Job Responsibilities
My major responsibility was running the company's budget
process. Depending on the company, this can take anywhere from
three to six months or more. I spent about six months working on
the budgets full time. In addition to budgeting, I updated the
total company forecast at the end of each close. Often I would
also make mid-period adjustments to the forecast at the request
of senior management. Forecasting usually would take up no more
than a week of each month, most of that time spent right after
the close. I was also responsible for leading the annual pricing
review to determine the pricing levels for the coming year. This
process took our company about two months of continual work. In
addition to the main projects, I would assist with assimilating
the budgets of any acquisitions as they happened, along with any
analyses requested by senior management - typically in support of
the 5 year plan.
|
Job Requirements
I managed to get by with just a bachelors in finance, but most
larger companies want to see an MBA. It is essential to have a
good eye for detail and the follow-through to make sure no stone
is unturned. High level Excel skills are very important, as well
as experience in whatever ERP and/or budgeting software the
company uses. Most companies have a fairly complex budgeting
system, so it is usually necessary to have spent some time
learning the system prior to managing the process. Due to the
high leel of internal/industry knowledge required, the most
common career path is to start as an analyst in the department
and work straight up the ladder.
|
Uppers
The best part of the job is the high profile. There is a lot of interaction
with senior management and the department heads. Although you can take a lot of
heat for being "the budget guy", it also commands a lot of respect (and sometimes
fear). You usually have a huge impact on the bonuses of these people and they
will let you know it. By spending a lot of time with senior management, you get
an excellent insight into how the company is run and to many of the decisions are
made. There is also a great satisfaction from knowing that your work really has
a big impact on the company. I really enjoyed being able to put together the
pieces of the company and help determine the path we should take. You also are
privy to a lot of confidential information that can make you feel a little
special. You usually will have access to salary information as well, so you can
have a little extra bargaining power when it comes to raise time.
|
Downers
The biggest downside is the time requirements. Most budget
processes and projects have fixed deadlines that cannot be worked
around. Senior management can be fickle and change directions
faster than you can follw them. You are also very reliant upon
systems to get the job done. The combination of these factors
can make you pull the frequent all-nighter and 60-70 hour weeks
are common during budget season. If you can't handle change,
you'll quickly go insane. Some of the other downers were listed
in the uppers section. As the face attached to the budget, you
can take a lot of heat. When things aren't going well, you gave
them a bad budget, and when it's going well, you're forgotten.
Knowing everyone's salaries can also be a big downer.
|
Lifestyle
This position is usually not too glamorous. You can be a target for blame, and
usually the upside from your peers is that you are recognised as a hard worker.
The junkets were non-existent for my position and I traveled less than once per
year. Depending on the involvment in M&A activity and the size/scope of the
company, travel - including the fun kind can be a much larger part of the job.
|
Compensation
At my company, the range for this position was from 55-70k plus a
20% bonus. No stock options were given and the benefits were the
worst I've ever had - unless you had kids in day care. Insurance
rates were very high, the 401k match was only 1% and there was no
stock purchase plan or cash-pension. The two benefits worth
mentioning were a 50% reimbursement for monthly parking and a
50/80% child care discount, depending on the age of your child.
That benefit alone can be worth a few hundred per month.
|
Advice to Jobseekers
If you're looking to get involved in this field, you will want to
be willing to live in a metropolitan area, since these positions
are usually at the headquarters of mid-size and larger companies
and subsidiaries. Most companies use Excel in some form for at
least part of their budgeting, so learn as much as you can. The
job outlook for this occupation is pretty good. Even when times
aren't good, planning is an essential function and usually will
not take any hits. As companies get leaner, the planning takes
an even more important role.
|
|
