Not working out at startup after IB
I joined a startup after my 2 year IB program and I am about ~6 months into the role at a Series B startup and the state of finances of the company are very rough; there is no standardization, forecasting methodology, accounts are all over the place, etc. and blame is starting to go around so I fear my job may be on the line soon. I am starting to apply for Corp Dev and Strat Finance roles; wondering how you would approach this situation.
Based on the most helpful WSO content, here’s how you can approach your situation strategically:
Leverage Your IB Experience: Your two years in investment banking are a strong foundation. Highlight your transaction experience, financial modeling skills, and ability to work in high-pressure environments. These are highly transferable to Corporate Development (Corp Dev) and Strategic Finance roles.
Frame Your Startup Experience Positively: Even though the startup environment is chaotic, you can position your experience as one where you’ve learned to adapt, problem-solve, and work in unstructured settings. Emphasize any initiatives you’ve taken to bring order to the financial processes or improve forecasting, even if they were small wins.
Network Aggressively: Networking is critical. Reach out to former colleagues, alumni, and connections in Corp Dev and Strategic Finance. Use LinkedIn and industry events to expand your reach. Personal referrals can significantly increase your chances of landing interviews.
Tailor Your Resume and Story: Customize your resume to highlight skills and experiences relevant to Corp Dev and Strategic Finance. When interviewing, be prepared to explain why you’re transitioning from a startup and how the experience has made you more versatile and resilient.
Prepare for Behavioral and Technical Interviews: For Corp Dev roles, focus on M&A processes, valuation techniques, and strategic thinking. For Strategic Finance, emphasize forecasting, budgeting, and financial planning. Be ready to discuss your startup experience in a way that demonstrates your ability to handle ambiguity and drive results.
Act Quickly but Strategically: Since you’re concerned about job security, it’s wise to act swiftly. However, don’t rush into just any role. Focus on opportunities that align with your long-term career goals.
Consider the Lessons Learned: If asked about your startup experience, frame it as a learning opportunity. For example, you could say, “While the startup faced challenges, it gave me the chance to work in a dynamic environment, tackle unstructured problems, and develop a deeper understanding of operational finance.”
Stay Calm and Professional: Even if blame is circulating at your current role, maintain professionalism. Avoid speaking negatively about your current employer during interviews, as it could reflect poorly on you.
By focusing on your strengths, networking effectively, and framing your experiences positively, you can position yourself as a strong candidate for Corp Dev and Strategic Finance roles.
Sources: Transitioning from tech to a serious finance job (yes, you read that right), Why You Should Reject that Start-Up Job, Help me understand the new generations…
This is where you use what you know… talk to your CEO and figure this shit out. I don’t know why you joined a startup but if you did it with any reasoning or agency you were probably accounting for some odds of actually succeeding, and the reason you have a high upside is that you need to use your brain and figure shit out. Take tons of responsibility, get your company’s finances in order, and presumably your CEO will reward you. That’s why you came isn’t it?
If your job’s on the line you can either do nothing and lose it or you can try to help fix the problem and 1) actually get great problem solving experience, 2) make an impact in the company and put your skills to good use, and 3) have a way better chance of retaining your job if you’re putting the effort in and taking ownership. But if you’re checked out and genuinely don’t care/need structure to function, yeah, maybe consider some more structured roles.
Echoing 188m here to say "that's the job".
What is your role and what other finance positions exist at your company? I've seen Series B companies with one person doing all of the finance/accounting and others who already have a CFO, Controller, StratFin, Staff Accountant, Data Analyst, etc.
If a startup hired you from IB (or anyone else from high finance or even B4 accounting) it's because they are expecting you to bring the standardization, forecasting methodology, and clean up the accounts.
Almost all startups are junk shows and complaining that things are broken is the fast path to failure. The next startup that you go to will be broken too (ignore whatever well-adjusted and highly-functioning face they are presenting on LinkedIn). Map out where you are today, where the company needs to be, then how you are going to get there. Lock in and level up.
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