ADD ADVICE TO FAVProfessional services
Professional services firms are much more than just accountants – they offer a complete range of business advisory services.
In the mid-1980s the accountancy world began a process of dramatic change. ’The real trigger for this was the increasing amount of automation,’ says Tony Osude, Head of Employer and Professional Body Partnerships at ACCA (the Association of Chartered Certified Accountants).
’With automation of the large amount of transactional work carried out by accountants, a lot of very bright, highly qualified people were freed up to undertake higher-end, higher-value work. This work centred on using their broad experience of business to help senior management make better strategic and financial decisions.’
The expansion of the Big Four
The recognition of new growth opportunities saw the Big Four – Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers LLP – leading the way in offering services covering accountancy, law and consultancy.
However, the collapse of Enron in 2001 had a major impact on the professional services sector. As the potential for conflicts of interest for firms offering clients management consultancy (in addition to traditional accountancy services such as tax and audit) were exposed, most professional service companies ditched their consultancy arms.
Now, however, firms are offering a range of services again, but with compliance mechanisms firmly in place.
How accounting has evolved
Today, major accountancy firms work with a wide range of clients, including international corporate groups and listed companies, owner-managed businesses and private individuals.
They offer a complete range of business advisory services and accounting, including audit and assurance, tax advisory and compliance, corporate finance and consulting, forensic and investigations, corporate recovery and insolvency, and financial planning for private individuals.
Even smaller accountancy firms, whose core business often still comprises tax and audit, have recognised the benefits of diversification. Small- and medium-sized enterprises that are not able to afford management consultants often welcome their expertise.
Training and roles for graduates
Major professional-services firms place a strong emphasis on development and training, funding their graduates’ professional studies and providing study leave and helping them to manage their workloads.
As well as guiding its graduates through professional exams, most firms also provide internal training to develop the organisational and leadership qualities needed to succeed. Mentoring schemes are sometimes used to help graduates keep a balance between theory and practice.
Careers in professional-services firms are more than simply number-crunching, as a spokesperson for PricewaterhouseCoopers points out. ’Whether we’re auditing a company’s financial results, identifying the commercial risks they face, helping with tax planning or assessing the implications of strategic business decisions – it’s all about getting beneath the skin of other organisations.
’Wherever graduates join us, they’ll be dealing directly with clients from the start. The depth and breadth of experience they gain will equip them for an exciting career’.
Job descriptions
- Chartered accountant
- Chartered certified accountant
- Financial accountant
- Forensic accountant
- Management accountant
- Tax adviser
