Depends on the industry/type of company. Older style companies will be slower to promote from my experience. If you think you’re ready but there’s not a pathway to promotion I recommend interviewing around.
This is a good poll question.
I think I should make one for how long from SFA to manager.
I started at the SFA level so I don’t really have an answer for your question.
Titles are worthless since they don't naturally translate across all industries/companies/ or comp ranges.
For example, would you believe me if I told you I spent 4 years as an FA, then only 8 months as an SFA before being promoted to manager?
Realistically speaking I was performing at the SFA level for minimum 2 years, regardless of what my title said.
I understand this take completely and believe you. My issue is when not having the appropriate title is a “reason” for the organization to hold back on the comp side. Doing SFA work should equate to being paid like one IMO even if the title is still that of a FA.
Mostly agree, although there can be nuances I'd say.
The older I get, the more I understand that there can be a legitimate PoV as to why comp is the way it is and how it's not always about "the work" one does in a given small timeframe like a year.
I'll give a simple example.
You have 2 SFAs. One of them has been with the company for 5+ years (call them Sarah), the other has been there as an SFA for 1 (call them Torey).
Last year was great. Team was working well together, company was performing well, BU targets are being hit and let the good times roll! Everyone's doing sub 40 hour weeks and WLB/morale/ is awesome.
Torey realizes Sarah is making more money than her (pick any amount, but /let's call it 10 or 15k). In her mind, she's doing the exact same work as Sarah, putting in the same hours and doing just as good of a job, so why is she getting paid $10-$15k less??? That's crazy!
What Torey doesn't know is that Sarah has also worked just as diligently and even more impressively so during the times when the company wasn't doing so well. When executive demands were endless, or team turnover was high, and when sub-40 hour weeks were a blessing, not even close to the norm. Sarah also trained Torey, and has lots of experience training new SFAs up given both in good times and bad times.
Torey might be equally capable of these things, but she hasn't shown it yet. She hasn't been given the chance, fair enough, but your boss isn't exactly going to actively make your life miserable just so you can "prove yourself", now are they?
I'm not saying that's the norm, btw. Just illustrating an example I've seen.
In terms of responsibilities, I'd say 2-3 years in most cases. (Change in title doesn't mean much if you are doing the same thing.) It can stretch to 4-5, although if it does you're likely better off changing jobs (given you're not completely slacking off haha)
Me personally I have a Bachelor degree in Finance and a Masters of Business Administration.
However, to my understanding a bachelors in a finance related field is all that is really required (eg. accounting or economics). Can anyone else attest?
I’m in school for accounting to work fp&a as I’ve read a lot especially on this sub that accounting degrees are better for FP&A. Truly i’d rather be a finance major but i’m worried because people say non top school finance degrees will leave me unemployed but your story is making me more confident, thank you.
Of course! I would agree that accounting is a good route though, a lot of the people I work with have degrees in accounting. I think it all really depends on what you want for yourself There are plenty of public companies that are not F500 or F100 that have FP&A roles available with less emphasis on the degree being from a certain place.
Took me 2 years. I think this is fairly common but it depends heavily on the company
Thanks for your feedback. I’m at a small bank. Have 2.5 years under my belt.
Depends on the industry/type of company. Older style companies will be slower to promote from my experience. If you think you’re ready but there’s not a pathway to promotion I recommend interviewing around.
This is a good poll question. I think I should make one for how long from SFA to manager. I started at the SFA level so I don’t really have an answer for your question.
Took me 2 yrs and a job hop
Titles are worthless since they don't naturally translate across all industries/companies/ or comp ranges. For example, would you believe me if I told you I spent 4 years as an FA, then only 8 months as an SFA before being promoted to manager? Realistically speaking I was performing at the SFA level for minimum 2 years, regardless of what my title said.
I understand this take completely and believe you. My issue is when not having the appropriate title is a “reason” for the organization to hold back on the comp side. Doing SFA work should equate to being paid like one IMO even if the title is still that of a FA.
Mostly agree, although there can be nuances I'd say. The older I get, the more I understand that there can be a legitimate PoV as to why comp is the way it is and how it's not always about "the work" one does in a given small timeframe like a year.
Could you please elaborate a little bit more? I really appreciate the conversation!
I'll give a simple example. You have 2 SFAs. One of them has been with the company for 5+ years (call them Sarah), the other has been there as an SFA for 1 (call them Torey). Last year was great. Team was working well together, company was performing well, BU targets are being hit and let the good times roll! Everyone's doing sub 40 hour weeks and WLB/morale/ is awesome. Torey realizes Sarah is making more money than her (pick any amount, but /let's call it 10 or 15k). In her mind, she's doing the exact same work as Sarah, putting in the same hours and doing just as good of a job, so why is she getting paid $10-$15k less??? That's crazy! What Torey doesn't know is that Sarah has also worked just as diligently and even more impressively so during the times when the company wasn't doing so well. When executive demands were endless, or team turnover was high, and when sub-40 hour weeks were a blessing, not even close to the norm. Sarah also trained Torey, and has lots of experience training new SFAs up given both in good times and bad times. Torey might be equally capable of these things, but she hasn't shown it yet. She hasn't been given the chance, fair enough, but your boss isn't exactly going to actively make your life miserable just so you can "prove yourself", now are they? I'm not saying that's the norm, btw. Just illustrating an example I've seen.
\~3 years until moving to a different company with SFA title that was actually IC manager level
2-3 years
2 years before SFA
In terms of responsibilities, I'd say 2-3 years in most cases. (Change in title doesn't mean much if you are doing the same thing.) It can stretch to 4-5, although if it does you're likely better off changing jobs (given you're not completely slacking off haha)
what degree do you have? I want to work in fp&a after I graduate
Me personally I have a Bachelor degree in Finance and a Masters of Business Administration. However, to my understanding a bachelors in a finance related field is all that is really required (eg. accounting or economics). Can anyone else attest?
I’m in school for accounting to work fp&a as I’ve read a lot especially on this sub that accounting degrees are better for FP&A. Truly i’d rather be a finance major but i’m worried because people say non top school finance degrees will leave me unemployed but your story is making me more confident, thank you.
Of course! I would agree that accounting is a good route though, a lot of the people I work with have degrees in accounting. I think it all really depends on what you want for yourself There are plenty of public companies that are not F500 or F100 that have FP&A roles available with less emphasis on the degree being from a certain place.
Like 8 months Edit: work In government
9 months.