Anyone fancy giving me some career advice?

[Xross]

This may be long.

I’m at a crossroads. I joined a start-up 15 years ago that’s gone from strength to strength and I’ve progressed very well and am now in senior management and manage several teams. I have an amazing manager who I work exceptionally well with and can rely on for anything. My team are also brilliant. Everyone is overworked and very tired, but we’re well paid and generally engaged and enjoy our work.

I have a lot of flexibility, WFH at least half the week, and have excellent benefits.

Don’t want to give specifics but imagine I’m the Financial Controller and report into the CFO who reports into the CEO. Because of the work we do and how we’re structured, I’m operating at CFO level. My manager completely acknowledges this and this is reflected in annual bonus and pay increases. In my current role, I’m paid well above market rate for the CFO role, let alone my own position.

The only way the CFO role would ever be a possibility in my current company is if my manager leaves which she has no intention of doing. She’s excellent at her job but her work tends to be very project-based, hence I do most of the day-to-day stuff. Plus I have a big team so a lot of my time is dedicated to them.

While I love the company, it’s a challenging environment. We’re currently going through a merger and acquisition phase and there’s constant change and conflict. I’m tired. Everyone is tired. I’ve cried twice this week and am generally stressed, as are my team. Not every week is as bad but definitely finding that the tough weeks are getting more frequent.

A CFO role has come up in another organisation which is a great fit for my background and experience. However, it will mean a very significant salary drop. It will also be challenging and possibly stressful, but likely not at the level of current role. Benefits are about equal to what I have now, but bonus and pay rises would be lower.

Apart from the salary and title aspect, I don’t know if I can see myself in another company after so long. I feel like my job is a big party of my identity, and I know the organisation and all processes so well.

In my shoes, would you be happy with your lot (very well paid, challenging work, but will never get to the level you want in terms of job title), or would you take a hit to move into a CFO role externally, knowing you’ll be taking a significant salary drop?

@Xross have a sit down with the MD and anyone else senior and discuss titles. Could you be the CAO (Chief Accounting Officer) since you are doing the work of a CFO anyway and how can you as an organisation counter the current stressful environment?

Communicate. Put surveys out to all staff asking for opinions, ideas and feedback and really listed then implement what you can.

Don't leave a well paid job for a lesser paid one where you will be a rung down on the ladder with a fancy title. Wait and see if your current role can be adapted and re-titled first.

I would definitely stay based on what you’ve described, and I generally lean towards taking risks.

I think you should continue to make the most of where you are, and, if you do want / need to move, then find something that does represent a step up financially. There are a lot of downsides to the move you’re describing and it’s perfectly possible that it could be just as stressful as well, in which case you’ve just made the move for the sake of a title.

I would stay. Job titles are so unimportant, but it sounds like you have a lot of freedom in this role. Don't give that up!

If the new role will be challenging but for less money then I would not move. It is ok to do a side ways move if the new role gives you the opportunity to build new skills and thus develop in different ways, also a lot depends on where you are age wise. Would this new role give you better long term opportunities and a better life balance. To me it sounds like you have worked hard in your current role and you should be looking to step up not down. However because being happy is really important and it might be worth really thinking about what you no longer like about your current role. Can you make any changes to help stay where you are or deep down do you need a new challenge and environment. I have learnt from experience that the grass is not always greener!!

A job title won't pay your bills, a salary will.

I’d rather money than title tbh.

I recognise a lot of what you say and think it happens a lot in finance, in start ups. I'm not surprised by what give written as I see it time and time again.

I would look to leave, slowly carefully, not jumping, but just using everything you've learnt to secure a better position. You have actually found one, but the salary isn't enough. Keep searching, one with the right salary will come. A really good CFO is actually very hard to find.

You are too frightened of change because you've been there so long. The first 3 months of any finance job is big, after that you quickly settle into it and find your feet.