How to progress your career in Insolvency

As an Insolvency recruiter, I often find myself speaking to professionals from a wide variety of backgrounds, primarily accounting, law or business. The majority of professionals I speak to have ‘fallen into’ insolvency and after a couple of years working in the industry are keen to progress their career further. However, for many, this can be a challenge.

If you are currently wondering “How do I progress my career in Insolvency?” here is my advice to you.

1. Think about what it is you really want

Whenever I meet a candidate who is looking for a new job, I always ask the question: “What exactly are you looking for?” or “What’s important to you in your next move?”

People often tell me that they want “progression,” but what does this really mean? It’s a topic that we do not always consider in detail, but it’s important to take the time to think about where you really want to take your career. Do you want to take on more responsibility? If so, in which areas? Do you want to manage a team? The more specific you are about your goals, the better you can plan how you are going to reach them.

2. How important is salary to you?

Of course, everyone wants a higher salary. It’s only natural. However, in order to progress, it occasionally might be worth taking a sideways step to gain more experience.

This might not lead to a higher salary in the short-term, but after gaining extra skills and experience you may be better placed to ask for a pay rise or to apply for a more senior (and better paid) role.

View our latest salary guide here

3. Where are you now?

Reflect on your current situation and your role within your current firm; are you being exposed to all types of cases possible?

This may not be applicable to your firm as they may only specialize in certain types of cases: Corporate (MVLs, CVLs, Admins, CVAs and Liquidations) or Personal (IVAs and Bankruptcies).

In some firms, candidates may be hired to only handle one or two types of cases. This could be due to a variety of reasons; the firm you work for may predominantly focus on that type of case or there might be a high volume of that particular case and so they need an individual to specialize in it.

If progressing in Insolvency is your aim, then you may decide that you want to broaden your case experience.

4. Can you progress within your current firm?

Other questions to consider: Is my firm exposing me to as much as I can learn? Could my firm support me to take on a professional qualification such as the CPI, JIEB or even ACA/ACCA?

It’s usually a good idea to see what your current firm can offer before taking the plunge and looking for a new role somewhere else, so if your firm does work with a variety of cases and you are keen to take on more responsibility or training, ask for it.

If you or your employer answered no to the above, then perhaps it’s worth considering your options in the market.

There could be thousands of more reasons to elaborate your desire for ‘progression’ and the above are just a few pointers that I hope will give you a head start to knowing what you fully want from your career.

At Ambition, we always make time to take confidential calls to discuss options, provide consultative advice and examine the current market. If you decide you’re ready to progress your insolvency career and want to make a move, please feel free to get in touch.