Education and training are two sectors on the up in the UK. The rise of e-learning platforms and demand for financial literacy are driving growth and opportunity for finance professionals.
E-learning platforms are booming post-pandemic. Technology like digital classrooms, annual compliance programmes and data analytics are being adopted at scale by various organisations, from schools to workplaces, as a way of offering flexible, accessible and affordable learning options.
There is also a growing need for education as more complex financial products become available and debt continues to skyrocket. Financial literacy is now commonplace in school and higher education curriculums, as well as in adult learning programmes. Course designers, subject matter experts and lecturers are in high demand.
Alongside these growth drivers, more traditional roles in academia and educational institutions remain popular with financial professionals, particularly among senior accountants and equity partners looking to transition towards retirement.
Opportunity for career and personal progression
The good news? Accountants don’t need to start over to make a career sidestep into education or training. They already have a myriad of desirable skills. Various roles are available, from financial planning for a university through to lecturing at a tuition college like Kaplan or leading course development for a personal finance e-learning platform.
Erica Conway, CFO at the University of Birmingham and Chair of BUFDG
Erica Conway, CFO at the University of Birmingham and Chair of BUFDG, says finance roles in universities are broad and could include “working within an academic department as a business partner, within other areas of professional services such as Estates, or within the central finance team, as well as different tax specialisms such as tax, treasury or pensions.”
Popular roles include:
- Financial planning, budgeting and reporting for schools, colleges, universities and e-learning companies.
- Advisory roles in financial education programs.
- Lecturing in higher education, tuition colleges or schools.
- Management roles in e-learning companies overseeing financial operations.
- Grant and fund management for educational institutions.
Career progression can be more promising compared to a small firm with limited room for advancement. While these practices offer close-knit working environments and direct client management, working in the education field has greater scope for diverse roles and progression to strategic leadership positions.
When it comes to compensation, the education sector offers a range of salaries. A lecturing role may not offer a more attractive rate than equity partner, but private tuition and e-learning organisations pay competitively.
The education sector also provides better work-life balance. You could swap the day-to-day challenges of working in a small business for remote working, predictable working hours and a routine yearly structure.
A recent survey of IPA Group members, of which the IFA is part of, revealed nearly 10 per cent of IFA members who responded worked in the education and training sector, a slight increase on the previous year.
Ms Conway added “Universities are great employers, with excellent total reward packages, and often flexible and autonomous working approaches. Our people also enjoy being part of a sector that has such a positive social, economic, environmental and civic impact at a national, and in many cases, international level.”
Potential pitfalls
For those considering moving into education and training, it’s worth considering the potential challenges and whether some upskilling may be required.
While many accounting professionals continue to move into education, it may not suit everyone.
Dr Carol McLachlan, Professional coach
Professional coach Dr Carol McLachlan notes “Transitioning into a lecturing role can mean working within quite rigid boundaries. You’re expected to follow the curriculum provided to you and often the modules are foundational. If you’re leaving practice in search of greater freedom and a more entrepreneurial lifestyle, it may not be the right fit.”
Another major change from practice work could be organisational structure. Depending on the role you move into, you could find yourself in a less senior position.
Dr McLachlan added “For those seeking a second stage career, moving from equity partner to lecturer will require some recalibration. After many years in private practice, a shift in professional identity can take some time to get used to.”
Balancing the mission-driven focus of an educational organisation with financial realities can be complex.
For those looking into secondary or higher education, adapting to a new regulatory environment and managing fluctuating funding sources can be a steep learning curve. Equally, if you’re considering an edtech startup or e-learning platform, you’ll need to be confident in your use and knowledge of advancing technology.
There’s no doubt the digital transformation of education and training has created diverse, fulfilling opportunities for finance professionals, while the traditional academic routes remain popular. Despite the potential challenges and required adjustments, many accountants are making the move.
