Your Career Path

Direction

You should begin planning during college since the first job you take after graduation will have a significant impact on your career. If you have not begun now is the time to establish a professional and personal life plan. The accounting and finance field is quite broad so asking questions of those professionals who hold positions you are interested in should be a priority.

• Create a plan with specific goals and time tables to complete.
• Determine the direction of your career and consult the appropriate sources.
• Be honest based on your education, experience and career goals are they realistically achievable. If they are not then establish alternative plans.
• If you need additional assistance, see a credentialed career counselor who can help you sort things out.

In this highly competitive environment getting the appropriate experience as quickly as possible and moving up to a management position is imperative to becoming eligible for executive positions.

Measuring Your Progress

Whatever path you choose there are general milestones that dictate your success in the corporate world. As you pass through these gates depending on timing, a perception about you will be created that determines when the next gate is opened. Choosing the right companies, positions and industries are crucial to positioning you for future opportunities.

Milestones

• The first two years should be spent obtaining a solid base in whatever discipline you choose. For example, public accounting may provide training in auditing or taxation; private industry may provide training in general accounting, treasury, underwriting, financial planning & analysis or database analysis.
• By the end of the second year light supervision should begin with more complex assignments and some autonomy.
• Years three through five should come with a senior title, more supervision and autonomy. Generally multiple tasks are assigned and project management skills are developed. Management training commences as well.
• Year five the title of manager is attained with supervision of a staff or department. Multiple projects are ongoing with participation in business planning afforded. Giving presentations and participating at meetings is not unusual.
• The manager title continues up to senior manager for years five through ten. More business unit responsibility with larger staff. Giving presentations and leading meetings is common.
• About year ten a promotion to director is common. This position is an integral part of the management team. Typical titles are controller, director of financial planning, director of tax, director of internal audit, assistant treasurer and assistant actuary.
• About year twelve to fifteen is when senior management opportunities first become available, such as chief financial officer, partner in a CPA firm or other C Level position.

These titles and progressions may vary significantly based on industry and company size.

Strategies

Developing a core expertise early is one of the keys to be being promoted, getting opportunities, and staying on track with your career goals. Conversely having too many specialties early in your career dilutes your experience and creates a perception that you don’t have enough depth in any particular discipline.

• Select a specialty such as general accounting, financial reporting & analysis, audit, tax, financial planning, treasury etc.
• Stick with this specialty and build your core skills that create value for the next employer.
• Be proactive and take on more responsibilities that give you project management and supervisory experience.
• Continue broadening your core skills and ask for more complex assignments.
• Expand your networks at work so managers become aware of your skills and attempt to recruit you for higher level positions.
• When you are at the senior staff level take stock of your options. This is your first fork in the road where you can continue or change direction. For instance you may be in audit at a public accounting firm and want to move to private industry. There are several options such as financial reporting & analysis, hybrid reporting/budget analyst, internal audit, and a variety of analytical positions.
• At this juncture many candidates make the mistake of going from a large company environment to start-ups or small mid-market firms where they offer more money, but progression and growth will be limited. There is usually one straight line up to the next level and if your supervisor does not leave you can’t move up.
• As you progress in your career from senior to manager to senior manager the size of company, complexity of duties, supervisory experience, industry exposure and training received will have a significant impact on the opportunities that you qualify for.
• Gradually downsizing to smaller companies will afford you the opportunity to move up to senior management positions. Much more difficult to move back up to larger companies. Hopefully you’ll become a big fish in a small pond.
• Many industries are very technical and without that background entry is difficult. So if you want to specialize in those industries get experience early in your career. Some examples are insurance, banking, manufacturing, investments, and entertainment.
• The best approach is to constantly take stock of your career experiences and compare your goals to what employers are looking for. If there is a disconnect take action to obtain the experience or change direction. Remember managing your career is your responsibility period.

The course you set will determine where you land.