Guernsey continues to demonstrate a thriving investment management industry, as we see a spike in demand for auditors in the local finance market. With the Big Four/top eight all having a presence in Guernsey, and with increasing employment openings throughout the audit market, it would make a timely decision to consider moving into industry at this time.
Following a successful decade of the audit industry (and finance as a whole) being revolutionised by technology, audit is one of the few sectors that has seen a stable increase in salary. In a recent global salary survey, an overall increase in salary for auditors was seen with demand projected to grow by 7% in the next eight years – a reassuring statistic for those pursuing a career with relocation opportunities in the global job market.
The anticipated death of audit due to artificial intelligence, rumoured in recent years, certainly doesn’t appear to be close; most activity undertaken by both our clients and the wider spectrum points away from this being factual. If you were hesitant about transitioning or progressing in this sector for this reason, don’t feel put off. Auditing professionals are predicted to maintain importance. So, if anything, we can anticipate an increase in demand for highly skilled auditors.
What does ‘moving into industry’ mean? Ultimately, those who work in external auditing firms, whether that be part-qualified or well-established, would move to undertake an in-house, hands-on accounting role. If you feel enticed to build specific client relationships with regular communication, as opposed to being allocated to client assignments which can vary year to year, you may find a move into industry is a suitable option to explore.
We’ve supported industry moves to a variety of sectors including trading companies, banking, trust insurance as well as funds and specialist funds like private equity, real estate, debt funds and more.
Competition is fierce in the accountancy sector for roles, some added skills which may set you apart include:
- Industry knowledge be it a blend of sectors from different client assignments or specialised expertise e.g listed funds
- Professional qualifications (ACCA, ACA, CA)
- Accounts preparation
- Leadership, mentoring, coaching, or training experience
- Exposure to the field, commonly seen if moving from the top eight purely due to the size of the organisation and client-base
Other desired skills that cross-over from external audit include managing tight deadlines, technical accounting knowledge and technological literacy. These skills should be accompanied by an individual’s ability to take ownership and accountability for client service.
We have a host of roles that would allow employees to develop a more specialised expertise base allocated to a specific industry, so there is scope to find your preference and strengths. The urge to move will come naturally if you aren’t satisfied in your role or environment, so if you’re liking the sound of an uptake in responsibility in a promising market and exposure to a network of professionals that could potentially shape your career further, we would certainly encourage you to take the leap.
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