If you're transitioning from accounting to finance, you can expect a few things in your career journey. Deciding to switch careers can be daunting, but it's also an exciting opportunity to explore new possibilities.
The field of finance is much broader than accounting and offers a more diverse range of job responsibilities and clients. You can expect to find more variety in a finance career. From investment banking and financial analysis to risk management and insurance, there are many different directions you can take your job in finance. This expanded role may feel challenging at first. Still, with some preparation, your transition can be smooth.
Here are a few things to anticipate as you go from a career in accounting to finance:
Work with a more diverse set of clients.
You may have worked with a few different types of clients as an accountant. But in finance, you'll likely work with a much more comprehensive range of clients and learn about new industries and business models. This diversity can be both challenging and rewarding.
Be prepared to use different tools and techniques.
In finance, you'll use various tools and techniques to make decisions. This can include financial modeling, statistical analysis, and data mining to identify trends. If you're not familiar with these tools and techniques, don't worry - there's plenty of training available to help you.
While accounting roles typically involve working with financial statements and reports, you will utilize various tools and methods for analyzing data and making financial decisions.
Work on more strategic decisions.
In finance, you'll be involved in more long-term planning and decision-making. This includes things like investment strategies, capital budgeting, and risk management. This may be a significant change if you're used to working mainly on the business's day-to-day operations. But it's also an exciting opportunity to learn new skills and contribute to the company meaningfully.
While accounting roles tend to focus more on specific tasks such as bookkeeping or tax preparation and ensuring compliance with financial regulations.
Work with a different type of team.
In finance, you'll likely work with a cross-functional team that includes people from other departments like marketing, sales, and operations, broadening the types of projects you work on and the people with whom you interact. While in accounting, you may have only worked closely with other accountants or accounting department members.
Expect different paces of work.
Things move a lot faster in finance, and there's often less time to complete tasks. This can be challenging at first, but it's also an opportunity to learn new skills and sharpen your time management abilities. You'll need to be able to make adjustments and make decisions quickly, so being comfortable with change is a must.
These are only a few things you can expect when transitioning from accounting to finance. While it can be a significant change, it's also an exciting opportunity to learn new skills and grow your career. So, if you want a career in finance, don't be afraid to take the leap!
