​TAKING BACK CONTROL

Celebrating International Day of Accounting with David Cameron, Vice President of the LCASS

International Day of Accounting is an annual celebration to commemorate the publication of Luca Pacioli's book on double-entry bookkeeping in 1494 which is the bedrock of modern day accounting. In the modern day, International Day of Accounting is about the appreciation of the crucial work Accountants do and the recognition of their importance for business longevity and success. This year, we caught up with David Cameron of EY's Restructuring Team and Vice Presidentof the Leeds Chartered Accountants Student Society (LCASS) to gather his advice for those in the early days of their accounting career and insights about all things ACA.Starting a Career in Accounting 1.What advice would you give to someone just starting their career in accounting?I would say the sooner you realise that all of the exams require a fair amount of work and can’t be blagged (no matter how easy you found A-levels or university), the better. ACA is tough but I think it is certainly passable for most people, as long as you put the work in. The next big piece of advice I would give is if you go into the initial mundane tasks, when you first start, with a positive can-do attitude, it goes such a long way. The people who go into tasks with that outlook often find they move onto much more interesting tasks, quickly. Finally, the last tip I’d give to anyone starting out in accountancy is start building your network straight away, not only will it benefit your career in the end when everyone climbs the ranks together, it is even more beneficial from a social point of view at the junior levels. People you meet at networking events will become your friends and just enhance your overall experience when you are starting out. 2.How can recent graduates make themselves stand out to potential employers?It sounds cliché but I think showing your personality in an interview and just being yourself is something people feel as though they shouldn’t do. I really believe that that’s by far the easiest way to stand out. The majority of applicants will also have a great CV, the way you will stand out is by the employer thinking that they will enjoy working with you every day. Picking an ACA Specialism 3.Can you share some insights on the different specialisms available whilst studying ACA?Audit and Assurance:Examining financial statements and processes to verify accuracy and provide confidence to stakeholders through regulatory compliance. Tax:Advice on tax planning, compliance or strategy, dependent on what department of tax you’re in. Transactions:This could be a role in Mergers & Acquisitions/Corporate Finance, Transaction Due Diligence or Restructuring. 4.How did you decide on your own specialism, and what influenced your choice?I work within the Restructuring service line and absolutely love it. I’d always had a big interest in how businesses work operationally, and Restructuring allows me to assist businesses through times of distress with the hope that we can help to provide a solution to save/improve the business. Being in the service line I am in, it has allowed me to think outside the box and use problem solving at work as there is never the same solution for each business in a time of crisis, with solutions ranging from running an accelerated sale process of the business to possibly refinancing its existing debt. What the ACA Has to Offer5.What are the key benefits of pursuing the ACA qualification?First and foremost, the comprehensive skillset you acquire through completion of the ACA qualification shouldn’t be overlooked as it allows you to apply knowledge you have learnt from topics/exams usually unrelated to your usual job role to situations where it is required or even personal situations. I believe that the practical work experience you gain (at least 450 days of practical work experience) whilst completing your ACA enables you to improve your technical skills at a far quicker rate as you are utilising knowledge you have learnt at work on a daily basis, to better your understanding of the technical aspects, something which you don’t get to do at university or school. I would say the largest benefit is realistically the career flexibility and opportunities it allows you to have access to. As mentioned above, there are so many different avenues that you can go down through having an ACA qualification. If you don’t like one role, you can quite easily try something different. 6.How does the ACA prepare accountants for the challenges both inside and outside of the profession?As touched on above, the comprehensive knowledge gained from an ACA qualification is fantastic and can be applied to so many different scenarios outside of an accountancy role, such as personal tax planning or even the strong financial acumen gained to assist with running your own business. ACA also of course reiterates the importance of ethical behaviour and integrity throughout your studying period which helps instil such traits into students. Learnings from this will help students make correct decisions at work or even in their own personal life when faced with difficult choices. Personal Journey into Accountancy 7.Can you tell us about your journey into accountancy and what inspired you to choose this career?I joined the EY Leeds Restructuring team back in 2020 via the school leaver programme. I probably got unlucky with the year I joined given we were in the midst of the pandemic, however, what I was certain of even back then was no matter what, I still just wanted to get into work rather than continue full time education. I was keen on the potential qualifications I would come out of university with; however, I knew that I had always much preferred working throughout school than the education side of things. I was drawn to the Restructuring apprenticeship due to the element of problem solving involved and the opportunity to leverage commercial skills. Admittedly, I wasn’t overjoyed about the prospect of 15 ACA exams, however, I knew the end goal was worth it and provided some incentive. Four years later and I have completed my ACA and my apprenticeship. I’d recommend this path to many, for the experience and level of qualification I’ve been able to obtain by such a young age, coupled with the opportunity to meet so many people that will be mates for life. 8.Looking back, is there anything you would have done differently in your career path?Nothing I would change that’s in my control. It would’ve been ideal to have joined at a time outside of the pandemic as it did effect the social side of things for the first year or so. To find out more about the ACA click here.Looking for your next career move in finance or accountancy? At Sharp Consultancy, our expertise lies in matching your potential with the perfect temporary, interim, or permanent position. With a well-established presence in Leeds and Sheffield, our seasoned team of consultants extends their services across Yorkshire and beyond. Don't wait for opportunity to knock, reach out to us TODAYand let's chart your career path together.

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This is (probably) my last comment piece for the year. And what a year. Normally, as we approach the wind down to the festive break I would be in a reflective mood; looking back at what the last 12 months have offered, lessons learned, key moments which have shaped our decision making and an optimistic look ahead to what the coming year may bring (*spoiler* my optimistic look ahead at the end of last year did not foresee a 2020 quite like this!).

As for so many, this year has been very much a rollercoaster but there’s one conversation – or a theme that has ran through many of the conversations that I have had with clients and candidates – that has really stood out. Control.

I remember fairly early on during the first lockdown, speaking with a business contact whom I have known for quite some time. They, like several others at the time, asked me what advice I would give as they looked to navigate the tricky circumstances that this unprecedented situation had placed us in. My words of wisdom – and I paraphrase a much more detailed response – centred around “don’t worry about what you can’t control”.

These conversations prompted me to recall a book which I have, over the years, referred back to many times: Understanding Organisations by Charles Handy. Within this, there was a specific paragraph which resonated with me at the time and, as we find ourselves in a position where, thanks to some extremely talented and dedicated scientists, the much-welcomed news of a vaccine has seen the first glimpses of light begin to appear at the end of what is a very long and dark tunnel.

This particular paragraph dealt with the notion that the human brain can only cope being unable to do something for around three months – after this point our natural instinct is for our brain to convince us that the reason we are unable to do a particular task is because we can’t do it and that ‘we are the problem’.

In recruitment terms, I’ve found this goes someway to explain why when people start a new job there’s a point – three months in – that if they feel they haven’t quite got to grips with all aspects of their role they think the position/company/industry isn’t for them and start to consider a change; in effect their confidence has gone. In actual fact, it’s probably closer to the six month mark that new team members really start to turn the corner and feel confident in their role and as a manager or business leader it’s imperative to recognise this and work with employees to dispel any doubts about their ability that may start to creep in during these crucial early months.

The reason our brain behaves in this way is because there’s only so long that people can cope with uncertainty. And this year, if there’s one thing that we have been certain of, its uncertainty. Back in the early days – March, April – organisations and individuals went into survival mode; there was a siege mentality as we faced each day, uncertain about what lay ahead. Initially, that collective ‘we are all in this together’ spirit was invaluable but as time has gone on, fatigue has started to set in and a continued uncertainty becomes very difficult for people to cope with and they want to take back (at least) some control.

To be realistic, there are some sectors which throughout this year have been – and are still – very much at the mercy of the restrictions that great swathes of the country are placed under. For them it is about nothing more than survival. But for others, who as I said, can start to very tentatively look ahead with a glimmer of hope and optimism, now is the time for these organisations to make positive moves away from survival mode and start to get on the front foot and plan for what lies ahead.

If we go back to the idea that our brains can only cope with being unable to do something for three months, this kind of positive shift in mindset is essential for the morale and well-being of staff that have be wrapped up in uncertainty and a lack of control for the last nine months. Even the most tentative of steps that begin to make the move away from ‘holding the fort’ to ‘planning for the future’ will be decisive in recapturing hearts and minds.

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