When the recession kicked in the uncertainty that was created meant a lot of accountancy firms either put their succession plans on hold or the owners worried they wouldn’t get a chance to have one if the business went under.
A number of years further on and there are still a number of established accountancy firms across the region who do not have anybody coming through to enable the owners to exit over the next 5 – 10 years. This has been caused by a reluctance to recruit and train during the recession and a reluctance of experienced professionals in a managerial position to move on which in turn restricted the development of qualified staff coming through and so the cycle went on. We were in an era of postponed promotions, expansions, retirements etc.
For the ambitious aspiring qualified accountant there are now opportunities to join firms as part of firms’ succession plans and secure a financially and career rewarding opportunity. This is never something to rush into on either side and as much as the economic circumstances impact on the decision making, it is still important to remember the timescales you may have to work to, especially if the plan is working towards a retirement or a fixed date of exit.
When joining a firm you need to give yourself time to work alongside the exiting partner so you gain the respect and understanding of the clients you are going to be taking over. You will need a couple of years to bed in, build relationships with clients and staff alike; you may also need business development experience or need to build a portfolio and this will take time.
There are different ways of buying into a firm and the expectations of the exiting partners will vary from firm to firm but it is likely you will need the time to buy in or raise funds, so with all this in mind you would really need to be planning for this type of opportunity now if you expect to become a partner in the next 3-5 years.
At Wavelength we’ve had many years experience in the accountancy recruitmentmarket recruiting for practices large and small at all levels and have introduced many candidates looking for prospects for progression from aspiring managers through to partners with fee following, even during the toughest recession.
As the market improves competition for these roles will increase and you need to be made aware when such an opportunity presents itself to the market and is relevant to your skills set and aspirations. Roles will vary and may be specialist e.g. in Audit or Tax or may be more General, it is during these times you need a consultancy you can trust to be technically aware, skilled at recruitment, have strong market knowledge and be honest and unbiased.
Examples of current roles we are recruiting for at Partnership level include:
ACA qualified with client following
Partnership Prospects ACA/ACCA Qualified Manager
ACA/ACCA Qualified Senior/Manager with a small firm
For other opportunities at all levels follow this link http://www.waverecruit.com/jobs
At Wavelength we don’t just fill vacancies we will find the right opportunity for you and let you know when it surfaces.
So start the search at the earliest opportunity and choose your recruitment agent wisely to identify what will be a career enhancing appointment for you.