style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance
hey guys welcome to another CashNews.co with the financial controller my name is bill hanna and in today’s CashNews.co i’m gonna walk you through five career tips for making the move from Accounting and to
analyst but then i progressed further into Accounting and then i went to become an Accounting manager and then a corporate controller so i am biased toward Accounting however i’ve seen throughout my career so many others make the move from
Accounting into Finance for some other reasons that i’m going to get into in a minute here however i’ve seen other people do it and there are
five things that these people do usually that helps them get in from Accounting into Finance so let’s cover quickly why some of you would want to make
that move from Accounting to Finance and in my view there are three main reasons why you would want to do that reason number one has to do with earnings so
usually your earning power as a Financial Planning and analysis associate is about 10 to 20 more than someone else in Accounting with the same number of years if you look it up online you’ll find that in the us the median salary for an fp a person is around
86 000 a year versus 71 000 a year for an Accounting professional with the same number of years of experience reason number two has to do with the nature of the work itself so in Accounting you’re mostly concerned with the past with history you are looking at
the past and summarizing the transactions in accordance with the Accounting rules in the country that you’re in however in Finance you’re usually
concerned with the future so it’s more strategic in nature you’re mostly planning um you’re Forecasting your Budgeting for the future so it’s more strategic in nature and that is more appealing to a lot of people it’s more sexy quote
unquote and so a lot of people are attracted to Finance for that reason and the reason number three has to do with career progression so usually when you work in fp a or in
Finance in general you have much more chance of becoming a cfo so for those of you who want to become a cfo in the future you have a much bigger shot of becoming a cfo if you
go into Finance usually about only 10 of cfos will come out of an Accounting background versus the vast majority or 90 percent of cfos that will come out of
a Finance or fp a background and really quickly before jumping into today’s five tips i want to give a big thank you and a big shout out to everybody who subscribed to
the channel we just crossed the 5 000 subscriber mark recently and i thought that would take me years to achieve and it took me about only maybe 10 months and this is thanks to you for subscribing engaging liking and commenting on my CashNews.cos so thank you so much for that i promise to give you
more in the coming months and years my number one tip for making the move from Accounting to Finance is to make that move internally within your employer
right now rather than trying to go and get a new role as an fp associate with a background in Accounting it will be much easier for you to make that move internally and you can make it gradually over time and what i mean by that is that you can ask your manager right now in your
current company to be included in more Finance responsibilities beside your Accounting job so this might be a little bit difficult at first because
you’ll be doing your Accounting work beside doing some more new responsibilities in Finance such as budget building or Forecasting but
this will give you some exposure to the type of work and you get a taste of it and you can also include it in your resume as something you’ve done so that you can begin building your resume and shifting it from an Accounting focused resume into more of an fp a focused resume
and that would be tip number one is making the move gradually within your current employer my tip number two has to do with the mindset of operating because mostly when you operate as an accountant your world is either black or white with maybe a little bit of gray when it comes to maybe
interpretation of Accounting guidelines however when you work in Finance there is a lot of navigating over the gray because you’re working with
planning and Forecasting and Budgeting and not everything is clear-cut so you need to get comfortable with working in the gray and the best analogy that i’ve heard to illustrate this point here is that as an accountant you’re like a sweet water fish
while if you work in Finance you’re more of a salty water fish so for a period of time when you’re working when you’re trying to transition from
Accounting to Finance you are in between that meeting of salty water and sweet water which is called brackish water so for a while there you’ll be
called brackish water fish which is someone who’s trying to be in between Accounting and Finance and until you can graduate from there and go into
Finance and be more comfortable in the salty water and the gray areas of working and text-decoration: none;">Finance if you or anyone you know is preparing for a job interview and Accounting be sure to download my Accounting interview checklist it’s 100 free and an amazing summary of the most common Accounting
interview questions i’ll leave a link in the description below my tip number three making the transition from Accounting to Finance is working on your
social and presentation skills because when you work as an accountant most of the time you are dealing within a close circle of Accounting and Finance
professionals in the company however when you work in Finance most of the time you’ll be dealing with other people from around the company in sales and coming up with
sales targets and forecasts and operations and working on system implementations and on Budgeting you work with everyone around the company so you need to begin working on your social skills and the way to do that is to force yourself in social situations and attend meetings and
social gatherings with other team members and just get in the habit of getting yourself out there and be more visible and more vocal and that will help you in making a transition in the future internally within the company and to go along with that you need to work on your presentation skills
because a lot of the time when you work in Finance you’re going to find yourself explaining to someone else from within the company a financial concept to someone who
is not from a financial background and so you need to work on your presentation skills by working on your verbal presentation so find more opportunities for you to present to someone else whether one person or two or more than one person another way to do this is to do what i’m doing right
now create a CashNews.co uh post it in youtube get some feedback on your presentation skills and also work on your visual presentation in terms of creating slides and powerpoint so this way you can communicate your ideas a lot faster and break things down for someone who doesn’t have the
financial background my tip number four making the transition has to do with the idea of making and delivering decisions because when you work as an accountant most of the time your decisions have to do with closing the books preparing Financial Statements going through an audit
and the decision making here doesn’t necessarily impact others around the company however when you work in Finance you’re gonna have to make tough calls and
decisions based on the input that you gather and you’re gonna have to make these decisions and not only make them but you’re gonna have to deliver them to someone else and obviously there is no magic pill that you can take that will make you overnight able to make and deliver decisions
so this is something that comes over time with experience so your best bet is to begin gradually taking on role roles and responsibilities that has to do with Budgeting and Forecasting so that you can get comfortable with the idea of taking input and making
decisions based on this input and then be able to live with that decision and also deliver it on top of that especially when it’s a tough decision for example if you’re like declining a budget request that someone had made from the company and so this is something that comes over time
so begin to gradually get exposed to it and this is the key to becoming a highly effective Finance professionals all right my final tip or tip number five has to do with
creating a track record in your current company specifically around two things one project management because that will come in very handy when it comes to Budgeting and then secondly with system implementations so my advice here is to take on new projects as they come in in your
company so whenever you see a new opportunity to take on a new system implementation or a project in general and take ownership of it this is your chance even though it will be more work for you because you have your job to do and this will be incremental to your job but this is your chance on
taking on a project putting your name on it and delivering a final product that you can can stand behind and be proud of and that will begin to create a track record for you around the company to be known as someone who can take a project from inception and deliver a finished product and if there
isn’t a project to take on try to create a project for yourself one of the things that i’ve seen in the past is that if a company is not for example using an expense management software like expensify or abacus or any of the other expense management software you can recommend that to
your company and you begin to implement that project yourself own it put your name on it and deliver a good product and that at the end will help you as a stepping stone from going from your Accounting career into a bold; color: #1a73e8; text-decoration: none;">Finance role all right that’s it for this CashNews.co if you liked it go ahead and smash that like button if you’ve taken some steps to move from Accounting into style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance
CashNews, your go-to portal for financial news and insights.
Does CFA help if I want to transition from Accounting to Finance?
I am in finance. Never understood why more accountants dont move to finance. Its like the million dollar question. Thats like the most valuable type of finance person
Great video, i'm currently a credit controller looking to move into a treasury management role, any tips to help with this transition? Thank you
Could you please suggest me what courses I should do I already have an MBA degree and works as accountant. Which degree will help me switch ???
Accounting sucks – only postmortem, more work with less pay.
Can I do cpa and mba in finance
If you’re wanting to move into Finance from Accounting I’d recommend the CFA program over the CPA
I have been doing accounting for over I want to say 25 to 27 years and I am just now learning that FP&A pays more than accounting and I started a new job somewhere else after 16 years at a company, this gives me the opportunity to reinvent myself. Thank you for your advice
Would you recommend someone who currently studies Finance but is also an Introvert to work later on as an FP&A?
It’s 46k subscribers now 😁
I have tried all this steps but feel blocked by our CFO. Worst thing in the world is knowing what your are capable of and being shot down.
You are a blessing!! I wish you had been around 15 years ago!!!!
Thank you for this
I am curious on what is the best accounting major to take at a university. What do you recommend? Or what major did you take in college. Hope you notice this. Thanks!
Hey can I transition from audit to finance without having a professional degree(like CPA) I really don't want to spend 100 hours to study something that I probably won't use in my career. Any advice would be appreciated.
I am a Nigerian who is earnestly looking to switch to this career path when I finally land in Canada this year from a risk background. Any tips to smoothly make this switch
I am 35 years old and i want to switch from accounting to finance.
Do i have a chance or i have to go on with accounting
Thank you
Hi, I really appreciate your videos. I’m stuck doing AP and AR in a company where there is no place for growth and learn new things. I’ve been looking for a job and it’s been months and can’t get anything. What would you advice me to do? Get a certification? Change career? Study something different? I don’t have experience in Accounting firm nor CPA requirements. Thank you
Accounting major can have opportunities to switch career to finance..sadly finance major cant switch career to become accounting professionals without additional certs(cima icaew acca etc)
If someone has studied finance at university , can he became an accountant ?
People move to finance because the salary is better. That's it. The problem with finance though, is that there is a lot of staff turnover. Finance people are also seen as draining overheads, ie people who don't add value to the business or make profit. Best thing to do, is set up your own firm, work your hours with your own clients.
Take the CFA exams. Chartered Financial Analyst .I notice job ads even state that they want folk who are pursuing the exams.
Appreciated for sharing your rich experience and idea!
Big fan of your class and happy to be one of 5K! ( it's 7.4K now)
Accountant salary in USA
Hi, Thank you so much for this informative video, it is extremely helpful. Just wanna know your opinion. Do you think it is possible for me to pass the CPA exam despite still being in college? I am eligible to take my exam for my state and so far I have taken Intermediate Accounting I and II. Just want to know if the CPA review materials assumes no background knowledge and will be enough for me to prepare for the exam.
Thanks and I appreciate your videos
Love your videos! Congratulations on 5k!
Create more content like this! More power to your channel!
Can I become finance expert without cpa
Many thanks for sharing this, very insightful 👏
Thanks for sharing this wonderful informative video.