WHERE ARE THE TOP JOBS?
The job market may be stuck in a rut, but top finance spots can still be won.
By Derrick Lilly
Now may not seem like the best time to think about promotions, but even in the face of an economic downturn, lucrative jobs in finance may be within your reach.
Why? It’s simple: Highly qualified finance professionals are a necessity, whatever the economic climate, and, in fact shake-ups in the marketplace often create opportunities for career advancement.
“Organizations can’t afford to operate without executive levels in finance,” says Toby Coffey, director of Permanent Placement Services with Robert Half International in Chicago. In fact, the Robert Half Global Financial Employment Monitor reports that employers around the world are having difficulty finding accounting and finance talent, and the toughest positions to fill are in the C-suite.
So, how do you position yourself as the best candidate to fill that empty executive seat?
“There is no substitute for education,” says Coffey. “Credentials like the Certified Public Accountant (CPA), Chartered Financial Analyst (CFA) and Master’s in Business Administration (MBA) are the ‘gold standards,’ and there’s absolutely going to be opportunities available to professionals with those certifications.”
Advanced degrees like a Master’s in Tax and credentials like the Certified Internal Auditor (CIA), Certified Information Systems Auditor (CISA) and Certified Management Accountant (CMA) also can help you stand out in the marketplace, he says.
“When companies come to hire at the executive levels, they have the expectation to find as many items on their laundry list as possible, and each one of those shaves off percentage points of the population qualified for that role,” says Coffey.
To stay in the running you’ll need expertise in various business-critical areas. The Global Financial Employment Monitor cites industry-specific experience, regulatory compliance expertise, public company knowledge, familiarity with enterprise resource planning (ERP) systems, and an understanding of international markets as the top five attributes sought in executivelevel candidates.
Technical expertise aside, superb communication skills will help you move up the ranks. Jeramy Kaiman, division manager at Chicago-based recruiting firm Garelli Wong & Associates, stresses, “There’s a big difference between an accountant who can do a job and an accountant who can get in front of board members, sales people and customers. That’s what determines the difference between a front-office and back-office accountant in the market, and the front-office accountant is typically going to get promoted to much more visible roles.”
Dependability doesn’t hurt either. “There’s a lot to be said for someone who is loyal to an organization that comes up through the ranks and has a track record of success,” says Coffey. “There is no substitute for someone who is trustworthy, where you know their value and worth because you have worked with them day-in and day-out. Those kinds of people are often going to be the first to get promotion opportunities.”
Now that you have an idea of the skills and experience needed to get you to the top, all you have to do is choose the best path to get you there.
Go Public
“Public accounting is a phenomenal place for accountants to get their technical skills sharpened,” says Kaiman. And while there are many significant positions to be won in public accounting, probably the most prominent is partner.
“Financially, partners do really well; they do better than many corporate CFOs. It’s very lucrative, but getting there is a lot of work,” says Kaiman.
Aside from extensive financial expertise, a partner’s strategic planning, negotiation and business analytic expertise must be top-notch. “A must-have is a business development mind,” says Kaiman. “Without that it’s hard to become a partner because you have to generate business.” In fact, a partner’s primary focus is to effectively manage and grow the business. Not surprisingly then, paychecks directly reflect performance in this area.
“Salaries obviously depend on how profitable the company is,” says Coffey, “but partners at successful firms can make in excess of $1 million a year.”
Climb the Corporate Ladder
Transitioning into the corporate sector can be an extremely rewarding career move. “Individuals that work at public accounting firms have a lot of success finding jobs in the corporate world; they are very sought after candidates,” says Coffey. In fact, publicsector experience is highly valued among corporations and private equity and consulting firms, alike.
To get on a successful career track, Kaiman suggests identifying an industry you have a passion for because, generally speaking, “The people that make it all the way up stay in an industry—and within a niche in that industry—throughout most of their careers.”
The size of an organization also plays a significant role in determining upward mobility. In large organizations, the top positions may include a VP of finance, treasurer and CFO; however, the CFO alone often fills multiple rolls in mid- and small-cap organizations, or in organizations that emphasize a hands-on management structure. Here, a CFO’s duties may comprise strategic management of the accounting and finance functions, procedures and policies; compliance; business risk; human resources; investments; insurance; and budgeting processes. As a CFO, all of your skills will be put to test—especially the softer ones.
“The CFO is the face of the organization from a finance perspective,” says Kaiman. “If a company wants to go public or is publicly traded, the CFO is going to be doing the ‘road show’ with board members, investors and analysts.”
While the current economy has taken a chunk out of the earnings of many, base salaries for corporate CFOs typically stretch into six-figures and may surpass $1 million at large organizations and multinationals. What’s more, performance bonuses and incentives can often increase total annual compensation by 30 to 40 percent.
Join the PE Elite
The private equity (PE) market has heated up over the last few years, and its lucrative nature is garnering increasing attention.
The opportunities and management structures found in PE firms are very similar to those of public accounting firms and corporations, but, Kaiman explains, “Finance and accounting jobs inside PE firms require very elite talent.”
PE firms look for the best-of-the-best and expect no less. Associates and principals on “deal teams” can reap substantial rewards, but the big money is again in the C-suite.
“Those individuals make a tremendous amount of money,” says Coffey. “But there is a very tough lifestyle that goes along with it, and it’s so competitive that many of those positions will not even be available to the everyday finance professional.”
PE firms demand financial leaders capable of handling typical CFO duties, while continually analyzing strategic acquisition targets and managing the CFOs at their portfolio companies. Because of these extensive demands, total compensation commonly surpasses $1 million and is often accompanied by significant equity options and payoffs when portfolio companies are spun-off.
Turnaround Profits
Due to the ailing economy, the CTPartners 2009 Executive Hot Jobs Report identified restructuring officers, turnaround experts and distressed asset managers as the top three finance careers in the spotlight for the year.
Turnaround consultants analyze and restructure distressed company operations and balance sheets in order to return organizations to profitability. They also help to spearhead bankruptcy reorganizations and company mergers and acquisitions.
Organizations in need of a turnaround consultant will look for someone who is “battle-tested,” says Coffey, because “ownership in these organizations wants that comfort level of not only hiring someone who says they can do what they need to, but who has previously done it successfully.”
As a turnaround specialist, expect to be met with immense challenges—and the monetary rewards befitting them. Base compensation can range from $500,000 to $1 million, and is often accompanied by substantial restricted stock options or an equity stake in the restructured company.
Find the Road to the Top
It’s easy to find your inspiration in money and prestige, but, says Kaiman, “As you move up in a career there is going to be a sacrifice made each rung up the ladder.”
If you win an executive-level position, prepare to trade personal time for longer work hours. The success or failure of a business is directly tied to its finances, and that responsibility will rest heavily on your shoulders. What’s more, significant pressure to “outperform” will likely come from ownership, board members and investors who will be analyzing your financial performance and management techniques.
“As long as you’re honest with yourself about what your motivators are, you will find the jobs and companies to fit them,” Kaiman explains.
And if money and prestige are indeed your motivators, then networking is key. “If an organization is going to open up an upper-level position there are probably a few people that they are going to use as networking resources,” says Coffey. Organizations often look to established business partners and individuals they have dealt with over the years for potential recruits or candidate suggestions. “There is a lot of comfort in that,” says Coffey, “because they already know the quality and the caliber of the individual they’re getting.”