There's a brand new career on the block, and it's perfectly suited for anyone who has a combined interest in accountancy and IT.
It's the career choice known as financial management consulting, and it's booming, with demand far exceeding supply.
Becoming a financial management consultant is appealing for a number of reasons:
* The pay is excellent, with the potential to earn significantly more abroad;
* There is substantial market demand for such consultants; and
* It's a hybrid position: the best of both worlds where finance and IT expertise merge to enable business intelligence (BI), enterprise performance management (EPM) and regulatory compliance and governance.
From finance to IT
The people best suited to the world of financial management consulting are those with accounting or financial backgrounds and qualifications; and an appreciation of technology. While an IT person can move into financial management consulting, it is typically harder to achieve.
An accounting or financial background fosters a unique empathy with clients. The knowledge and understanding of matters financial engenders an immediate and unspoken bond.
Interest in and appreciation of both IT and finance bridges the gap between the two worlds and enables the practice of true BI and EPM.
Demand for skills
According to the Economist Intelligence Unit's fifth annual CEO Briefing survey, a lack of local talent will be the single greatest barrier to growth for companies that operate in emerging markets over the next three years. The 1 006 executives surveyed believe that in developed markets, the high cost of labour is the primary barrier to growth.
An article published on IOL Technology states that SA will be unable to fill more than 100 000 IT jobs by 2009, as indicated by independent research firm IDC. IOL Jobs reports that the Independent Regulatory Board for Auditors had warned that a looming financial skills shortage could severely undermine SA's growth ambitions.
This undeniable shortage of skills translates into a demand for financial management consultants who can command top dollar while fulfilling the market need for effective and efficient EPM, BI and corporate governance compliance.
Besides being unable to effectively adopt BPM and BI due to the skills shortage, organisations also struggle with compliance issues relating to King II, Basel II and Sarbanes Oxley.
All of these reports and regulations require companies to perform financial reporting and consolidations faster, more accurately and more visibly. Having the right financial management consulting skills makes you an invaluable tool and asset to countless organisations.
What to expect
The world of a financial management consultant involves exposure to a variety of diverse environments and organisations.
Adrian van der Merwe is MD of 8th Man Consulting.
Financial management consultants report to the CFO. It is a business-critical issue, which means it is dealt with at board level.
As a financial management consultant, you need a clear and demonstrable understanding of business, finance and technology. You must appreciate the value of everything BI and BPM, including the role that customer relationship management and enterprise resource planning play in the whole process.
Travelling, locally and internationally, is necessary and you must possess excellent personal skills to develop solid customer relationships. But above all, you must be able to deliver.
The world of a financial management consultant involves exposure to a variety of diverse environments and organisations. It involves tremendous networking, putting you in the right place, at the right time, to demonstrate your skills.
In such a place, opportunities abound and you'll be spoilt for choice in deciding which offer to take first in your journey up the ladder to success and financial freedom.
* Adrian van der Merwe is MD of 8th Man Consulting.
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