When people look to changing jobs a question we're often asked is, "how easy it to move into a new sector?". This particularly holds true for accountants looking to move into financial services for the first time (particularly in cities such as Edinburgh and London where the FS sector enjoys a high presence). Traditionally, many employers have looked for like-for-like industry experience as an essential pre-requisite when hiring. However, we have found that this attitude has changed markedly over the past 10 years or so, as the marketplace has become far more flexible and open-minded.There is also a great willingness to look at the benefits that individuals can bring from the previous industries/sectors they worked in.
These days, most employers appreciate that accountants will possess skills that are eminently transferable across industry sectors. They will look at a person's technical and interpersonal strengths rather than selecting on the basis of an in-depth appreciation of their own sector and accept that a talented accountant in the retail or manufacturing sectors will usually prove an equally good performer within the banking sector.
Of course there are the few odd exceptions to this. For example, with specialist roles such as fund accounting it would be a huge advantage to have had previous knowledge of the investment management industry.
Interestingly for those accountants looking for analytical roles, particularly those facing off to the wider business and not just the financial community, a lack of specific sector experience might prove to be a plus rather than act as a barrier to entry. You will join your new employer with no pre-conceived ideas about the sector. In order to get to grips with the business and sector quickly, you will have to ask the basic ("silly") questions to improve your understanding of the business. Employers like people who can challenge the status quo in a positive way as it forces them to examine their own practices and learn about other industries' approaches. In our own experience, the overwhelming majority of those people joining the big financial players in analytical roles come from out-with the financial services sector.
The ability to maintain a flexible attitude and consider other sectors will only help you to maximise the opportunities available.The need to be flexible is extremely relevant given recent market conditions. The recent downturn in business confidence has led to some firms putting recruitment plans "on hold". However, on a more positive note and despite the many gloomy forecasts, we have found that most firms are still hiring. Opportunities will always exist for good accountants.
