Although I love financial planning and analysis (FP&A), I realize you may not be working in FP&A for all of your career, which will likely span 30+ years. Therefore, it's important to know what other options and paths are available after working in FP&A.
In this article, we will look at thirteen potential exit strategies that can help you explore various opportunities after FP&A.
FP&A professionals are highly skilled and sought-after, and as such, they have many options for career advancement. There are also options for lateral moves within their organization or elsewhere.
1) Internal promotion
One option for FP&A professionals is to seek a promotion within their current organization. This could involve moving into a more senior FP&A role such as FP&A Director, VP of FP&A, or Chief Financial Officer (CFO).
2) Lateral move
Another option is to consider a lateral move within the organization. For example, taking on a new FP&A challenge in a different department or business unit.
Making the transition from FP&A to treasury is a common move for many finance professionals. The switch involves expanding on existing FP&A knowledge while adding more advanced treasury skills.
Transitioning to the role of Controller from FP&A can be a daunting, yet rewarding experience. It's an excellent opportunity to expand your skills in accounting and finance.
It requires both technical accounting competencies and the ability to think holistically about the organization’s financial future.
FP&A professionals with strong analytical and problem-solving skills may be well-suited for a career in consulting. In this role, they could work with a variety of clients to analyze financial data and develop recommendations for improving business performance.
6) Investment banking
FP&A professionals with an interest in financial markets may be interested in a career in investment banking. In this role, they could work with clients to raise capital, structure financing, and advise on mergers and acquisitions.
7) Private equity
Similar to investment banking, private equity firms seek to acquire and grow businesses.
FP&A professionals with a strong financial background could be well-suited for a role in private equity. Here, you'd be responsible for analyzing potential investments and supporting portfolio companies.
8) Venture capital
Venture capital firms invest in startups and early-stage companies. FP&A professionals with a strong financial background could be well-suited for a role in this field. In this role, they'd be responsible for analyzing potential investments and supporting portfolio companies.
9) Portfolio management
FP&A professionals with an interest in asset management may be interested in a career as a portfolio manager. In this role, they would be responsible for analyzing financial data and making investment decisions on behalf of clients.
10) Corporate finance and strategy
Corporate finance professionals work within a company to manage its financial strategy and raise capital. FP&A professionals with strong financial skills and an interest in corporate finance could be well-suited for a role in this field.
FP&A professionals could use their skills to start their own businesses or advise other entrepreneurs on financial matters.
12) Digital finance transformation
The world of finance is changing. With an increasing demand for digital transformation, businesses are looking to upgrade their financial practices and operations to become more agile and efficient.
Transitioning into digital transformation roles can be a great opportunity to develop new skills and stay ahead of the curve.
FP&A professionals with a passion for teaching and mentoring may be interested in a career in education. In this role, they could share their knowledge and experience with the next generation of financial professionals through teaching or consulting.
In conclusion, FP&A professionals have many options for career advancement or lateral moves within their organization or elsewhere.
Whether they're interested in internal promotion, controllership, treasury, or consulting, they can get into investment banking, private equity, venture capital, portfolio management, corporate finance, entrepreneurship, or education.