Career Advice - Finance & Accounting

• 

  emjones on 29/08/2016 - 20:41

  +2

  So it is about something you like to do and something which might lead you to a better package and position. Well, it depends on what you want to achieve from life and your responsibilities. If you have to support your, loan to pay or any other financial obligation which might hinder if you stay as financial analyst then you should accept the Financial Manager position.

  However, if you are able to manage all of your financial obligations, and living standards are upto your expectations then it is better to do what you like to do. Chances are you can grow much more later on, may be finding a better opportunity in other company. So i don't know much about your situation, but i feel like you are a kind of person who will easily grow within your current domain i.e. financial analyst :)

  So my vote for "Stay in the field of financial analytics".

• 

  Mumbles on 29/08/2016 - 21:48

  +2

  After tax and superannuation that's not much difference in pay so you have to balance it against the job satisfaction you lose.

  5 years with an employer you like, the employer respects you and treats you fairly, work is enjoyable.

  Versus unknown employer, having to stress while learning a new role, supervisor, better resume for the next employer.

  I'm a little envious of hearing about your current job. Its rare to find a job with the combination of Pro's that you listed.

  In terms of opportunity cost are you really missing out if you don't take the manager job? Or will similar manager roles come around again?

  I'm leaning towards sticking with your current and fun job.

• 

  Realsteel on 29/08/2016 - 22:17

  +1

  I guess there are a number of factors you need to consider…..your future plans and what you would like to do? Would doing what you currently do provide you the opportunities you would like to pursue 3-5 years down the track? Or do you find value in diversifying and banking some financial accounting experience.

  People management skills are mandatory for senior roles later down the track. For someone who works in Finance and manages a team myself, i would not be jumping at a $10k pay increase to manage 6 people. In my view, that is not a sufficient compensation for the added stress of managing 6 people.

  Best of luck with your decision and career move.

• 

  p1 ama on 29/08/2016 - 22:44

  +1

  • Don't enjoy the work and the rigid structure (month end, reporting, Auditors, policies and procedures)

  At the end of the day, it really comes down to your tolerance for sh!t and that's me being as honest as possible. Promotions and pay rises do come with more money and a fancier title, but remember that you're not getting paid extra for no reason, you'll have to work harder, be responsible for more and take more accountability. It's up to you whether this is for you. Some people prefer doing the work they enjoy and don't mind a little lower salary if that's the price they pay for enjoyment and flexibility. Is the hassle and the pain worth the $10k for you? It really depends. Remember that this works out to be just around $40 per working day. It's not a small amount, but it's also not much - would you move if someone gave you $40 extra per day?

• 

  holdenmg on 30/08/2016 - 08:55

  +1

  Prior to being offered the job of finance manager at your current workplace, was this a position you were actively seeking either at your present company or elsewhere?

  What happened to the last Finance Manager?
  (were they promoted, did they leave or were they sacked?)

  How do you feel about managing a team, directing and growing what they do and hiring and firing them if required?

  I'd stay put, keep your head down, and look around.

  • 

    wau2 on 30/08/2016 - 09:38

    No I wasn't seeking it as I was fine in my current position. Last finance manager was promoted to director of business service.
    I've never managed a team so I know it will be a good learning curve but it's probably heaps of hassle

• 

  [Deactivated] on 30/08/2016 - 12:56

  +1

  how well do you know the people who'd be reporting to you? if they aren't very good at what they do, it could make those things you don't like (month end, audits, reporting etc) a lot worse when you have to fix all their mistakes.

• 

  CleverCounter on 03/09/2016 - 22:44

  Pretty career limiting move rejecting the offer. Taking the role up shows you're a team player

• 

  mchoodie on 15/09/2016 - 20:13

  +1

  Take the offer. In my opinion it's the right step to keep your options open 5-10 years from now. It's a shame you're seeing the people management aspect as a hassle. It should be the thing that excites you the most about the finance manager role. As you move up the chain you will find its more about people and process management rather than technical ability. This is a bit of a generalisation about the accounting profession, but you mention Controllership as a positive so it's something to bear in mind. You will never loose your technical background (on your cv or in practice).

  Don't be scared about the routine of monthly reporting. With you right attitude you can really shake up archaic ways things are done. I never thought I would enjoy it, but the objective of improvement can be a big ticket to play. I moved into a reporting role at a manager level and while it's delivery is my BAU objective, I get excited about correcting the (profanity) ups from the months before.

  Also someone above mentioned it's a CLM not accepting he offer and they are spot on. From what you've mentioned, you'd be better placed to accept the offer or look to change companies. 5 years is a long enough time in a role I feel, especially one that isn't offering a true career path.

  Any career move should also be dependent on your boss. I've worked with a myriad of personalities. Ask yourself will your manager help you in your career. And your career needs to consider external factors. Do you know your worth in the market place as a financial analyst? When you're being priced in the market things like title, number of direct reports and speed of promotion will be a big factor. The general fluff around technical ability, experience with IFRS or macro writing ability will be supplementary. You will be typecast on the initial things I mentioned

  Don't be scared change. My view is biased, but accoutring is a people's game. CFOs lead people.

• 

  plentifoo on 21/09/2016 - 17:16

  +2

  This is what essentially happened to me 6 months ago though without given the choice, I was kinda pigeon holed into it. 25k pay increase that you wouldnt say no to, but unlike you, I actually enjoyed the people management scope of the job. I do however dislike having to be responsible (and inadvertent stressed out) about other peoples' incompetencies. If you can suss out your new team first and know you aren't going to be managing idiots, this could be an easier move than you think. Usually easier to do when you're filling a role within the same organisation.

  • 

    emjones on 21/09/2016 - 20:53

    That's a trade-off we all need to make.

    • 

      plentifoo on 21/09/2016 - 23:26

      +1

      not necessarily, if you have a great team behind you and you're presumably MORE technically proficient than the rest of your staff, the day to day part of the job will be easy as you are less likely to deal with someone being insubordinate. It's the other hierarchical implications of the promotion that can be the bane of somebody's existence if they don't possess the character or interest for it. Your stakeholders are going to change to consist of more executive or senior people in the organization outside of your team who, more often than not, unable to empathize with the work that you do. There's where 'playing politics' become a large part of your job whether you like it or not and building relationships (genuine or otherwise) becomes a unspoken and understated responsibility of your role as middle management.

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  Rarak on 24/09/2016 - 11:07

  +1

  I work in finance and have insight into both areas. For me, Analyst work is certainly more interesting and challenging in an enjoyable way - provided that you thrive on new situations and can deal with short term deadlines.

  The finance manager role is however a better career option than staying in your current role if there is no progression there.

  I am actually looking to hire a business analyst right now to fit into our FP&A team. We are looking for someone with high potential, looking to take the next step, ideally with 1-2 years analyst experience on top of their accounting background which sounds pretty similar to your situation. If you are based in Melbourne PM me if you would like to have a chat about the role and we could take it from there.