Data from CABA's 2019 UK brand research found that career development coaching is the most important service for ACA students, with 55% of students ranking this as number one. This was followed by emotional support (15%).
In 2018 the financial services industry contributed £132 billion to the UK economy, 6.9% of the total economic output, making it a highly lucrative and appealing sector to work in. Last year it was reported that over 1.1 million people work in the financial services industry, around 3.1% of all UK jobs. However, the accountancy sector is fiercely competitive, and progressing into more senior roles can be difficult.
While trying to get ahead at work, students also need to focus on maintaining a healthy work-life blend. Further research by CABA on student and member wellbeing highlighted this as a key work-related issue, with 63% of students saying that they would consider leaving their job within 1 year of qualifying.
Whether you have just become a qualified accountant, or you have been in the industry for a number of years, setting out clear career development priorities and goals will not only help you progress and reach the position you aspire to achieve, but will also help you to keep your personal health and wellbeing in check too.
So, how can
you stand out from the pack and get yourself noticed?
CABA, the charity supporting the
wellbeing of chartered accountants and their families, offers its tips on
progressing in a fast paced and challenging industry whilst keeping your
emotional and personal wellbeing front of mind.
Career Coaching
Career coaching can help in many ways, whether you want to find employment, move
jobs or simply to be happier in your current role. Most people have
face-to-face sessions with a career coach, but many coaches are available via
phone or email coaching, or even sessions via Skype or instant messaging. A
typical face-to-face or phone session lasts anything between 45 - 60 minutes.
The first session is all about your coach finding out who you are and what you
want out of your career and life in the future. They will ask you lots of
questions and - in some cases - give you questionnaires or surveys to complete
that will help them get a better picture of your aims, strengths and values.
At the end of each session your coach may also give you one or more tasks to help take you a step closer to meeting your career goals. How many sessions you'll need will depend on your circumstances and your objectives.
If you're looking for a coach and don't have a recommendation from a friend or colleague, it's a good idea to make sure the person you choose is accredited by a professional body such as the International Coach Federation, Association for Coaching or the European Mentoring and Coaching Council.
Career
Adaptability
Change is an inevitable part of modern working life. From globalisation to the
rise of new technology, a number of different forces now impact our career
development. Career adaptability testing involves having the skills and
abilities needed to successfully shape and adjust to this ever-changing
professional environment, so that you can have the career and future you want.
By exploring the key areas of career-adaptability - concern, control, curiosity
and confidence - you can measure how adaptable you are, building the skills you
need to ensure you can adjust easily to different industries or roles which
require adaptability.
In order to be career-adaptable, a person must exercise a certain level of
concern about the future. This is because a desire to achieve certain goals
requires one to be concerned and aware of what they need to do to achieve this,
fueling their drive to eventually reaching it.
In order to become ‘concerned' about the future in a 'controlled' way, people
need to set themselves clear objectives. This can be helped by talking about
hopes and plans for the future with friends, colleagues and family who all make
for great advisors when it comes to making such decisions.
Take things one step at a time. Once people start considering what inspires and motivates them, they can utilise that inspiration to start exploring opportunities which match their personal goals and values. Even taking one step each day can bring a person closer to the career they desire.
Curiosity is
important as it drives people to investigate the possibilities which are open
to them and investigate the world around them. This in turn is fuelled by
confidence, which is the last piece of the adaptability puzzle: it gives people
the courage to pursue new options, and step outside of their comfort zone.
Build on key skills
As a seasoned accounting professional or as an accountant just starting out,
you will be confident with numbers and competent with complex financial models.
However, to
work your way up the career ladder, not only do you need sharp technical
knowledge, but you will need to develop those soft skills that can help you to
progress even further.
Being highly organised and having excellent time management is a benefit in any
role but being able to demonstrate these abilities will help show your company
that you're proficient and capable of handling the added pressure of a
managerial role.
Reacting quickly will also help you to develop your critical thinking, which is vital if you want to move into a leadership position. A good leader will be able to foresee problems before they arise and deal with them accordingly. You will also be able to see opportunities which you can use to benefit your company.
You need to
stay calm under pressure, deal with problems rapidly, and find suitable
solutions. In doing so, you will start to demonstrate your leadership skills
and your ability to manage calmly and confidently in a crisis when others
around you are panicking.
Effective communication
You can have many leadership skills but if your communication is lacking you may
hit a ceiling in terms of progression. Being able to listen and understand are
vital skills for being a good leader and will in turn help you reach your
career goals.
Not only do you need to listen to understand a problem, but you need to listen
to what co-workers, or your team, say and figure out what inspires and
motivates them.
Most people
underestimate the importance of listening. You'll need to be able to process
complex and important information while also being able to lend an ear to your
team members issues and concerns as well as juggling your own workload. If
you're unable to listen effectively it can lead to costly mistakes and
misunderstandings, not only for you but for the rest of your team as well.
Once you do discover what drives other professionals in your industry it's much
easier to explain your own ideas, visions, goals, and intentions and get your
team to carry out your plan.
With workplace culture changing, and careers becoming even more fast paced and
fluid, being able to understand the stresses and strains faced will stand you
in good stead and shape you into becoming a skilled multi-tasker. Being
adaptable and working with professionals who can help propel your career
forwards will only help you understand what it takes to meet your goals so that
you can plan your career and the direction you want it to go in.
This article was written by a CABA expert. For more information on how to get the most out of your career, and for tips and tricks on a range of topics from exam preparation to managing stress and anxiety, visit the Help and Guides section on CABA's website