Making the Move: Transitioning from Practice to Industry as an Accountant or Tax Adviser

by | Jan 30, 2025 | 0 comments

For many early-stage career accountants and tax advisers, the decision to move from practice to industry is a significant career milestone. It’s a move that comes with both opportunities and challenges, and knowing how to navigate this transition can make all the difference.

As a coach for accountants and tax advisers, I’ve worked with many professionals who have faced this very decision. Some were eager to escape the long hours of practice, while others were drawn to the stability and commercial exposure that industry roles offer. But while industry may seem like the next logical step, it’s essential to ensure that the move aligns with your skills, values, and long-term career goals.

In this blog, we’ll explore the key factors to consider, the skills needed for a successful transition, and how career coaching can support you in making the best decision for your future.

1. Understanding the Key Differences Between Practice and Industry

Before making the move, it’s important to compare the differences between working in practice and industry to determine what truly suits you.

Working in Practice

  • Exposure to a wide variety of clients across different industries.
  • Strong technical training in accounting, tax, and compliance.
  • Structured career progression with a clear path to partnership (for some).
  • Fast-paced work environment with peak busy seasons.
  • Long hours, particularly during audit and tax deadlines.
  • Can be less commercially focused compared to industry roles.

Working in Industry

  • Involvement in the commercial and strategic side of the business.
  • More predictable working hours compared to practice.
  • Opportunity to specialise in a specific sector or business function.
  • Potential for varied career paths, including financial controller, CFO, or business advisory roles.
  • Less exposure to a variety of accounting issues (compared to practice).
  • Slower career progression in some industries.

By evaluating these differences, you can assess whether your current frustrations with practice justify making the switch or if alternative options, like moving to a different firm, may be a better fit.

2. Identifying Your Career Goals and Values

A move to industry should be more than just escaping long hours or seeking better work-life balance. It’s important to ask yourself:

  • What kind of work do I enjoy most? (Technical accounting, financial strategy, tax planning?)
  • Do I thrive in a structured environment, or do I prefer variety and new challenges?
  • What are my long-term career goals? (Do I want to be a CFO, tax director, or financial analyst?)
  • What workplace culture and work-life balance am I looking for?

Taking the time to reflect on these questions will help clarify whether industry is the right next step.

Career coaching can be particularly valuable at this stage, providing guidance through self-assessment tools, strengths identification, and goal-setting exercises.

3. Key Skills Needed to Transition Successfully

While accountants in practice develop strong technical skills, industry roles require a broader skill set. Here are some of the key competencies you’ll need to develop:

  1. Commercial Awareness
  • Industry accountants need to understand the business beyond financials.
  • Learning about key performance indicators (KPIs), revenue drivers, and budgeting processes will help.
  1. Business Partnering & Communication Skills
  • In industry, you’ll be working closely with non-finance teams, such as marketing, sales, and operations.
  • Being able to explain financial concepts in simple, non-technical language is essential.
  1. Decision-Making & Problem-Solving
  • Unlike practice, where you provide advisory services, in industry you’ll often need to make key financial decisions for the business.
  • Developing critical thinking and analytical skills will help in making sound decisions.

4. How to Make the Transition Successfully

Once you’ve decided that moving to industry is the right path, here’s how to ensure a smooth transition:

Update Your CV for Industry Roles

  • Highlight commercial experience gained in practice (e.g., budgeting, forecasting, business advisory).
  • Emphasise non-technical skills such as communication, leadership, and decision-making.
  • Showcase any exposure to management reporting, business partnering, or financial analysis.

Network and Speak to People in Industry

  • Reach out to former colleagues who have transitioned to industry.
  • Attend finance networking events or industry-specific LinkedIn groups.
  • Consider career coaching to refine your networking strategy and job search approach.

When is the Right Time to Move?

Timing your move is just as important as deciding to move. Consider:

  • Have you completed your professional qualification? Some companies prefer hiring newly qualified accountants.
  • Is your current practice role providing valuable experience? Staying an extra year might strengthen your expertise before moving.

Career coaching can help you assess your readiness and develop a transition plan to ensure you move at the right time for the right reasons.

Final Thoughts: Is Industry the Right Move for You?

Moving from practice to industry is an exciting step, but it requires careful self-assessment, skill development, and strategic planning. Whether you’re looking for better work-life balance, more commercial exposure, or a different challenge, transitioning successfully takes preparation and clarity.