Q&A with Harry Jackson, Management Accountant

In the dynamic world of finance and accounting within the engineering sector, few journeys are as compelling and instructive as that of Harry Jackson, Management Accountant for Wright Engineering and its associated group companies. Harry's path to becoming a Chartered Accountant is a powerful testament to the synergy between academic achievement and practical experience in the corporate world.

This Q&A session delves deep into Harry’s experiences, exploring the challenges and milestones of his journey towards achieving his CIMA CGMA qualification, and how it has shaped his approach to strategic financial management across multiple companies. Through his narrative, we gain a unique perspective on the pivotal role of dedicated financial expertise in driving business success, underpinning strategic decisions that propel a company forward.

Journey to Chartered Accountancy:

Harry, could you share your journey towards becoming a Chartered Accountant and your motivation for pursuing the CIMA CGMA qualification? How has this achievement influenced your role across the Wright Group of companies?

I enjoyed maths and business studies at school and participated in the Young Enterprise programme, where I volunteered as finance director for the company we created. This experience gave me insight into the vital roles of accounting and finance within a business. After completing my A Levels, I decided to pursue a career in accountancy and began studying for the AAT qualification for two years at college. During this time, my tutor, Rebecca Colton, noticed a job opportunity at Wright Engineering for a financial assistant, which I applied for and secured at the age of 19.

The AAT provided a solid foundation in accounting, and under the mentorship of my manager, Sylvia Hughes, I tackled increasingly complex tasks. As my experience grew, I pursued the CIMA CGMA qualification to become a chartered management accountant, supported by my company and manager Sylvia. It took three years of rigorous study alongside full-time work. I completed my exams in 2018, and upon submitting my work experience in London, CIMA confirmed my chartered status. This qualification has significantly boosted my knowledge, self-confidence, and career advancement opportunities within the Wright Group.

Role and Responsibilities:

As the management accountant for not just Wright Engineering but also five other group companies, how do you manage the complexities of your role? What does a typical day look like for you?

I am fortunate to work within a fantastic team, including my colleague Sylvia Hughes, the Group Accountant, who provides tremendous support. Over the years, our team has essentially become an accountancy practice for the Wright Group of companies, dealing with a broad range of services from engineering and construction to occupational health, IT support, demolition tools, and renewable energy installation. Each sector presents unique accounting and tax complexities, which Sylvia and I address together, continuously updating our knowledge on new tax laws and legislation. My primary responsibilities include overseeing the daily operations of Wright Engineering's accounts department, managing sales and purchase ledgers, credit control, cash flow, preparing management accounts, and handling VAT and tax issues. I also support the other group companies as needed. The diversity of each day keeps my role engaging and enjoyable.

Impact of Qualifications:

How have your CIMA CGMA qualifications enhanced your ability to contribute to the financial health and strategic planning of the companies you oversee?

Management accounting is integral to industry, covering areas such as cash flow management, foreign currency operations, and costings for products and services. My qualifications have enabled me to apply theoretical knowledge practically, providing directors with accurate information for informed decision-making. For instance, I calculate departmental overhead absorption rates to enhance overhead recovery and manage work in progress for our engineering and construction projects, which supports project managers and senior management in tracking project cash flow and profitability for precise management accounting.

Challenges and Rewards:

Qualifying as a chartered accountant is no small feat. Can you discuss some challenges you faced along the way and the most rewarding aspects of achieving this professional milestone?

The five-year journey of studying for AAT and then CIMA CGMA involved sacrificing much of my free time, as I balanced full-time work with evening studies. Although challenging and exhausting, this path allowed me to earn a salary, gain invaluable experience, and achieve my qualifications simultaneously. While I missed out on the traditional university experience, the trade-off was worthwhile. Earning the qualification and seeing 'ACMA CGMA' after my name is a source of immense pride, reflecting the hard work and standards I adhere to. The most gratifying moment was receiving my final certificate, a tangible reminder of my accomplishments and one of my greatest goals fulfilled.

Future Aspirations:

With your qualifications and experience, what future aspirations do you have for your career within the Wright Group of companies? Are there new areas you're looking to explore or specific goals you're aiming to achieve?

I aim to continue developing my management skills over the next few years, with the goal of eventually joining the senior management team. My role is continually evolving, offering new learning opportunities every day. The Wright Group has provided a broad and varied knowledge base, which I hope to pass on to new team members as the companies expand.

Advice for Aspiring Accountants:

Finally, for those starting their journey in finance and considering the path of chartered accountancy, what advice would you give based on your experiences? How can they best prepare for the challenges and opportunities of this profession?

I encourage aspiring accountants to immerse themselves in learning and gaining experience as early as possible. While academic qualifications provide a solid foundation, practical application is crucial. Be open to different perspectives and approaches, as accounting often involves multiple methods to achieve the same goal. Seek advice from as many professionals as possible, as the field of accountancy is vast and varied. Focus on detail and understanding how different financial elements interact within the accounts. Remember, the hard work truly pays off in the end, and achieving your goals brings incredible satisfaction.

In closing, Harry Jackson's narrative is a resounding reminder of the critical role that education and continuous professional development play in the field of finance within the engineering sector. His journey from an enthusiastic young student to a key figure in managing the financial strategy of the Wright Group of companies exemplifies dedication, adaptability, and strategic foresight. Harry's experiences offer both inspiration and practical advice for aspiring finance professionals. As we look to the future, his story encourages us to embrace learning, seek out challenges, and remain committed to excellence in our respective fields.