Money is everywhere – it’s what runs organisations and helps pay the bills at home. From large corporations to family units and even governmental bodies, most entities with a considerable cash flow benefit from the help of an accountant. Therefore, it’s no surprise that the accounting career path is one of the most highly esteemed in the world.

High job security, coupled with international opportunities and competitive salaries, makes the finance and accounting industry extremely lucrative and attractive. But to get to the top, you’ve got to work your way up from the bottom. Here are 6 steps to earn a promotion in the finance industry.

 

How it Works: Finance Sector Promotion

The way accounting and finance recruitment works and the order in which promotions are designated is relatively straightforward.

Entry-Level Associate (£30k – £50k)

Most of the entry-level associates at a firm are university graduates. At this level, employees are expected to study towards their accounting qualifications over the next two or three years.

Senior Associate (£55k – £70k)

Senior associates are responsible for daily analytical tasks but are also expected to engage in direct communication with managers and clients. They could oversee junior members of the team.

Accounting Manager (£75k – £90k)

Accounting managers are typically responsible for overseeing the rest of the team and ensuring all tasks are completed. They lead projects and spend a considerable amount of time dealing with client relations.

Senior Manager (£95k – £110k)

Senior managers are responsible for all the accounting managers in the firm. They form part of the organisation’s public image, attend seminars and give lectures, or win new clients.

Managing Director (£115k – £550k)

Managing directors are in charge of the logistical issues within the firm. This includes risk mitigation, staffing, and overseeing the general performance.

Partner (£550k – £1.5m)

To make partner and become a co-owner of the firm, plenty of long-term expertise is required. Partners have a direct influence on the firm’s strategic decisions and overall success.

How to Get a Promotion in Finance and Accounting

If you’re tired of seeing minimal career progression, here’s how to find your next role.

Step 1: Networking

One of the first steps to earn promotion is networking. Learning how to deal with office politics and establish mutually beneficial relationships with your co-workers is crucial. Don’t be afraid to attend networking events and seek mentorship within your firm.

Step 2: Showing up

Unless you put in the hard work and show up, it’s unlikely that you’ll be considered for an upcoming promotion. If a problem arises, look for solutions rather than excuses. Be willing to accept responsibility and push yourself out of your comfort zone.

Step 3: Research

Research is a vital part of the accounting career path. It shows employers that you are keeping up-to-date with the latest industry trends and you’re constantly finding ways to improve your work.

Step 4: Leadership

Leaders always know how to get a promotion because they demonstrate that they’re not afraid of taking ownership or delivering results. Enhance your leadership skills by training a new employee or taking responsibility for a project.

Step 5: Skill up

Developing your skills is a vital step in the finance sector promotion process. For example, if you wish to get started as a finance contractor, you should specialise your skills and invest in relevant qualifications.

Step 6: Document

One of the last steps to earn promotion is to document everything you do. Keep a note of all your experience, achievements, and contributions to the organisation. You can draw upon this during your next interview or performance review.

All in all, there are plenty of attractive opportunities in the accounting and finance industry, you just need to know how to find them. At Advantage Resourcing, we source and place the most qualified professionals across the North West. If you’d like to know more about the accounting career path and how we may help, please reach out.