T+O+M BLOG

FOTOM Jadie Petch talks to Keith Ryan about her career path after starting out in audit. In part three she explains why contracting is an underrated solution to figuring out the right career path.

After a career in audit there are hundreds of routes we can take to ensure a successful career in finance. The following are reasons why contracting is, in my view, a perfect solution to figure out what drives you and how you can land a role you love.  

O P P O R T U N I T Y

The entry level requirements aren’t as high when it comes to contract roles. Often a contract role exists because there is an urgency to fill a position. It may be because someone has gone on parental leave, someone has suddenly left the organisation, the function is expanding, there are changes in the organisational structure of a company and they need extra resources to establish this, there is specific project work, or often something has gone wrong. This sense of urgency usually means several things:

1. The organisation cannot be as particular- they need to focus on what you can bring to the table (that invaluable auditor skill set) as opposed any knowledge gaps (those things can be taught!)
2. The interview process is usually simplified - perhaps one interview instead of two and case studies/examination style questions are more likely to be dismissed
3. The candidates you are up against are significantly fewer – contract roles often move very quickly. For example, a company may have someone leaving in a month’s time so need to do a handover in two weeks - this already eliminates a significant percentage of the workforce who are tied in with longer notice periods

An organisation is likely to give someone more of a chance when the role is temporary as they are not committing long term – so take advantage of this! Speaking from experience all you need is your foot in that door and the opportunity to prove yourself and who knows, maybe that dream permanent opportunity will soon arise.

S E C U R I T Y

I strongly believe that the lack of security linked to contract roles is a misconception. Yes, you may not be secure in a single role, but you can take security from the fact that there are a multitude of opportunities out there waiting for you when a current contract comes to an end. Companies are constantly changing and when we apply change, we expose ourselves to risk. There is a risk that something will go wrong and therefore more resources are needed, or that we don’t have enough/the right resources to implement a change and therefore contracts arise.

Taking COVID-19 as an example, many companies implemented a hiring freeze. However, things still need to get done and in finance there are immovable demands. During COVID-19 there was an increase in the number of contracts compared to full time positions because they represented both greater flexibility and a more cost-effective solution. Things such as parental leave cover don’t go away during a pandemic and the COVID-19 baby boom resulted in more parental leave contracts than before. In this instance can we argue that a contract position offers more security than a permanent position?

L E A R N I N G  &  D E V E L O P M E N T

Anyone coming from the Big 4 (or likely any audit firm) will be able to relate to the statement ‘you learn more in three months at year end than you do during the remainder of the year.’ It is certainly true that under these periods of intense pressure, we are forced to step outside of our comfort zone to successfully deliver. I started my audit career at 18 years old and was part of KPMG’s School Leaver Programme. This consisted of five years working in audit at the end of which you got both your CA and a degree in accounting. If we break those five years down, you get 60 months, 18 of which I spent at university and six of which I spent at ICAS studying for my CA. There are then 36 months remaining which is the same number of months a graduate would work over a three-year scheme. So why was it that those with a School Leaver background tended to accelerate into management positions faster than audit graduates who qualified in the same year? Simple – because they had worked five busy seasons versus three.

The same can be acknowledged when it comes to contract roles. Often a position is created because we are going through a period of change, when something has gone wrong, or an element of urgency exists. In these situations, we are required to get up to speed with things very quickly and you will find yourself asking lots of questions and challenging things to help build the required understanding. Contractors can experience a breadth of different roles which means that when (or if) you do opt for a permanent job, you take with you invaluable insights (what to do and what not to do) into how other teams operate - positioning you to make better business decisions.

In Part Four of the series, we will explore further benefits of contracting such as Compensation and Flexibility.

If you are looking to make your next career move, whether it be staying in audit or making a leap, please get in touch with one of our friendly Accounting & Finance team members.