Transition to FP&A Role, MBA?
Hi All,
Just wanted to get some help on my situation. I'm currently an royalties analyst at one of the largest music labels, but I really want to make a career change. I feel like my position has no growth to speak of and it has been extremely difficult to even secure an interview for another position. My role is very specific which is why I think it has been hard to find another broader position.
My ideal plan is to find a financial analyst position and pursue an MBA and work my way up in FP&A. Would this be the best way to get into FP&A?
Thanks!
Is there a Planning and Forecast group at your company specifically related to royalties?
I believe there are but there aren't any positions currently open. I'm afraid that if I stick to royalties, it'll be extremely difficult for me to branch out in the future.
First piece of advice would be to not concern yourself with "positions open". Most of these roles are filled well before they are posted to an internal or external job board. Here's what I would do:
-Reach out to a SFA in this group. Let them know that you're on the G/L side of royalties but you're trying to be better partners with the business. In order to do so, it would be helpful to understand what goes into the Budget and Forecasting piece of the business. This isn't a lie because you do want to learn about this stuff. -After the conversation, express your excitement about what this individual is doing and ask to speak with any of their peers responsible for different parts of the business. Now you're establishing a network. -This will help you to understand the different pieces of FPA in your business, as well as make you privy to new role which may come up -Once your network is established, its worth reaching out to a manager or director. Let them know your relationships with the SFAs but would love to learn more about FP&As relationships are management level with the business. This is a great conversation to then articulate your interest in the group.
If you have a good relationship with manager, I think you should let them know you'd like to make a move to FP&A as they may know someone. Additionally, keep looking outside your company for roles. An MBA would let you make this move and may be needed for progression, but I think you can make the initial switch without it.
Thanks for the sound advice! I will definitely reach out a SFA within the group.
A little bit of an update: It turns out that my company had an open position for an FA role and I've secured and interview tomorrow. After talking to the recruiter, I realized that I'm obviously under qualified for the position, but I'll have a chance to impress the hiring manager & controller.
Does anyone have tips for interviews when I'm clearly under qualified? I have minimal experiences with SAP and I'm trying to familiarize myself with the other programs that they use such as BPC and queries. Any recommendations where I can acquire a basic understanding of queries?
Thanks!
Congrats! Question - What made you feel under qualified? Was it strictly the systems/applications being used?
I would assume the expectation for an FA is that they wouldn't know some of these systems off the bat due to the entry level nature of the position. If SQL queries are being pulled that's a little different but not much. But to answer your question have a plan. Acknowledge you have minimum experience in X, but you will make up for that by doing Y. Y could be an online SQL class, or starting internal BPC training prior to the new role. Basically say you will get out in front of it.
I can't imagine you are under qualified. At an entry level FA position the learning curve will be steep and you have the advantage of knowing the company more than someone off the street. Emphasis your passion for the company and the role. Ask a ton of questions about the work and the team. You'll be good.
Best of luck.
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