How to Break into Finance

Breaking into finance from an accounting background can be challenging, but it's not impossible. Based on the most helpful WSO content, here are some insights and actionable steps to help you transition:

1. Understand the Challenges

• Perception of Accounting Roles: Many hiring managers may view your accounting experience as too focused on compliance and reporting, rather than the forward-looking, analytical skills required for finance roles like FP&A or investment banking.
• Competition: You're competing against candidates with direct finance experience, Ivy League degrees, or those who have already worked in finance-related internships or roles.
• COVID Impact: Graduating during the pandemic likely limited your opportunities to gain relevant finance experience early on, which has compounded the challenge.

2. Leverage Your Accounting Background

• Highlight Transferable Skills: Public accounting, especially from a Big 4 firm, can be a strong foundation for finance roles. Skills like financial analysis, attention to detail, and working with financial statements are highly relevant.
• Target Valuation or M&A Roles: Within accounting, there are niches like valuation, due diligence, or transaction advisory services (TAS) that align closely with finance. These roles can serve as a bridge to FP&A or investment banking.
• Corporate Finance Functions: Internal audit, treasury, or corporate finance roles within a company can also provide exposure to financial analysis and strategic decision-making.

3. Refine Your Resume and Story

• Tailor Your Resume: Emphasize any finance-related tasks you've handled in your accounting roles, such as budgeting, forecasting, or financial modeling. Use action verbs and quantify your achievements.
• Craft a Compelling Narrative: In interviews, explain your transition from accounting to finance as a natural progression. Highlight your finance degree, your passion for analytical work, and your desire to contribute to strategic decision-making.
• Address the Gap: If asked about your accounting-heavy background, frame it as a strength, showing how it has given you a solid foundation in financial principles.

4. Expand Your Search

• Consider Banking Roles: Investment banking or middle-market corporate finance roles can be a good fit, especially if you leverage your accounting expertise in M&A or financial modeling.
• Network Aggressively: Networking is critical in finance. Reach out to alumni, attend finance-related events, and connect with professionals in Los Angeles, San Francisco, and Chicago. Many success stories involve candidates breaking in through strong networking efforts.
• Explore Smaller Firms: Boutique investment banks, smaller FP&A teams, or startups may be more willing to take a chance on someone with an accounting background.

5. Upskill and Differentiate

• Learn Financial Modeling: If you haven't already, take courses in financial modeling and valuation. These are essential skills for most finance roles.
• Certifications: Consider pursuing certifications like CFA or FMVA to demonstrate your commitment to finance and enhance your technical skills.
• Soft Skills: Since you mentioned banking roles requiring strong soft skills, focus on improving your communication, presentation, and relationship-building abilities.

6. Stay Persistent

• Keep Applying: Rejections are part of the process. Continue applying to FP&A roles, but also broaden your scope to include other finance roles like treasury, corporate finance, or even consulting.
• Be Strategic: Target roles that align with your current skill set while offering opportunities to develop finance-specific expertise.

7. Consider an MBA

• If you're still struggling to break in after trying the above steps, an MBA from a top program can reset your career trajectory and open doors to finance roles. Many professionals use this route to transition from accounting to finance.

By refining your approach, leveraging your accounting background strategically, and staying persistent, you can successfully transition into finance. Keep networking, upskilling, and applying, and you'll increase your chances of landing the role you want.

Sources: Accounting vs Finance: Part 1 – Career Paths, Accounting vs Finance: Part 1 – Career Paths, Personality just doesn't fit I-Banking/Finance? Is there a Finance "type"?