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Accounting Career Advice ?
Hello everyone, I'm currently exploring career paths in the accounting field and I'm particularly interested in the advisory sector. Could anyone share insights on the various advisory roles available within accounting, and what skills or experiences are most valuable for success in these roles? Additionally, what are the typical career progression opportunities in this field? Thanks in advance for your guidance!
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6 answers
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Annamalai’s Answer
Advisory roles within accounting offer a dynamic path beyond traditional audit or tax, focusing more on strategy, process improvement, and risk management. Common areas include risk advisory, transaction services (like M&A and due diligence), accounting advisory (technical accounting and IPO readiness), financial transformation, and regulatory compliance. These roles typically require strong analytical skills, Excel and PowerPoint proficiency, solid understanding of financial statements, and the ability to communicate clearly with clients. Career progression often moves from associate to senior associate, then to manager, senior manager, and eventually director or partner. Gaining exposure through internships and building technical and business acumen early on can be especially helpful for breaking into the field.
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Joanne’s Answer
Advisory roles in accounting offer an exciting and rewarding path, blending financial know-how with strategic problem-solving. Here's a simple guide to explore this field:
Types of Advisory Roles in Accounting
Financial Advisory
Focus: Mergers and acquisitions, company valuation, due diligence, and transaction services.
Key Employers: Big Four firms like Deloitte, PwC, EY, KPMG, and specialized advisory companies.
Skills Needed:
Good at financial modeling and using Excel
Knowledge of corporate finance
Attention to detail and strong analytical skills
Risk Advisory / Risk Consulting
Focus: Managing internal controls, following regulations, handling enterprise risk management, and addressing cybersecurity risks.
Types of Advisory Roles in Accounting
Financial Advisory
Focus: Mergers and acquisitions, company valuation, due diligence, and transaction services.
Key Employers: Big Four firms like Deloitte, PwC, EY, KPMG, and specialized advisory companies.
Skills Needed:
Good at financial modeling and using Excel
Knowledge of corporate finance
Attention to detail and strong analytical skills
Risk Advisory / Risk Consulting
Focus: Managing internal controls, following regulations, handling enterprise risk management, and addressing cybersecurity risks.
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Shay’s Answer
The accounting advisory sector offers diverse and dynamic career paths beyond traditional accounting, focusing on strategic guidance in areas like financial planning, tax optimization, transaction support, and risk management. Success in these roles hinges on a blend of strong technical accounting knowledge (GAAP, financial modeling, data analysis) and critical soft skills such as communication, critical thinking, problem-solving, and client relationship management. Career progression typically moves from associate to senior, manager, director, and ultimately partner, with each step demanding greater leadership, client engagement, and business development acumen.
Based on your interests, which advisory areas (e.g., tax, transactions, technology) resonate most with you? Research firms specializing in those areas.
Begin building foundational technical skills, if you haven't already, and actively seek opportunities to hone your communication and problem-solving abilities through coursework or practical experience.
Shay recommends the following next steps:
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Kris’s Answer
Hi Fabio,
Here are some common advisory roles, along with insights from my own journey in accounting and finance.
My Experience:
I began my career in a Big 4 public accounting firm, working in advisory, tax, and audit roles. Each role offered unique experiences that shaped my career path. The tax role taught me about legal and compliance aspects, helping me understand how business entities are formed and how financials relate to tax obligations. The audit role helped me grasp public financial reporting and building financial statements. Starting with tax and audit gave me a solid foundation for my advisory role, allowing me to start advising effectively right away.
My Thoughts:
When exploring your first roles after college, don't overlook financial development programs. These programs are common in Fortune 500 companies and offer new finance professionals a chance to explore various areas like FP&A, treasury, accounting, tax, audit, and other operations. They provide a great way to gain experience in different fields and can be a stepping stone to a career in advisory.
Common Advisory Roles
- Accounting Consultant/Senior Consultant: Helps clients with complex accounting issues, new accounting standards, and financial reporting improvements.
- Client Advisory Associate: Works with clients on management consulting, risk assessment, and data analytics, often in sectors like healthcare or technology.
- CFO Advisory/Interim CFO: Provides strategic guidance, resolves complex accounting issues, and assists with financial planning, mergers and acquisitions, and compliance.
- Business Advisory: Advises on business structuring, growth strategies, cash flow management, and expansion plans, especially for startups and small businesses.
- Risk Management Advisor: Identifies and mitigates financial and operational risks, helping organizations build strong risk management frameworks.
- Performance Improvement Specialist: Conducts financial analysis and process optimization to boost efficiency and profitability.
Here are some common advisory roles, along with insights from my own journey in accounting and finance.
My Experience:
I began my career in a Big 4 public accounting firm, working in advisory, tax, and audit roles. Each role offered unique experiences that shaped my career path. The tax role taught me about legal and compliance aspects, helping me understand how business entities are formed and how financials relate to tax obligations. The audit role helped me grasp public financial reporting and building financial statements. Starting with tax and audit gave me a solid foundation for my advisory role, allowing me to start advising effectively right away.
My Thoughts:
When exploring your first roles after college, don't overlook financial development programs. These programs are common in Fortune 500 companies and offer new finance professionals a chance to explore various areas like FP&A, treasury, accounting, tax, audit, and other operations. They provide a great way to gain experience in different fields and can be a stepping stone to a career in advisory.
Common Advisory Roles
- Accounting Consultant/Senior Consultant: Helps clients with complex accounting issues, new accounting standards, and financial reporting improvements.
- Client Advisory Associate: Works with clients on management consulting, risk assessment, and data analytics, often in sectors like healthcare or technology.
- CFO Advisory/Interim CFO: Provides strategic guidance, resolves complex accounting issues, and assists with financial planning, mergers and acquisitions, and compliance.
- Business Advisory: Advises on business structuring, growth strategies, cash flow management, and expansion plans, especially for startups and small businesses.
- Risk Management Advisor: Identifies and mitigates financial and operational risks, helping organizations build strong risk management frameworks.
- Performance Improvement Specialist: Conducts financial analysis and process optimization to boost efficiency and profitability.
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April’s Answer
Advisory work is exciting because it focuses on solving problems for companies. Instead of handling taxes or audits, you help businesses grow, stay on track, or resolve challenges.
Here’s a simple look at the main types of advisory roles:
Deals/Transaction Advisory: Assist companies in buying, selling, or merging with other businesses.
Risk Advisory: Ensure companies are compliant and protected from fraud and cyber issues.
Valuation/Modeling: Determine what companies or assets are worth using financial models.
Tech Advisory: Help clients choose and set up accounting or business software like SAP, Oracle, or NetSuite.
Strategy Advisory: Offer high-level guidance on growth plans, operations, or restructuring.
To succeed in advisory, you need strong communication skills, analytical thinking, and good time management. Being comfortable with Excel or data tools like Power BI or Tableau is important too. The work is often fast-paced, so being adaptable is key.
Regarding career growth, you typically start as an Analyst or Associate and can advance to Senior, Manager, Senior Manager, and possibly Partner. Some people stay in advisory long-term, while others move to corporate roles, startups, or finance/private equity after gaining experience.
If you enjoy variety, fast-paced projects, and working with clients, advisory could be a great match for you.
Here’s a simple look at the main types of advisory roles:
Deals/Transaction Advisory: Assist companies in buying, selling, or merging with other businesses.
Risk Advisory: Ensure companies are compliant and protected from fraud and cyber issues.
Valuation/Modeling: Determine what companies or assets are worth using financial models.
Tech Advisory: Help clients choose and set up accounting or business software like SAP, Oracle, or NetSuite.
Strategy Advisory: Offer high-level guidance on growth plans, operations, or restructuring.
To succeed in advisory, you need strong communication skills, analytical thinking, and good time management. Being comfortable with Excel or data tools like Power BI or Tableau is important too. The work is often fast-paced, so being adaptable is key.
Regarding career growth, you typically start as an Analyst or Associate and can advance to Senior, Manager, Senior Manager, and possibly Partner. Some people stay in advisory long-term, while others move to corporate roles, startups, or finance/private equity after gaining experience.
If you enjoy variety, fast-paced projects, and working with clients, advisory could be a great match for you.
Updated
Albina’s Answer
Great question! As someone who's been watching the accounting industry transform over the past few years, I can tell you that focusing on advisory is absolutely the right move - especially with AI reshaping traditional accounting work.
The reality: AI is already handling basic bookkeeping, data entry, and even simple auditing tasks. But what it can't do is sit across from a CEO and help them figure out whether to acquire a competitor or how to restructure their operations in a recession. That's where advisory comes in.
The advisory roles that are actually growing:
1. Business transformation consulting - Companies are constantly trying to figure out how to use technology, enter new markets, or improve operations. You become their strategic partner, not just their number-cruncher.
2. Deal advisory - Every time companies buy or sell each other, they need humans who can spot the risks that don't show up in spreadsheets. AI can analyze data, but it can't read between the lines when management is being evasive about their customer retention issues.
3. Risk and compliance advisory - With cyber attacks and regulatory changes happening constantly, companies need advisors who understand both the technical requirements and business implications.
What you need to do RIGHT NOW to stay ahead:
1) Stop thinking like a traditional accountant. Start thinking like a business problem-solver who happens to understand finance. Take courses in data analytics, learn Python or SQL, get comfortable with visualization tools like Tableau. But more importantly, develop your ability to translate complex financial information into business insights.
2) Get real experience while you're still in school. Don't just aim for any internship - target advisory roles specifically. Big 4 firms are great, but also look at boutique consulting firms. Even a small firm that does business valuations will teach you more about advisory work than a traditional audit internship.
3) Build your communication skills aggressively. In advisory, you're selling your expertise and judgment. Practice explaining financial concepts to non-financial people. Join debate club, take presentation classes, anything that makes you more comfortable being the expert in the room.
The career path that actually works:
Most people think it's linear - associate - to senior - to manager. But the smartest advisors I know built expertise in a specific industry or type of problem. Maybe you become the go-to person for restaurant franchises, or healthcare M&A, or family business succession planning.
Here's what sets successful advisory professionals apart: they're not just technically competent - they're trusted advisors. Clients call them not just when they need analysis, but when they need help making tough decisions.
The opportunities are huge right now. As AI handles routine work, there's more budget and more need for strategic advisory services. But you have to position yourself correctly from the start.
Start building relationships now, not after graduation. The advisory business runs on referrals and trust, and that takes time to develop.
You're asking the right questions at the right time. Just make sure you're building skills that complement AI rather than compete with it.
The reality: AI is already handling basic bookkeeping, data entry, and even simple auditing tasks. But what it can't do is sit across from a CEO and help them figure out whether to acquire a competitor or how to restructure their operations in a recession. That's where advisory comes in.
The advisory roles that are actually growing:
1. Business transformation consulting - Companies are constantly trying to figure out how to use technology, enter new markets, or improve operations. You become their strategic partner, not just their number-cruncher.
2. Deal advisory - Every time companies buy or sell each other, they need humans who can spot the risks that don't show up in spreadsheets. AI can analyze data, but it can't read between the lines when management is being evasive about their customer retention issues.
3. Risk and compliance advisory - With cyber attacks and regulatory changes happening constantly, companies need advisors who understand both the technical requirements and business implications.
What you need to do RIGHT NOW to stay ahead:
1) Stop thinking like a traditional accountant. Start thinking like a business problem-solver who happens to understand finance. Take courses in data analytics, learn Python or SQL, get comfortable with visualization tools like Tableau. But more importantly, develop your ability to translate complex financial information into business insights.
2) Get real experience while you're still in school. Don't just aim for any internship - target advisory roles specifically. Big 4 firms are great, but also look at boutique consulting firms. Even a small firm that does business valuations will teach you more about advisory work than a traditional audit internship.
3) Build your communication skills aggressively. In advisory, you're selling your expertise and judgment. Practice explaining financial concepts to non-financial people. Join debate club, take presentation classes, anything that makes you more comfortable being the expert in the room.
The career path that actually works:
Most people think it's linear - associate - to senior - to manager. But the smartest advisors I know built expertise in a specific industry or type of problem. Maybe you become the go-to person for restaurant franchises, or healthcare M&A, or family business succession planning.
Here's what sets successful advisory professionals apart: they're not just technically competent - they're trusted advisors. Clients call them not just when they need analysis, but when they need help making tough decisions.
The opportunities are huge right now. As AI handles routine work, there's more budget and more need for strategic advisory services. But you have to position yourself correctly from the start.
Start building relationships now, not after graduation. The advisory business runs on referrals and trust, and that takes time to develop.
You're asking the right questions at the right time. Just make sure you're building skills that complement AI rather than compete with it.