It's the middle of August
and former Thomasville Furniture Industries
CFO Paul Dascoli, 45, is riding a
300-foot roller coaster at Cedar Point
Park with his two fearless teenagers. But
his mind is on a roller-coaster journey of
its own, contemplating the ramifications of a corporate reorganization that prompted him to resign rather
than accept a diminished role. He has been toiling in a rented office for three months, sending out résumés
and working the phones. "It is intense and tiring," he says, "but you can't let up until a deal is done."
Cut to the West Coast, where Ashley Spencer has a different attitude toward her job search. On
a whim, the newly minted CPA flew from Portland, Oregon, to New Zealand and spent six weeks touring after leaving PricewaterhouseCoopers
fourth audit season. Still not
ready to work, the 25-year-old
spent the next two months
attending weddings and visiting
friends, expecting that employers
would probably move quickly
once they saw her résumé.
Cruise south to San Diego
and find Adam Luger enjoying
life in a similar fashion. Thanks
to being laid off in June with a
cushy severance package, the
former Pfizer finance manager
was free to spend a month in
Germany watching the World
Cup, another visiting family, and
plenty of hours enjoying California's
coastline. Far from worrying
about his next paycheck,
Luger, 32, deliberately delayed
his job search until mid-August
in order to embrace the summer.
Then there's 40-year-old
Scott Whitehurst. Wearied by
the friction between two bosses,
Whitehurst left his job as a divisional
CFO at Novartis in
Switzerland last February. Since
then, he has reconnected with
his family and started
rehabbing vintage race
cars. As of August 15, he
had interviewed at five
Microsoft, but is in no
rush. "I'm looking for an
environment," he says. "It's not about money. It's
about finding people I
enjoy working with. If I
can't find that, I may
never work again."
Most people don't relish the prospect of job hunting,
but in finance, it's almost a way of life. Given inevitable
reorganizations, layoffs, mergers, and pure and simple frustration,
many finance professionals end up looking for work
every three to five years. And like Dascoli, Spencer, Luger,
and Whitehurst, all must make important decisions about
what they want next and how they intend to get it.
What's different these days is that many seekers have the
luxury of choosing when and where they go next. "Right now,
the marketplace for financial candidates is hotter than I've
seen it in 20 years," says Ted Buyniski, senior vice president
at Radford Surveys & Consulting, thanks in large part to Sarbanes-
Oxley-related needs. One indication: Financial Executives International reports that the number of its member
executives "in transition" dropped from 778 to 562 between
June 2004 and June 2006. "The job market for accountants,
finance managers, and internal auditors is still very strong," so
much so that "anyone with a college degree" is considered fair
game, says Michael Assaad, vice president of permanent placement
for Ajilon Finance.
Naturally, no one can count on an offer emerging from every
interview, nor expect to jump three reporting levels. Still, "we're
seeing companies going to greater lengths" to woo finance talent,
says Buyniski. That translates into salary increases across
the board (see "Pay Up"). At the CFO level, sign-on
equity grants are 2.5 to 3 times the regular annual grant, and
employment contracts that protect them from prosecution and
takeovers are more prevalent, says Buyniski. At the nonexecutive
level, sign-on bonuses can total 10 percent of base salary;
staffers can also negotiate four-day workweeks or work-from-home
options, adds Assaad.
But as Whitehurst says, it's not just about the money (and,
of course, it doesn't have to be when it's so unequivocally good).
From CFO to senior accountant roles, many finance professionals
have the golden opportunity of not taking just any old
job, but going after their ideal job. So what is it they really want?
CFO spent a month following several job-seekers through their
searches to find out what nirvana looks like for finance professionals
and how they go about attaining it.
Cutting the Cord
The process typically starts with knowing what you don't want.
At Thomasville (a subsidiary of Furniture Brands International),
for example, the company was beginning an organizational
restructuring, one that ultimately meant a new president and
CEO and a shift from traditional domestic manufacturing to
offshoring. For Dascoli, that shift meant that he would have to
give up overseeing HR, IT, and brand licensing, a prospect that
did not excite him. "The most exciting thing for me was the
steady progression of responsibility," so it didn't make sense to
stay when that reversed, he says.
In Spencer's case, working at PwC convinced her that there
was no "life" in public accounting. After spending busy seasons
working at least 12 hours a day, six days a week (often out of
town), and long days on compliance work during the summers as
well, she could not see any change in routine. "It's not PwC in particular,
it's industrywide," she says. "They're always striving to give
you a work/life balance, but I don't think it's realistic." Knowing
that her credentials were good, Spencer was ready for a consistent
schedule, one in which she could make plans and keep them.
Luger didn't have much choice in his departure. Laid off as
part of Pfizer's "adapting to scale" initiative announced in April
2005, he was given the option of interviewing at other locations,
but used the opportunity to reevaluate instead. For one thing, he
unwilling to leave San Diego. Plus, he realized he wasn't tied to
big-company culture. "Being in a company that size, you couldn't
see the whole picture. I was responsible for $110 million out of a
budget of $5 billion to $6 billion. A decision I made barely impacted
my division, let alone the company." He was also frustrated by
the bureaucracy. "You had to get consensus from 40 other people,
so by the time you got a yea or a nay, it was irrelevant."
Relevance has taken on a new meaning for Whitehurst. It
wasn't quitting as much as taking a break that has made him
realize how disconnected he had become, particularly from his
family, after working abroad for nearly 15 years. Being out of
work "has allowed me to focus on things I didn't have time to do
before," he says, in this case, helping a sister navigate the paperwork
for a house she was building, working on race cars, and
taking his father to cancer treatments. While Whitehurst has
responded to recruiters' advances, taking another opportunity
comes with some intangible costs.
Aiming for the Moon
More typically, candidates do focus on financial rewards in their
job searches. The best bet? Growing companies or industries,
which offer much more compensation upside. But, as Dascoli
points out, conditions at a firm "where the margins aren't paper
thin and you have a chance to invest back in the business" also
make the finance department more important.
Opportunities for development are also crucial, says Steven
Ehrenhalt, a principal with Deloitte Consulting's financial-management
consulting group. To help clients boost their hiring rates,
he is working with them to "target people who will be successful
two or three levels above the job they're hired for." That, combined
with job-rotation programs (including nonfinance roles), tends to
make firms more desirable, he says. Not surprisingly, Spencer
wants a company where she will find CPA mentors to help keep
her skills sharp, and where she won't get pigeonholed.
The ineffable "culture fit" is also one of the first priorities jobhunters
target. While it's hard to pinpoint the clues to a good
culture, many point to office design. "I want to work with a senior
team that treats people as well as they deserve," says Dascoli,
"and you can often see that just by observing a facility." One company
he liked, for example, had an open-cubicle environment,
where the CEO could often be seen holding meetings amid the
other employees. Whitehurst also takes note of how "deferential"
lower-level employees are. If they insist on calling him "Sir"
or "Mr. Whitehurst," he senses more hierarchy than team.
Other applicants are specifically looking for more responsibility
and autonomy. Luger wants to be part of a company "where
I can have an impact," and "the more senior level, the better." A
newly created position, which his previous two jobs were, would
be ideal because "you have the ability to create your own destiny."
Full Speed Ahead
Of course, destiny's path is never the same for everyone. About
eight weeks after leaving Pfizer, Luger sends out his résumé to
several recruiting firms. "I could pound the pavement all day,
but will it really pay off?" he says. The response is fairly quick:
recruiters line him up with interviews at about 10 companies
within two weeks. Spencer and Whitehurst also go the recruiter
route: Spencer lands five job interviews for intermediate
accountant positions, also within two weeks, while Whitehurst
interviews for, among other things, business-unit CFO roles at
Pitney Bowes, Cigna Insurance, and Bausch & Lomb, plus two
corporate-level positions at smaller companies.
Dascoli has a different plan, however. Having put himself on
the job market for the first time since he was 15, he has been
working with an executive coach and mastering the art of networking.
Within four weeks of leaving Thomasville, Dascoli had
moved into his outside office; met with his coach, Dennis
Schroeder, executive director and CEO of The Center for Executive
Performance in Chicago; and sent out nearly 1,500 letters
and E-mails to retained executive recruiters, private-equity-firm
principals, and other contacts.
One of his main projects with Schroeder was to rework his
résumé. "Where I had emphasized projects I had completed,
Dennis stressed themes, like general-management and team development
skills," Dascoli says. "Now, nowhere on the front
page of my résumé does it say I'm a finance guy." The two also
worked on snappy answers to general questions like, "Tell me
about yourself." "Dennis helped me put together a good story
behind that question — picking the five or six major points I
wanted to make about my career experience without repeating
what the interviewer already knows," says Dascoli.
Armed with his enhanced job-seeking skills, Dascoli holds
himself to a rigorous schedule. His goal is to make seven to eight
networking phone calls a day, keep a written journal of everyone
he talks to, and hold face-to-face interviews whenever possible.
One day he drove six hours round-trip to meet for one
hour with a private-equity partner.
Such intensity is not unusual at the CFO level. Aside from the
fact that many have families and can't afford to take an indefinite
leave, that search style reflects the difficulty of finding a top job
in finance. It comes down to culture. "You can check boxes on
what you want people to have done," says Lorraine Hack, a partner
at Heidrick & Struggles, "but culture fit winds up becoming
very, very important on both sides of the equation," since executive
teams need to work in sync with each other.
As hotly pursued as these finance professionals are, there are
still some items on their wish lists that are tough to get.
For one, it's getting harder to make the switch from private
companies to public, thanks to Sarbanes-Oxley. "If candidates
stay too long on the private side, they may be
shut out from public companies. Whether
that's going to be at the divisional-CFO or divisional-controller level, or someplace else, I
don't know, but at some point, we're going to
see it," says Radford's Buyniski. Even though
many private companies are moving to tighten
internal controls and governance, "there's
still a big difference between adopting Sarboxlike
rules that are self-imposed and the discipline
of a public company," he adds.
For people who have been division CFOs,
the challenge is to land the corporate-CFO
spot. "If you haven't been one before, you're
technically unproven," says Whitehurst, who
was turned down for the CFO position at
Beckman Coulter because "they wanted
someone with prior CFO experience," he says. But Whitehurst is undeterred. "If you don't
have any rejections, you don't have a sense of
whether you're aiming high enough," he says.
For former corporate finance chiefs, the big
hurdle is breaking into operational roles. Dascoli
says he would like to be considered for
COO roles, which he feels he is qualified for
given his past experience at Thomasville, but
"the reality is people see me as a finance guy." In fact, part of the problem may be that
finance skills are so sought-after, says Buyniski,
that CEOs can't afford to let a good CFO go
to waste. It's the old conundrum of "if you're
irreplaceable, I can't move you," he says.
Then there's the issue of past associations. Given the number
of firms that have gotten in some type of trouble with the
Securities and Exchange Commission and the Department of
Justice in recent years, it's not unusual for candidates to have to
explain a difficult episode or two. For Whitehurst, a longtime
Hewlett-Packard finance executive, it's explaining his role in
helping board member Walter Hewlett build a case against the
Compaq merger five years ago. With HP's unrelated board
antics currently in the headlines, he says it's been hard to avoid,
and he feels compelled to give full disclosure about his decision
to provide data to Hewlett. However, it has cost him at least one
job offer, and can be a litmus test for him as he assesses a company.
"If they can't tell the good guys from the bad without a
book, that's not a place I want to work," he says.
Getting to Yes
So, after a month, how are these candidates faring?
By September 1, Dascoli has an offer to be a divisional CFO
for a local, publicly traded consumer-products company, and is
setting up a second-round interview with a similar company in
the Midwest. He is clearly excited by the offer, but even as it
comes in, he is still networking. "I try never to let up, because
until a deal is signed, it could fall through," says Dascoli. (Working
multiple fronts is fine, says Hack, so long as "you're completely
transparent to all parties.")
A week later, Dascoli has gone on the second-round interview,
letting them know he was close to a deal with another
company. Before he hears back, though, he opts for the local
opportunity. Not only will he be the CFO and vice president for
VF Corp.'s approximately $2 billion jeanswear unit, owner of the
iconic Lee and Wrangler jeans brands, he will be staying in
Greensboro, working for one of the few large companies in the
area. "It's consumer products, with brands that are leaders in
their categories, which fits with my experience," says the former
PepsiCo and Revlon executive. While he admits that the jeans
industry is a mature sector, Dascoli, who started October 2,
believes he will find creative ways to help it grow.
Spencer, meanwhile, finds herself with two extremely attractive
offers. One is a senior revenue accountant position with
WebTrends, a small, private-equity-backed Web analytics company
that recently hired a CFO with experience in initial public
offerings. The other is an assistant accounting manager job at a
big public semiconductor company that guarantees job rotation
and is offering a 13 percent higher salary, plus a signing bonus.
Spencer prefers the culture of the smaller company — she
immediately clicked with her potential boss and closest co-worker,
and the office layout was much more cheerful. But how can
she justify leaving nearly $10,000 on the table? A true accountant,
Spencer calculates how much time and gas it will take to drive 25
minutes to the semiconductor company's campus and compares
that with the 15-minute walk she would have to the smaller firm. Subtracting out the $900 and 240 hours annually helps take away
some of the sting. Then she negotiates for a big signing bonus to
help make up the difference. "Basically, what sold me on WebTrends is that it's a growing public company, and that creates a
lot of opportunities," she says, adding that she also "can't imagine
getting bored" there. (Spencer started on September 5.)
Luger, meanwhile, considers an opportunity he likes — as a
financial analyst at a real estate investment trust — and has interviewed
with the company's CFO, chief administrative officer,
and executive vice president of operations, among others. Three
weeks go by without an answer. Finally, he writes to the CFO
(with the blessing of his recruiter) to reiterate his interest. Again,
he gets no immediate answer. "One of the things these companies
forget is that it's someone's livelihood," says Luger. "This
isn't a little game. This is my life. This is my career."
So with the clock ticking on his severance, Luger pursues
another position, this one with a San Diego–based subsidiary
of Ledcor, a construction company headquartered in Canada. While he wasn't initially interested in the industry, he is
intrigued by the chance to be the sole finance guru on a four-person
team. Two weeks later, he has an offer to be a financial
analyst. After negotiating a better title (senior business analyst),
a bigger salary than the company's initial cap, and a reasonable
start date (October 4), Luger takes the job. Among the many
things that got him to yes, says Luger, is the company's flexibility. Working remotely is fully accepted, he says, and the people
he interviewed with spoke freely about how they have engineered
work to fit with their personal lives.
As for Scott Whitehurst, he backed out of talks to be CFO
of Bausch & Lomb's $1 billion European division, and decided
to aim for a corporate-CFO slot. An opportunity to interview
for one with a San Francisco technology firm is waiting for him
with the same recruiting company. The job could be "perfect,"
Whitehurst muses, but he's still reserving some enthusiasm. "If
I get an offer and turn it down," he says, "I'll have to admit to
myself that I'm just not ready to go back to work."
Alix Nyberg Stuart is senior writer at CFO.
The Finer Points
Finance may be a revolving door, but it still behooves job
seekers to hone their search skills so that the door doesn't hit
them from behind.
Take interviewing skills. Brushing up on them before the
search starts is crucial, says Dennis Schroeder, executive director
and CEO of The Center for Executive Performance. He says
many clients, even the most senior ones, are initially
unprepared to answer the two most basic questions:
"Why are you leaving?" and "Tell me about yourself."
The right answers? When describing themselves,
finance people should avoid "trying to sell their financial
brilliance" and instead focus on their broader leadership and
strategy skills, with finance as a bonus, says Schroeder. As for
departure descriptions, "you need to tell the truth, but keep it
short — one or two sentences — and move on," he says. Belaboring
problems at a former employer will generally backfire.
The next step, of course, is getting the phone to ring.
Schroeder sends his clients' résumés out to about 1,400 retained
availability. Recruiters are generally amenable to this approach — with a few
caveats. "If you're going to do a blanket mailing, don't make it look
like it," says Lorraine Hack, a partner at Heidrick & Struggles. Address the recruiter by name, show some knowledge of his or her
specialty, and keep it short, since "long shows desperation."
Aiming at multiple recruiters within the same firm is generally
taboo. E-mail is preferred, because it's easier to respond to. The magic words to ensure a callback? "Please let me know if
I can help you on any other searches even if I'm not a candidate." Says Hack:
"It's just natural that you'll keep someone in mind more if they've helped you."
The same holds true for networking with peers, says Robert
Gold, a Schroeder client and recently appointed Insight Pharmaceuticals
CFO. He says his biggest takeaway from past searches is
that "a good networking call is not so much about what someone
can do for me." Instead, he says, ask what you can do for them,
and then add, "By the way, I'm in transition." — A.N.S.
CFO, animal-health division, Novartis;
VP of finance, PC division, Hewlett-Packard
Reason for the Switch:
Tension between division and corporate bosses
Interviewing for jobs in diverse industries
"I'm prepared to take an offer, but only if it's exactly the right company, in exactly the right place, doing exactly what I want to do."
Finance manager at Pfizer;
Accountant for San Diego Padres
Reason for the Switch:
Senior business analyst, Ledcor
"Now I know what I'm working for: early retirement!"
CFO of Thomasville Furniture Industries;
VP of financial operations, Revlon;
Two divisional CFO roles, PepsiCo
Reason for the Switch:
Reorganization at Thomasville would have shrunk his role
CFO and VP of VF Corp.'s jeanswear unit
"If I land a role that could continue to expand, I could retire there."