Recently Qualified ACA: What is a good stepping stone role?

When speaking to recruiters, you'll often hear: “this would be a good stepping stone.” Equally, I imagine there are times when you’re left wondering whether the roles being pitched are genuinely a stepping stone, and if so, to what exactly.

For those I've spoken to, you'll be familiar with the bucket analogy I use to describe the different directions you can take after ACA/CA. Many still aim for “Bucket 3” roles, which are front office positions such as M&A, Corporate Finance, Investments or Portfolio Management. However, over the past year, I've seen many people, through no fault of their own, struggle to make this move in a quieter market. 

Most people need to come to their own conclusions before they pivot, so I don't expect this to resonate with everyone. That said, given roughly 90% do not move staight into Bucket 3 roles, the sooner you define what a real stepping stone looks like, the faster you can leave audit for something that provides borader and more valuable experience, rather than staying another year chasing the “perfect” move.

So what is a stepping stone role?

In reality, almost anything can be a stepping stone, but it sits on a sliding scale. The closer a role is to budgeting and forecasting, business partnering, or refinancing and transactions, the easier it becomes to move into more strategic positions.

Within real estate investment and property, I typically see three routes that can act as strong stepping stones into Bucket 3 roles, with the caveat that none are guaranteed. That said, I’d argue gaining this experience is often more valuable than spending another year chasing corporate finance advisory.

Fund Finance

Fund finance roles vary significantly, but the right one can open doors into more investment or portfolio focused work. In platforms where fund administration is outsourced, these roles often provide exposure to transactions, support deal teams on structuring, and over time involve owning lender relationships, negotiating debt terms, and broader financing decisions. This progression can naturally lead towards portfolio management or investment focused roles.

FP&A

The right FP&A role, particularly one involving complex modelling and close interaction with commercial teams such as asset management, acquisitions or investments, can also act as a bridge into more strategic areas. This might include portfolio management roles or corporate development such as strategy, investor relations, or internal M&A. These opportunities are often found in larger property companies or private equity backed platforms.

Finance role in lean players

Joining a lean platform as a number 2 or 3 to an experienced CFO or Head of Finance can offer broad exposure across accounting, FP&A, and transactions. These roles are harder to come by, and competitive, but the breadth of experience can significantly accelerate progression into more strategic roles.

Ultimately, none of these routes guarantee the move you may have in mind when leaving practice. However, I’ve seen a number of people successfully transition this way, and many find these roles both interesting and fulfilling in their own right. In some cases, people realise that the hours and trade offs associated with Bucket 3 roles are not necessarily the goal anymore, particularly when they already hold a strong commercial finance role in Bucket 2.

Accounting roles, or Bucket 1, remain the most natural first move out of practice. For those who take this route, the stepping stone logic still applies. People often move into reporting or management accounts, then into FP&A or business partnering after one to two years, either internally or elsewhere. From there, a move into Bucket 3 remains possible.

Timelines can vary, but realistically you should expect to spend two to four years delivering strongly in a Bucket 1 or 2 role before making that jump.

In conclusion, you will need to form your own view of what the right move looks like. There is always hesitation when people are told not to do something, and it is still possible to move directly into corporate finance or, in rare cases, straight into investment roles from audit.

But in reality, this tends to apply to roughly 10% and around 1% respectively. It requires being at the top end of your cohort, in a quiet market, and often involves a degree of timing, exposure, and luck.

So the real question is:

• Is this something you are prepared to hold out for?
• Is it something you actually want, or just what is perceived as the “best” move?
• Do you genuinely think you are well positioned to make it?
• Or could a stepping stone get you there more effectively?