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You may be starting out in your career or looking for a change of direction, and, let’s be honest, Insolvency is usually few peoples first port of call. However, with company insolvency increasing in the first quarter of 2019 and administration rates at a 5 year high, should it be a sector that you’d consider?
Well, what exactly is it?
Insolvency is split between personal and corporate case work and can be anything from a business entering a time of trouble to an individual declaring bankruptcy. Balanced between the finance and legal sectors, it calls into demand a vast amount of skills. Here are 5 reasons why a career insolvency could be the perfect option for you.
Few sectors will give you the versatility that Insolvency can offer, whether planning to move a business through a restructure, winding down a business, or investigating how they’ve ended up in their current situation. Insolvency escapes the trap of offering either a forward or backward looking role. Rather unusually for a more niche sector, the variety of available jobs makes Insolvency an option for anyone. Sector variety is also all but guaranteed, with the option of taking on more complex high profile cases to smaller local work.
2. Career progression
Career progression is never far from the forefront of our interests – particularly within the accounting and legal sectors. With such a variety in firm size, the possibilities for your career are extremely broad. The smaller firms will offer the opportunity to work from pre-appointment stage through to closure, with larger firms offering a more specialist role.
If you take on the option of continuing your development through formal qualification, you’ll have that tangible personal expertise, further helping your career goals. Whether it be studying for a CPI (certificate in proficiency in insolvency), progressing on to the JIEB to become a licensed professional, or entering as an ACCA or ACA qualified accountant, the structure to progress is there.
3. More than just accounts – personal/people skills like empathy are a must
Obviously an interest and aptitude toward finance and figures is preferably desired, however, Insolvency will also call upon more much more than that. With a reality of dealing with the lives of people, focusing on Insolvency requires the ability to be personable & empathetic. Equally part of any role that works with multiple stakeholders, you’ll be involved with both sides, including creditors – relying on your ability to build relations and report in a professional environment.
4. It’s current – working with what’s happening in the world
Insolvency offers the opportunity to not only progress – either with a multinational global firm or with a local boutique – but be within a sector working alongside government guidelines that are ever changing and evolving. With the rising trend in Corporate Insolvency in the UK*, particularly demonstrated with high profile cases such as Patisserie Valerie, Debenhams, and Topshop’s Arcadia group, you’ll be in a sector that’s dealing with changes in the heart of current affairs.
5. A combination of Finance and Law
Combining elements of both accountancy and law, Insolvency is the ideal option for the person passionate about both. Whether it be carrying out investigations of possible misconduct by a firm or individual, or the advice heavy element of restructuring, both call upon a blend of expertise, with the option to lean toward the focus that suits you best.
* See The Insolvency services Q1 January to March 2019 report
Claire Jones is the Principal Resourcing Consultant in the Accountancy Division at Harvey John.
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