Director promotion reflections

I recently got promoted to finance director at a F500 company at the age of 30. Getting this title has been a milestone goal for me- frankly, very early in my career I saw it as a peak career goal.

I want to share some reflections on WSO, considering I found this site while in college and have learned an enormous amount from it. 

Sadly the CF forum is shadow banned (harder to find than the "fashion" forum for crying out loud) but I'm trying to make the post I wish I found as a college student- paying it forward, can't control if it gets read or not.

The Journey is a Series of Steps

I’ve spent my whole career in the finance departments of Fortune 500 companies. When I was an analyst fresh out of college, I saw directors as demi-gods. A few of my early career rotations were at satellite sites that didn’t even have people at the director level. Director was the highest level I interacted with or saw in the flesh, which meant that I could only dream about how much smarter the VPs must be. Director became the highest level I allowed myself to shoot for, out of fear I’d shoot too high and be disappointed. My impression previously was that you had to play your cards right, be groomed right out of college, and get noticed by the illuminati to advance.

Now suddenly I am here, much faster than I had expected. I’m the same guy I was a few weeks back as a manager, and a few years back as an analyst. I’ve gained experience along the way, but there was no re-birth moment when I suddenly became someone else. I feel like the same person I was in college, but with a few years of experience. The person you imagine yourself to be in some target role- well spoken, better dressed, confident, composed, etc- is something you have to build. No fairy godmother comes and gives you a dress and a carriage and takes you to the ball (for better and for worse!).

Getting here was a step-by-step process. As an analyst I got a few inbounds for SFA jobs. As an SFA I started getting inbounds to be a manager. As a manager I got director inbounds. Now as a director I’ve had a few recruiters reach out for VP level roles. I look back now and see that each of my prior promotions was the next logical step from the previous role. It makes me realize that the path forward will be more of the same. I now interact daily with VPs, SVPs, and the C-level. I realize they aren’t gods, and that I am more competent than some of them, and that with a number of years under my belt I will likely be in their ranks. On one hand this is encouraging; on the other hand it is less exciting than the mystical ascension I thought it would be.

The Pay is also a Series of Steps

The pay has taken me by surprise. I knew that director pay would be in the upper 200s. My previous comp was a touch below 200k. That ~75k bump was eye watering to me- an extra 5-7k in my pocket per month. One promo worth more than my entire first year salary. A huge jump from the 10-20k raises I got previously.

Naivete on my part. My all-in comp did jump by that much, but my base only increased ~15k. My bonus increased 10k. The rest came in stock comp, which means I have to climb the multi-year RSU vesting ladder before I see the full amount. I got a 30+ percentage headline raise, but my comp will just increase 10% a year until I get up the RSU hill.

After taxes, my paychecks increased $400. Meaningless to my lifestyle. Sure- I’ll get more money in bonus season.. but by that point I end up saving and investing it all. I knew most of the raise would be in stock comp- it just didn’t click for me that if my paychecks hardly change, I could only afford more house or a nicer car by putting more money down. I guess in the long run this is good- harder to be irrational when you have to put large amounts of money down rather than sign for a monthly payment.

A quick aside regarding inflation- when I started my career less than a decade ago, the lifestyle (house, really) that a director could afford is much nicer than what I can afford now. It feels like the reward is still out of reach- I played by the rules, worked hard, worked smart, and, like a mirage, that dream fades as I approach. I can only imagine how Gen Z is feeling.

The Prestige Paradox

I mentioned before that as an analyst, I saw directors as demi gods. The interesting thing is that by number of promotions, the distance between an analyst and a director is roughly the same as that between a director and the CFO.

So now I am a director, and yes- some of the analysts at my company think I am a badass. But my peer group has changed. Most of my interactions are with VPs, SVPs, and the C-level, and around them I feel like an analyst. The admiration of the analysts below me is no consolation. As you start climbing and your peer group changes, the next couple steps are just a few steps away and seem attainable, so you never feel satisfied with where you’ve gotten. The reality, though, is that there are always a few more steps- more prestige, more money.

Interestingly, I have heard my CEO make comments about some hedge fund guys he’s met with- how their money is “a different world” to him. And I am sure some of those guys feel like small beans to some old money families they know.. It never ends.

The Worry Paradox

I wish I wasn’t so worried earlier in my career about getting here. I was fixated on this goal and it took so much mental energy. People on WSO would say that the fact that I was on WSO and taking my career into my own hands set me a part and meant that I would get there. “Easy for you to say, when you’re already there!” I would think. They were right. But- the fact that I was so worried and fixated on the goal is what got me here in the first place. Don’t worry- you’ll get there. But if you don’t worry.. you won’t get there.

Some Advice

My biggest piece of advice is to follow the up-or-out mentality. Success is a combination of hard work and luck. You can control hard work, you can’t control luck. But you can throw volume at luck until something hits. I left my first company because I could see the writing on the wall that time was the currency for promotions, not talent. I left another company for the same reason. I found a company and a role (and got lucky with timing) where they are happy to give me more responsibility, and I’ve risen quickly. I have prior coworkers who never left and still think their next big promo is just around the corner. You have to take control- as you approach eligibility for the next role, you make your desires known. After you are eligible, you give your current employer a short clock to make it happen. No dice? You leave.

Look the part and act the part. Look at how the people you want to be act, talk, dress. As appropriate, emulate them. What people see is their reality- they need to be able to see you in the next role. Being well spoken, comfortable in front of crowds, well dressed (I’m talking clothes that look good on you, not just “expensive clothes”)- these are muscles that take building. Start now.

Don’t suck up to the people above you. They were in your shoes, once. They want people who make them feel comfortable and who feel comfortable around them. They want to know that you can carry yourself well if promoted. Now, don’t be an over-comfortable buffoon, but don’t treat these people like they walk on water. They fart and shit like the rest of us.