After significant economic turbulence and an unstable job market, many talented Finance and Accounting professionals are considering interim positions to enhance their careers rather than permanent positions.
It can be a great way to broaden your skill set while building experience in changing environments. Not only that, but it can also be a great way to control your earnings, as interim positions often have considerably higher rates of pay than the permanent equivalent.
Life working as an interim in the UK:
Working as an interim in Finance and Accounting particularly suits those who thrive under pressure and love to troubleshoot. After working for long periods as a permanent employee in the same organisation many interims love the variety and challenges that interim work offers.
It is not for everyone, however – some employees will always prefer the stability that permanent work offers, and don’t enjoy regularly diving into new environments. Many interims love this aspect of the job however, the challenge of being thrust into new environments allows them to flourish and make a lot of impact in a very short time.
It also offers a little more in the way of autonomy – there is far greater freedom in having the ability to say yes to or decline opportunities. Networked interims who perform well in given roles often find they are in high demand and therefore have the luxury to pick and choose which assignments work best for them.
Becoming an interim – how to set up and how to find interim finance jobs
Set yourself up as a limited company or engage an umbrella company
It’s important to be aware of the IR35 regulations and whether you are considered taxable in the same way as a permanent employee (inside IR35), or whether you will work as an independent business offering your services to clients (outside IR35). It can be more tax efficient to set up as a limited company, but you will need ensure you can show you are running a business and not working as an employee. This includes responsibility for managing and submitting accounts, incurring financial risk, operating autonomously and so on.
To achieve employee/PAYE status, you can work through an umbrella company. They pay your salary and are responsible for paying your tax and NI payments. This removes any hassle of running your own business; however, does mean you can’t benefit from the same tax efficiency if operating as a limited company. You may also have to wait for pay while the umbrella organisation processes it.
Develop your personal brand
The most effective interims are aware of the importance of personal brand. Make sure your CV, LinkedIn profile and online portfolio are all up to date and have a coherent message.
Build and maintain networks
Work on maintaining and expanding professional networks to increase the number of assignments you hear about – this can range from LinkedIn or other social media groups relating to your role and industry, events aimed at your industry, and even peers and so on. Work on strengthening your relationship with your recruiter – they will play a vital role in expanding your networks when working as a contractor.
Edward Mann can assist in finding the right career for you, making the most of your skills and abilities whether you are looking for permanent or for interim roles. We work with trusted employers and will match you to roles and organisations that allow you to utilise those skills and aid your personal growth, ensuring a bright future.
We can help you perfect your interview skills too, be they in person or done remotely!