When is the right time to move from audit into industry?
It’s one of the most common questions I get from auditors considering their next move....The honest answer is that timing matters more than people realise.
The most common transition points are still around 0–1 years’ PQE and then at Senior Manager level, often when people feel frustrated by the bottleneck towards Director or RI status in audit.
Here are a few things I regularly see in the market:
1. Brand still matters in industry hiring.
Many large companies immediately recognise the major firm names.
If your long-term goal is to join a listed or large multinational business, experience at a well-known firm can make that transition much easier.
You will often see job adverts requesting “Big 4 experience” or “Top 10 experience”.
That’s not to say smaller firms aren’t valuable, but brand recognition can open doors.
Personally, I think this has lessened over time, but there are still many doors that remain closed without a larger firm name on your CV.
2. Progression isn’t always as linear in industry.
In practice, perhaps more so than ever, progression is incredibly structured and for many promotions is largely a matter of time.
In industry, progression can be more dependent on company size, timing and internal opportunities.
How many individuals do you see moving from one company to another at the same level repeatedly while waiting for the opportunity to step up? You will often see strong candidates who have been Finance Managers at several companies in a row. It is often easier to move sideways than upwards.
Because of this, sometimes staying in practice a little longer can allow you to move across at a higher level. For example, Audit Senior Manager to Financial Controller, rather than stepping across earlier as an Audit Senior to Financial Accountant and then needing to work your way back up again.
3. Smaller firms can accelerate progression.
Many smaller practices offer greater responsibility earlier and faster promotion opportunities.
That experience can position candidates very well when they eventually move into industry.
For example, you might have PwC on your CV, giving you the brand. However, could a move to a challenger firm accelerate your progression to Manager or Senior Manager? You could then still leverage the Big 4 brand while securing an FC or FD role, rather than joining industry as a Financial Accountant or Finance Manager.
4. Industry isn’t for everyone.
This is something people don’t talk about enough.
A number of candidates I’ve worked with have moved into industry and realised they miss:
- the variety of clients
- the structured progression
- the constant learning environment
- the relationships built in practice.
Some even return to practice after a year or two.
However, one thing to keep in mind is that the longer you stay out of practice, the harder it can be to move back.
If you try industry and realise within 6 to 12 months that it isn’t the right fit, it is usually easier to return sooner rather than later.
5. Be cautious about moving while still part-qualified.
This is something I see catch people out quite often.
Many industry roles say they are happy to “support ACA studies,” but in reality, the company may not fully understand the requirements around training agreements, time sign-off and relevant experience.
In some cases, candidates move across expecting to complete their qualification, only to realise later that their experience cannot actually be signed off properly.
The result can be people becoming “qualified by experience,” which can make it significantly harder to move roles later on, particularly if they ever want to return to practice.
At that point, the options can become difficult. Switching to ACCA or CIMA and starting again, often self-funded, or continuing without a full qualification.
Because of this, for many auditors it makes sense to finish the ACA before moving into industry, unless the new employer clearly understands and can properly support the qualification requirements.
There is no universal “perfect” time to move.
It depends on your career goals, firm experience and the type of role you ultimately want to reach.
Thinking strategically about when you move can make a significant difference to where you land.
I would be curious to hear others’ experiences.
When did you move from practice to industry, and would you do it at the same stage again?
