You’ve completed your training contract, passed your exams, and are now ready to take the next step in your career. Moving into industry is an exciting transition, but with so many options available, how do you choose the right path?
It can seem like the obvious thing to focus on the job titles, assuming that a particular title defines the role. But in reality, the day-to-day responsibilities matter far more than the name of the job. Understanding the different career paths and the skills they require will help you make an informed decision.
Let’s explore some of the most common industry roles available to newly qualified accountants, including the challenges of breaking into FP&A and Commercial Finance, and why financial accounting remains a strong starting point for many professionals.
Financial Planning & Analysis (FP&A) – The Forward-Thinking Role
If you enjoy looking ahead rather than reporting on the past, FP&A could be right up your street. This function is crucial in shaping a company’s financial future through budgeting, forecasting, and performance analysis.
Working in FP&A is likely to include tasks such as:
Budgeting & Forecasting – Helping senior management plan and set financial targets.
Financial Modelling – Analysing trends and supporting data-driven projections.
Business Partnering – Collaborating with non-finance teams to support strategic decision-making.
Scenario Planning – Running “what-if” analyses to assess risks and opportunities.
This will appeal to you if:
- You enjoy big-picture thinking and working with data.
- You prefer commercial finance over technical accounting.
- You love collaborating across different business functions rather than focusing solely on financial statements.
The Reality: Challenges of Moving Straight into FP&A
FP&A is a highly desirable career path, but newly qualified accountants may face some challenges breaking into this area including:
Fewer Entry-Level FP&A Roles – Unlike financial accounting, where newly qualified accountants are in high demand, entry-level FP&A positions may arise less frequently.
Strong Commercial & Strategic Skills Required – While practice experience develops analytical skills, FP&A requires stakeholder management, forecasting, and commercial insight, which many employers prefer candidates to have gained in industry.
How to improve your chances:
- Consider a stepping-stone role – If FP&A is your long-term goal, starting in management accounting, financial analysis, or financial reporting can help you gain relevant experience.
- Highlight transferable skills – Showcase any exposure to budgeting, variance analysis, or business partnering during your training contract.
- Upskill strategically – Learning data analytics, Power BI, or financial modelling can strengthen your profile.
- Leverage networking – Many FP&A hires come from internal promotions, so building relationships within your target companies can increase your chances.
Bottom line: If FP&A is where you want to be, be prepared to work towards it rather than expecting to land the role straight away. It can happen, but being open to other roles that provide relevant experience will help your job search.
Financial Accounting & Reporting – The Backbone of Finance
If you’re detail-oriented and enjoy working with financial statements, financial accounting is a natural transition from practice. It builds a strong foundation in industry finance and can lead to roles in controllership, FP&A, or senior finance positions.
Working in Financial Accounting is likely to include tasks such as:
- Month-End & Year-End Close – Ensuring accurate and timely financial reporting.
- Statutory & Management Reporting – Preparing financial statements under IFRS, UK GAAP, or US GAAP.
- Audit & Compliance – Managing external audit processes and internal controls.
- Technical Accounting – Handling areas such as revenue recognition and lease accounting.
This will appeal to you if:
- You enjoy structured work, compliance, and technical accounting.
- You are seeking a smooth transition from audit.
- In the long run you see yourself progressing into Finance Manage or Financial Controller roles.
Why Financial Accounting is a strong foundation for other roles?
Even if financial accounting isn’t your long-term goal, it provides a solid technical foundation that can open doors to FP&A, Commercial Finance, or Controllership in the future. Gaining 1-2 years of industry experience in financial accounting before moving into other finance functions can open up numerous options in future.
Internal Audit & Risk – The investigative path
I know, you swore you would never say the word Audit again, but Internal Audit isn’t just about checking the financial statements are accurate—it’s about identifying risks, improving processes, and protecting the business.
Working in Internal Audit will include tasks such as:
- Assessing Internal Controls – Evaluating financial and operational controls.
- Risk Management – Identifying and mitigating financial, operational, and strategic risks.
- Process Improvement – Recommending efficiency and compliance improvements.
- Stakeholder Engagement – Working with senior management to implement best practices.
Internal Audit will appeal to you if:
- You enjoy problem-solving and process optimisation.
- You are looking for varied exposure across different business areas.
- You are considering a career in risk management, governance, or compliance.
🔹 Key Tip: Internal audit can be a great way to learn the business and network internally as it often provides a high level of visibility across the business
Commercial Finance – The Business-Focused Role
This role sits at the intersection of finance and strategy, helping shape profitability and business growth.
Working in Commercial Finance can include:
- Performance Analysis – Analysing financial and operational data to support business decisions.
- Pricing & Cost Analysis – Advising on pricing strategies to optimize margins.
- Strategic Decision Support – Helping leadership teams make informed financial decisions.
- Investment Appraisal – Assessing the financial impact of new projects and expansions.
Challenges of moving straight into Commercial Finance
Like FP&A, Commercial Finance roles require strong business acumen and stakeholder management skills. Many professionals gain experience in financial accounting, business analysis, or FP&A first before transitioning into Commercial Finance.
🔹 Key Tip: If Commercial Finance is your goal, look for roles where you can work closely with operations, sales, or marketing teams to gain relevant experience.
Go Beyond the Job Title: Look at the Duties First
I always advise newly qualified accountants to focus less on the job titles and more on the actual responsibilities of a role. Different companies have their own titles that are unique to their business and could well mean something completely different in another company.
For example:
- A Financial Accountant at one company may focus heavily on technical accounting, while in another, it may include management accounting and financial analysis.
- A Commercial Finance Analyst in a startup may have broad exposure, while in a multinational, it may be highly specialized.
✅ Always read the job description carefully and ask about day-to-day responsibilities during interviews.
Final Thoughts
There are many great options available to newly qualified accountants in industry. The key is to focus on the responsibilities of the role, not just the title, and choose a path that aligns with your skills, interests, and long-term career goals.
Remember, chase experience and the rest will follow.
Need advice on your next career move?
If you are deciding on your next steps after practice, feel free to reach out for a confidential career consultation
