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Finance – it’s a numbers game, or is it?

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5th Apr 2017
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Executive coach and qualified accountant Simon Gray tackles the tricky transition from financial controller to finance director.

I first entered the world of finance and accountancy 20 years ago. Fresh out of university, my initial thinking was that the profession was primarily about the numbers. Of course in the early days as an auditor employed by a large accountancy firm I did my fair share of spreadsheet work, but I quickly realised that the career I’d chosen was much more than figures.

I then found myself in the recruitment industry. Specialising in accountancy and finance appointments I found from talking to my clients it was evident that the role and expectations of finance professionals in industry were much more than the numbers. Robust figures were expected, but increasingly commercial acumen and the ability to build relationships across the business were essential ingredients for a promising career.

FC to FD: A tricky transition

As a professional recruiter one of the questions I was regularly asked was how best to make the move from Financial Controller (FC) to Finance Director (FD). This can be a difficult transition, which is complicated by the fact that often in any hiring decision employers are looking to mitigate risk. Taking an FC from an external organisation into an FD position in their business potentially doubles this risk. Essentially it’s backing someone to undertake a brand new role they’ve never done before in an organisation they’re not yet familiar with.

I’ve interviewed lots of FC candidates over the years and of course the presentation of numbers in an understandable and usable format to meet both internal and external statutory requirements are essential parts of the role.

The transition to FD though, in my experience and in the demands of my clients, required additional skills in using the numbers to direct the business and the ability to manage complex external stakeholder relationships.

It’s rarely about your CV”

If you’ve ever applied for an FD position as an FC and not been shortlisted, the reason could be the double risk perceived by employers and the nuances of an FD position, particularly in relation to the external outlook. The easier transition is to move upwards internally against the backdrop of an organisation you already understand before making a subsequent move further down the line as an established FD from your current organisation to another.

However, making a move up the ladder internally is not always possible and moving from an FC to an FD role in a new organisation is not impossible; it’s just more difficult, especially if you rely solely on the more traditional routes of job boards and recruitment companies.

For many entering the job market the strategy is to first compose a CV and then get this document out in the public domain as far and wide as possible. In my experience though, playing the numbers game tends to yield poor results and is always a low-probability strategy.

To find career success you have to get focused, which means knowing your audience. When it comes to successful job search your audience is the type of employer you want to work for and once identified it’s your responsibility to correctly position the value you can add from day one.

It doesn’t matter whether an organisation is hiring or not: in fact if a vacancy is already in the public domain you’re probably already too late to the party. Instead, to increase the probability of success my advice is to get ahead of the market to build relationships with target employers, which even if they don’t result in a job offer today, ensures you stay memorable. This strategy also serves to claim your place in recommendation and referral networks.

A surgical approach is required to get your message heard amongst all the noise"

Successful job search, either within the organisation you currently work for in the form of internal promotion or externally in the cut and thrust of the job market is all about focus. A surgical approach is required to get your message heard amongst all the noise, which is what standing out is really all about.

Despite what many think, it’s rarely about your CV and instead it comes down to a targeted approach to employers you’re keen to work for. This is the road less travelled and if you’re looking to make the transition from FC to FD outside of your current organisation it’s one I’d recommend you take.

To summarise, finance of course is so much more than the numbers. Commercial acumen and the ability to build relationships across other disciplines within organisation and with external stakeholders is essential to career advancement. Furthermore, career progression requires focus and a surgical strategy to stand out. This means a proactive approach to build relationships and networks even before opportunities enter the public domain.

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To read previous articles in this series, please visit the content overview page

Replies (2)

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FT
By FirstTab
05th Apr 2017 13:15

In my experience the key difference in moving from FC t0 FD is a massive change in mindset from a functional/departmental thinking to organisation wide thought process.

In my case studying for MBA changed my narrow mindset and in the end got me the role I wanted.

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Replying to FirstTab:
Simon Gray
By Simon Gray
05th Apr 2017 14:49

Thank you for your comment FirstTab. I agree that mindset is hugely important. Also a number of candidates I represented in the past found completing an MBA a great help in making this transition. Best wishes, Simon

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