More info on FP&A, and required education?

Hey everyone, first of all excuse my ignorance on the topic, I am still doing research and trying to find the best fit for me. I'm currently going into my junior year and need to make some decisions. Before I do that I was hoping to get some information on the best route to go to help get into this field.

First off, I am currently going to a state school, nothing special like UT Austin or UCLA, just your average state school. I am doing well (3.73 GPA) but wasn't sure if I should stay here or transfer? I haven't been able to find if corporate finance sees school prestige as a huge factor like IB or PE does. I'm currently double majoring in Finance and Accounting. If I transfer it would be to a school in NYC, most likely Baruch College or Fordham, Fordham being contingent on scholarships. Both schools I would most likely only go for Finance with a possible minor in another related field.

Also, if anyone has any websites that could give me more insight into corporate finance I would really appreciate it. I found a couple that show the "day in the life" and job descriptions of FP&A but I'm trying to get a better understanding of the duties, hours, pay etc.

 
Best Response

I'll just give you a run-down of how things played out for me.
I graduated this past May from a no-name school. Very very few companies recruited there. We only had companies from the nearby city, and they weren't even specifically looking to hire: they were just invited to attend the career fair. There were probably 12 companies total, and 2-3 with business related roles.
I secured an the summer after my junior year (last summer) with a F1000 company because my uncle knew one of the execs, and that exec passed my name down. It took a ton of perseverance on my part though, constantly calling the exec to try to get an informational interview with him, and then constantly calling HR and showing my interest and hoping that a position would open up.
Over that summer I discovered that the best way to accelerate your career in corporate finance is to get into an FLDP. I decided that the aerospace & defense industry interested me the most, so I started to try to research A&D companies that had an FLDP. I found a couple, and one in particular that listed the email addresses of the hiring managers for the program. I emailed the managers to try to get an informational phone call. I was fortunate enough that one responded, and I got on the phone with her and got to talk to her about the program. She then put me in contact with a participant of the FLDP, and shortly after I got to talk to the lead manager. A few weeks later, they contacted me and said they wanted to fly me out to interview with them. I interviewed in October, and a week later they offered me a position in the FLDP.
I'm on my first rotation and have the ability to rotate through FP&A, Corporate Strategy, Business Development, and a few other (less exciting) roles.

I am still in disbelief that I was able to get into the FLDP of a F100 company, especially since I was competing with more known schools like USC and Texas A&M. Here is the moral of the story: Your school doesn't matter nearly as much as your persistence does. Research as much as you can about corporate finance, and try to get a summer CorpFin internship after junior year, either through the school or through your network. It doesn't matter a ton what company you intern for, as long as it's a corporate finance internship. During your internship, determine what industry sector you want to get into, and then contact anyone you can related to fldps in that industry (current program participants, past participants, managers, etc) and express your interest in that program. You need to be doing this part by August of your senior year. Keep following up and reaching out until you get an interview.

I learned a ton about FLDP's and Corp Fin by reading the various topics here on WSO. I'm proud to say I've spent hours and hours reading various pages on here. It has a wealth of information that you cant get anywhere else. Furthermore, I dropped the $30 on the FLDP guide that WSO offers and trust me, it's worth it. It has day-in-the-life's, salary info, interviews, lists of companies by sector that offer FLDP's, and a bunch of other resources.

Lastly, I learned a lot and was motivated a lot by reading the following blog:
www.businessclassliving.com
It is the blog of a young Corp Fin VP who talks about his travel and such. It doesn't have much by way of day-in-the-life from a work perspective, but its awesome to read how fun your personal life can be if you can quickly rise to be a corporate titan.

Let me know if you have any questions.

 

Hey thanks for all the information and insight!

I kind of figured networking and the internships you get would help just as much, if not more than where you got a degree from but wasn't sure.

I do have a question though, would you say it is necessary for internships to be in your desired industry? For next summer (after junior year) I have connections with two companies, one a regional bank, and another a Port/Terminal Management company. I'm not really interested in either of those industries, Tech, Healthcare, and Automotive are a couple that I've found so far I'm interested in, but wasn't sure if it would hurt or help just having that general experience from the bank or other company.

 

Those skills are mostly transferable, so you should be in good shape. They care more about your experience, exposure to, and familiarity w/ finance and accounting. Companies will train you specifically on their systems and in their way of doing things once you've cleared those hurdles, which is why just having internship experience and a solid understanding of Accounting are crucial for entry into the field.

To give you some context, I'm currently working in Corp Fin. in my 4th different industry, and I was a Poli-Sci/Econ major. My internships were the difference makers.

 

I personally wouldn't say that the internship needs to be in your target industry. My internship was a different industry at an F1000 company (less than $5B revenue) and the function I was in was different as well. My FLDP is with an F100 Aerospace and Defense company, and my first function is different from what I interned as.
Its all about how you spin your internship in your FLDP interview. I talked about how my internship was fantastic because the function I was in touches all parts of the business, and I got some general experience with everything over the 3 months I was there. I said that it taught me that I definitely want to work in finance, but it also taught me what industry I wanted to target. I said that I wanted to try to take my area of study (finance) to the area that interested me the most (A&D).
No internship is ever going to hurt your resume, its just that one might help more than the other. I'd try to see which of your options gives you the most broad Corp Fin role you can get. Maybe shoot for one that's in FP&A, or maybe treasury, or maybe even accounting (if you're willing to put up with the boredom). I think working in finance for a company would be a little better for FLDP's than working for a regional bank, though I might be wrong.

 

I can give you some insight, as I currently work in an FP&A role. Basically I work with program finance teams to confirm that myself and my management understands what is going on in the business. What adjustments to our forecasts should we be making, etc. to avoid any potential surprises at the end of each month and quarter. I'm forecasting cash receipts on a weekly basis. We also work through our strategic plans and annual operating plans for the upcoming 3-5 years. I like it a lot, but there are a lot of things to think about. One number changing can impact a lot of different things financially. It's ever-involving and relatively fast paced compared to my prior roles.

If you do want to work in FP&A, I would strongly recommend you try to get program finance experience. I was able to get 4 years of program finance under my belt in various capacities and I believe that perspective helped me in the job that I'm sitting in today. FP&A also gives a wider lenses to see the entire company instead of just a specific program, which is vital if you want to move up and have a chance for different leadership opps.

Keep your head up. I was sitting where you were a few years ago. State school, non-target, high-ish GPA. Spend A LOT of time this summer and fall trying to get a good internship for this coming summer, you never know what that could turn into. If it doesn't happen that's okay too. I had no internships and started in a F500 FLDP program. It's a good foundation to get a couple of different experiences to build on in the first couple years of your career. You can see what you like and what you don't like. Most importantly, once you land something - go in and kick-ass every day. Even if you have crap work to start out, keep your eyes down and don't complain. It will get better. It sounds ridiculous, but if you just do your job really well, you can stand out in most places. You won't be a VP after 2 years or 5 years, but you will make a name for yourself and create your own personal brand. Good luck, keep your head up.

 

It's finance (planning, forecasting, measurement, and tracking, namely) related to any special short or long term strategic plans a company may have, including any additions to their annual operating plan, any set of projects integrated into the standard operating model, productivity stuff, and various capital projects.

 

Its the double-edged sword of getting in to finance.

Easier to get in on the program/project side, but can be deadly to your career. Programs/Projects never go "excellent" They either go "on-budget" (in which case all you'll get is a pat on the back) or they go poorly.

AND....what TheGrind said.

Director of Finance and Corporate Development: 2020 - Present Manager of FP&A and Corporate Development: 2019 - 2020 Corporate Finance, Strategy and Development: 2011 - 2019 "An investment in knowledge pays the best interest." - Benjamin Franklin
 

How hard? About as hard as Hugh Hefner without Viagra... not very hard.

You have 1 year of experience, an accounting degree, and a CPA. Holy shit, you're a dream candidate for entry-level FP&A roles... try networking within your company and start applying online for positions (my favorite is Indeed.com). At this point, you absolutely DO NOT need to get your MBA... completely unnecessary and will maybe even overqualify you for entry-level roles, though I would not discourage you from getting one later in your career if you feel that it's necessary.

Word of warning, there's not a lot of "analyzing financial statements" in an FP&A role, at least not at the lower levels from my experience, but there will be plenty of budgeting and planning.

Money Never Sleeps? More like Money Never SUCKS amirite?!?!?!?
 

Thanks for the help guys. I will just have to start looking for some entry level positions that don't require much experience other than accounting, which is going to be the hard part.

 

Excel is key to FP&A.

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.
 
kts1010:
I have a question regarding getting into a FP&A division of a company as a financial analyst. I graduated alittle over a year ago with a degree in accounting and have my CPA. I have been working in the tax department of a large company since my senior year but taxes are just not my cup of tea. I really enjoy analyzing financial statements, budgeting, planning and more of the regular accounting aspects. My question is with my experience how hard will it be to move into an analyst position? Should I go back to school and get my MBA or do you guys think I have a shot?

Any help would be greatly appreciated.

John Sanchez Managing Director The FPA Group www.thefpagroup.com [email protected]
 

Veniam tempora ut vitae voluptatum aperiam. Fugit tempora molestias odit minima ea. Adipisci eos dolores eos aut. Hic est eum ad temporibus a quod. Sapiente sapiente vel nihil. Saepe consequuntur qui sit tempora omnis voluptas commodi.

Non aut dolorum magnam numquam quam aut. Et et exercitationem veritatis est veniam minima. Blanditiis sint aperiam vel. Velit non accusamus temporibus corrupti voluptas veniam. Aut quos corrupti ab iusto perspiciatis rem iusto. Neque qui explicabo nesciunt deserunt autem consequatur incidunt.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
Secyh62's picture
Secyh62
99.0
5
GameTheory's picture
GameTheory
98.9
6
dosk17's picture
dosk17
98.9
7
DrApeman's picture
DrApeman
98.9
8
CompBanker's picture
CompBanker
98.9
9
kanon's picture
kanon
98.9
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”