Working in Accountancy: Essentials for a successful career

David Cameron said of his government: "We're involved in an economic rescue mission but we're not just a bunch of accountants." Some might argue, however, that there are much worse things a government team could be, particularly in such uncertain times.

Increasingly complex demands are being placed on the finance function, with the continuing global financial downturn, new technology, the eurozone crisis, the shift eastwards of economic power, and the expansion of board level responsibilities.

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This is making senior finance roles critical to businesses - so much so that two of the world's accounting bodies, the Chartered Institute of Management Accountants and the American Institute of Certified Public Accountants, have jointly established the Chartered Global Management Accountant designation.

A recent report by Cima/AICPA, produced in partnership with Hays, the global recruitment firm, suggests finance professionals have never had a better opportunity to progress their career. The report, "The Fast-track to Leadership: the challenges, opportunities and action plan", draws on the experiences of leading chief finance officers and finance directors.

The report's author is Ana Barco, head of innovation and talent management at Cima. She says of the changing mandate: "In the move towards forward-looking organisations, finance is evolving from a focus on the transactional and cost efficiency areas to a real strategic focus where it can have a massive impact.

"The evolution is influencing the capabilities that finance professionals need to demonstrate and bring to an organisation."

For Gavin Aspden, director of qualifications at the Institute of Chartered Accountants in England and Wales, it is no surprise that accountancy is the biggest graduate employer, with the four largest firms recruiting more than 4,000 graduates last year. The ICAEW also saw a rise of 1.4 per cent in its membership numbers last year, to 138,464.

Mr Aspden says: "ICAEW membership is a globally recognised stamp of professionalism so offers massive international opportunities. We're pleased that last year saw the largest intake of new trainees for 20 years. Eighty per cent of FTSE 100 leaders have ICAEW members on their board - not all in finance roles.

"In an age of increasing complexity, chartered accountants are helping boards navigate difficult times. To get ahead, I would advise accountants to build on this skill set, know their own mind and use their professional integrity to identify any ethical issues early on. You will be valued for challenging 'the ethical barometer' as this is critical in helping safeguard the good name of the profession."

While many accountants progress with the "big four" firms - Deloitte, PwC, Ernst & Young and KPMG - others see the benefits of starting out with a smaller firm or in industry.

Ryan Mangold, now group finance director with Taylor Wimpey, the UK housebuilder, found training with a smaller company provided exposure to different experiences.

He advises rising accountancy stars to: "Be an Oliver - don't be afraid to ask for more. Remember you never stop learning and should appeal for more responsibility and be brave. I was seconded to Colombia when I worked with Anglo American - a huge risk from a personal perspective but good for my career long-term.

"Take personal ownership and use a range of communications channels to engage better with different audiences. Embrace e-learning, forums, coaching, participate in round tables.

"Also, volunteer for secondments, job swaps, customer visits. Basically, anything outside your comfort zone will help propel you forward. Don't just focus on accounting but take part in competitive pitching and large-scale projects."

Russell O'Brien, a CGMA and vice president for finance in global retail and alternative energies at Royal Dutch Shell, believes the accountancy role has changed: "The modern finance function is uniquely positioned to oversee the end-to-end business landscape and to use its specialist skills to help business leaders make value-based decisions.

"To do this effectively, we have to be partners with the business, making sure we understand the commercial drivers as well as the leaders do."

Ashley Whipman, a director at Robert Half International, the finance and accountancy recruitment firm, agrees that accountants are now business partners first and foremost. The challenging economic climate means the "silo" approach is a thing of the past, with accountants needing to work across diverse teams. To progress professionally, they need to demonstrate empathy with the sales, IT and procurement teams, advising them on vital strategic decisions.

He says: "To move up the career ladder you have to prove your value as a business partner not just a numbers person. Our clients are no longer just asking for CVs, they want to know about the person."

Gaenor Bagley, board member and head of people at PwC, stressed the value of strong personal attributes to the big four firms, along with the willingness to travel: "Accountancy is essentially a people business and you will need leadership, breadth and confidence as well as international experience. Big four accountants need to demonstrate international dexterity, influencing skills and the ability to make a compelling argument. You can't coerce a board into accepting your proposals, so sharpen your persuasion skills."

To accountants looking to progress very quickly, she says: "After five years, you need to do something different - for example, volunteer for overseas secondments and take responsibility for yourself. Show you can lead not just your team, but clients, through difficult situations."