When it comes to accounting, popular belief has it that once you have grasped the basic principles, you can work in any industry. It’s a qualification that offers a transferable skill-set and a season ticket to career diversity.
Of course, when crossing the border into another sector there will always be the need for self-development. In start-ups for instance, capital is a key driver of growth and you will need to keep a close eye on the investor’s equity while in a service-based industry the focus will be firmly placed on collecting unpaid invoices and in retail, stock and inventory are critical to manage. There will naturally be an adjustment period for any finance professional looking to move industry but is the ability to move between sectors even a plausible reality for finance professionals?
One challenge kept presenting itself to my network and involved the familiar phrase; relevant industry sector experience. A straight-forward prerequisite that has become a barrier to many exceptional professionals who, despite possessing the competency, skill-set, values, attitude and charisma longed after by the top organisations, lack the sector experience needed to warrant their names on the shortlist.
You too are possibly privy to the sentence: “The interview feedback was very positive, but they have decided to go with the person who has more relevant industry sector experience.”
While obstacles are expected it seems the requirement of relevant sector experience is an impossible hurdle to climb over for most and questions the transferability of a finance qualification.
In this paper, we will explore the reasons why companies are clinging onto sector experience and present the stories of three people who show it’s a thing of the past.
