As the economy continues to improve, professionals in the accounting and financial services sectors will have many opportunities to lead successful careers. For example, hiring is on the uptick, salaries are becoming more competitive, and new areas of specialization are emerging. However, despite this burgeoning job market, employers are finding it to be a challenge to fill these positions. Why? There simply aren’t enough qualified candidates to go around.
“The accounting and financial services industries are facing a major skills gap, specifically within Internal Audit, Tax (corporate and partnership), SEC Reporting, Compliance, and Risk,” explains Michael Cooke, Partner and Executive Vice President of The Execu|Search Group’s Accounting/Finance division. “There are many contributing factors to this widening gap, but one of the most significant is due to the tendency for professionals to stay with the same company and/or remain in the same position for a significant amount of time. While it’s certainly important to be invested in your work, it’s also imperative to self-reflect and step out of your comfort zone. If you aren’t being challenged or feel too settled into your routine, you run the risk of becoming complacent, which ultimately hurts your long-term career prospects.”
So how do you know when that time has come for you to move on from your current position? If you’re experiencing any of the following, it could be time to start searching:
There hasn’t been any clear career progression:
If you have been in the same job or with the same company for a significant amount of time, it’s important to start evaluating the progress you have made in your career thus far. For example, a lack of new responsibilities and/or promotions are two warning signs that you might have hit a roadblock and that the only way to move past it is to find a new job. “Any position that results in a dead-end – either because you’ve grown as much as you can, or because there was never any room for growth – is often one worth leaving,” warns Mitchell Peskin, Partner and Executive Vice President of The Execu|Search Group’s Financial Services division. “To many hiring managers, a lack of progression indicates a lack of drive. Therefore, it’s important to recognize the signs that your growth is stagnating and get out before you become an unattractive candidate to future employers.”
You aren’t getting promoted:
Consistently being passed over for a promotion – especially when your colleagues are receiving them – should definitely raise some red flags about your future with the company. “Whether this is because of office politics, your work ethic, or skill level, it’s important to seek out the reason and figure out what you need to do in order to resolve it,” notes Michael. “In most cases, I would advise seeking a new opportunity that aligns with your long-term goals. If your colleagues are being fast-tracked, while you remain in the same position, it is a sign that your manager does not see you as their go-to person and your growth opportunities are very limited.”
You’re not diversifying your experience:
In two sectors where regulations, products, and systems are constantly changing, keeping your skills up-to-date with evolving trends is key. As a result, don’t let your comfort-level with a particular type of role, organization, or industry prevent you from taking responsibility for your own professional development. That’s why Mitchell believes it is important for professionals to start thinking about their next move once they realize they have stopped learning. “If you don’t feel challenged and there isn’t anything new to learn, you risk becoming complacent – something that can really hurt your market value in such an ever-changing environment.”
To figure out your next move, first evaluate your long-term career goals and then see how they align with relevant industry trends. For example, in the financial services industry, the recent uptick in hedge fund hiring has created a lot of opportunity for professionals looking to transition from the sell-side. They can leverage this experience to kick-start their career on the buy-side and build the skills needed to eventually work at larger hedge funds with more assets under management and a greater variety of products.
In sum, it’s important to be aware of the signs that you have hit a roadblock at your current job. While it is still important to put in time at a company to gain experience and show loyalty and dedication, there is a certain point when it’s perfectly acceptable – if not preferable – that an employee move on. Once that time has come, it’s important that you take the steps needed to push your career forward.
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