So, you’re a Big 4 auditor attheend of another financial year and you’re struggling to find the energy to get out of bed. You’re tired of the endless travel, not having the time for hobbies, working until midnight, and getting paid next to nothing for the pleasure of it all.
Your partner has promised that if you continue to deliver work at the same level then a promotion is inevitable.
The “promotion”: a carrot that has been strategically dangled in front of you for years and seems perpetually out of reach. And when you DO finally get the recognition that you so sorely deserve, the pay increase is minimal, and the work is exactly the same.
“That’s it!” you exclaim to yourself, red-eyed in the mirror. “I’ve had enough”.
You’ve decided that it’s finally time to leave. You’ve heard the fables of Big 4 auditors that have left for jobs that demand half as many hours and pay 20% more on the salary. But where to start?
Let's have a look at the skills that you’ve built up so far:
- The analytical skills required to complete a thorough examination and process check of an organisation
- The ability to analyse and interpret financial statements
- An understanding of a specific industry or a range of industries
- The ability to communicate issues in a defined manner
But how can you utilise these skills to make your first jump into industry?
Well, let’s look at five most common jobs that people move into post a career in Big 4:
1.Internal audit
Internal audit can be a fantastic choice for anyone who wants to explore a new business, but who also wants to deliver value immediately in their role. It leverages your existing controls and reporting knowledge and gives you an in-depth understanding of how a business actually works. An internal auditor provides independent assurance that a company’s risk management and governance processes are operating effectively. It is also a great ‘launch pad’ into industry if you don’t know exactly what you want to be doing in five years; audit often acts as internal talent hub for an organisation.
2.Risk management
Operational risk has for about six years been one of the major career paths for Big 4 auditors, especially when moving into the banking sector. It gets you a little closer to the action and can, in some instances, give you the opportunity to influence commercial decision making. In some operational risk roles you will be responsible for enterprise-wide risk framework definition; in some you will partner with a specific business unit within the company and help to drive continuous improvements in the risk and control environment. Operational risk is fast becoming a natural stepping stone into product or business management roles.
3.Compliance
Compliance: it’s just so hot right now. With the royal commission into the banking and wealth industry having exposed the worst of financial services, we are already seeing organisations bolster their compliance teams aggressively - many planning to double in size. These roles used to be eaten up by lawyers, but we are now seeing a high number of people with an auditing background move into the field. Compliance has a seat at the table of all new product, distribution, and marketing initiatives in major organisations. As a result of this, compliance can offer a fantastic route into more commercial roles. It’s also a big money-earner due to an absolute skill shortage across the country.
4.Financial accounting
Financial accounting is the original career path from Big 4 auditing. A financial accountant is responsible for recording, summarising and reporting the transactions of a business over a specific period of time. These roles will suit anyone who enjoys the numbers side of audit more so than the business process and control elements. Financial accounting is the traditional starting point for a career path to ‘chief financial officer’.
5.Management accounting
Similar to a career in financial accounting, a career in management accounting would suit anyone who enjoys the technical side of auditing. Management accountants are responsible for interpreting and communicating financial information to support commercial decision making. Because of this, many management accounting functions can also be called ‘business partnering’, ‘decision support’ or ‘commercial finance’. Over the past ten years there has been a significant sway in the direction that many Big 4 trained accountants chose to take their careers, with many of them opting for a more strategic role in management accounting than the traditional path of reporting.
Well, there you have it. These are the five major career routes from Big 4 auditing. Happy hunting and feel free to reach out if you’d like to chat more about the job opportunities available to you in Sydney, off the back of your Big 4 audit career.
