Madrid provides a striking backdrop to Alicia Peña CA’s story. The Spanish capital, known for its long, hot summers, blends historic architecture with a fast-moving, modern business culture.

For finance professionals, Madrid offers a dynamic and competitive environment, with strong career opportunities. Spain has one of the fastest-growing economies in Europe and an ever-larger international presence. While working hours can be long, many locals value the balance the city offers, combining demanding roles with a vibrant social life and strong sense of community.

Alicia’s personal journey began with a fateful change of heart. Initially set on a career in journalism, she unearthed a passion for economics while studying for the Spanish equivalent of A-levels as a teenager.

“I discovered that I really enjoyed economics, and that made me rethink everything,” she admits. “However, I didn’t want to specialise too early and limit myself, so I chose to study business management and administration, a degree that kept my options open while allowing me to explore economics in depth.”

At 18, Alicia moved to Valladolid, in north-central Spain, for university, where her ambition to work in finance took shape. “That was really the moment I started thinking seriously about going abroad,” she explains. “I knew it would open up a lot of opportunities for me.” The UK quickly became her focus, driven by a desire to improve her English and experience a leading global financial centre. “I always had the Big Four in mind,” she says.

The first step to achieving her ambitions came through the Erasmus programme. Alicia spent a year at Ulster University, in Coleraine, an experience she says was transformative: “It wasn’t just about studying abroad. It was about becoming independent, learning how to adapt, and meeting people from all over the world.”

The smaller location also proved key: “It was the best decision I could have made. I was able to integrate, meet local people and experience daily life instead of staying in a bubble of expats.”

Alicia is pleased to see the UK, which left Erasmus in 2021 following Brexit, will now rejoin in 2027. “It’s very positive,” she says. “For me, it was life-changing. Without Erasmus, I would never have had that first opportunity. Living abroad makes you more adaptable and open-minded. It changes how you see the world and how you approach challenges.”

The experience gave her the confidence to continue her studies in the UK, and she completed a master’s degree in accounting and finance at Cardiff University. During this time, she also discovered ICAS and the CA qualification.

“University teaching is very theoretical, but with ICAS training you apply what you learn in real situations”

“That was when everything really started to make sense,” she admits. “I realised I wanted something more structured and professionally recognised, and this was perfect.”

Before applying for a graduate programme, Alicia gained early experience, and exposure to an international working environment, with a short role at Advantage Insurance in Gibraltar. She then secured a position with EY in London, achieving her goal of joining the Big Four.

“I worked in audit while studying for my CA,” she explains. “I remember it as a really fun time. It was intense of course, but I had great support and a clear structure that helped me stay on track.”

She particularly valued the practical nature of the qualification. “At university, the teaching is very theoretical, but with ICAS training you apply what you learn in real situations. The focus on ethics is also very important as your career develops.”

On the move

Alicia spent a total of five years with EY in London, an experience that shaped her professionally. “London is fast-paced and competitive, but full of opportunities,” she says. “If you work hard, you can achieve a lot. It was one of the most rewarding experiences of my life, and I think London is a place that you have to try at least once in your career.”

Drawn by a different working culture, she then moved to EY Amsterdam as Manager, Banking and Capital Markets. “The Netherlands is more balanced and focused on getting things done,” she says. “People are very efficient and place a strong emphasis on work-life balance and the working conditions are excellent.

“While I could see myself living abroad forever, there was something inside me that really wanted to experience working in my own country. Added to that, as your parents get older, being closer to family becomes more and more important.”

So, in December 2022, Alicia decided to return home, initially with EY Madrid, before taking on a role at Outpayce, part of the Amadeus IT Group, as a Risk and Compliance Manager.

The latter position gave her significant responsibility from the outset. “It was a really rewarding experience,” she says. “I had exposure to senior management and worked on major projects linked to Outpayce becoming a newly licensed Electronic Money Institution, including the passporting of its Spanish licence across multiple EU countries.”

More recently, she has begun a new job as Finance Transformation Manager at Accenture. “I wanted to come back to my core interest in finance,” she says. “Transformation work brings together everything I’ve learned across different roles and countries.”

Moving back to Spain has also had another advantage. While most European economies have been stuck in low growth since the pandemic, Spain has enjoyed annual GDP increases of around 3%, fuelled in part by a more open attitude to immigration.

According to a report published last year by Goldman Sachs, “The country is taking in more people relative to the size of its population than Germany, France, or Italy, and the latest influx is characterised by immigrants with higher levels of education and job skills.”

Alicia welcomes the change in attitude – and of course the growth – though she would like to see it filter through more to her work-life balance. “We work very long hours here and we have maybe less opportunities than in the UK.”

Typically, a CA working in Spain can expect an average 40-hour working week, with longer hours during part of the year and reduced schedules in the summer, when temperatures can reach 40°C.

“Saying that, Madrid is becoming more and more international and that’s something I’m really proud of. The economy feels resilient and growth is returning, yes, but it’s uneven and there’s uncertainty as there is in many countries. I’d say it’s more rewarding though. We put a lot of weight on the personal relationships, investing in them,” she says.

Being back in Spain has seen Alicia happily come full circle, but the move did throw up one issue she may not have anticipated: “I think once you live abroad and you come back to your home country, you don’t really feel like a local anymore,” she laughs.

“You’re a bit of a hybrid person. You belong everywhere and nowhere. Luckily, people in Madrid are very, very open, very welcoming with expatriates, that’s something I really like about the city. There’s a real sense of community, which I value deeply and because of the weather and spending time outdoors you do tend to make friends more easily.”

The advice she gives to fellow CAs considering a move to Madrid is that which she has followed herself.

“Personal connections are very important in Spain,” she explains. “Building a network can make all the difference when looking for opportunities. Connecting with ICAS is also vital as they’re great at putting you in touch with people. I’ve certainly found that the CA community here is very supportive and everyone has been happy to help.”

Finally, while the city is rapidly becoming more international, and many companies operate in English, Alicia stresses the importance of learning the native tongue.

“While fluency may not be essential in every role, making an effort to learn Spanish is key,” says Alicia. “Even a basic level will help you integrate and open more doors.”

 

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