CFO vs IB, just finished school
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congrats on finishing your program. I personally would go the CFO route, possibilities are endless and it can get you into other CFO/high level positions down the road. It may be riskier...but, easy choice to me, unless you foresee the company doing bad regardless of if you are there or not
disclaimer: im still in college and havent been in IB
Hmmm, this is actually a pretty interesting sounding deal. Can you provide some additional details? Are you interested in the industry that the company is in? Could be a great way to break into said industry if you'd like a career in it.
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In a previous position I worked with CFOs of companies in the $5-25M range.
Things to consider: Could you work well with the CEO? Is the company growing? Do you like the culture? Do you think you can be an asset to the company?
It's probably not going to be easy to transition to another role unless you can show strong growth over multiple years.
However, if you're comfortable with answering the above questions and realize that you're leaving a traditional (safe) path I'd go for it. Being CFO of anything that's not mom and pop is an awesome opportunity.
Also, do you know the compensation? You may be unpleasantly surprised. I saw a huge variance in pay for the CFOs, some being lower than most would expect.
Haven't discussed much about compensation yet. Money is not my concern though...
I'd recommend that you pass on the opportunity, although taking it wouldn't be the worst career move. The further you go in your career, the more important that you align yourself with a strong business. Many companies have shrunk since 2008, but most of them seemed to have rebounded in 2010 and 2011. If this company didn't rebound, it is likely either not executing well or participates in an increasingly competitive or dying industry. $1 - $3 million companies come and go frequently. You need to assess if this company is even going to be around and profitable over the next five+ years. Once you've made that determination, then you can determine if this specific role is of interest to you.
Being the CFO for an emerging company can be a TON of fun. It is very hands on, you'll learn a lot, and you'll be able to make a direct impact. However, the role is not incredibly glamorous and does NOT pay well. In my experience, the "head finance guy" at companies that size typically pull in ~$100 - $150k per year, maybe as high is $200k. This is the PEAK of their earnings, so we're talking about guys in their 50s making that much. Depending on who the owner is and what the ongoing reporting requirements are, your hours can even reach 60+ during busy times. You said money is not your concern but what I'm talking about is career earnings potential. If you were incredibly passionate about the industry and wanted to break in, this could be a good avenue. It sounds like you don't care about the industry, so that is a bit of a red flag. Proceed with caution.
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Glad I could shed some light on the situation for you. I'm not the best person to answer the MBA question, but I'd say that it could go either way. Yes, you would be differentiated from the other finance folks out there. Yes, you'd have a unique set of circumstances from which to draw upon and write essays. However, a big part of the MBA process is to clearly demonstrate how an MBA fits into your career goals. This job appears to be very opportunistic for you rather than strategic. While standalone the opportunity is great, it isn't apparent to me how it fits into your overall career strategy and how it will help you get where you want to be in 10 years.
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Agree with CompBanker - be careful of this opportunity. Small firms tend to throw titles around very generously because they can't afford to with compensation. I worked in VC and saw a lot of pitches - some of the backgrounds of the executives are pretty unimpressive. Simply put, anyone can start a business, name themselves CEO, hire a friend as a CFO, and still have a bunch of fancy titles left in the organization to throw around. I would research more into the company and form an opinion on its growth prospects if you're considering the position. Also, even though money is not a concern to you, it can be an indicator on the value of the position. As far as MBA recruiting, it's not as unique as you may think. Quite a few applicants for top programs have started a small business, so you would be competing with "CEOs". Titles for international students are even more generous - often they have a influential father who just put them into a "group head" role in their friends' businesses. From personal experience, although MBA programs always emphasize diversity in the press, at the end of the day the majority of students still come from traditional backgrounds. (with the exception of maybe a some programs).
Your comment.... AWESOME... Thanks.. :)
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