Was recently referred to an FP&A position at an insurer. I currently cover insurance stocks in ER and have been looking to leave and am not really interested in insurance. How likely is it to switch from insurance FP&A to other industries after you gain some experience? I am not sure if it would be more wise to wait and see if I could find a different opportunity in FP&A outside of insurance or take it, learn, and try to pivot out in a couple years. I understand other companies look for cost accounting and you won't really be exposed to that in insurance. Any advice would be useful.
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Based on the most helpful WSO content, transitioning from FP&A in one industry to another can be quite feasible, especially if you're at an earlier stage in your career. Here's what you might consider:
Transferable Skills: FP&A roles generally require a strong foundation in financial analysis, budgeting, forecasting, and strategic planning. These skills are valuable across various industries.
Industry-Specific Knowledge: While it's true that certain industries have specific requirements, such as cost accounting in manufacturing, the core FP&A skills you develop in the insurance industry can still be relevant elsewhere.
Brand Recognition: If the insurance company you're considering is well-recognized, this could be beneficial when looking to pivot to another industry. A strong brand can add weight to your resume.
Networking and Internal Opportunities: Once you're in a company, performing well can open doors to different roles within the same organization, potentially even in different departments or industries if it's a diversified company.
Diversity of Experience: Having a range of experiences can be seen as a positive by many employers. It shows adaptability and a breadth of knowledge.
If you're not keen on insurance, you might want to consider how long you're willing to stay in that industry before moving on. It could be a strategic move to gain experience and then pivot, or if you're certain about not wanting to be in insurance, it might be worth waiting for the right opportunity in a different industry.
Remember, every move is a trade-off, and while FP&A skills are quite transferable, the longer you stay in one industry, the more specialized your experience becomes, which can make transitioning to a new industry more challenging but not impossible.
Sources: Q&A: F500 Director of FP&A, Q&A: F500 Director of FP&A, Corporate Finance Q&A with accountingbyday, BJM85, STorIB, and djfiii, Corporate Finance Q&A with accountingbyday, BJM85, STorIB, and djfiii, https://www.wallstreetoasis.com/forum/investment-banking/public-finance-qa?customgpt=1
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