It is certain that most people when considering their future careers do not leave school or college with a burning desire to become an insolvency practitioner. However, it is one of the fastest growing sectors in the UK and the events over the last 12 months have further fuelled this industry’s rapid expansion. It is important to understand that insolvency practitioners do not simply work on the closing down of businesses and organisations. A great deal of the role involves assisting struggling businesses and there is a great amount of satisfaction that can be gained by providing a business struggling with debt a far better outcome than could have otherwise been expecting.
So why should you consider a career in insolvency? Here are our top 5 reasons why this may be the career for you!
Reason 1: Variety
There are few roles which offer the wide variety of tasks and obligations that insolvency practitioners face. One day they could be assisting a small, family run bakery find a way out of mounting debt whilst a day later they could be in a board room of a large finance company discussing how restructuring could dramatically alter the firm’s fortunes.
Insolvency practitioners are exposed to a wide range of businesses and organisations from the inside. This offers unique insight and a real-world view of how many companies operate. This variety means an extremely candid chance to learn about business, finance, legislation and so much more.
Reason 2: Problem Solving
There are few things as satisfying as resolving a problem that others simply can’t solve. This is the task faced by insolvency practitioners every day. The successful insolvency practitioner must be quick thinking, adaptable and resourceful under pressure. Their problem-solving skills increase with experience and soon the dedicated insolvency practitioner becomes an expert in restructuring and solving complex business issues that very few others could navigate.
Reason 3: Law & Finance
Insolvency practitioners straddle the line between law and finance. There is a heavy reliance on accounting ability, understanding legislation and applying it in the correct way. This is why so many applicants come from a legal or financial background as the skills learned in these disciplines are put to real life application when assisting clients that are struggling to see a way forward. The insolvency practitioner must draw upon their knowledge and experience in both financial and legal disciplines to get the very best result for their troubled client.
Reason 4: It’s Current
Insolvency practitioners have to deal with real problems in real time. This can add a great level of pressure to the practitioner, so this type of role is not for the faint hearted. Many people thrive on pressure and time sensitive work demands. If this is you then this is a big help in the world of insolvency. There is a need to constantly learn new skills, legislation and insights as the world of business is constantly changing and it is your role to keep abreast of all the developments that can impact the modern business owner.
Reason 5: Development and Progression
The vast scope of the insolvency industry means there are a huge number of opportunities to continually develop your abilities and skills. It is certainly not an industry where people tend to fester, there are new opportunities and accreditations arising all the time which is important if you want to grow and develop your career.
Becoming and insolvency practitioner may not be the first career choice for everyone, but it is certainly one with a positive future and one that stretches those who move into it.