How accountants can make a smooth career transition

Very often life transitions trigger in people a desire to seek more fulfillment in their lives. Such transitions can be the beginning of a new year or entering the second half of life. Starting a new career can represent an overwhelming task, one that is filled with uncertainty and requires a lot of time and effort. A constructive way to embrace that uncertainty is by planning ahead. By doing so, it puts you in the driver’s seat, enabling you to make the right decisions. This article provides a framework that will enable you to increase your chances of success when switching careers.

An accountant’s transferrable skill set

Accountants are equipped with a great skill set that allows them to thrive in any type of business ranging from for profit to not-for-profit and governmental to nongovernmental organizations. At the end, any organization requires its transactions to be recorded, and, even if different rules may apply, accountants are in the best position to understand, execute, and comply in accordance with these standards. Their expertise in compliance extends beyond accounting rules, as accountants must examine contracts and agreements to ensure rights and obligations are reflected properly. More importantly, functions such as marketing and operations depend on the right allocation of resources, and that is a task any accountant is adequately prepared to do given their training.

In addition, given the nature of their work, accountants understand how different functions within an organization interact and relate to each other. Experienced accountants have often dealt with difficult situations, such as organizational conflicts, that enable them to enhance their communication, presentation, and negotiation skills. In fact, members of the accounting team are often called out to educate employees from the entire organization on topics such as organizational restructuring, compensation plan, and changes in downstream applications, such as purchase requisitions and customer relationship management platforms.

How to stay ahead to support a career transition

Find a safe way to explore new roles. Volunteering your time and skills for causes you strongly identify with will help you explore activities you feel passionate about in a safe environment.

Know yourself. Understand what drives your passion and excitement when doing something. If it is about helping others, is that because it allows you to get to know people every day or that you find it fulfilling to educate others? A clear distinction will help you identify the path you should follow.

Visualize yourself in that “new” role. Visualization will provide you a mental picture of that second career and build a bridge from where you are to where you want to be. By doing so, you can assess what skills and resources are needed to get there.

Get in “active” networking mode. Expanding your group of acquaintances will allow you to learn new activities. As a result, join professional associations where you can meet people who may share a common ground but have different career paths. Also, use tools like LinkedIn to connect, and don’t be afraid to express your interest in learning about other people’s roles. Furthermore, connect with recruiters and express your strong interest in the position, your motivation, and what you bring to the table.

Find a mentor. Make sure you identify someone you trust, who works in the field you want to pursue and can provide you with the guidance you need to succeed. There is no replacement for first-hand experience. More importantly, a mentor can share insights on career paths, what to do and what not do, contacts, and resources that will help you smoothly navigate a career transition.

Stay where you are if possible, and, if not, work on your next career as a side hustle. Take advantage of rotational or transfer opportunities within your company. You can also take on extra projects or initiatives that may help you gain some experience in unrelated areas, such as recruiting, marketing, and supplier diversity. If internal transfers or projects are not available, you may want to start working on your next career as a side hustle. Working two jobs will force you to be more efficient and will allow you to ponder how much you want this career change.

Never stop learning. As you transition to a new career, you may realize it won’t be the last one. This is where you will embrace the concept of lifelong learning. Remember what brought you here was change — and change is constant. As a result, you need to stay up to date with the latest developments, search for new skills, and assess new opportunities.

Conclusion

Finding another career may represent a full-time endeavor filled with many uncertainties. Therefore, you need to follow a thoughtful and planned approach to help you understand how your skills can help you achieve that fulfilling life you are seeking.

— Derrick Bonyuet, CPA, Ph.D., CFA, CFP, is a clinical assistant professor of accounting in the McCombs School of Business at the University of Texas at Austin. He has more than 30 years of experience in pricing, financial planning and analysis, tax, and audit and serves on the board of Skillpoint Alliance, a workforce development organization in Central Texas. He also volunteers as a business mentor with SCORE Austin. To comment on this article or to suggest an idea for another article, contact joaed@aicpa.org.