“PRACTICE THE PROFESSION OR DRIVE THE INDUSTRY, WHERE WILL YOU EXCEL?”
The ACCA qualification allows you to have a flexible career that can be altered as per your preferences. ACCA members can opt between practicing/offering their services and becoming a part of the ACCA industry in the UK. The choice completely depends on an individual’s personal interests and career goals; aspirants can also switch between these pathways along their journeys if they want to. But before beginning your walk on either of these paths, it is important to familiarize yourself with all the essential details and assess which one will prove to be more beneficial for your career and financial growth in the UK.
Are you planning your career path but are unaware of what practicing and the ACCA industry in the UK brings to the table? This blog will help you in this matter by providing you with insights into “ACCA in industry vs practice”. Go through the blog and find out which path better suits your goals, then follow a well-structured plan to achieve them.
ACCA IN INDUSTRY VS. PRACTICE:
Here are the differences between ACCA in industry vs practice, thoroughly understanding to make a wise decision.
1: ACCA INDUSTRY IN THE UK:
If you aim to work in the ACCA industry in the UK, it means you are interested in working in a business or corporate environment. Professionals who choose this career path usually work in different financial roles within organizations across diverse sectors, including healthcare, tech, FMCG, banking, etc. These professionals should be highly focused on areas like forecasting, decision-making, risk analysis, financial management, budgeting, etc. Normally, the roles offered to the professionals of the ACCA industry in the UK include management accountant, CFO, Financial Analyst, Finance director, etc.
The benefits of becoming a part of the ACCA industry in the UK are that you get exposure to new strategies and operational techniques, a work-life balance, and an attractive salary and progression etc. Whereas, there are certain drawbacks as well, such as the variety/options in accounting tasks are limited, and also the professional growth of an individual is tied to a single sector or a company’s industry.
2: PRACTICING ACCA IN THE UK:
When the word practice is used for ACCA professionals know that they are talking about accounting firms, audit firms, or consultancies. In this, professionals are responsible for offering services to multiple clients in audit, advisory, consulting, etc. These career paths are usually focused on compliance, tax planning, assurance, advisory, consulting projects, etc. And the roles offered through this career path include tax consultant, external auditor, advisory associate, etc. The advantages of choosing this path are that it offers exposure to various industries/clients, prestigious working experience with big corporations, and enables you to compete in a high-pressure environment.
ACCORDING TO THE UK’S PERSPECTIVE:
Between them, the demand for ACCA professionals is higher in finance, tech hubs, and banking in the ACCA industry in the UK, especially in Manchester, Birmingham, and Edinburgh. Whereas, ACCA practice demand is on the higher side in Big Four firms and Mid-tier companies, offering professionals a progressive career and wide exposure.
According to recent trends, it is observed that at the beginning of the journey, ACCA professionals usually prefer practice; this allows them to get better training and effective exposure. After some time, these professionals tend to move towards the ACCA industry roles to avail better opportunities and leadership roles.
CONCLUSION:
As mentioned earlier, an individual may choose whichever path aligns with their career goals better, but by observing the recent trends, it seems that while practice helps you to learn more and get exposure, the ACCA industry in the UK allows you to access leadership roles and get a very progressive career. Undoubtedly, the career of individuals choosing either one of the paths is secure as the job and need for skilled finance professionals in the UK has increased, and employers are actively searching for them, be it in accounting/auditing firms or MNEs/ big corporations.
FREQUENTLY ASKED QUESTIONS:
Q1: Between ACCA practice and ACCA industry in the UK, which path offers better work-life balance?
Ans: In my view, the ACCA industry in the UK is better when it comes to the work-life balance, as it usually offers stable hours or a structured routine. Whereas, ACCA practice usually takes long hours as well as more energy and attention.
Q2: According to the employers, which path is more valued in the UK?
Ans: Employers in the UK value ACCA professionals working in either one of them (industry or practice). However, if you want to take on leadership roles, the employer will prefer to have a candidate who has prior experience with ACCA industry roles.
Q3: Which path offers a better career: industry or practice?
Ans: To each their own, but people usually consider ACCA practice in the early times of their career to gain experience, learn technical expertise, and get good training. Ahead in their careers, they switch to the ACCA industry in the UK to get leadership roles and have a progressive career.
