New FP&A job just as bad as IB
I’m in an extremely privileged position where I’m disappointed with my fancy high paying finance job.
I finally exited banking for a FP&A Director position at a large PE platform. I was told throughout interviews and onboarding that 40-50 hour weeks were the norm with occasional exceptions. Since then, it’s been 60-80 hours, negative feedback for “leaving the office too early”, and working through PTO. It seems I took a huge pay cut for the same hours and stress. I was fine with long hours as a single guy in IB, but now I have a family and don’t want to do this anymore.
Perspective would be appreciated. I know I’m in my own thought bubble. It’s just hard to start from square one again, this time having to explain why I’m job hopping.
Sounds like a bad spot to be unless your comp package has enough equity to make it worth your time. How long have you been in the current role and how in the weeds can you go on the accounting and data sourcing/cleaning components? What comp range are we talking about at the PE platform? Major metro? How do you feel about remote?
OP here, comp is low $200s and no equity. It’s good experience seeing the whole business and working cross functionally, but a lot of pressure at the executive level for what feels like not enough comp.
bruh that is shit
How long have you been in this role? What kind of work do you enjoy doing? I'm pretty startup-biased so someone else will have to chime in on F500 or other paths.
The market is bad but I'd still try reaching out to a few VC startup recruiters to see what they think. You can get similar comp and get equity, the hours will be closer to 40-50 most of the time, and the pressure is different.
The downside is that most actual startup roles might require you to also do a bunch of accounting. It's pretty common to have a head of finance also be responsible for the monthly close and accounting functions (sometimes even through Series B on lean teams). You might be able to outsource the bookkeeping but you still need to know enough to review that work.
Shouldn't be too difficult to talk about how you tried the large PE platform gig but are really looking for an opportunity to take on broader responsibility, build more at an earlier-stage company, etc.
How long have you been in this role? What kind of work do you enjoy doing? I'm pretty startup-biased so someone else will have to chime in on F500 or other paths.
The market is bad but I'd still try reaching out to a few VC startup recruiters to see what they think. You can get similar comp and get equity, the hours will be closer to 40-50 most of the time, and the pressure is different.
The downside is that most actual startup roles might require you to also do a bunch of accounting. It's pretty common to have a head of finance also be responsible for the monthly close and accounting functions (sometimes even through Series B on lean teams). You might be able to outsource the bookkeeping but you still need to know enough to review that work.
Shouldn't be too difficult to talk about how you tried the large PE platform gig but are really looking for an opportunity to take on broader responsibility, build more at an earlier-stage company, etc.
This is absurdly low for a director. They gave you the name and not the pay
Leave - this is the worst case scenario
Leave. Found myself in a similar situation back in the day. It will only get worse.
I think that’s what I should do, but how to approach in this job market is my concern.
Can you move to a F500 role for a more relaxed environment? Anything PE or PE backed will get you in bed with psychos and shitty people
How many YoE do you have?
4 years of M&A experience, including valuation before IB. Been at this new role for a few months.
Would you move to a F500 or mid-sized company? PE-backed always has the potential to be a shitshow especially if the portco is not doing well.
I don't have direct experience in your role but can comment from the private equity and IB side of the equation. Simply put, PE's are highly demanding with reporting given they don't actually do anything with the actual operations of the business so really press portfolio companies on reporting to really see what's going on. If there was a bad quarter in working capital, bookings etc. they will blast the management team on what is going on at a granular level which in turn gets placed on the FP&A team. Based on my conversations with CFOs who have experienced reporting cycles within public companies and PE backed companies, PEs push for deep monthly reporting while public companies have longer reporting cycles but more compliance/SEC etc. requirements which I would argue is less intensive the a PE GP blasting their management team for a bad quarter in terms of performance.
I know where you are coming from, but I can tell you from experience that the job you are looking for does exist. However, you are more likely to find it at a public company than a PE-backed or private company. Case in point, I'm a Sr. Director of strategic finance at a public company, and my target total comp is ~$450k with average performance.
Granted, it took a while to get there. I had to take more than a 50% pay cut to transition to industry, and it took 4-5 years of climbing the corporate ladder before I got back to Associate 1 IB comp. I'm in my late 30s now, am married with a child, and generally enjoy my life. 40-60 hours per week fully remote is my norm, with 60 hour weeks being rarities during the finance peak seasons (LRP, Annual Planning, and occasionally earnings / emergencies). 40-50 is a more common range.
If you are working 60+ hours per week and effort is being cited in performance reviews, then it's time to look for something new. Just be aware that it will probably take longer than you expect to get back to your earnings peak from PE. For me, the time back is worth it.
Where is your company based? Really I am just trying to get a sense of how much your comp is influenced by COL.
I'm a finance director at a public company in Treasury/IR/StratFin making $270k on-target. Lower than I expected for this title.
I work remote, living in a large city that is not VHCOL.
Im pretty well paid for my title. But i also cover the majority of gross profit for the company in a complex space.
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