The Perks of Working in Public Practice over Commercial Roles

When it comes to building a successful career in the financial sector, individuals are often faced with a crucial decision: should they pursue their career in public practice or opt for a commercial role?

While both paths offer unique opportunities for professional growth, this article delves into the advantages of working in public practice over commercial roles that I have learnt from those that have made the move – and regretted it!

Diverse Clientele and Projects:

One of the most enticing aspects of working in public practice is the diversity of clients and projects. Professionals in this field often work with various clients across different industries, which provides exposure to a wide range of challenges and problem-solving opportunities. Unlike commercial roles, where tasks can be repetitive and limited to a single company's financial operations, public practice offers a dynamic environment that keeps professionals engaged and continuously learning. The number one reason that people return to public practice is because they find commercial roles become boring and repetitive after 6-12 months

Continuous Learning and Professional Development:

Public practice professionals are encouraged to stay abreast of industry developments and regulatory changes, as their work directly impacts clients' financial health. This focus on continuous learning and professional development helps individuals in public practice sharpen their skills and expertise. Additionally, working with different clients and complex cases presents new learning opportunities, nurturing a culture of growth and self-improvement.

Enhanced Networking Opportunities:

Working in public practice enables professionals to build an extensive network within the industry. As they engage with clients, they establish relationships with key stakeholders, business owners, and other professionals, leading to potential referrals and collaboration opportunities. A strong network not only fosters personal growth but can also be beneficial for future career prospects.

Exposure to Diverse Industries:

Public practice often involves serving clients from various sectors, allowing professionals to gain insights into the nuances of different industries. This exposure broadens their knowledge and perspective, making them well-rounded financial experts capable of addressing the unique challenges faced by different businesses.

Steeper Learning Curve:

In public practice, professionals are exposed to a wide array of financial issues and complexities, leading to a steeper learning curve. This fast-paced environment encourages individuals to adapt quickly, think critically, and develop problem-solving skills. The steep learning curve can lead to accelerated career progression and increased confidence in handling complex financial matters.

Work-Life Balance:

Contrary to popular belief, public practice can offer a better work-life balance than certain commercial roles. While some commercial roles may involve long working hours and inflexible schedules, public practice often offers more predictable work hours, especially outside the peak tax seasons. Additionally, some firms have embraced remote work policies, earlier finishes and flexible hours, allowing professionals to achieve a better work-life balance.

Exposure to Business Strategy:

Public practice professionals often work closely with clients, helping them make informed financial decisions that align with their long-term business strategies. This exposure to business strategy offers valuable insights into the corporate world and allows professionals to see the direct impact of their financial expertise.

Job Security:

Simply put, you are an asset in public practice. You have an hourly charge out rate that grows the longer you are with a firm, so to them, you are an asset that is not easily replaced. This in turn gives public practice workers a lot of job security. Whereas in commercial roles, you are more of a liability and there is always someone out there that could do your job for a cheaper salary. There is also a lot of movement and restructuring that goes on in commercial companies, which in turn requires staff to move often in order to climb the ladder.

While both public practice and commercial roles have their merits, working in public practice presents a myriad of advantages that attract many finance professionals. The diverse client base, continuous learning opportunities, networking advantages, industry exposure, steeper learning curve, and potential for work-life balance make public practice an enticing career choice. Ultimately, individuals must assess their interests, goals, and personal preferences to make an informed decision that aligns with their career aspirations.