Finance Jobs: Moving within the organization (Financial Analyst) (bankruptcy, loans, insurance)

[oleo]

I work for a large financial corporation, and I know right now that I only want to work here for a few years (2-3) and then move on.

The problem is, my job function is unique to this specific firm and is not transferable. Unfortunately, I am stuck in this position for another 12 months.

After 12 months I will be given the opportunity to move to another department of the organization.

I want to be a financial analyst.

This would also give me the opportunity to build up skills that would be transferable to another financial organization.

Has anyone every done this before or have any tips for doing this?

[Oildog]

You should always have an idea of what your next job should be. Try to learn a marketable skill for your next position. Hang in for the next year then move to something you like better. Job market is tough now especially financials.

[bibit612]

Originally Posted by oleo

The problem is, my job function is unique to this specific firm and is not transferable. Unfortunately, I am stuck in this position for another 12 months.

Please explain why your job function is unique to the firm, and then maybe I can come back with a helpful response.

[oleo]

Originally Posted by bibit612

Please explain why your job function is unique to the firm, and then maybe I can come back with a helpful response.

It's an entry level operations & processes position dealing with loans, foreclosure, bankruptcy, system applications and credit education. (very little analytical tasks)

I want to be skilled in one specific area, like a financial analyst or risk analyst (something very analytical), but I want the skills to be transferable to multiple organizations.
I really enjoy financial analysis, forecasting and budgeting and want to pursue that as a career.

I am also not much into the culture of my current employer, and don't see myself here for very long. So my plan is to work my position for about another year and then when performance review comes along and my manager asks me what direction I want to go in, I can tell him. Then work as a FA for 1-2 years and then transfer out.

I'm not exactly sure how to do this. My company has a job posting area on the intranet and there is an entry level financial analyst position available with a hiring manager to contact.

Right now I really don't have any contact with the finance group for networking so I decided to join 2 clubs at my company that will allow me to network and work on my professional development including leadership, public speaking, etc.

Any advice? Hope this helps.

[bibit612]

Okay...here's my story, so hopefully you can relate. I have a degree in Industrial Engineering obtained from a foreign university. I worked as an account manager for a property/casualty insurance broker after graduation abroad. I obtained my MBA abroad as well. Then I migrated to the US and got an entry level job at an insurance broker in Los Angeles. Because it was a subsidiary to a bank, I had the opportunity to apply internally for a position with the HQ as a research analyst. From there, I moved internally to Operations Research, which is the Internal Audit department of the bank. I was doing traditional IE work involving process improvement and creation of staffing models, which allowed me to touch practically all operations of the bank - retail, lending, loan servicing (where you are right now), appraisal, IT and legal. Additionally, I was involved in financial analysis for mergers & acquisitions. I avoided treasury as I did not want my hours to be tied to the opening of the NYSE which would require me to be at work 3 hours before everyone else. From there I moved on to Corporate Planning as financial manager in charge of consolidating budgets of the IT Division, including actual to budget variance reporting. While I was there, I was given projects to lead - a chargeback analysis for IT resources, various lease-vs-purchase, analysis, and a roll-out of a major system conversion. Then I moved on to do the same thing in the Appraisal Division, then the same thing for Loan Servicing supporting the budget process for 17 departments. That's plenty finance IMO.

We then had to relocate to the northeast after my almost 10 years in the banking industry and was hired by a large health insurer. No health insurance experience...just banking and property and casualty. I was hired to sunset a cost accounting system and convert it to an activity based costing system. Moved out of this company after two years and hired to do financial reporting in a telecommunications company. After that, I was back to healthcare, then telecom again then healthcare again. I hope you can see that finance is one of the most portable disciplines there is. I can jump from industry to industry pretty much, probably except for manufacturing or distribution as they have very specific systems, largely cost accounting based. What you need to do, if you are fortunate to work for a large company which would allow you some mobility like it did for me, is to try to touch as many different areas as you can while you are in your current position. Learn the tools to be able to conduct meaningful financial analysis...Excel is the tool of choice. Learn it and learn it well; the more advanced you are, the better your chances would be. Learn to code VBA and create macros. Hone your database skills...MS Access, Hyperion, and SQL and learn the more common financial applications online if your company allows you to, even on your own time. If it is Oracle, learn that and Discoverer as the front end reporting tool. Get a book on PeopleSoft. Read up on Sarbanes Oxley. Find out your corporate guidelines on Taxation. Read, ask, network and be mobile. When you have these skills in your belt, and when you don't stop wanting to learn new financial concepts, you can pretty much port your skills anywhere.

Currently, I am in the actuarial department. I have never in my life imagined I would be where I would be, but I still do financial planning and product pricing. Knowing concepts of unit costing would allow you to branch out into product development, then into project management if you wish.

I hope I have answered some of your questions. Try not to jump too quickly. Earn your stripes and it won't fail you.

[oleo]

Thanks for your response!

Right now I am just trying to learn as much as possible at my current position. I am planning on going back to school for a part-time MBA because my company will pay for about 85% of it. My BS in Finance, coupled with work experience in the secondary market and MBA will hopefully get me to where I want to be: first a financial analyst position at my current employer and second - a financial analyst position with another employer.

I was asking more about conversational tips, as what I should tell my manager when performance review comes along. "I like what I am doing, but my passion is corporate finance."? Also, should I make any kind of contact with management of the finance department? I'm sure this might be seen as unprofessional, the finance manager might not even respond to my email/phone call, especially at a company where bureaucracy and a background stream of seniority is in place...but I might have the opportunity to network with some corporate finance people....

Although I am constantly adding new tools to my toolbox, I think I definitely am capable of becoming a FA.

[bibit612]

I don't see why your making contact with the Finance Manager would be seen as unprofessional. On the contrary, I think you know what you want to be and are breaking the path to get there. That shows initiative and a level-headed career plan. The best way is to find a "need" in your current position to speak to finance. As such, your meeting with a finance colleague is official so to speak.

One of the projects I did back when was to look at the cost of internal legal counsel who review the bankruptcy filings for possible outsourcing. If you propose to look at the cost of this for example, you may find a way to fanagle a meeting with finance. I think you should think up of projects within your area where you could practice you FA skills, add value to your position and gain experience in FA without leaving your current department. That way, when you decide to post for a finance job, you actually have practical experience in your resume.

ETA: Don't wait for an assignment to be dropped on your lap. Think about the processes you do and investigate the causes behind them. Propose a project to your manager instead of waiting for him to think it up.

[oleo]

Great Idea!

[dsnellen]

Originally Posted by oleo

<snip> where I want to be: first a financial analyst position at my current employer and second - a financial analyst position with another employer.
<snip>

Although I am constantly adding new tools to my toolbox, I think I definitely am capable of becoming a FA.

oleo: I am still confused about your future objectives. As a financial analyst are you referring to a CFA type position? You also have a number of insightful posts reference individual investments which might lean toward a CFP certification. Regardless, IMHO, if you want to work in an area and have any level of creditability, then get the formal certification. To work in & with business management, get a MBA. To be a financial analyst, get a CFA. Fly airplaces? Get a commerical/instrument license. Boats? USCG Captain license. Experience works but limits one to personal experiences. Formal education gives meaning to personal experiences and hopefully explains the why. It also makes you smarter than 99% of your peers :-) Get the education. Get the certification. Pay for it yourself if necessary. Then market your knowledge backed up with certifications/licenses. My 2-cts worth.

[oleo]

Originally Posted by dsnellen

oleo: I am still confused about your future objectives. As a financial analyst are you referring to a CFA type position? You also have a number of insightful posts reference individual investments which might lean toward a CFP certification. Regardless, IMHO, if you want to work in an area and have any level of creditability, then get the formal certification. To work in & with business management, get a MBA. To be a financial analyst, get a CFA. Fly airplaces? Get a commerical/instrument license. Boats? USCG Captain license. Experience works but limits one to personal experiences. Formal education gives meaning to personal experiences and hopefully explains the why. It also makes you smarter than 99% of your peers :-) Get the education. Get the certification. Pay for it yourself if necessary. Then market your knowledge backed up with certifications/licenses. My 2-cts worth.

The investment stuff is just a hobby. I'd much prefer corporate finance over investment banking. I tried forever to get a job at BB&T Capital Markets and it was extremely competitive and I was competing with people from the Top-10 B-Schools in the country, not to mention in this economy those kinds of jobs seem to be evaporating. Perhaps in the future...

I agree completely with you about certification. Right now, I want to focus on MBA. Then work a few years, then perhaps get a CFA. I know a handful of financial analyst and I don't think any of them have a CFA...but I think it would definitely be helpful + would add more green to the pot.

Like I said before, my current employer will basically pay for me to get my MBA (85% of the costs), which seems like a no-brainer for me to go ahead and get that done, not to mention I am located in a very convenient location to the university I would like to attend.

Thanks for your help.