The Audit Agony Aunt.......... August 2008
Carol McLachlan, theaccountantscoach, is a qualified accountant, NLP Practitioner and professionally qualified coach. Her 18 year career at Ernst and Young as an Auditor and Director of Resources has equipped her with a real understanding of the professional and personal issues that accountants face. Here Carol answers your questions as our very own Audit Agony Aunt.
If you have any careers, skills development or promotion questions, please send them to Carol, who will endeavour to answer every one.
There may be the odd occasion that Carol cannot answer due high demand for her time, but you can post your question on the CareersinAudit.com Facebook Forum and discuss current issues with other auditors and audit jobseekers from across the world. Click here to join the group.
August 2008
"I am ACCA part Qualified, still studying. I am really interested in taking a pathway into audit. At the time of this mail I have got no work experience. How can you help me - even for a voluntary role in audit. This will help me kick off my path to the profession. I live in the UK and am ready to relocate to any location. Thanks" Tabot
You’re absolutely right to rate highly the importance of practical work experience – for two reasons. Firstly, to ensure that you make your career decision from a fully informed stand point. And secondly, to effectively market yourself once you have made that decision. Even unpaid work will be valuable in confirming your suitability for your chosen career and equip you with the knowledge you need to articulate your strengths and ‘fit’ more effectively to a prospective employer.
Work shadowing is a great place to start. Many firms offer this to school leavers as well as those further on in their studies. Some of the bigger firms operate formal work shadowing schemes but you also have a good chance seeking an ad hoc opportunity. You will generally need to contact the firms directly. But also consider if you have any contacts who could introduce you to their organisation and short circuit the application process.
Another way in is to use networking to build your contacts within the audit profession. You could consider online networking and forums to find a buddy or a mentor – who could the find you an opening in their organisation.
Work shadowing can be a great introduction into an organisation. Once you’re known around the place, it could provide the break you’re looking for – leading to further unpaid or paid work.
Of course, the other possibility is direct entry. Many organisations have direct entry schemes where they’ll take you on with nil experience, providing on the job training and put you through the relevant exams if appropriate. And this is not just Big 4 graduate schemes. There are opportunities for non-graduates in external and internal audit positions in a vast range of organisations.
That said though, some work experience will boost your CV. Even if not audit experience, any commercial exposure will be well-received by prospective employer. And it will give you a commercial, practical base from which to make an informed decision on your chosen career. Take retail work for example; get the practical experience and use this to appreciate where the role of an auditor would come in. This sort of practical understanding and articulation of the role could prove very beneficial in securing your success at interview.
Good luck!
Carol
"I am AAT qualified and an ACCA finalist. I ‘m currently in the process of obtaining a degree in Accountancy as I feel it’s important to have a degree qualification. I have been in industry & commerce and also a short stint in the practice, (not BIG 4). I have also worked in an internal audit department of an airline but not in the UK. I’m in my late thirties.
At present I’m contemplating embarking on a career in audit. Will this work for me or should I stick to the industry & commerce? Appreciate your advice." Kumundini
Your professional qualifications and experience in industry certainly won’t preclude you from a side-ways career move into audit. Indeed, many employers will see these as a strong foundation. However, to give you specific advice on the move and its suitability for you personally, I’d need to know a lot more about you: likes and dislikes, talents and weaknesses, personal and career goals and aspirations.
What I can do, is provide a model that you can work through that will assist in your decision- making. Here goes:
Phase 1 Know Yourself
• Where do you want to be in 5, 10, 20 years time? What’s important to you in your life and career? What are your core values? (Values are your personal operating principles which if not met, will cause you unhappiness. Email me at info@theaccountantscoach.com to request your own Values Matrix).
• What are you looking for from your career move? Use your current and past work experience to identify aspects of your roles that you have found more/less satisfying.
• What can you offer? What are your personal skills, talents, strengths? What makes you special?
• What are you prepared to invest? Where are you willing to start on the career ladder? What salary and benefit package do you require? What further learning are you prepared to undergo?
Phase 2 Understand what’s involved your favoured career
An easy way to do this, is to simply compare and contrast the audit career you are considering with your current position. What’s similar, what’s the same, what’s diametrically opposed? Areas you might consider include: core skills, work life balance, travel, working environment, pressure, office and client relationships, team structure, autonomy, career progression, financial package and security.
Phase 3 Map across the first 2 phases
You’ve now got 2 lists and you can simply map across from Phase 1 to Phase 2. You will then be able to determine if your favoured career is going to be a good match to satisfy your aspirations within a satisfactory tolerance range and at an acceptable level of personal investment.
Good luck!
Carol
July 2008
"I am an ACCA Professional Stage student in Nigeria. I work as finance manager for a small privately owned company but my real desire is to work in audit for one of the Big four audit firms.
The challenge is how to get recruited by them as employment by these Big 4 firms here in Nigeria is highly competitive. I have submitted my cv at these firms and I wonder if there is any advice you can give me in order to help me increase my chances of being called for an interview at these firms." Temiloluwa
Dear Temiloluwa
Your starting point should be to get a strong handle on exactly what these firms are looking for, what they really value in their experienced hires at the relevant entry point for someone with your particular background. Your knowledge and understanding of the firms’ competency framework is vital to enable you to measure your current skills and experience against their basic requirements. Core competencies for the Big 4 audit will vary but are likely to comprise: communication skills (written and verbal), team work/relationship building, leadership, drive and ambition, problem solving and practical intellect skills, and ability to add value. This information should be readily available from recruitment literature, Human Resources and/or an informal discussion with a current employee.
But don’t overlook less formal research. An example would be investigating the background of successful part qualified entrants and experienced hires. This will help you build a modelling blue print to enable you to design your own recipe for success.
Once you’ve identified the essential requirements, you can move on to develop your personal USP (Unique selling proposition). You are looking for personal qualities and experience that make you stand out above other equally qualified candidates. Remember though, it is vital to map this across to the firm’s requirements. In other words, your particular USP has got to be something that the firm will value.
Your research will obviously involve acquiring information about the firm - from hard copy brochures and from their website. But I would also highly recommend ‘people’ research; try and get to know some of the incumbent staff to add a further dimension to your knowledge and understand the underlying culture. Use your own local networks to find employees of your target firms but also look out for open meetings (recruitment days, technical updates etc) where you can extend your network of contacts within the firm and request introductions to other relevant contacts. You can even consider contacting the firm direct and asking them for a work shadowing opportunity – invaluable in optimising your understanding of their requirements but it also gets you on the map in terms of them getting to know you. Don’t forget online networking too; you may be able to track down ‘insiders’ via blogs and forums.
Once you’ve grasped what the firms really want in their candidates you can then turn to your presentation to ensure you can effectively communicate it. You will have built up a checklist of competencies and you need to map your own experience and skills to match these. This is not just at the application stage; make sure you can clearly articulate these key qualities and be prepared to back them up with practical examples. You may find at this point that you’ve identified gaps in your skill set; depending on the degree, you may decide to seize the opportunity seek practical experiences or further training to fill those gaps.
Clearly your CV and/or application form will be your point of entry to the firm, so it is vital that they effectively communicate not only that you meet the firms basic requirements, but also in such a competitive environment, that you have even more to offer. Beyond the initial application stage, the networking activities that I’ve mentioned above will also be very useful in achieving that ‘foot in the door’, getting your face known and remembered, and possibly even short circuiting your application as a candidate ‘not to be missed’.
All in all, the key is patience. A highly competitive market place means you can’t necessarily expect overnight success. Instead, take a longer view and plan your medium term strategy – and this will maximise your chances of getting you to where you want to be.
I hope this points you in the right direction
Carol
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June 2008
"I am currently at the stage of final assessment for various firms for a graduate audit position. I do not have an accounting background (degree in Biology) but have read up on auditing and have a fairly good feel for what the job is. Could you give me a few things that you feel are crucial for me to know about within auditing so that I am fully prepared for my final interviews." Chris
Dear Chris
The key point here is that the interviewer is much more interested in assessing your potential as opposed to testing your breadth of knowledge. That’s precisely why recruiters are happy with non-relevant degrees – it’s not the discipline that’s important it’s the potential demonstrated by the achievement of that degree.
That said, it is vital to demonstrate a genuine interest in business, particularly where you don’t have an accountancy degree. So be sure to keep up to date with the latest business stories; scan a decent newspaper on the day of your interview(s) and make sure you know more than an inkling of what’s going on economically – at least in the UK.
The interviews and assessments will be designed to measure you against the core competencies required for the job. These will vary depending on the organisation you are applying to, but here’s an indication:
• Communication skills, written and verbal
• Team work, relationship building
• Ethics, professionalism, personal motivation
• Attention to detail, high quality standards
• Problem solving and practical intellect skills
• Ability to work under pressure, to deadline
And typically for a graduate entrant:
• Drive, ambition, leadership potential
You can expect a good return on the time you spend investing in a strong articulation of how you can demonstrate these qualities.
As for the technical side of auditing, it’s actually your practical understanding that will count. For instance, be sure you can articulate what you perceive as a typical ‘day in the life of an auditor’, crucially for that specific organisation. Your research could include speaking to an incumbent staff member in this or a similar firm.
And be ready too, for some very practical questions, calling for common sense and creative problems solving skills. A favourite in my previous firm was: ‘as an auditor at a chocolate biscuit factory, how would you go about verifying the stock figures’.
Lastly, but somewhat down the priority order, it could be handy to be up to date with developments in auditing (eg the world post-Enron, ISA – International Auditing Standards, UK IFRS convergence) but this will be specific to the organisation to which you are applying.
The real crunch will be the aforementioned: general business awareness, core competencies and a practical understanding of the job.
PS a real differentiator is an ability to articulate a strong, convincing business case for choosing a particular firm. Challenging but priceless.
Carol
“I am a US citizen contemplating taking the Certified Internal Auditor exam in 2008. I wish to know if there are opportunities for me in the UK, whether London or elsewhere. Is there enough demand for internal auditors that the Home Office will approve work visas for this occupation?” Richard
Dear Richard
Although the Certified Internal Auditor is an American qualification, it is well-recognised in the UK and indeed across most of Europe. So if part of your question concerns whether this qualification holds any value outside the US, then the answer is yes, it does.
Whilst demand for auditors in certain sectors remains strong in the UK, generally speaking the market has cooled to the point at which most companies are able to fill vacant roles with UK nationals, or failing that, with Europeans who can work in the UK without any additional visa arrangements. An application from a US national is therefore less appealing that it may have been, say 18 months ago.
If you do wish to come to the UK, I would look into obtaining a Highly Skilled Migrant Visa. This would allow you to work in the UK without company sponsorship and may be the most realistic way of securing your move.
I hope this points you in the right direction.
Carol
"I am currently trying to embark on a career in audit. I hold a degree in an unrelated discipline and would like advice on what is the best qualification to obtain. I am starting a 1 year full time AAT diploma in September. I have found that as I have little accounts experience and no formal qualification I am not very employable. For this reason the AAT will give me at least a foot in the door.
I have worked since I was 16 years old but from 30 to 34 I have a 4 year gap in my work history due to a health problem. I am now 35 so would like to be in work as soon as possible. Any advice you could give me would be very much appreciated." Mark
Dear Mark
My first thought: are really capitalising on all the assets you already have? For example, have you considered graduate entry programmes? A non-relevant degree needn’t be a deterrent; many graduate employers are looking for the skills and potential conferred on the degree holder rather than the technical subject matter itself. Also, as a more mature candidate with 14 years work experience there will be lots of transferable skills that you will have within your repertoire. The trick here is a bit of lateral thinking to match the relevance of your past experience to your future aspirations – tricky-but loads to play for.
As you have already committed to the AAT diploma make sure you get the most out of it during your year of study. Once you’ve mastered the basics of double entry book keeping you should find it easy to get some practical experience, working with a charity for example. This will be a valuable addition to your CV as well as giving you the opportunity to turn theory into practice and really hone those skills. In fact any practical experience you can get paid or unpaid during the one year course will stand you in good stead.
Having decided that audit is your future, I would recommend that you actually find your perfect role(s) and then look at the route to qualification. Is it internal or external audit that you are attracted to? What sort of organisation do you want to work for? – SME, blue-chip, not-for profit? What are your personal financial requirements and aspirations?
First find the job you love, then travel back from the destination to find the starting point.
And once you’ve done a bit more delving, to paint the picture of your dream job, come back to us and we’ll talk more specifically about qualifications.
Carol
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May 2008
“What is the average first year salary of a qualified auditor and what can I expect to earn after 3 or 4 years?” Mona
Dear Mona
Salary levels for newly qualified auditors vary from region to region and there are obviously substantial differences between the salaries paid by the ‘Big 4’ and smaller public practice firms.
Additionally, the type of qualification you have also has an effect on your market value, with the ACA qualification usually commanding the highest salary levels. However, in the interest of answering your question without providing a myriad of variations, I could say that newly qualified auditors should be earning somewhere in the very high £20k level in smaller firms or regions, moving up to mid- late £30k for London and the South East.
An additional 3-4 years experience should see you in a managerial role and earning in the mid- late £40k level, up to anything in the £50k- early £60k bracket range for the most prestigious firms.
I hope this information has been helpful.
Carol
“Considering the current state of the UK economy, is now a good time to move jobs?” Rebecca
Dear Rebecca
The current credit crunch and its implications - alarming forecasts of slashed consumer spending and imminent job losses – is never out of the news. But the actual impact on the labour market, particularly in finance and audit sector is a little less easy to read.
While we can’t deny the front pages news of jobs losses at KPMG and Citigroup, some commentators are pointing to a resilience in the employment market . Of ‘labour hoarding’ - supporting current employment levels by curbing pay rises as opposed to major layoffs.
So what does it mean to your career plans? Well the short answer is, it depends.
A natural reaction of job seekers is to fear the LIFO (last in first out) mode of operation. And maybe in the old ‘jobs for life’ days this was a very realistic fear. But in the 21st century where the ‘war for talent’ is rife, is this still a logical outcome? If an organization has spent heavy, in time and money, to recruit you - you’ve clearly made the more than likely competitive cut. Are they really going to axe you at the first sign of economic downturn? Unlikely, though not impossible. But it does all comes down to competition. Any slowdown in the job market is going to intensify the ‘war for talent’ and increase competition. This is where the quality of your CV, the relevance of your skills and experience, will count big time.
But it’s not just about the market. It’s primarily about you. The real test will be your strategic plans and how a career move will ties in. You need to do your own ‘career audit’. You don’t want to move ‘just for the sake of it’ which could be a real temptation if the number of vacancies is depleted. You need to take stock of where you are now in your current role. Are you still getting the level of stretch you need to develop your skills? Are you running out of learning opportunities or at risk of stagnating? How is your quality of life, your work life balance? These questions are all paramount in making that decision - whether the time is right for you, personally, to tackle a potentially more challenging job market.
So to sum up. Right time to move jobs? Well it depends. It depends on where you are in your career plan. It depends on the competitiveness of your skills and experience. It depends, of course, on your location, sector, level and role. But above all it depends on you. Your quality of life, your tolerance level, your values and your aspirations.
Best of luck!
Carol
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April 2008
“I am working in a small firm as an audit senior, responsible for preparing accounts (60%) and audit (40%). I’ve now been offered a job as a Big Four Assistant Manager.
I understand that auditing under ISA is about identifying weakness in internal controls and its implications. However, during my 3 years experience I have never come across such a thing. We normally do substantive testing and follow Kestrian audit programmes.
Please could you give me an example of an internal control weakness and implications for the Financial Services sector?
Also what’s the best way to prepare myself before joining?’’ Noel
Dear Noel
First up, the easy bit. Insufficient segregation of duties is an example of an internal controls weakness. For any key process there should be division in the responsibility for: authorizing transactions, processing and recording them, reviewing and approving them, and handling any related assets. No single individual should control all key aspects of a transaction or event. Implications in any industry would depend on materiality, business risk and the potential financial effect of the weakness. For the auditor this could translate into finding and testing alternative or mitigating internal controls, additional substantive work to provide sufficient assurance, or ultimately audit qualification.
Moving on to your preparation for the new job.
Firstly, congratulations on taking the initiative. In my years as a Big Four Resource Director, I recruited tonnes of candidates in exactly your position and I don’t recall this request coming up at interview or in the pre-joining period.
There’s no doubt that this will be a big transition for you. Moving jobs is always a major step, but transferring into the Big Four environment is likely to result, not just in a change to your role (technically and operationally) and in your environment (people and location), but will also expose you to a quite radically different culture.
The good news is that you won’t be the first who has made such a move, so your new firm is likely to have a good tailored induction or ‘conversion’ process for people like you. But there is plenty you can do (and should do) to help yourself.
Here’s a 2 stage approach to your preparation and transition:
First, brainstorm all the changes/challenges you are likely to encounter. Start with the obvious. Think about stuff that would apply if you were going for a new job in a similar firm. Then start to dig deep. Compare and contrast your old and your new roles.
Here’s a checklist of a few potential differences to get you started:
The new role. What is actually expected of an assistant manager here?
- Changes in levels of your autonomy, use of judgement, independence
- ISA auditing
- Firm-specific audit methodology
- IFRS knowledge
- Pure auditing, without the accounts prep
- Materiality
- Bigger, more complex clients
- New industry sectors, with their own industry regulations
Culture and politics, including reporting lines
Next, look at all the possible solutions and resources you have at your disposal. Some of these may only be available once you have joined, but there is no harm in asking for them at the pre-joining stage. (They can always say no and you might earn some brownie points for keenness in the meantime!)
- Find out from the person who recruited you who your nominated contact is and then ask for some advice on preparation. There may be a pack or intranet resources they can share with you upfront
- Find a buddy and/or a mentor. Preferably someone who has made the same transition but at the very least someone is currently working in your new firm
- Do some workshadowing. It gives you the chance to see the job and experience the culture at first hand without the pressure of performance. Watch, observe and learn!
- Ask silly questions. Ask your buddy, your recruiter, HR………Ask. Ask. Ask. You can get away with virtually anything at this stage
- Use Human Resources. You might have a local HR contact but you will also have access to a massive national HR support system who will be waiting to help you at the end of the telephone
- Attend socials and join networks as soon as you possibly can – even pre-joining. You can specifically to be included in these
- Leverage you past experience. You may be able to share with the Resource Planning team, the type of jobs you have done before. If they can factor this into your planning then this puts you at a standing start
All this will stand you in good stead. But there is one other thing you can do which will really make a difference……Hone your mind set. Don’t approach this move as daunting, scary and fraught with problems. DO adopt a mind set that speaks exciting, stimulating and solution-orientated. Remember the Henry Ford quote ‘whether you think you can or you can’t you are usually right’. Expect success!
Good luck!
Carol
"I am an ACCA professional stage student and have passed the first 9 modules of ACCA . Currently working for Deloitte in the United Arab Emirates with one year's experience in internal audit, I am planning to move in Sweden . Will it be easy for me to find trainee level job in Sweden?" Amjad
Dear Amjad
Many thanks for your question regarding your proposed move to Sweden. I would offer the following advice:
- Attempt to secure the move through your current company, Deloitte. Their willingness to support you will depend on a number of factors, such as on the time you have been with the firm, the amount of work that the office currently has…but they may be more inclined to support a move if it is motivated by personal reasons (ie you are following a spouse/ partner etc) or if they see a chance that you will return
- If a move with Deloitte’s is not possible then make applications to others within the Big 4. They will understand your experience, and as they are international companies, they are more likely to support someone who does not speak Swedish (which I assume you don’t)
- If this fails, apply to the internal audit teams of Swedish multinationals. You may also wish to look at a company called Audit Value International, which is effectively the internal audit team for a large and diverse group of Swedish led companies and regularly employs auditors from the Middle East & India
- Do as much work as you can on the visa and be prepared to answer questions on the mechanics behind your sponsorship (the time it would take to complete etc etc). You need to do this work for any potential employer
- Contact the major recruitment companies in Sweden and ensure that you meet with them if you ever find yourself in Stockholm for a visit
Best of luck! Let us know how things develop and keep a close eye on the jobs on the website!
Carol
“I’m an Internal Audit Manager. I had been making enquiries about alternative employment only to be served with a letter giving me 3 weeks notice (I am entitled to 3 months). The problem is that I am finding it very difficult to find alternative employment.
When I contact some agencies – I normally either never hear or I get told that the candidate field was very strong and that’s why I have been rejected. Later I see the advert on a website seeking candidates from perhaps another agency.
What advice can you offer?" James
Dear James
If you haven’t already done so, I would strongly suggest that you request written explanation for the non-statutory notice period. Armed with this information you can then seek the advice of an employment lawyer. It may not be appropriate to take the matter further legally but you can at least understand the situation from a legal perspective and get some closure in your own mind.
With regard to your challenges in the employment market, you need to focus your attention on the matters that you can change. There are many reasons why an advert might be re-run but as you can’t do anything about it – don’t let it zap your energy.
What you can do for starters is get some feedback from the agencies. Here are a few topics you can cover:
- What experience/attributes are successful candidates demonstrating?
- Where are my skills gaps?
o Based on CV
o Based on interview feedback - What do I need to do to become more competitive?
- Am I seeking the most appropriate positions?
- If not, what would be a better fit for my skills and experience?
- How are the agencies communicating my USP to their clients? (Your USP is your Unique Selling Point. What makes you special? What is your differentiator?)
(Bear in mind that agencies may not be able to help you with all of these. You may need to seek the services of a careers coach, like the accountantscoach.com)
Once you’ve got the feedback you can then put together a plan to address any skills or perception gaps. And don’t forget that USP. You may well not have been fully capitalizing on this.
And finally. regarding communication with the agencies, it’s not unreasonable to request and expect this. Set up a verbal agreement with each agency.
Agree that they will get back to you within, say 48 hours, regardless of whether there’s anything to report or not. Similarly request a monthly catch up call so you can keep on top of what the agencies have been doing for you, how the market is and the implications for you. Make it easy for the agency by setting up an effective contact arrangement. For example, evenings between 8-9pm on a specific telephone number.
Of course this will all be much more achievable if you can work with one nominated contact at each agency. You will then build a relationship, get to know one another and ultimately the agency will be better placed to serve you.
Good luck!
Carol
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March 2008
“What’s the best way to approach the partnership about changing clients?” Natalie
First be clear in your own mind why you want to change clients.
If it is due to a short-term, one off issue relating to chemistry/relationships or ability to do the job, then act now. It could prove an ethical matter if there are implications in the standard of your work.
However, if it’s more to do with career progression, personal strengths, likes/dislikes then you can afford to take a more measured approach.
As ever you need to start by considering why you want to change clients and what exactly you are seeking. And this is especially important here as you will need to be able to provide a clearly thought-out business case too.
Use a brainstorming technique (mind-mapping is a good one for this). This will help you to flush all your thoughts, including the pros and cons from both perspectives – yours and the business’s.
You can then use your mind-map as a foundation to articulate your case:
• What you don’t want, and why
• What you do want, and why
• How your proposition aligns to your professional development
• How your proposition meets business needs and indeed, can benefit the business
So that’s the content. Now you need to consider your process.
Do you understand the process within your organisation with respect to staff planning? Is there one dedicated Resourcing contact or are you expected to deal directly with your line manager/partner? Who exactly are the decision makers?
It’s important to get this right. You don’t want to go over anyone’s head and potentially have politics mess up your approach. Plus in the interests of efficiency you want to do it ‘properly’ and ensure you don’t have a number of parties putting in their oar on your behalf – that won’t help your case either. However, if used subtly a mentor or a sponsor could have a role here. As long as process and politics are respected, it can very valuable to have a bit of extra ‘clout’ behind your bid.
Be aware of timing too. If staff planning is an annual process in your firm, it may be appropriate to take a more strategic approach to making your case and respect normal procedures. If the system is more ad hoc, then use common sense to time your request. For instance it’s not going to go down well to put in a last minute request for a change – just before the job is due to start. Once again consider tying in to the firm’s normal practice on career/portfolio development, which may well be linked to the performance appraisal system.
Whichever approach you choose, remember that a bid that provides solutions rather than creating problems is going to be much better received. So rather making it ‘all about you’, think wider. Can you suggest a successor? If not a particular person then in general terms be prepared to articulate the type of individual who would benefit from the vacated role. Think level, experience, natural strengths, career aspirations. This could prove very helpful to the organisation and a ‘win-win’ outcome is going to get you much further in meeting your own aspirations.
Carol
“I feel 2007 was a very good year in terms of my productivity for the company, how do I approach my boss about a raise?” Thomas
Dear Thomas
Great start! You’ve already tied the cost to the benefit. It might seem obvious but in any commercial organisation, it’s going to be vital to establish that connection between ‘cause and effect’. You’ve made that link by relating your request for a raise directly to the measurable benefit that you’ve conferred on the company.
You now need to consider the official policy on pay rises. It could be that your organisation has a flexible, ad hoc approach to salary review. More likely though, there may be just one or two salary review points during the year, probably related directly to performance appraisal. But this doesn’t mean that you are confined to taking action at certain dates only. On the contrary this is an initiative that you should be working on all year round. I just point this out to stress that although your company’s pay review system may mean waiting for the actual dosh until the designated time, there is every reason to be sowing those seeds right now. If you do decide to make your case outside of the normal pay review timetable then the most valuable thing you can do is to look for precedents. Study those who have succeeded before. Understand what has worked for them and be prepared to model their approach.
In the meantime……..
The key is preparation. You need to plan your approach. This is not the time to go for it, all guns blazing. A measured, rational, supported argument will take you much further towards your objective. Think business case. You must let go of emotion here. To negotiate the best deal you will need to logically articulate the justification for your raise. Put aside for now any feelings of what you might ‘deserve’. What will count is validating your request in the context of the benefits you have provided to the business.
So build your personal case as you would build a business case.
• What does the business value? Check it out because it may be very different to what you personally value. Your case will not be persuasive unless it’s based on what the business wants.
• What is the boss looking for? It’s perfectly reasonable to ask your boss a very direct question. What do I have to do to secure this pay raise? Precisely what evidence do I need to do to demonstrate this? What does that mean in the context of my career?
• Ensure that you understand the company’s criteria for salary increases. Is it related to performance measures? If so understand what you need to demonstrate to reach this level. And again, what exactly does that look like? You need to get it down to practical tasks and behaviours. Talk to your line manager and/or HR. Look at precedents and use them as role models.
• Provide evidence to support your increased productivity and relate this back to what you know the business values. Construct a hypothetical defence. How would you respond to any challenges?
And don’t leave all the hard work until appraisal time. It’s always the right time to work on your strategy. Keep it on your agenda all year around. Find out what is expected and be sure that you are not only doing it but are seen to be doing it. This is not the time to be hiding your light under a bushel.
As for getting the most out of the meeting itself…..well that’s another matter entirely. Think: first impressions, focussing on your key objective, building empathy, reading and responding to body language, skilful questioning, optimising your language, clarity in communicating your case, negotiation, designing your concession strategy and setting yourself up for success. I could go on. But these are the answers to another question. Ask me that one next time!
Carol
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February 2008
“My peer group is extremely talented with strong individuals, how can I differentiate myself and be noticed?” Kate
Dear Kate
I would recommend a three stage approach. First examine your objectives. Ask yourself why do I want to be noticed? What do I want to be noticed for? And what is my ultimate aim here?
Asking and answering these questions is vital to ensure that you adopt an appropriate strategy. For example: is it about being promoted? Or simply to keep up with the rest of your peer group and not lag behind? Perhaps it more to do with your longer term career path - developing skills and attracting opportunities with a more strategic goal in mind? Or could it be that there is a cultural expectation of individuality?
Next examine precisely what is valued in your organisation.
You could start with the formal performance management system. What are the key competencies and core skills that are expected in your role? What level of proficiency is expected and how would it look to over-exceed in each area.
But this is only your starting point. You will also need to look at practise as well as theory. Consider in real terms what attributes individuals are noted for. What makes people stand out? What is reward (salary, promotion, opportunity) matched to in real terms? How does this line up with your perception of a peer group of talented, strong individuals? By doing this you are also testing your own assumptions about the rest of your peer group and potentially your place within it.
Resources that will help will include your Human Resources contact and your line manager. But go wider than this. Consider talking to individuals who are seen as role models. Find yourself a mentor, someone more senior (but who has no influence in your performance appraisal) who will view the terrain from a different perspective and may point out some real eye-openers.
Finally, once you’ve done all of this, you can put together your personal differentiation strategy.
Using all the knowledge you’ve gleaned, draw up your personal SWOT (Strengths, Weaknesses, Opportunities, Threats). Having figured out what works for your organisation you can now line it up with what you can offer. You are looking for your innate USP (Unique Selling Point) which is clearly unique and valued by your organisation, but also comes naturally to you (perhaps with a bit of nurture). As I am fond of pointing out, at all costs avoid the ‘square peg in the round hole’ syndrome. If you can’t find a relevant characteristic that is inherent and capable of being polished up to perfection, then you may be better placed seeking an alternative role which values your particular USP.
Bear in mind that you can have more than one USP. Here are a few examples: a specific aspect of communication skills (negotiation, influencing, dealing with conflict, building rapport with a particular type of client), leadership, tenacity, quality delivery under pressure, efficiency and effectiveness, technical expertise in a niche area. And many, many more.
And don’t forget once you have identified what it is that makes you special you will then need to ensure that your organisation can see it too – but that’s another story!
Carol
“I am very interested in moving from the audit into the general management consulting of my company – what’s the best way to go about this?” Wedian
Dear Wedian
This will be a competitive move and first impressions count. Consequently, before you ‘go live’ with your career aspirations, ensure you are knowledgeable about the sector, understand what’s expected in the role and can articulate your personal differentiator. Bearing in mind these three key requirements, here’s some tips to help.
Start genning up on Management Consultancy as a career. What does the job entail on a day to day basis? What does the longer term career path look like? What skills and experience will be required? And vitally, what characteristics are being sought to demonstrate longer term potential. You will need to appreciate all of this and clearly express it to your prospective employer.
So how do you go about this? Start inhouse. Look at networks you already have and then identify and develop further support. Use your commonsense to gauge when to release your career aspirations into the public domain, bearing in mind that there may be political tensions between the different service lines. Plus you don’t want the Management Consultants judging you before you are up to speed. So find a confidential mentor (senior to you) and/or a buddy (similar peer group) who has made the move or has insight into the department. Pick their brains to find answers to the questions above. Get them to help you to identify the key decision makers recruitment-wise, so you can look for subtle means of being seen by the relevant people in a positive light.
Continue your research outside your organisation to glean more intelligence on the industry. Recruitment agencies may be willing to help. But also use your own networks to talk further afield, seeking those who have made or considered the move. And use the rich resources of the internet; blogs and forums can be invaluable for the ‘inside story’.
When you are certain you can speak confidently about the career and the sector, start to share your aspirations more publicly within your firm. You can seek the support of HR/your line manager/the movers and shakers with Management Consultancy. Use a personal SWOT (Strengths, Weaknesses, Opportunities, Threats) to identify your differentiator and ensure it is aligned to what you now know is valued by the Management Consultants.
And last, but by no means least, don’t forget to consider what you actually want from this career move. What are you seeking that is not being satisfied in your current role? How does this move align with your long term career aims, your lifestyle needs, your core personal values? If inhouse politics permit you may be able to undertake a work-shadowing experience or even a secondment so you can see at first hand what it’s like at the sharp end.
Due diligence complete, you’ll be in an excellent position to make an informed decision as to whether this is the most appropriate move for you. And if it is, you’ll be in great shape to surge ahead with that application.
Carol
"I have just got an HSMP Visa for UK and am planning to move over there next month. I am an ACCA fully qualified member and have an experience of about 5 yrs in audit and risk services but of course it is outside UK.
Is it possible for me to secure a job online before i get to UK?
What is the quickest way to find a job in a practice in UK after i get there?" Mohammad
Dear Mohammad
It is certainly possible to start a job search before you come to the UK, although it is unlikely that you will complete it until you are here.
If you already have ‘Big 4’ experience then you should be applying to those companies now. Spread your net widely when searching their jobs and make sure that you also look at jobs outside London. London tends to be very popular and attracts the highest number of applications so looking outside may help your chances of securing an interview. You should also visit the websites of practice firms below the ‘Big 4’, such as BDO and Grant Thornton.
If you don’t have ‘Big 4’ experience already then it is very unlikely that you will find a job with them in the UK. In this case, the best approach would be to start making applications to audit specialist recruiters, many of which can be found via CareersinAudit.com and pushing for an interview with them when you arrive in the UK. You should also start exploring temporary work as this may provide you with fast employment and act as a bridge to a full time audit role.
Finally do ensure that your CV communicates your ACCA qualification and HSMP in the clearest possible way.
Carol
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January 2008
“I don’t seem to have any time for a personal life at the moment. What tips can you give me to better manage my time during this busy season?” Alex, Internal Auditor
Dear Alex
First up, I am assuming that you are referring to a limited period of time here. That is, a seasonal workload peak as opposed to a permanent state. Here are some tips to help you with a temporary increase in your workload. Bear in mind that a different approach would be recommended if this was a permanent situation.
There are three areas that you should consider:
• Planning. It is invaluable to take some time out from your technical responsibilities to work ‘on’ your job as opposed to ‘in’ your job. There is a school of thought that suggests that 10% of our time should be spent working on planning ‘how’ to do our jobs. 10% might seem a bit heavy at this time of year so I would suggest that any time at all that you use in this way will give you a good return on your time investment. Even if it is just 15 minutes a day, spend some time standing back, reminding yourself of the bigger picture and give some thought to what you are trying to achieve and the best way to achieve it.
• Goals. You will greatly benefit from having a real understanding of your priorities. Under time pressure it is vital to understand exactly what has to be achieved within the deadline and then focus completely on these priorities. Also consider what absolutely has to be performed by you. With everything else, firmly: eliminate, delegate, reschedule. This approach has added value when you break down your task into its smaller components and proceed to eliminate, delegate, reschedule. It will guard against the risk of seeing an assignment as a huge lump, and being seized by panic.
• Last but definitely not least, you need to commit to some leisure time. Hard as this may sound when you are working long hours to tight deadlines, you must do this for the sake of your health. At this time of year you may not find it possible to achieve a ‘balanced’ life and your personal time may not be at a level you would aspire to all year round – but you do need to take some time out. Even if you just commit 30 minutes a day ‘wind down’ time, doing nothing at all, this is helpful in combating stress and re-charging the batteries. If you can plan in some physical pursuit each day, all the better. Also aim to have at least one leisure activity to look forward to each week. Once you have decided, make a promise to yourself to honour these commitments. Cast them in stone. Treat them as you would a work deadline. Decide, commit then focus. Let nothing get in the way, and enjoy!
Carol
Have your career questions answered by emailing Carol at helpme@careersinaudit.com
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