Newly Qualified: ACA Career Moves

ACA Training Program - What Comes After?

If you have recently qualified with the ACA program and are looking to move into real estate, I imagine you will be thinking:

What are the types of job functions open to me?

What do they entail?

How competitive are the roles to move into?

This article outlines the typical career moves made by newly qualified ACAs leaving practice, ordered from the most competitive transitions to those that more closely align with the ACA training background. Each role is briefly summarised to provide clarity on responsibilities and to help identify which paths may be the most suitable based on individual interests and skills.

It is important to note that this is simply ordered in competitiveness and does not speak to the value of the role, fulfilment in the remit and/or earning potential.

Investment Banker

Advises Real Estate Investment managers, REITs and property developers on raising capital, M&A, and strategic financing. This includes valuations, structuring large property transactions, IPOs, advising on debt/equity financing for major projects and negotiating heads of terms.

• Deal Origination & Structuring

Identify and source real estate investment opportunities, including acquisitions, dispositions, mergers, and joint ventures.

• Financial Modelling & Valuation

Build and analyse detailed financial models (DCF, LBO, NAV, etc.) to assess investment potential and risk.

• Due Diligence & Market Analysis

Research market trends, zoning regulations, and property fundamentals to support investment decisions.

• Client Advisory & Relationship Management

Build and maintain strong relationships with institutional investors, developers, and other stakeholders.

 

Investment / Development Analyst

Analyses real estate markets and property fundamentals to make strategic investment decisions. Conducts financial modelling, due diligence, and valuation of real estate portfolios.

• Investment Due Diligence

Assist in the due diligence process by gathering and analysing information related to legal, financial, and physical aspects of properties.

• Financial Modelling & Analysis

Build and maintain detailed financial models to assess potential investments, including DCF, IRR, and sensitivity analyses.

• Market Research & Data Gathering

Conduct in-depth research on property markets, economic trends, and comparable transactions.

• Reporting & Presentation preparation to investors

Prepare investment memoranda, internal reports, and presentation materials for the investment committee or external stakeholders.

 

Portfolio management Analyst

Monitors asset performance, optimising returns and managing risk. Analyses occupancy rates, rental yields, and market trends to inform investment decisions – typically around CAPEX spend.

• Portfolio Performance Analysis

Track KPIs such as NOI, occupancy, leasing activity, capex spend, and IRR.

• Strategy Implementation & Oversight

Track and support on execution of value-add initiatives, lease-up strategies, and dispositions and ensuring single asset initiatives align with fund/corporate strategy.

• Data Management & Process Improvement

Maintain and enhance portfolio data systems and models.

• Reporting & Investor Communication

Prepare regular portfolio reports, dashboards, and investor updates.

 

Corporate Finance Analyst

Works within a real estate investment manager or REIT/Housebuilder, assisting in financial planning, capital raising and structuring. Involved in debt financing and financial modelling to support corporate strategy.

• Capital Allocation

Perform financial modelling to evaluate new capital opportunities (debt and equity) and M&A opportunities.

• Stakeholder Support & Strategic Projects

Assist in corporate strategy development, including financial impact analysis of strategic decisions. Data Management & Process Improvement.

• Cash Flow & Liquidity Management

Monitor company cash flows, working capital, and liquidity to ensure financial health and supporting treasury functions, including funding strategies and debt servicing analysis.

• Financial Planning

Support budgeting, forecasting, and long-term financial planning across the business.

 

Fund Finance / Fund Accountant

Manages the financial operations of real estate investment funds, ensuring accurate property valuations, cash flow tracking, budgeting, forecasting and investor reporting. Helps investment teams by structuring funds and ensuring compliance with regulatory requirements.

• Fund Valuations / Deal Support

Ensure accurate valuation of underlying assets and supporting deals team in setting up fund structures.

• Fund Accounting

Review of SPV and Fund level accounts (typically prepared by outsourced administrators) to ensure accurate compliance with relevant accounting standards.

• Investor Reporting & Capital Activity

Produce quarterly investor reports, capital account statements, and distribution notices.

• Budgeting & Forecasting

Supporting in the building of budgets and rolling forecasts for a fund or number of funds.

 

FP&A Analyst

Focuses on budgeting, forecasting, and financial modelling for a real estate investment firm or REIT at a group level. Analyses company performance, project costs, and revenue projections to support business planning.

• Budgeting & Forecasting

Lead or support the development of corporate/group annual budgets and rolling forecasts for the business or specific operational divisions (HR, Sales, IT, Marketing, Etc).

• Management Reporting & Analysis

Prepare monthly and quarterly performance reports with commentary on key variances (actual vs. budget/forecast).

• Financial Modelling & Scenario Planning

Maintain and manipulate financial models to assess business performance under different scenarios.

• Strategic & Commercial Support

Partner with operational teams to evaluate pricing, cost efficiency, and growth opportunities.

 

Finance Business Partner

Works closely with property development, asset management, and/or investment teams to provide financial insights. Helps drive strategic decisions by analysing the profitability of developments and investments.

• Budgeting & Forecasting

Lead or coordinate the budgeting and reforecasting process for typically either a development or portfolio of assets (offices, retail, logistics, etc).

• Management Reporting & Analysis

Prepare monthly and quarterly performance reports with commentary on key variances (actual vs. budget/forecast).

• Financial Modelling & Scenario Planning

Maintain and manipulate financial models to assess portfolio performance under different scenarios.

• Strategic & Commercial Support

Ad-hoc analysis around portfolio revenue, cost, overruns and margin trends to assist development and/or investment teams in decision making.

 

Management Accountant

Handles internal financial reporting, cost control, and budgeting for a real estate business.

• Monthly Management Accounts Preparation

Produce accurate and timely monthly management accounts, including P&L, balance sheet & journals / bookkeeping.

• Cost Control & Variance Analysis

Investigate key drivers behind cost movements and provide actionable recommendations.

• Process Improvement & Financial Controls

Identify efficiencies in reporting and accounting procedures and ensure compliance with financial policies.

• Budgeting and Forecasting Support

Assist in the preparation of annual budgets and periodic forecasts.

 

Financial Group Accountant

Manages financial consolidation and reporting for a real estate group or investment manager. Ensures accurate accounting, regulatory compliance, and financial transparency.

• Group Consolidation & Reporting

Prepare consolidated financial statements for the group in accordance with relevant accounting standards (e.g. IFRS or UK GAAP).

• Statutory Accounts & Audit Coordination

Liaise with external auditors and manage the audit process, ensuring timely completion and compliance.

• Technical Accounting & Compliance

Provide guidance on complex accounting issues (e.g. new standards, acquisitions, impairments).

• Process Improvement & Systems Oversight

Support finance transformation projects and system upgrades across the group.

 

Equity Research Analyst

Research on listed real estate companies and REITs providing stock investment recommendations to prospect investors. Fundamental analysis on stocks, market trends, valuations, and financial performance of real estate companies.

 

Investor Relations

Manages communication between a real estate investment manager and/or REIT to its investors (both retail and institutional.) Prepares earnings reports, investor presentations, and market updates, ensuring transparency and confidence in the company's performance.

 

Final Thoughts

These are the most typical remits individuals move into after leaving audit. Although I have separated these roles out, often it is only in larger companies where teams and remits become this clearly defined – and you may have noticed even with what has been outlined above there is cross over between remits. This only becomes truer when working in a smaller to medium sized player where the separation of finance or investment duties are not as binary or defined.

You may have some questions remaining around how competitive some of these moves are or how to make the move into certain remits. I would be more than happy to discuss this with you if you reach out on LinkedIn or alternatively you can review some of my prior posts that may be able to give you a bit of a steer in this regard.