Becoming a Licensed Insolvency Practitioner can be an exciting career choice, but emerging professionals or university graduates often overlook this particular path.
Indeed, a significant portion of the current experts in the field admit that they did not pursue that opportunity deliberately but instead discovered how satisfying and challenging it can be due to accidental circumstances.
The insolvency field can be an attractive choice for both finance and law graduates. Most cases require a combination of different skills in order to be closed successfully.
There is also the personal fulfillment of knowing you are a part of a dedicated firm of insolvency practitioners. You may be helping a struggling business turn its operations around by finding ways to ease the financial pressure exerted on them while implementing appropriate recovery strategies.
However, how can you tell that becoming an insolvency practitioner is the right choice for you?
1. Facing Varied Challenges
The cases you will encounter as an insolvency practitioner may vary widely and, as a result, require entirely different skill sets.
Sometimes you may need to act more as an investigator trying to uncover any misconduct from the board of directors or chief officers related to wrongful trading or other transgressions while following the exact laws applicable to the situations.
Other times, you will primarily rely on your accounting expertise in order to calculate and then adequately distribute the available funds of a business in liquidation among its creditors.
2. Communication Skills and Emotional Intelligence
As part of your career in debt management, you will inevitably encounter distressed business owners, disgruntled creditors, or panicking employees of a struggling company.
To become an insolvency practitioner expert, you will need to find the right approach to deescalate the situation. Afterward, you will need to explain the steps that are being considered to deal with the particular problem in a clear and succinct manner.
Not surprisingly, having thick skin and the ability to brush off negative comments will also come in handy.
3. Opportunities For Specialization
Working in the insolvency field provides multiple different options for graduates and experts who wish to deepen their knowledge in a particular area.
Depending on which part of the job you personally enjoy the most, you can actively focus on them and become a professional in, for example, handling complex investigative cases involving a variety of different procedures.
4. Willingness To Learn
Willingness to learn is a top skill employers are looking for in potential candidates. To achieve success, insolvency practitioners need to constantly keep up with the changes in legislation as well as the different processes taking place in the business world.
Their professional skills also need to be continually self-assessed in order to address the current challenges and developments that could impact business owners.
5. Not Afraid Of Pressure
Do not forget that insolvency practitioners are responsible for dealing with serious problems within strict time constraints.
This creates an additional layer of pressure on the experts and can prove to be detrimental if the specific person cannot handle it well.
However, if you can thrive under pressure and enjoy an environment of satisfying complex time-sensitive work demands, this could be the perfect profession for you.