We asked senior CIMA members and fellows for their advice to students during this difficult economic period. By Camilla Berens, freelance journalist.
CIMA students should view the downturn as an opportunity to promote their skills, say senior members. Despite concerns about redundancies and shrinking markets, part qualifieds are very well placed to help companies get back on their feet.
Allan Watson ACMA, finance director of Optos, certainly isn't letting the recession get him down - he recently won the title of Young Finance Director of the Year in Scotland.
He says: 'Businesses will need to be well run and tightly managed and that's what management accounting is all about. Now is the time to show you can add value and focus on ways to improve performance, cut costs and manage cash. It's an opportunity to show what you're made of.'
What makes you special?
When it comes to finding a job, Roland Stringer FCMA, marketing director of dating agency RSVP, says that it's now more important than ever to sell yourself.
'Getting yourself a job is a marketing exercise,' he says. 'People should take a leaf out of the manual and apply it to their individual situation. You have to ask yourself, what is it about you that makes you special? What makes you stand out from the crowd?'
Communicating your qualities effectively is also vital, says Anne Stringer ACMA, managing director of RSVP.
'The ability to communicate and articulate well is a big advantage,' she says. 'Interacting and putting your interviewer at ease in a way that's authoritative and persuasive is almost guaranteed to get you were you want to be.'
However, practice is also required, Roland adds. 'Accountants are not noted for their communication skills but CIMA members have a reputation for being able to discuss complex financial information with non-financial people, so you need to capitalise on that by putting in a bit of practice. Practice breeds confidence and confidence breeds success,' he concludes.
Find a niche
In terms of general career development, Steve Ofori, finance director of new business at Fujitsu, says the first step is to get the full CIMA qualification.
'CIMA has a very strong reputation and being a CIMA member will enhance your career options,' he says.
The next step is to develop your skill set. 'Make sure you get a good breadth of experience,' he adds. 'In terms of personal development there is a wide range of areas you can cover.'
After that one option is to specialise in a particular area.
'Out of 100 people, 70 will be generalists,' says Steve. 'If you become a specialist, it could give you a quicker route to career progression, particularly if you excel in building a niche for yourself.'
Areas to consider are: treasury, tax, commercial finance and new business.
Reviewing your career every few years is also useful, says Allan Watson.
'It's beneficial to look at the path you are taking and think of the consequences of your decisions. Don't let things drift,' he advises. 'Think proactively about how you can broaden your experience and where different opportunities are going to take you.'
Finding a mentor in your company will not only help with career decisions but may give you greater visibility, says Steve Ofori.
'Just getting yourself known in the organisation and increasing your visibility is important. You may be great at your job but if you're hidden away in a corner, you won't enhance your career progression. You need exposure at the right level.'
Finally, embracing change will put you on the right path, says Anne Stringer. 'If you look at who does well during recessions, it's generally people who adapt and make the most of the circumstances they find themselves in. One's adaptability in a fast-moving world has got to be one of the key components to success.'
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