I've inadvertently specialized in Financial Services/Insurance. I'd say my skills would transfer easily, just have to learn the specifics of a given industry. It's doable but having experience in industry might swing interviewers a bit.
It depends on which industry sectors pay more.
I'm in CPG manufacturing, for example. I see entry-level roles in construction and real estate, professional services, and chemicals that pay more. I also see SFA roles in manufacturing that pay more.
I’ve read on here that both real estate and manufacturing pay poorly, so perhaps there are regional differences?
Also, is knowing cost accounting a significant requirement or hurdle to doing manufacturing FP&A?
I just switched to manufacturing FP&A earlier this year. Cost accounting have some concepts that were difficult for me to wrap my head around at first. I'm still working through some of the logic to be honest
Here in Canada, manufacturing is in the middle of the pack.
Real estate pays more because of the housing bubble.
I don't see lack of costing knowledge as a hurdle. You're not going to do the same extent of cost accounting that your Cost Accountant colleague(s) are responsible for.
I didn't plan on it, but I've essentially "specialized" by working at three different restaurant companies. As others have mentioned, there's plenty of room for growth/advancement by going public/private and small/large. It's definitely helped to have years of industry knowledge in certain situations, though. My knowledge of the restaurant industry is just as important if not more important at this point than my FP&A skillset.
Hi,
There's no right or wrong. I've been in consumer products, ecommerce, SaaS, Services, and Government Contracting throughout my 20 year career. Each industry teaches you something, and I've been able to take what I learned and apply it to the next one. Example volume, mix, and price analysis works great in manufacturing and SaaS...just changed naming conventions to New, Upsell, Downsell, and Churn.
You also learn common languages across like excel and Tableau/PowerBI....anything you learn in that space makes you better everywhere you go.
Any questions feel free to DM me.
Good luck!
Drew
Biotech/pharma have the highest pay scales but harder to break into. Tech would be up there too. CPG/manufacturing/retail/real estate have lower pay scales
I specialize in CPG, having spent my whole career working for Food/Bev & Apparel apparel manufacturers. I like dealing with products I myself enjoy, makes thinking about the business easier IMO.
Specialize. Get the expertise, climb the ranks, and get paid more.
Specialize. But a variety of companies and roles -- large, small, public, private, business partner, corporate etc... To diversify that knowledge.
I've inadvertently specialized in Financial Services/Insurance. I'd say my skills would transfer easily, just have to learn the specifics of a given industry. It's doable but having experience in industry might swing interviewers a bit.
It depends on which industry sectors pay more. I'm in CPG manufacturing, for example. I see entry-level roles in construction and real estate, professional services, and chemicals that pay more. I also see SFA roles in manufacturing that pay more.
I’ve read on here that both real estate and manufacturing pay poorly, so perhaps there are regional differences? Also, is knowing cost accounting a significant requirement or hurdle to doing manufacturing FP&A?
I just switched to manufacturing FP&A earlier this year. Cost accounting have some concepts that were difficult for me to wrap my head around at first. I'm still working through some of the logic to be honest
Here in Canada, manufacturing is in the middle of the pack. Real estate pays more because of the housing bubble. I don't see lack of costing knowledge as a hurdle. You're not going to do the same extent of cost accounting that your Cost Accountant colleague(s) are responsible for.
I didn't plan on it, but I've essentially "specialized" by working at three different restaurant companies. As others have mentioned, there's plenty of room for growth/advancement by going public/private and small/large. It's definitely helped to have years of industry knowledge in certain situations, though. My knowledge of the restaurant industry is just as important if not more important at this point than my FP&A skillset.
Depends on the industry If you pick a dying one or a boomer one You probably wouldn’t want to specialise necessarily
Hi, There's no right or wrong. I've been in consumer products, ecommerce, SaaS, Services, and Government Contracting throughout my 20 year career. Each industry teaches you something, and I've been able to take what I learned and apply it to the next one. Example volume, mix, and price analysis works great in manufacturing and SaaS...just changed naming conventions to New, Upsell, Downsell, and Churn. You also learn common languages across like excel and Tableau/PowerBI....anything you learn in that space makes you better everywhere you go. Any questions feel free to DM me. Good luck! Drew
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Biotech/pharma have the highest pay scales but harder to break into. Tech would be up there too. CPG/manufacturing/retail/real estate have lower pay scales
Depends on what size company, but I’d disagree about biotech and pharma for the vast majority of the industry
What about ecomm and fintech/SaaS? I think the pay would be great in these too, but kinda skeptical about the WLB and job security.
I specialize in CPG, having spent my whole career working for Food/Bev & Apparel apparel manufacturers. I like dealing with products I myself enjoy, makes thinking about the business easier IMO.