Insolvency is currently a hive of activity, with firms hiring insolvency professionals to work on new projects, or deliver select services in high demand insolvency areas.
With so much opportunity in the field, it’s an excellent time to consider a transition to progress your career. This doesn’t necessarily mean moving to a larger firm, as many insolvency professionals are finding that moving to a smaller firm also brings unique benefits.
Gemma Taylor, Senior Consultant at Robert Walters, shares her insight into how moving roles, no matter the size of firm, will propel your career.
With increasing demand in the industry, now could be the time to tap into new areas of insolvency and fine tune select skills that will really make you stand out in the profession.
Gemma explains, “Many businesses are now looking for insolvency professionals to have both the technical administrative and financial skills to carry out the role, and the investigative skills to find misappropriated funds or potential misfeasance.”
Looking for a role with scope to develop in multiple insolvency areas could really help you to jump ahead professionally.
Many professionals in insolvency can become stuck in one company with the view to follow a set career track. This can hurt your chances of progression by isolating yourself from different areas of insolvency not offered in your current role. You might also end up hitting a ceiling in terms of your linear progression.
Gemma comments, “In current market conditions, insolvency professionals with a couple of years’ experience currently sit in an advantageous position. This is a brilliant opportunity for these individuals to really consider how they want to progress in their career.”
“Those who are looking for linear progression can look to smaller firms that will support them in following a set career path and reaching more senior positions. On the flip side, professionals looking to progress in a different division should search for larger companies offering this.”
Whether you’re looking for linear or cross-divisional progression, with a few years’ experience under your belt, now is an opportune moment to consider where your career can skyrocket.
If you are seeking exposure to large, high-profile projects, it makes sense to search for insolvency roles in larger firms.
“With financial distress prevalent across multiple UK sectors, such as the retail and restaurant industries, many new exciting projects are emerging that require considerable insolvency resources, particularly in the reemergent insolvency area of administration,” Gemma continues.
Opting for a larger firm will allow you to work on important projects where you can really make a difference. It will also set you apart as a leading insolvency professional who has the capabilities to manage the complex, prominent projects.
Exciting working schedule
Working for large companies will allow you to progress, by working on multiple large-scale projects – no day is the same, you’re constantly challenged, kept on your toes and you’ll have more outstanding examples of your experience to mark on your CV.
“One of the biggest differences between the large and small firms is the daily schedule. In larger businesses, professionals are often called out onsite for clients for last minute, large projects. Many professionals love this part of the work as they are involved in large, confidential projects before they become known to the public,” Gemma highlights.
Whilst the large firms bring greater exposure and exciting challenges, the type of work-life balance you want to achieve ultimately depends on your own approach to working life. If you’d rather maintain a more structured routine, smaller firms will usually offer this.
CPI, CPPI and JIEB are some insolvency credentials that can really make you stand out as a professional. Taking insolvency exams will provide you with unique credentials – this means you will be well equipped to deal with complex cases further down the line.
Gemma adds, “It can be easier to get study and exam support from smaller firms, who want to utilise specific skills within their business. In a larger firm where you’re one of many, it proves more difficult to receive the same level of support.”
In this instance, if you are aiming to achieve specific credentials to get ahead, it could be a good idea to move to a smaller firm where you’re supported more.
In short, the type of insolvency role for you really comes down to your own career expectations. By realising how you want to escalate your career in insolvency, you’ll be set to make your next professional move.