Daniel Taylor, two years into an ICAEW training contract, gives a first-hand account of what it’s like to be a graduate with Financial Progression.
Introduction
My career in accountancy has been both exciting and challenging, especially since I joined Financial Progression, a firm that specialises in a niche area: contract compliance audits and risk management within the marketing services industry. As a graduate who is two years into an ICAEW training contract, here’s an insight into what my unique and rewarding experience has been like.
Understanding Financial Progression
Financial Progression is a firm of Chartered Accountants, founded in 2008, dedicated to helping large advertisers manage the financial risks associated with their marketing activities by conducting contract compliance audits of their agencies. The firm’s focus on advertising and media agencies means I have been working in a dynamic and fast-paced environment, dealing with a variety of clients and complex contracts.
From day one, I was involved in real projects, gaining hands-on experience in contract compliance audits. This practical approach ensures that I apply theoretical knowledge to real-world scenarios.
The training contract experience
- Comprehensive learning: As a graduate, I embarked on a comprehensive learning journey, guided by seasoned professionals. The ICAEW training contract is designed to equip you with the knowledge and skills necessary to excel in accountancy and finance.
- Hands-on experience: From day one, I was involved in real projects, gaining hands-on experience in contract compliance audits. This practical approach ensures that I apply theoretical knowledge to real-world scenarios.
- Mentorship and support: Financial Progression places a strong emphasis on mentorship. Experienced auditors and accountants have supported me, providing valuable insights and guidance throughout my training.
- Diverse exposure: Working with advertising and media agencies has exposed me to a variety of industries and clients. This diversity has enhanced my learning experience and broadened my professional network.
The ICAEW exams
Spoiler alert! — ICAEW ACA exams are tough, and to be 100% honest, working in external audit does not necessarily help you pass these exams. The real challenge is time management — finding time to study around work commitments while still maintaining a life to avoid burnout.
The real challenge is time management — finding time to study around work commitments while still maintaining a life to avoid burnout.
Even though the exams are difficult, if you put in the work, you will succeed. It is common to experience stress and even depression as exams approach and your study time increases. This is where my experience with Financial Progression has been unparalleled. The work-from-home aspect gives me much more flexibility to study and allows me to maintain somewhat of a life, which I never had before. Since joining Financial Progression, I have avoided the low lows I experienced during study for exams in my previous role.
Contract compliance vs external audit
Before joining Financial Progression, I was a graduate in practice, working in external audit as an audit assistant. While Financial Progression operates in a niche area, the work is not too dissimilar.
Whilst working as an external audit assistant, the tasks I was assigned were quite repetitive and not very stimulating. This made the job feel monotonous and unengaging, as I rarely saw the broader impact of my work. The demanding schedule and routine nature of the tasks made it difficult to stay motivated and enthusiastic about the role.
I genuinely feel like I am making a difference. The tasks border on investigative work rather than just ticking boxes, as is often the case in external audits
The work at Financial Progression is far more exciting: instead of feeling like a hindrance to clients, I genuinely feel like I am making a difference. The tasks border on investigative work rather than just ticking boxes, as is often the case in external audits. Each day brings new learning opportunities, and the marketing services sector is an exciting, growing field. We provide companies engaging with marketing agencies control and assurance over their spending, making our work both impactful and fulfilling.
Whilst working in a smaller team, I have experienced significant advantages, such as feeling truly valued and recognised. In this close-knit environment, it’s clear how my work directly impacts the business and contributes to its growth. This setting allows for more personalised feedback and mentorship, making each of my contributions feel meaningful and integral to the company’s success. Additionally, the opportunity to take on diverse responsibilities has helped me develop a broader skill set and a deeper understanding of the business.
Key responsibilities
- Conducting audits: I am responsible for conducting detailed audits of contracts between clients and their advertising/media agencies. This involves scrutinising financial records, ensuring compliance with contract terms, and identifying any discrepancies.
- Risk management: Part of my role involves assessing risks associated with marketing activities. I’ve learned how to identify potential issues and develop strategies to mitigate them.
- Client interaction: Building strong relationships with clients is crucial. I regularly interact with clients, presenting findings and providing recommendations to improve their contract management processes.
Skills development
- Analytical skills: The role requires strong analytical skills to examine financial data and contracts meticulously.
- Attention to detail: Ensuring accuracy in audits and compliance reports is essential.
- Communication: I’ve developed excellent communication skills, both written and verbal, to effectively convey audit findings and recommendations.
- Problem-solving: The ability to identify issues and propose solutions is a key part of the job.
Work-life balance
Financial Progression values work-life balance. While the work can be demanding, the firm promotes a healthy balance between professional and personal life. Flexible working hours and a supportive work environment contribute to overall job satisfaction.
Completing my ICAEW training contract with Financial Progression will open up numerous career opportunities.
Career progression
Completing my ICAEW training contract with Financial Progression will open up numerous career opportunities. Whether I choose to continue specialising in contract compliance audits or explore other areas of accountancy, the skills and experience gained here will be invaluable.
Conclusion
Being a graduate on an ICAEW training contract with Financial Progression is a unique and enriching experience. The combination of specialised audits, risk management, and exposure to the marketing sector provides a solid foundation for a successful career in accountancy. With comprehensive training, hands-on experience, and a supportive environment, I feel well-equipped to excel in my professional journey.
They're gonna love this…
Related Buzz…
Financial Progression partners with ISBA on marketing contract compliance audits
In the continuously changing landscape of media and advertising, transparency and accountability continue to figure…
Financial Progression is sponsoring ProcureCon Marketing Europe
We are delighted to announce that Financial Progression is sponsoring ProcureCon Marketing Europe from 11th –…
How different are financial practices in agencies around the world?
While accountancy may not qualify as being the oldest profession, it can date its history back to before the Roman…