We recently sat down with two senior finance leaders from a large ASX-listed group to talk through their own transition from external audit into industry, from what changed to what surprised them - we've unpacked in all.
This interview is a 3-part series covering the stories and insights gained from two ASX finance leaders.
Read Part 1 of this interview - To learn about what their career transitions looked like and the adjustments considered before making the move.
What skills transfer particularly well from Audit into Industry?
Technical accounting knowledge is the obvious one, particularly for those coming from larger firms with exposure to complex accounting matters. Beyond that, auditors typically bring strong project management skills through planning engagements, managing timelines, coordinating stakeholders and delivering work under tight deadlines.
Relationship building is another underrated strength. Auditors spend years developing the ability to ask good questions, build rapport with stakeholders and navigate different viewpoints. Those skills become particularly valuable in industry environments where success often depends on collaboration across multiple functions.
What skills do auditors typically need to develop once they move in-house?
The biggest development area is commercial thinking. In audit, the focus is often on whether something is technically correct and compliant with accounting standards. In industry, you're expected to understand the commercial rationale behind decisions and assess issues from multiple perspectives before reaching a recommendation.
There is also a significant shift in accountability. As an employee, you own the recommendation and the outcome. You can no longer defer to an Engagement Manager, Director or Partner. You're expected to form a view, stand behind it and help drive the outcome forward.
When hiring for an in-house position, what separates a strong candidate from an average one?
Technical capability is generally expected. What differentiates the strongest candidates is how they apply that knowledge.
We look for candidates who demonstrate curiosity, lateral thinking and a practical mindset. Rather than simply identifying the accounting treatment, they seek to understand the broader context, connect the dots and assess issues from multiple angles before reaching a conclusion.
The strongest candidates also tend to have a collaborative mindset. Industry is not an environment where individuals operate in isolation. We spend a significant amount of time partnering with stakeholders across Finance, Tax, Legal, Strategy, M&A and the broader business. As a result, relationship-building skills and the ability to contribute positively to discussions are critical.
Ultimately, we're looking for contributors, not just technical experts.
How important is commercial awareness when assessing a first mover?
Commercial awareness is extremely important, particularly in larger organisations where finance teams work closely with a broad range of business functions.
It's important to distinguish commercial awareness from commercial experience. Commercial experience can be developed after joining an organisation. Commercial awareness, however, is something candidates should already demonstrate during the interview process.
That means understanding how businesses create value, appreciating the commercial drivers behind transactions and recognising that accounting exists to support business outcomes, not the other way around.
Candidates don't need to have worked in industry before, but they do need to show that they can think beyond the accounting standard and appreciate the wider business context.
What mistakes do auditors commonly make in interviews for industry roles?
One of the most common mistakes is failing to clearly articulate why they want to move into industry. Candidates don't need a perfectly mapped-out five-year plan, but they should be able to explain what is driving the move and what they hope to gain from it. Hiring managers want to see self-awareness and a sense of direction, rather than uncertainty.
Insufficient preparation is another common issue. Candidates often overlook basic research such as reviewing the company's annual report, understanding its strategy and identifying the key issues facing the business or industry. Being able to connect relevant accounting concepts to the organisation's operations and commercial objectives demonstrates genuine interest and preparation.
Another mistake is providing generic answers. Many candidates try to tell interviewers what they think they want to hear, rather than being honest about their motivations and career goals. In reality, most hiring managers value authenticity. Even if a role is viewed as a stepping stone, it's generally better to be upfront about that than provide rehearsed or overly polished responses.
Candidates should also remember that interviews are a two-way conversation. Strong candidates ask thoughtful questions about the role, team dynamics and business challenges, rather than relying on generic questions that could apply to any organisation.
Finally, confidence is important, but it should be balanced with curiosity and humility.
Interviewer's Thoughts
Technical expertise may help secure an interview, but it is rarely the deciding factor when moving from audit into industry. The candidates who stand out are those who combine technical foundations, commercial awareness, curiosity, lateral thinking and the ability to build relationships. Ultimately, hiring managers are assessing whether that person can operate effectively within the business and contribute to better decision-making.
Part 3 of this interview will be published next week – stay connected and get in touch!
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