Am an engineer making a career move to the commerce world. Currently doing a Masters of Commerce (Finance and Accounting). My career goal at the moment is to be a financial controller. What career path should I take to head in that direction?
Financial Controller - Career Pathway
Lxyee on 31/01/2017 - 23:27
Comments
Pretty much this. Start your accounting career either in chartered (audit is the most common route) or as a financial/management accounting in a commercial role. Spend your time, gradually get promoted and then bam, become a financial controller. Why is this your goal out of curiosity? For the $$?
Do your CA. CPA sucks.
How easy would it be to start off in auditing (professional services firms like PWC, EY, etc) and then move into a commercial role?
Not to brag, but I am a high achiever (currently sitting on a 6.6 GPA) and since I'm making a career move and have invested quite a bit in this, I'm aiming for senior executive positions to make it worthwhile. Especially when I'm starting from the bottom and taking a 1/3 pay cut of what I was previously making.
The move to commerce is pretty easy. Stay in audit for a few years and get your CA qualification (the accounting firm will pay for this). You can then move easily to a commercial role. You could also start out in a commercial role but I think reaching your goal of FC will probably be easier with an audit/reporting background.
Your GPA will help you get into a big 4 firm but as you will soon find out your GPA is irrelevant as people generally get jobs by knowing someone who knows someone at the company.
Also if you compare what you were previously making to your new JUNIOR salary you're going to have a bad time. Truth is you're a graduate with i'm going to assume zero audit experience? and perhaps zero commerce experience?
I don't want to be a Debbie downer but i know several people who moved to commerce from other roles later on in life and they just couldn't accept the fact that they had to start from the bottom on what could only be described as minimum wage. But reality is you are a junior. deal with it.
4 years in audit should see you get a good job in the commerce field but with no financial controller experience after your 4 years the chances of you getting a financial controller job straight out of audit could be low….not impossible just difficult.
I know people who have made the move from audit to commerce successfully but it's tough.
@Limitless: I know and am aware that I am starting from the bottom. What would your suggestion be for my career path?
As suggested by the first person you should look at Seek and see what a typical financial controller role requirements are.You will find that a lot of CFO's have and audit background.
I know a few people who went into assistant accountant roles at small companies but the ability to progress was low so they moved into audit.
@Xiaoyer: Typically an accountant role but it really depends on what's available at the time. There are so many jobs in commerce but also so many people trying to get jobs in commerce.
Lots of people start at the Big 4 and are wanting to make a move around the same time.
Accounts clerk > assistant accountant > accountant (either financial or management) > finance manager > then financial controller
mind you, this could take well over 10-15 years so you will need to do your time
im currently a management accountant
Are you in the Brisbane area? If you are, would I be able to steal some of your time over coffee (on me) to get an insight into a management accountant's role and any advice you could lend?
sorry im in Sydney. You can pm me if you like
I took a slightly different path. I opted for the business services role starting as a graduate at a CA firm for 5 years (completed my CA), then 2.5 years management accounting experience at another firm, and then landed a financial controller role nearly 4 years ago. I had about 7.5 years experience to that point of landing the role, and the way I got the FC role was literally word of mouth through existing networks.
No good for coffee as I'm in VIC, but feel free to PM if you like.
If you were an overseas student in Australia previously than forget about it even if you have plenty of local experience.
Really? Whys that? Don't most big companies now advertise diversity?
Look at job postings for FC roles and see what they require, focus on roles that will give you that exposure.
Generally you need exposure to planning and analysis (management accounting) and financial accounting (stat account preparation, consolidations, direct and indirect taxation). Even better if you have some audit experience but that would involve very high hours for very little pay at the entry level. CA is more sought after than CPA in job board postings.