[taxman89]

Just wondering if anyone on here is (or has been) in a corporate financial analyst position? I got my degree in both accounting and finance and ended up in corporate tax because thats were i got a job. Pay is great but work is somewhat boring and i always like the finance portion of my degree better. I am having trouble finding specifics on what a corporate (with an industry company not a bank) financial analyst position would entail so i thought i would see if anyone on here had any experience and could share some thoughts!!

AUD - 75
BEC - 77
FAR - 78
REG - 82

AUD: 61-67-75 (Thanks ninja aud)
BEC: 77
FAR: 78
REG:69-73-70-82

Aud-75 3x I knew i never liked you
Bec-77 1x being in the bubble is stressful
Reg-82 4x its not me its you...and no we cant be friends
Far-78 1x easiest section

[Mamabear]

I was a Corporate Financial Analyst for several years before I moved into the accounting department. It was much more interesting that accounting and I'm sure it will be more interesting than tax. My job was primarily analyzing the P&L accounts for ways to decrease costs, streamlining processes to increase efficiency, and ad hoc reporting for upper management. I had to learn the ins and outs of how things flow into the general ledger and the reporting tools available (SQL, BI, etc). Anticipating management's needs is a big part of being a financial analyst because they may not be as familiar with what kind of information is available to them as you will be once you learn the system. You need to listen to what they are looking for, give them that, and then suggest other things that would be helpful that they may not have realized were a possibility.

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[taxman89]

thanks mamabear. why did you decide to move into accounting?

AUD - 75
BEC - 77
FAR - 78
REG - 82

AUD: 61-67-75 (Thanks ninja aud)
BEC: 77
FAR: 78
REG:69-73-70-82

Aud-75 3x I knew i never liked you
Bec-77 1x being in the bubble is stressful
Reg-82 4x its not me its you...and no we cant be friends
Far-78 1x easiest section

[Mamabear]

I was asked by the Controller to manage the accounting department because I knew how to do most of their jobs and I had helped them when our prior accounting manager died unexpectantly and the two brought in after her didn't work out. It was where the company needed me to be so I did it, but I was a little hesitant to transition because accounting is so repetitive and at times very boring. Same thing month after month after month. You rarely get that as a financial analyst. The needs are different on a person by person basis and once you've found a way to make a process better or cut back expenses it's usually up to the other departments to continue with that plan while you get to work on another project. And it was nice not having to manage people and just focus on my own thing.

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[taxman89]

So do you like the financial analyst work better than accounting? how big was your company? only reason i ask is because i am with a very large company now and am looking into trying to move to financial analyst within the same company and wasnt sure if that would make much difference on what you end up doing. thats interesting as far as it not being repetitive. Tax is super cyclical and repetitive lol Thanks for the responses i really appreciate it!!

AUD - 75
BEC - 77
FAR - 78
REG - 82

AUD: 61-67-75 (Thanks ninja aud)
BEC: 77
FAR: 78
REG:69-73-70-82

Aud-75 3x I knew i never liked you
Bec-77 1x being in the bubble is stressful
Reg-82 4x its not me its you...and no we cant be friends
Far-78 1x easiest section

[Mamabear]

We are a fairly large company–1100 employees–1/2 billion in revenue each year–200+ locations throughout the US. However, I was the only “Financial Analyst” at the time and we hadn't been introduced to Business Intelligence yet so I was busy to say the least. So many different reports to create and run because I was the only one outside of IT that was familiar enough with the general ledger, excel, and sequel to do that kind of work. I preferred ad hoc reporting and analysis to the repetitive nature of accounting–month end, quarter end, year end, journal entries, reconiliations, blah blah blah. Unfortunately for me I was good at accounting and was able to fill in whenever anyone went on leave or vacation so the transition was sort of inevitable. Finance is a good place to be if you want to be exposed to a lot of different processes/operations within the company.

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Anonymous]

Fortune 500 industry financial analyst would be 2+ years of experience and start in the high 60s, maybe more for higher cost of living cities. Fresh out of college would start in the 50s. Senior Financial Analyst has a big range of 70s to 90s with some companies offering bonuses and others not.

[taxman89]

ok, cool. i figured pay scale wouldnt be that drastically different from same level positions in tax. BJD were you a financial analyst at one point? was the work they had you doing any different than mamabear?

AUD - 75
BEC - 77
FAR - 78
REG - 82

AUD: 61-67-75 (Thanks ninja aud)
BEC: 77
FAR: 78
REG:69-73-70-82

Aud-75 3x I knew i never liked you
Bec-77 1x being in the bubble is stressful
Reg-82 4x its not me its you...and no we cant be friends
Far-78 1x easiest section

[How many letters do you need]

I loved Finance (still do) and plan to eventually mosey my way back into it. Mamabear put it right. Financial analyst roles can range from accounting based (P&L/close/expense analysis) to planning based (forecasting, budgeting, budget variances), to systems heavy roles (lots of SQL, report building, automation). I've done them all and usually there is some blend of all three.

My favorite of all time was when I was part of a pure analytics team for the CFO. They had teams to do budgeting, reporting and all of that. I (and a group of three others like me) analyzed all business decisions for the executive team. We would then consult with the CFO and help present to the audience required. Got to the point where she wouldn't even look at something unless it went through us first. Now that was fun.

MBA,CMA,CPA, CFF?, ABV?

[taxman89]

HMLDYN that makes sense. i have seen a couple financial analyst position come up in my company and a couple of them have been more systems (bleh) but this one looks to be more like what you enjoyed and i think it would be great. Do you guys have any advice about moving within the same company (ie expressing interest without your current managers/bosses finding out?). I am currently in the process of moving between jobs within my tax dept (moving into asc740) so i dont think my leaving would be super well received so i would rather not my managers find out unless its 100% thing (if i even end up applying for it…plus i am only about 85% qualified). any thoughts? it seems like it would be hard to even apply without it coming back to my managers

AUD - 75
BEC - 77
FAR - 78
REG - 82

AUD: 61-67-75 (Thanks ninja aud)
BEC: 77
FAR: 78
REG:69-73-70-82

Aud-75 3x I knew i never liked you
Bec-77 1x being in the bubble is stressful
Reg-82 4x its not me its you...and no we cant be friends
Far-78 1x easiest section

[How many letters do you need]

Taxman…it's a very tricky situation. IMO…One of the worst things you can do is apply for an internal posting without discussing with your boss. The first thing the hiring manager for the job you want is going to do is call your boss…and then your boss looks like an ass who isnt on the same page with his empliyees in front of his peers. Bad bad idea.

First…be sure you meet the length guidelines required by your company (this is usually 18 months and solid reviews but you should usually give it 24 anyway). If this transfer is considered a new job you might not be eligible anyway. Check with HR to be sure….be sure to say you are just curious or something like that.

Assuming you are eligible (or even if you arent) do a little internal networking. I realize it's very different and your departments may not work together much, but don't be afraid to make a call to a manager or even better a peer (say….a Financial Analyst) and just explain how you sparked an interest in finance while working with your CPA (or some shit like that) and you would like to learn more about what they do. Food offering works great. Get connected on Linkedin and try to keep up the occasional lunch (you dont have to pay but it would help if you are likeable). Anything up to this kind of stuff should be strictly fine without notifying your boss.

Then when a position comes up…mention it in one of your occasional lunches and ask in confidence their opinion on it. If they seem pretty solid on it then and only then would I begin to plant the seed with your boss and apply after that; but however you do it you must notify your boss before you make a transfer request or risk being on his/her shitlist.

MBA,CMA,CPA, CFF?, ABV?

[Mamabear]

I agree with Howmany. Our company put out the policy on internal postings yesterday and it requires that you discuss internal movement with your boss before interviewing for that position. You can apply without their knowledge, but once an interview is set up, you have to discuss it with them before the interview can take place. Most likely because the hiring manager will want to have a discussion with your boss about your abilities and your teamwork and work ethic, etc. Our policy specifically states that no manager is allowed to impede the process of an employee that wants to move into another department, but that's the official word. The unofficial word is that if the hiring manager has an existing relationship with your manager they can say whatever they want about you and it not be reported to HR. So it really boils down to HOW you discuss the opportunity with your current manager and whether you approach it with the opportunity to learn more/your interest in finance or whatever. Just don't approach it with anything that resembles, “You suck” or “This department sucks” or “Coworker X sucks”. Make it all about your personal development or interest, but make sure you don't go overboard or else they will think you will never be happy staying in tax if you don't get an offer for the new job. You could always talk about how much you love working for your company and you would love to learn more about the business and being a financial analyst will help with that.

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[Kimboroni]

I just wanted to say how interesting this thread is, and how I love that people are willing to give so much of themselves here with such thoughtful and thorough answers!

AUD 84 (1/9/14-Wiley books/TB + free materials)
FAR 83 (5/21/14-the above + NINJA 10 Pt Combo Lite)
REG 84 (7/9/14-Wiley books/TB + NINJA Audio/FC/Notes)
BEC 76 (10/5/14-Wiley books/TB + NINJA Audio/FC)

Disclaimer: My ninja avatar is not meant to imply that I have any affiliation with this site other than being a forum member. That's a pic of a T-shirt that my daughter gave me for my birthday. 🙂

[taxman89]

Thanks HMLDYN and Mamabear!! I was afraid of that. like i said i am currently changing roles in my tax dept (SALT to ASC740 and have been “in process” for almost a year) so its just about the worst time to leave since i am just about into the new role. I will prolly just not apply because if i mention it to my new boss and it doesnt pan out it will look really bad (new to the new position and already looking for a new job) to my new boss. which is somewhat frustrating because i think i would enjoy finance better and like the company (fortune 300…i think lol) but its almost easier to look outside the company than inside. We recently had someone come over to tax from accounting so maybe ill trying to have it come up in conversation and ask her how that went. Plus side is the departments really dont work together much since its a big company so less of a chance the managers already knowing each other.

Also like to second what kimboroni said. i really appreciate you all being willing to take the time and answer!!! thanks!!! if you have any questions about boring tax shit and year long transitions let me know 😀

AUD - 75
BEC - 77
FAR - 78
REG - 82

AUD: 61-67-75 (Thanks ninja aud)
BEC: 77
FAR: 78
REG:69-73-70-82

Aud-75 3x I knew i never liked you
Bec-77 1x being in the bubble is stressful
Reg-82 4x its not me its you...and no we cant be friends
Far-78 1x easiest section

[Mamabear]

@taxman–I will take you up on that offer since I'm currently studying REG and yes, it is a bunch of boring shit. 🙂 Good luck with whatever you decide to do. You are right. It is easier to look outside a company. Moving within a company requires, not only a good reputation, but good managers that would not begrudge you for wanting to move to another department. Unfortunately most people can't see beyond what they think is best for themselves or their own department.

CPA Exam - Finally DONE (November 2014)
BEC (08/10/13) 80
AUD (08/24/13) 65 (11/13/13) 85
FAR (04/12/14) 81
REG (07/19/14) 69 (11/29/14) 87!!

[taxman89]

I am on REG also but have barely started because its busy season right now for me plus since this transition is taking forever i am doing my old (half SALT/half compliance) job and my new job (different half compliance/half asc740) jjob lol……..which may be part of why i am looking at other jobs lol

and makes sense about the managers being petty…..theoretically mine should be fine because tax hires from accounting and even tax hires from tax (international hires from compliance, transfer pricing hires from international….etc etc) all the time but somehow i doubt that would be the case lol

AUD - 75
BEC - 77
FAR - 78
REG - 82

AUD: 61-67-75 (Thanks ninja aud)
BEC: 77
FAR: 78
REG:69-73-70-82

Aud-75 3x I knew i never liked you
Bec-77 1x being in the bubble is stressful
Reg-82 4x its not me its you...and no we cant be friends
Far-78 1x easiest section

[Author]

Replies