Can A Finance Professional Easily Change Industries These Days?

I agree that finance professionals need to be more business savvy, etc.

Here's a personal testimony regarding my perspective: I was contacted personally by the director of human resources for a large public company nearly two years ago with an opportunity to interview for a derivatives accounting position. I declined even interviewing, perhaps that was a mistake, but here is why:

I felt that if I did get the position to be a derivatives accountant I would be limited to that position in my future employment opportunities. Since I stayed at my current employer I have been exposed to a lot more sides of the business. I have been able to get involved with the sales/use taxes, corporate taxes, tax planning, creating audit notes, preparing the financials to be audited, coordinate audits, research of other accounting/finance related aspects, the list goes on. Had I become a derivatives accountant, I feel it would have limited my capability of achieving my dream to become a controller and/or CFO.

I do think I am more business savvy because of my exposure to multiple facets of the organization, as well as working with other departments.

My perspective is to keep in mind opportunities that come knocking; some doors do not need to be opened if they have the potential to not help you achieve your goals.

Yes, with the exception of extremely specialized and highly regulated industries (to echo Chris' point). You can usually find common ground among a multitude of businesses and articulate how any experience you currently have is relevant and transferable.

Accepting a finance professional outside of your industry is probably a bit of a risk, but not impossible. A very junior individual should be able to adopt easily to an industry change; while a senior individual should have the depth of knowledge to be successful. I have seen many resumes where people show their accomplishments that are very industry specific, and then question why another employer has no interest. It is down to branding and highlighting finance specific activities that are transferable. By the way, I changed from banking to legal services.

As companies struggle today with "group think" leadership, that is, they keep hiring within the industry and continue what they've been doing and getting what they've been getting ... with the right positioning, switching industries can be done and done effectively.

If you attended my Proformative webinar last year, you heard me talk about the retail CFO who routinely gets calls from the health care industry from his Linkedin profile. He's not seeking those positions, but they love his multi-unit background DESPITE the fact that he has not a shred of health care experience. He brings a proven track record and a fresh perspective.

This is only one example. I have numerous clients who have been very successful making the transition out of one industry and into another. I don't know that it is "easily" done, but it sure can effectively be done.

There are two critical pieces to consider.

1. How senior are you? The more senior, the less cross-industry mobility.
2. What's the job market like? In a tight job market, employers must relax their selection criteria, lest the open position remain that way for a long time. In the current job market, employers have the luxury of being selective to the point of demanding candidates who represent a near perfect fit.

Then there's the question of being a generalist or a specialist. If you have spent a decade developing technical skills and understandings that are not likely to cross to many other industries, you will likely remain in that industry for the bulk of your career, absent some move designed to change the dynamics (getting an MBA, for example). But a generalist should be able to move fairly freely, assuming a decent economy and a junior-to-middle level position.

I agree with the others. The thought processes behind the techniques in finance / accounting can be used everywhere. My career path includes banking -> home electronics -> wholesale -> retail -> college teaching -> professional certification, but always using the same thought processes, and learning new skills.

I believe so. Basic business sense is valuable across industries. Obviously, manufacturing versus service is more of a jump. On the flip side, commodity manufacturing is pretty similar.