure out where you spend your time (or what you want your hire to spend their time doing).

Get a pen and circle where you spend your time over the standard monthly or quarterly cycle. Then, ask yourself a few questions: • • •

Is your job all to the left of the line, or all to the right of the line?

Does your job cross the line? If so, how much of it is on either side (i.e. the weighting of activity)?

Where is your ideal circle? Is there an overlap with your current circle? Remember that an incremental move in the right direction is more probable than a leap from one side to the other.

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3. Applying context

If your circle covers the entire continuum, the chances are that you’re working in a small company. If the circle for your new hire covers just one of the activities, then it’s likely that you’re a hiring manager in a larger company.

This basic model can also be adapted to more complex situations. The corporate landscape context will warp the continuum and add myriad additional considerations.

Consolidations, corporate finance, treasury, internal audit, risk and compliance can be represented on this continuum if it’s drawn out for a group function in a large plc. BFAP can be broken into back office (just the analysis), front office (gathering information from people in the business and using this information to effect change in the business) or middle office (a combination of the two). Systems implementation, IFRS conversions, IPO preparations and a whole array of other activities can be plotted or mapped on this simple model. Experiment with the continuum – it can be a very useful exercise and enable highly strategic career moves and hiring.

4. Other factors that affect context

We’ve looked at the nature of your day-to-day activity, where it sits on the supply chain, organisational structure and some other factors that can be quite defining in

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terms of your current and future career options. However, this isn’t an exhaustive list. There are other factors that need to be considered to give a true reflection of context.

These include: • • •

Reporting lines – do you manage a team? If so, do you manage qualified accountants? What does your team do? Who do you report to?

Level of autonomy – are real decisions made locally or at another site?

Culture – where is your parent company based?

Does the culture of that country impact on the way you do business? Working for a German company is very different to working for a US company.

Likewise, working for an east-coast US company is different to working for a west-coast US company.

What other factors might affect the context of your experience? Are there some things you want to maintain in your next role? Are there some things you’d like to get away from? Assessing your current role in these terms can help peel away some of the layers and help you understand a little better where you are right now and where you want to be.

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LEARNING FAR

The Barden Career Model

NEAR

TRADING VARIABLES

STEP

1

YOUR CENTRE

Draw a large circle. Let the centre of that circle represent the role and company you’ll be perceived to add the most value to, and hence where you will be compensated most for the value of your time; and be more likely to “beat the other guy” when you apply.

The term “perceived” is key. It isn’t actually about being able to do the job, but the perception of your ability compared to the other guy (or, quite often, the “ideal” candidate). Quite often, your centre will be a direct replication of your current role with your nearest competitor. For example, a financial services audit manager in a Big 4 firm will find that it’s easiest to get a job as a financial services audit manager in another Big 4 firm. That person will also be able to hit the ground running and contribute higher-value billable hours. In essence, they will create more value faster, are more valuable as a result, and will therefore be compensated more for the value of their time. I guess they’ll also gain less value professionally from the move, as they won’t necessarily develop a dramatically different skillset.

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2

YOUR NEAR/FAR ENVIRONMENT

Draw a short line from the centre of the circle and let that represent the radius of a smaller circle. Draw the smaller circle. Let’s call the area bound by the smaller circle the “near environment”. The near environment contains companies and roles that have something in common with your current company and role. The company may be in the same industry or close on the supply chain. It may operate to similar commercial drivers (B2B or B2C, high volume/low margin, Capex intensive, etc.) The role may be in the same structure (a consolidation environment, for example) or within a similar reporting environment (US GAAP, for example). This is where you need to use your imagination and look for strong or weak connections between your current experience and where you will be perceived to add value externally.

The “far environment” is everything outside your near environment. This includes companies and roles that don’t have a lot in common with your current experience. The key here is perception.

Opportunities in your far environment aren’t impossible to access, they’re just less likely because someone else’s centre will be closer.

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LIKELIHOOD

3

YOUR ACCESS CURVE

Go back to the centre and draw a straight line heading for the far environment. Let that line represent the perception of your ability to do a job and hence your likelihood of winning that job: your access curve. As you approach the circumference of your near environment, that straight line begins to slowly curve downwards, further downwards as you head out into the far environment. The further you get from your centre, the less likely you will be to win the job. The chances never reach zero, as nothing is impossible – it just gets less likely.

Interestingly, there’s another curve that correlates with your access curve – your learning curve.

This takes a similar trajectory from the centre but curves up, not down. The difference between these two curves represents the value you will gain from a move (i.e. how much learning there will be for you). While this might seem a bit complicated, it will be illustrated for you with examples and case studies on pages 18 and 19.

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STEP

career goals. Most importantly, the model will allow you to compare your hopes, dreams and aspirations with the reality in the external market while giving you a road-map to guide you on your journey.

STEP

Designed specifically for accountants, this is a simple yet robust model that will help you visualise your options. It will also help you identify the strategic moves necessary for the realisation of your ultimate

STEP

With the ability to fully assess your current context, you’re now ready to use the Barden Career Model.

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TRADING VARIABLES

Your access curve can be reshaped in certain circumstances. You can use trading variables to reduce the dip and increase the likelihood. However, trading variables is another term for compromise.

Compromises can come in the form of: reduced salary; more difficulty in accessing the location; availability to start immediately; and willingness to take on a contract.

In return for these compromises, you should gain learning in return. You can also get the opportunity to shift your centre and define for yourself an entirely new near environment. Using the Barden Career Model, you can become quite strategic about how you plot your career. You can understand when you should get a large/small pay rise/drop (and what you will get in return), identify opportunities on the periphery of your near environment that can shift your centre in the right direction, or you can understand when, why and how you might need to take a calculated risk for a longerterm goal.

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The model in action...

•

We look at two accountants and consider what’s more and less likely in their next career move.

The Barden Career Model is robust enough to be applied to any accounting professional at any level, from an aspiring graduate to an experienced CFO. Its application, however, is a personal journey as it has to be applied not only in the context of your experience, but also in the context of your hopes, dreams and aspirations and, of course, the reality of the external/internal market.

The relative size of your near environment is a defining factor. The earlier you’re in your career, the larger the area of your near environment and hence the easier it is to move between different roles.Why? Because the earlier you are in your career, the further down the value chain you are likely to be, the less of an investment/risk you are, the lower your competition and the higher the demand. As you gather experience, learn an industry and gain the ability to add more value (often in a specific way), the more your competitors (the other guy!) does as well. An FMCG business looking for a finance director will most likely look for a finance director from another FMCG business. An FMCG business looking for a trainee accountant could be as likely to hire a graduate engineer who wants to train as an accountant as they are to hire a B.Comm graduate.

Examples

The recently qualified accountant: Billy Barden has just completed a training contract in the industry audit team of a Big 4 firm. Billy has good academics, is a first-time pass on the FAEs and has a ‘two’ performance rating in his training contract. Billy’s clients were composed of a variety of large indigenous companies, along with two large Irish plc group functions. His clients crossed many industries, but he did have three Irish food manufacturing clients throughout his training contract. Applying the Barden Career Model, Billy can discern the following: •

•

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Given his client exposure, he will most likely be perceived to add the greatest value in group (consolidation) or large Irish companies; food or consumer products; manufacturing or supply chain; IFRS or New Irish GAAP equivalent; As he is coming from an audit team, he will find it easier to access financial accounting or internal audit

•

type roles (rather than financial analysis type roles); and Given his performance rating and academics, he will have a better chance of accessing larger, more demanding companies (the industry equivalent of Big 4/Top 10 Irish companies).

The above will define companies and roles within Billy’s near environment. Companies and roles that are likely to be in his far environment will include financial services companies, smaller Irish businesses and shared services centres; pharmaceutical or medical device companies; and retail, US GAAP environments. As Billy is coming from audit, he’ll be less likely to access pure financial analysis roles straight away.Why? Because his peers in other audit teams will have exposure to a more relevant client base or will be coming from non-audit teams in practice that are perceived to have a more applicable skillset to financial analysis roles.

The experienced financial controller: Already, we’ve made a mistake – what does financial controller mean?

What industry? What structure? What hierarchy? What percentage split of activity? Let’s get specific.

Bridget Barden is a Top 10-trained accountant with 12 years’ post-qualified experience. Straight out of her training contract, Bridget moved into a large Irish fashion retail business (€150 million in revenue with 25 sites across ROI/UK) as an accountant in a small head office team. Bridget worked hard and was promoted twice as the company grew. She is now Group Financial Controller, leading a team of 10 qualified accountants.

The company has expanded to over 200 sites, over €1 billion in revenue, and has recently gone through an IPO process. Bridget has enjoyed the journey, but the company has changed and she has hit a glass ceiling (the CFO is going nowhere). Bridget wants to step back into a smaller company as the head of finance to get back into the business and closer to the action. Applying the Barden Career Model, Bridget can discern the following: •

Given her current role, she will most likely be perceived to add the greatest value in group (consolidation) in an Irish plc or similar; consumer ACCOUNTANCY IRELAND

products or similar; retail; IFRS or New Irish GAAP equivalent; and As she is leading a financial accounting team in a consolidations environment, she will also be perceived to add the most value externally in a financial accounting-heavy role.

Billy Barden Billy can now use the Barden Career Model as a lens on the external market. The closer an opportunity is to his centre, the more he can expect to access the higher end of the salary scale for his level.

ANNATE EQUITY

SME

BANKING

GROUP IRISH COMPANY

CORPORATE FINANCE

FINANCIAL ACCOUNTING

PRACTICE

FMCG

CONSUMER PRODUCTS INTERNAL

CONSTRUCTION

FOOD AUDIT

MANUFACTURING IFRS

The above is the easy part. Bridget will be a strong competitor for a role with the above context. The challenge is that Bridget specifically does not want a large company or a consolidation environment.

She wants to move back into a smaller company. The first step for Bridget is to think creatively about what other companies might be in her near environment.

Then, she’ll need to identify the characteristics of alternative roles in her near environment. Company and role types might include the following:

If Billy has a strong aspiration to move into a financial analysis role in a financial services company, he might compromise a little on salary, location or perhaps look at a contract role (which are known as ‘trading variables’) to access opportunities in his far environment.

Companies: • Other B2C (direct retail) companies or companies that supply into retail companies (wholesale retail) with a different product but similar margins – low volume, high margin retail – will be more applicable; • Companies that depend heavily on property and facilities and where lease agreements and similar bring a key competitive advantage; • Small, rapidly-growing companies in any industry that will be going through the type of change Bridget has seen with her current company; and • Privately owned smaller companies that want a professional

Bridget now has a lens that helps her understand how likely she is to win particular roles; a way to tailor her application/CV to give herself the best chance of getting an interview for the role she wants; and an understanding of why she might send an application but not hear anything back. Bridget can also use this thinking to help define herself and her aspirations when talking to recruitment consultants.

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Supply and demand for talent will skew the model for Billy,

FINANCIAL ANALYSIS

INSURANCE

AIRCRAFT LEAGUE

US GAAP

*IF BILLY WANTS TO MOVE TO AIRCRAFT LEASING HE MAY NEED TO COMPROMISE ON SOME TRADING VARIABLES & MANAGE HIS EXPECTATIONS ON THE REALITY OF THIS MOVE

Billy’s competition will be highest around October/November and May as large numbers of people will be coming out of training contracts) or can be the result of a trend in the market (boom/bust cycles).

however. An increase in demand and a decrease in supply will enlarge the area of Billy’s near environment (and vice versa). These shifts in supply/demand can be seasonal (as a recently qualified accountant,

Bridget Barden

manager to join and help professionalise (or bring in-house) the finance team.

Roles: • Roles that have a heavy leaning

SME MANUFACTURING

PHARMACEUTICAL

PRIVATE EQUITY

20/80 ACC/ANALYSIS

GROUP

RAPID GROWTH

PROFESSIONALISING SME PLC

MEDICAL

CONSOLIDATION RETAIL

80/20 ACC/ANALYSIS

INSURANCE FASHION

IFRS

CONSUMER PRODUCTS

WHOLESALE

BSC

PROPERTY HEAVY

SBU

US GAAP

BANKING

*BRIDGET NEEDS TO THINK CREATIVELY ABOUT WHAT IS IN HER NEAR ENVIRONMENT & UNDERSTAND HOW SHE MIGHT NEED TO USE TRADING VARIABLES TO SHIFT HER CENTRE

towards financial accounting but give Bridget a chance to get involved in some financial analysis and similar activity. 80/20 accounting/analysis will sit within her near

•

environment, but 20/80 accounting/analysis will sit in her far environment; and Roles with strong project, change, system implementation and similar components.

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Leverage LinkedIn

Before you start...

There’s a lot to be done before you send out your CV. In this article, we help you lay a strong foundation for a successful career search.

Set expectations

There’s a big difference between job-hunting and career planning. The former is essentially a numbers game – send your CV to a sufficient number of would-be employers and you will likely secure an interview.

Career planning, on the other hand, is finding that one potential employer who will help you develop both personally and professionally, and move you closer to your ultimate career goal. Finding this employer, securing an interview and then impressing her or him enough to secure the role takes a lot of advance

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planning – most of which should be done long before the search begins.

So whether you’re in your training contract or working happily with your current employer in a post-qualified role, work on the following career projects even if you don’t envisage a career move in the near future.

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We live in a world of increasingly high expectations. Whether it’s parents “encouraging” their kids to achieve a certain academic standard or friends sharing their “perfect” lives on social media, there’s unprecedented pressure on young people nowadays to “achieve” in all aspects of life. However, success means different things for different people and as you start out on your career, it’s vital that you set your own expectations and work hard to exceed them. If you choose roles that challenge your talents and strengths and push you just outside your comfort zone, you will continually grow and improve. The key is to define your own career path and pursue it with passion and enthusiasm.

Cultivate alliances The best time to build alliances is when you don’t need them. Too often, people seek guidance or help without giving any in advance which could lead people to perceive you as selfish. As just a young accountant, you should attend industry events, engage

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Use these tips to fine-tune your LinkedIn profile...

• • • • • •

Include all dates of employment and ensure that the content on LinkedIn validates the content on your CV and vice versa. Any anomalies or gaps will cast doubt on your authenticity.

Include keywords that are relevant to the roles and companies you’re interested in. Doing so will give you the best chance to be discovered.

Detail some of the key weekly tasks that best represent your current role and could be deemed relevant to the career opportunities you’re interested in.

Adopt a suitable style and tone when completing your profile. Be professional, but let a little personality shine through as LinkedIn is often your first opportunity to make an impression.

Connect with former and current colleagues, and join (and contribute to) groups relevant to your role and ambitions. This will help raise your profile within your professional community.

And lastly, include a professional picture – this is one of the most basic pieces of LinkedIn etiquette and is certainly worth the investment.

with colleagues, and leverage the knowledge and experience of recruitment consultants and mentors. Use these encounters to offer something to the people you meet – make an introduction or share an interesting article, for example – as doing something small now will increase the likelihood of that person doing you an even greater favour in return in the future, even if they didn’t ask for help in the first place. This is the fundamental principle of reciprocity, something all professionals should understand and practise.

Build your personal brand

LinkedIn has become the standard for accounting professionals in pitching their talents, skills and expertise. The CV remains a fundamental part of the job application process, but its digital cousin is often the first port of call for any wouldbe employer. In fact, the internet in general is the hiring manager’s mostused tool in researching individual candidates.

With that in mind, set about building your brand now. Lock down your personal social media accounts such as

Facebook and Instagram and review all content on traditionally more open platforms such as Twitter to ensure your brand won’t be tarnished by a tweet from 2012. Then, share career-related content to demonstrate your passion for your work and conduct a SEO audit of your LinkedIn profile. It should be full of keywords, recommendations and activity that put you at the top of any recruiter’s or hiring manager’s list when they advertise a particular role (refer to the panel above for more LinkedIn tips).

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Build your brand...

“Reputation is everything when developing your career. Instilling a sense of integrity, honesty and professionalism in everything you do will shape how you see others and others see you. Your college degree shows you have an aptitude to learn, but attitude shows you have an ability to lead.”

Stephen Clarke Group Financial Controller, Dalata Hotel Group

People often attempt to “create” a personal brand in an effort to improve their professional standing. This invariably involves a new photo, refined social media profiles and a degree of networking. In truth, you already have a personal brand. At its most basic level, your personal brand is what someone says about you when you’re not there. You could be a reliable colleague with great attention to detail, or an aloof hindrance who regularly misses her or his deadlines.

Either way, it’s possible to improve (or rescue!) your personal brand, but your message needs to be authentic, compelling and consistent. Here are some tips to help you on your way…

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Become well-known

When it comes to personal branding, people have a tendency to accentuate the positive. Acknowledging your strengths is a no-brainer, but don’t stray beyond the realms of honesty. If and when you do land a role but can’t do all the things you said you could, your credibility will evaporate instantly.

Excel at the basics

Listen

Demonstrate your value

These are just some basic tips to help you build your personal brand. But remember, while social media offers a great opportunity for you to reflect your personal brand, it’s a peripheral activity. Your brand evolves from you as a person, how you conduct yourself and how others perceive you, so focus on doing the simple things well and with enthusiasm. If you get that right, your brand will grow without much additional effort.

People also have a tendency to think of personal branding as a purely digital exercise. In truth, the origin of any personal brand lies in one simple question: how good is this person at doing her or his job? Do what you are hired to do, and do it to the very best of your ability. Once you’re comfortable with the day-to-day tasks, then you can look to step outside your comfort zone and add further value for your boss and colleagues.

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Conduct a digital audit to ensure that, when a hiring manager Googles your name, what she or he finds is consistently professional and resonates with your cover letter and CV. Consistency also extends beyond the digital landscape – dress well, greet people warmly and adopt a positive demeanour at all times.

You never know who you’re speaking to, so always assume you’re being observed.

As you work through your career, your network will grow continually. While it’s almost impossible to stay in touch with all former colleagues or acquaintances, endeavour to stay on good terms with people – burning bridges isn’t wise. You should also extend your network beyond the goldfish bowl of your office.

Attend events, functions and seminars and at all times seek to leave a positive impression, even if you speak to just one person. What’s said about you afterwards will ultimately determine the value of your brand.

Be authentic

While personal branding is now synonymous with social media, ability and affability remain more important than connections and likes.

Be consistent

Whether it’s your CV or LinkedIn profile, focus on the areas where you add value and explain how you have done so. If you can quantify the value you’ve added, all the better! Illustrate your strengths and talents using examples and seek out testimonies and recommendations from colleagues and managers, as demonstrating your value and having others cite you as a valuable asset will really bring your talents to life.

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It’s very tempting to build your personal brand in isolation, with one eye on what you think potential employers might be looking for. A better way, however, is to seek out and listen to feedback from colleagues, friends and family members you trust and respect. Identify your star quality and areas where you might improve, and work on them accordingly. It might be a slightly uncomfortable exercise for all involved, but it’s a valuable one.

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Working with recruitment consultants

There are different types of recruitment consultant, and you may even deal directly with a hiring manager. Whoever you deal with, here are a few basics you should know.

A good recruitment consultant can be a great asset as you work through the many stages of your career. Identifying a great consultant amid the mass of recruitment firms can be tricky, however, and requires both patience and persistence.

While Google or LinkedIn will present you with an almost endless list of firms and contacts, the best way to identify a good recruitment consultant is word-ofmouth referrals. So talk to respected colleagues or acquaintances about their experience of the world of recruitment and ask for recommendations.

The initial consultation

You will ideally engage with two or three respected recruitment consultants and spend some time explaining your background and ambitions. Prior to your initial consultation, however, you should consider what you do and do not want in a prospective role, and be able to communicate that clearly to the consultant.

If you’ve followed the steps in this publication, you should be clear on your ideal role and where you are willing to work (in geographical terms).

Salary should also be discussed at the initial consultation, and it’s vital that you’re both honest and realistic about your expectations. Salary will change over time and trying to make great oneoff strides in this area is unrealistic in most cases.

Also, salary should be a secondary consideration as your focus ought to be on the overall 24

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remuneration package.

If a role is on the table, consider the monetary and non-monetary benefits and counter that with the cost of your commute in terms of both cost and length/distance.

Also, is international travel in your comfort zone? If not, that could help the consultant refine future searches.

It’s important to note at this point that recruitment consultants generally handle hundreds of CVs each week, so you shouldn’t expect to be their sole focus. Instead, establish clear expectations and acknowledge that the process is a shared responsibility.

to request all the right information about the role. It would also be wise to consult your network for information on the company’s culture and the team in which the role sits. There are also some things to avoid – don’t be coerced into applying for a role you’re not interested in, and don’t feel obliged to accept an offer straight away. Your end goal is to secure the best outcome for you – not for them.

Things you should know •

A recruiter should never send your CV to a company without permission, and you should never give permission without first understanding the context of the role and responsibilities.

•

Never permit your CV to be submitted to the same company from multiple sources.

The process can get very messy for the recruitment consultant and hiring manager if you don’t abide by this rule, and it won’t reflect well on you either.

•

You should keep a list of who sent what to whom and when. Take responsibility for following up with consultants for feedback and updates.

•

Good recruiters can be a great asset in your job search. Not-so-good recruiters can be too, provided you get access to the roles you want.

Just proceed with caution and choose your allies wisely.

Different consultant types have different agendas, but knowing this can help you better manage the job application process and maintain a large degree of control.

The trusted advisor Dealing direct vs the commodity On occasion, you may recruiter find yourself dealing Not all recruitment consultants are made equal. There can be a huge disparity in how consultants interact with people and just a handful will take the advisory approach while the remainder will be largely focused on filling vacancies.

If your consultant is more advisory in nature, she or he will want to hear about your career preferences and expectations. Trust will usually build naturally in this open environment and such consultants can be invaluable as they will give you advice and insights – not just jobs – and could become lifelong assets as you develop your career and build your own teams.

Where the consultant is more transactional in nature, you will need

directly with a hiring manager in a company.

Once you enter a direct recruitment process with an organisation, you must bear in mind that the organisation is dutybound to look after its own best interests, so it’s important that you seek out the most objective insights and advice possible.

Invite a current or former employee for coffee and ask if they would recommend the organisation, what they enjoyed or disliked about their time there, the reality about career progression and so on.

But beware of disgruntled employees! You can mitigate this risk by talking to multiple sources with links to the organisation, as the more people you speak to, the better (and more balanced) your

understanding will be.

It might sound like a lot of work but when you consider that you will spend roughly 90,000 hours at work in your lifetime, it’s a worthwhile investment.

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“Good preparation is vital for a good interview.

Ensure you fully understand the role you are interviewing for and be proactive in explaining how your qualifications and skills fit that role. Be natural, honest and energetic in the interview and try to highlight something that differentiates you from others.”

Interviews: a two-way street The interview is your time to shine and also, to put the spotlight on the company you might wish to join.

Interviews can take many forms, from the formal to the alternative. In the world of accounting and finance, however, hiring managers and interview panels tend to take a traditional approach to the interview process.

Generally speaking, you should therefore approach the interview process as you would

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a research project. You will first need to gather all the basic details such as the date, time and location of the interview; the format of the interview; who you will meet and so on (a good recruitment consultant will provide this information as a matter of course). Then, you will need to put your research and analytical skills to work. To be able to speak with authority about the organisation and your ability to add value, you will need to have a thorough understanding of the organisation’s activities, competitors and commercial drivers. A good tip, particularly for accounting graduates, is to review the most recent annual report. If it’s a small or medium-sized business, on the other hand, research the company on

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Donal Buggy Group Finance Director, Ornua Cooperative Ltd.

www.solocheck.ie or an equivalent website. This will help you identify the direction of the business and the associated challenges.

THE INTERVIEW PROCESS

During the interview itself, you should be prepared to answer searching questions about your strengths and weaknesses, or a time when you failed or let your team down.

STAR stories are useful in this regard as they demonstrate your strengths rather than merely citing them (see page 31 for more on STAR stories).

Prepare a variety of examples or scenarios you encountered during your training contract that can be tailored to the question asked, and consider the most challenging aspects of your training contract – this is likely to be the period when you developed most. Consider any particularly difficult clients you encountered,

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and what you did to overcome any conflict that arose and secure a positive outcome.

Also, talk through any contentious issues you ran into during past audits or projects.

Explain what you did to resolve the issue (an in-depth review of accounting standards or a frank discussion with a Partner, for example), as this will demonstrate proactivity on your part and an ability to use your initiative. Past challenges are a great opportunity to illustrate your strengths, work ethic and resilience, so prepare a series of examples. An important thing to remember during the interview is to focus on you and your achievements – not those of your colleagues or team. Use ‘I’, not ‘we’. While you may have worked as part of a team on many successful projects, you will need to distil your specific actions and achievements if you are to demonstrate your true value.

BODY LANGUAGE

In addition to the content of the interview (i.e. what you say), equally important is how you say it. All the standard rules apply – offer a firm handshake, sit up straight, make confident and friendly eye contact and so on.

Your smile is your best asset, so use it wisely.

Interviewers are looking for professionally astute and academically outstanding candidates, but candidates also need to be likeable if they are to work well with colleagues and clients.

An occasional smile can also help disarm tense interviewers (not all interviewers like conducting interviews!) and signal to your brain that you’re actually enjoying the process.

Also, pay close attention to how you position yourself at the start of the interview. You should always avoid sitting with your body facing the main interviewer, as face-to-face positioning can create a sense of

confrontation. Instead, sit with your body angled slightly past the interviewer if possible.

A GOLDEN OPPORTUNITY

People often underestimate the role of the interview from the candidate’s perspective.

Typically, it’s seen as your opportunity to impress a prospective employer and outline your professional credentials.

The other – often unrecognised – side of the equation is the cultural fit from the candidate’s perspective – do you really want to work with these people? Sure, you need to prepare well so that you leave a positive impression and give yourself every opportunity of securing a job offer, but don’t forget to seek clarification on the things you need to know to make an informed choice. At the end of the day, you’ll have to live with the consequences!

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Interview tips

For the interviewee •

Here are some tips for interviewers and interviewees alike.

For the interviewer •

•

•

•

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sometimes need to ask the hard questions, do so in a way that avoids confrontation and allows for the best, most honest response. This will allow you to see the candidate’s full potential.

It’s getting very competitive out there. Remember that the people you’re interviewing will likely have other options on the go.

Employer brand and an interesting role/culture are all great, but ultimately it’s your personal brand that will make the difference. People work with people, not companies.

Remember that interviews are not “normal” situations. It’s your responsibly to make the person you’re meeting feel at ease and get the most out of your time together. Try using a person’s hobbies or interests as an ice-breaker.

Explain the format of the interview and while you

•

Try to understand the person and not just the experience.

Attitude can’t be taught; technical skills can.

•

Manage expectations about feedback and if you set an expectation (such as “we’ll be back to you tomorrow”), stick to it. Nothing damages a personal and employer brand more in the interview process than mismatched expectations.

If in doubt, it’s better to pleasantly surprise than to marginally disappoint when it

comes to setting expectations on turnaround time for feedback or a decision.

•

•

Don’t leave people behind.

After a first interview, it can be very easy to move on with your shortlist and forget about giving feedback to the people that have been unsuccessful.

You never know who they know, so protect your personal and employer brand by running a tight process.

Be in a position to turn around offers and contracts in a timely manner. “Time kills all deals” is a real truth in recruitment.

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•

Know what the company does but, most importantly, know why it does what it does. What problem does it solve for its customers?

What is its brand message? What does it convey to you as an outside observer? The more you know beyond the job description and generic company information, the more you’ll stand out.

Get detail from your point of contact on context (for example, the percentage split of duties, team structure, systems and organisational structure) and use these insights to “dial up” and “dial down” your relevant experience.

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•

•

Get to the point.

When prompted “Tell me about yourself”, don’t spend the next 20 minutes talking about what you did on your internship 10 years ago (unless you’re a graduate, of course). Give a little context to your backstory, but keep the real detail for things that will be of interest to the people you’re meeting. While you need to give detail on context, don’t get too granular. Allow the people you’re meeting to ask for more detail on the areas that interest them.

If there are more than two interviewers, balance your eye contact between both, regardless of who asks the question. On eye contact, anything

more than 70% is a bit too intense.

•

Bring as little as possible with you.

Jackets or big bags, for example, can be left at reception so you’re free from distraction.

•

A firm handshake, eye contact and a smile make for a great first impression.

•

In the first couple of minutes, take a little responsibility for carrying the conversation – a few pleasantries about the office or the location can help break the ice and establish rapport.

•

Remember, the people you’re meeting are not necessarily professional interviewers and will, most likely, be hoping to make an impression on you.

They’re generally not there to interrogate you.

•

It’s normal to be a little nervous – embrace it.

•

Asking good questions at the end of the meeting is the very best way to engage your audience and get them talking about their company and their role. Try to get under the bonnet of the business and role within the company.

•

Have fun and enjoy the experience. If you get the job, you’re going to be spending a lot of time with these people, so get to know them a little as this will help you make an informed decision.

•

Never sit down in reception. If you’re standing, you’ll meet your host as an equal and avoid a “false start” whereby you stand up to greet the wrong person!

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A guide to psychometric and aptitude testing

STAR stories In an interview, it’s important to demonstrate your ability. Rather than list off a litany of achievements, prepare a few engaging STAR stories that demonstrate your strengths.

• • • •

Having two or three STAR stories to hand will increase your chance of making a strong impression in a subtle, modest way.

Don’t be afraid of psychometric or aptitude testing. If you’re right for the role, your skills and temperament will shine through.

Verbal reasoning tests are designed to measure your ability to understand written information and to evaluate arguments about this information. You’re typically given a paragraph of text and asked: “Which of the following best describes the writer’s view on this topic?”

Numerical reasoning tests are designed to assess your understanding of tables of statistical and numerical data, as well as your ability to make logical deductions.

It’s basic maths and logic with the odd curve ball thrown in. This is the test people typically fear the most.

Spatial reasoning tests are designed to assess your ability to visualise spatial objects. For example, you might be given a sample shape and a number of different shapes and asked which fits best with the sample shape.

This is less common in testing for finance roles, but it’s still used by some companies.

It’s becoming increasingly common for companies to include testing as part of the interview process to see if the person has the necessary skills, ability and personality traits for the position and the company. Companies often put a significant weighting on testing and use it as a yes/no tool, so it’s important to take it seriously. In general, large and multinational companies are more likely to use testing as part of their interview process than smaller companies. The testing process can come in a variety of forms but, generally speaking, the most common is psychometric and aptitude testing. They are also carried out in various formats, including assessment centres, discussions, case studies and specific testing. The following outlines each test type and shows you how to prepare.

The aptitude tests get gradually harder as you go through, but don’t fret if you can’t work out one question. Give it 60 seconds or so and your best answer, and then move on. Also, people don’t always finish the test in full. Just do the best you can and go from there.

Preparation

Psychometric testing

When preparing for a test, complete mock questions on Barden’s website (www.barden.ie/accountant-testing-aptitude), but bear in mind that these sample questions may be harder/easier than the ones you’re presented with on the day. Use these sample tests as a form of reference more than anything. And in spite of the above, a good night’s sleep, a few crosswords or a bit of Sudoku (just to get you focused) is as good a prep as any. Look at testing as a means of helping you find the right company and job for you. If you have the right attributes, this will come through and you’ll more than likely be happy and successful in the job. If you’re unsuccessful, you should also ask for feedback after the testing process, as this may help you find the right job/company in future. You could also consider paying to do a test yourself, just to help you discover your skills and traits and thereby inform your job search.

This particular test assesses your personality traits and qualities. Firstly, there are no right or wrong answers. Typical questions include: “Which are you most and least like of the following four – happy, friendly, fun, caring?” It can be hard to answer something like this, but just go with your gut and don’t over-think it. The same type of question will likely be asked in a few different ways, so don’t try to beat the test (there is a mechanism built in to detect this type of activity). Just take each question in isolation and be as honest as possible.

Aptitude testing

Aptitude testing is commonly used to assess your verbal, numerical and/or spatial reasoning skills.

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Situation: give an example of a situation or problem you faced in the recent past; Task: describe the tasks involved in that situation; Action: talk about your actions, which solved the problem or achieved good results; and Result: close with the outcome of your actions.

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Prove your worth...

“Always have a positive attitude. After years of study to acquire knowledge and skills, the number one attribute that will distinguish you from the pack is your attitude. Finance leaders recognise that skills can be taught and knowledge imparted, but no-one can give you the right attitude – only you.”

Michael Ryan Financial Shared Services Consultant

Let’s get one thing straight – you’re expected to negotiate your salary whether you’re in a job or applying for a new job. Sitting back and accepting what’s coming isn’t the mark of a great leader. As an accounting professional, you negotiate proactively every day, whether it’s direct negotiation on numeric matters or indirect negotiation where you seek to influence and persuade the people you work with on important issues. If you can’t negotiate with confidence on something as personally important as salary, you’re possibly in the wrong job! That’s not to say you have to be needlessly combative but when discussing salary, you must be prepared to approach it like a business conversation – without emotion, with a well-reasoned request, an understanding of your ‘walk-away’ point and a really solid business case to support you.

Look objectively at performance data

Whether you’re closing the deal on a new role or in a role with no intention to move, salary negotiations should be on the table. We help you overcome the taboo around salary negotiations and put your best foot forward.

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There’s no point in asking for a 20% salary increase if you know the company is really struggling.

Likewise, you can’t ask for a meaningful pay rise if your performance has been poor.You must consider all factors, from company performance to your individual performance. Also, consider what’s contained in your contract about remuneration increases before knocking on SELECT SERIES - CAREER GUIDE 2017

anyone’s door. Equipped with this information, you’ll find it easier to refute lazy objections to considering a salary increase once the conversation is opened. The old chestnut of the ongoing ripple effects of the global financial crisis is harder to accept when you know that the company’s earnings before interest, taxes, depreciation and amortisation (EBIDTA) increased by over 17% in the last two years.

Identify your market worth

This may sound obvious, but if you don’t know what people of your experience are worth in the jobs market, you can’t negotiate properly.

Don’t rely on last year’s information either; salaries have changed a good deal in the last 12 months, so talk to an expert – you may be overdue a pay rise. Once you know what to expect, you must be clear on what you’re asking for. Thinly disguised requests for a rise won’t be taken seriously, nor will unrealistic requests. If you’re in a job, there are other things to consider of course – most critically, alignment with peers and formal processes regarding salary reviews. The important thing to remember is that you must begin the conversation from a clearly defined starting point. The rest is compromise and skilful negotiation.

Prepare a business case

Most salary negotiations happen at review time, so you will most

likely have an appraisal document and set of results to back-up your salary increase request. Use this appraisal information effectively – identify where you’ve added the most monetary value over the last 12 months and use that as your core argument. Examples could be: growing the team (and your role remit) to provide an integrated business partnering service, which has contributed to a 20% improvement in gross profit; or leadership of an outsourcing initiative that will deliver a 15% reduction in administrative costs.

Your value must be linked to a quantifiable monetary outcome.

You’re asking for money, so you must prove your worth.

And finally…

Above all, the most important thing is to prevent emotion from playing a part in the process. Salary is important personally – it’s a marker that determines your “value” to your employer and to your social world, so it’s natural to feel heightened responses to arguments that haven’t gone your way. Preventing conversations getting heated, sour, or worse – buried – is important, so separate the connection between you and the money and treat it like any other part of your role as a finance leader, negotiator, influencer and communicator. If anything, it’s an opportunity to show your superiors your professional self at its very best.

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The last word...

Moving jobs can seem like a very straightforward process on the surface. In reality, however, it can be very complex.

Every person is different, every company is different, and every team is different. It’s these differences that make life so interesting, but it’s also these differences that make life so complex.

That’s the challenge we faced in creating this guide – bringing a little science into the abstract and introducing some simple concepts that are robust enough to be tailored to individual circumstances.

This isn’t a definitive guide to accounting careers; it only scratches the surface on some of the concepts and tools we use every day in Barden.

Throughout 2017, we’ll be publishing a number of supplements to help put this career guide in context for people at specific stages of their careers – in

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particular, a supplement for recently qualified accountants and the tax community.

Barden exists to make a difference in the lives of the people for whom we work.

We just happen to work in accounting, finance and tax recruitment. We invest 10% of our resources back into the community that we serve (that’s you!). We do this because your future is our future and, working together, we can strive for a more enlightened and fulfilled professional community.

The very best of luck with your personal adventure, and we look forward to meeting you at some stage in your journey.

Ed Heffernan Partner, Barden www.barden.ie

ACCOUNTANCY IRELAND

Elaine Brady Partner, Barden ebrady@barden.ie

Ed Heffernan Partner, Barden edheffernan@barden.ie

Editorial Team Managing Editor: Stephen Tormey Deputy Editor: Liz Riley Advertising Sales: Dylan Conway Copyright Š 2016 Institute of Chartered Accountants in Ireland.

Articles may not be reproduced without prior permission. www.accountancyireland.ie