By Jason Flanders, Global Executive Director, Robert HalfWhat does the future hold for today’s finance executives? For many of these highly skilled and experienced professionals, a move to consulting may be in the cards. In a recent survey by Robert Half, nearly half (49%) of finance and accounting professionals said they would like to pursue a consulting career on either a full- or part-time basis in the next 12 months.Other workplace research from our company found that about one-third of retired professionals have used the consulting path to step back into the workforce. Employers we’ve surveyed have told us that the former retirees they’ve hired are adding value to the organization because of their strong business acumen, ability to make contributions quickly, and the specialized expertise they provide.If you are a senior-level finance professional looking to take a new direction in your career or use consulting as a steppingstone to retirement, now may be the right time to make your move.Companies are facing a range of staffing challenges, including a shortage of skilled talent available for hire, lean middle-management teams and the lack of skills in-house to tackle strategic projects, including finance technology upgrades. In response, they are turning to consultants and other interim professionals to provide in-demand skills and ease the burden on their core teams.Many businesses go even further, using specialized consultants as an ongoing staffing strategy. They are embracing a scalable talent model designed for the digital age, where business priorities and technology can change rapidly and the need for staffing flexibility to meet evolving demands is vital. This model includes using:Full-time employees focused on critical initiativesInterim and project-based professionals to help support them, usually for a finite periodOther specialized resources, like managed services teams, which can provide additional capabilities and perform high-value work on an as-needed basis
We noted some of the top benefits employers enjoy by engaging consultants. As for consultants, consulting roles offer them flexibility, a variety of work that makes the best use of their specific skill set, and possibilities for professional growth. The consulting path also allows professionals to take the driver’s seat in guiding their career direction and progress while serving in senior-level positions.What abilities do finance executives need to build a successful career in this challenging but rewarding profession? Today’s finance consultants operate in a dynamic and increasingly complex environment, so they should have a strong mix of technical expertise and interpersonal skills. Here’s an overview of several skills and traits that can be particularly valuable for a finance consultant to possess.Change management skillsFinance consultants often act as critical facilitators during periods of transformation within an organization. Whether it’s implementing new financial software, complying with updated regulations or restructuring a company’s financial strategy, change is a constant. Effective change management helps ensure these transitions go smoothly, with minimal disruption to finance and accounting operations.Regulatory and compliance knowledgeFinance consultants must stay up to date with the latest regulations affecting their sector, including international financial reporting standards, tax laws and compliance issues. Many employers also want consultants with a thorough understanding of data privacy and security laws like the European Union’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) in the U.S.Analytical skillsA strong analytical skill set is crucial for finance consultants. To advise clients effectively, they typically need to interpret financial data, identify trends, understand complex financial models and draw actionable insights. (Notably, according to research for Robert Half’s Demand for Skilled Talent report, data and analytics initiatives are among the top priorities for finance managers this year.)Technical proficiencyMany employers need finance consultants who are proficient in financial modeling, forecasting, and financial planning and analysis (FP&A). (Our Demand for Skilled Talent report notes that finance and accounting managers plan to hire more contract professionals for FP&A roles this year.) Knowledge of leading financial software and tools, and more sophisticated enterprise resource planning (ERP) systems and business intelligence platforms, is also often expected.Communication and client management skillsFinance consultants must be able to convey complex information clearly and persuasively to various stakeholders, from clients and team members to regulators and the public. The ability to build and maintain strong relationships with clients during engagements is also fundamental to consulting success. This involves not only regular communication and updates but also understanding the client’s industry and business environment, competitive challenges, and strategic goals.Problem-solving and strategic-thinking skillsWhether you’re tasked with optimizing financial strategies, troubleshooting financial discrepancies or crafting bespoke solutions for unique challenges, you must be an effective problem solver and critical thinker when you work as a finance consultant. Viewing challenges and solutions through a strategic lens will help you to align financial tactics with broader business goals, enhancing your value to clients.Integrity — and unwavering attention to detailFinance consultants are often privy to sensitive information and influential in decision-making processes. Upholding a strong ethical standard and demonstrating integrity are therefore essential to build trust with clients and help them feel confident about that level of trust.Also, given that a minor error can lead to significant financial loss or legal repercussions, it almost goes without saying that you must have a keen attention to detail when working on financial reporting, forecasting, and other business-critical assignments as a consultant.Project management abilitiesMany consulting projects involve complex and multifaceted operations, and employers will often hire consultants to take the lead on guiding projects. Skills in project management, including the ability to manage timelines, resources and team dynamics, are important for delivering successful outcomes.Adaptability and flexibilitySuccessful consultants need to be adaptable, with the ability to pivot and adjust quickly in response to new challenges and evolving regulations, strategies and technologies. Flexibility is also crucial, and not just because of the need to meet changing priorities and demands.Consultants must be flexible about where employers want them to work physically. Many consulting roles today are remote jobs. However, it is often the case that companies want finance consultants working on-site either all or part of the time during their assignments due to the critical and often sensitive nature of their work.The skills and traits list above collectively enable finance consultants to offer strategic advice, manage risks effectively and help drive business growth, making them invaluable partners to the clients they serve. And there’s something else that can give consultants a significant edge when competing for top assignments today: the ability to work effectively with AI.
AI is becoming an increasingly important business tool in the finance sector, and acquiring competencies in this area can enhance a finance consultant’s value proposition. Some areas where future-forward finance functions are using AI and automation to streamline and optimize processes include:FP&ARecord to report (R2R)Order-to-cashCost optimizationPerformance analysis and evaluationHere are some additional skills that can help finance consultants stand out to employers that are using AI to enhance efficiency in their finance organization and enable more informed business decision-making.Advanced data analytics and visualizationUsing AI tools for data analysis can significantly improve your ability to interpret large sets of financial data, identify trends and make predictive analyses. Skills in statistical programming languages like R or Python, and familiarity with libraries such as pandas, NumPy or TensorFlow, can be highly advantageous.Proficiency in using AI-driven tools such as Tableau, Power BI or specialized Python libraries for data visualizations can amplify your ability to present complex information in an accessible and impactful way.Machine learning (ML) and natural language processing (NLP)Understanding ML concepts and how to apply them to processes like financial forecasting, risk management, customer segmentation and investment strategies can set you apart as a finance consultant. Being able to build, train and deploy models that predict stock performance, credit risk or market trends is particularly valuable to many employers today.You can use NLP tools to automate and improve the processing of qualitative data, such as financial news, earnings reports and regulatory filings. This can aid in sentiment analysis, risk assessment and compliance monitoring.Blockchain and smart contractsUnderstanding blockchain technology and its applications in finance, such as in securing transactions, enabling smart contracts and facilitating faster payments, can be a distinct advantage when you are vying for consulting opportunities in areas like fintech and investment banking.AI ethics and risk managementKnowledge of the ethical considerations and potential risks of using AI in finance — such as bias in decision-making models, data privacy issues and the need for transparent AI systems — is crucial and can greatly benefit the clients whose AI initiatives you help to support. Consultants who can navigate these concerns while implementing AI solutions are highly sought after.Developing AI-related skills like these can elevate your consulting resume. It demonstrates that you are prepared to help clients use advanced technology to gain more sophisticated insights from their data, improve operational efficiencies, and drive innovation in their financial strategies and services. Also, know that AI implementation is a top priority for finance leaders this year, according to research for our Demand for Skilled Talent report.
If you are a finance executive or other senior-level professional in the field who is interested in becoming a consultant, a first step toward launching your career is to consider which roles appeal to you and are best suited to your skills and experience. Finance consulting roles range from senior internal auditor and financial project manager to corporate accounting specialist and business analyst. Consultants are also often tapped for these positions:Accounting managerAuditorControllerFinance and financial planning and analysis managementHuman resources (HR)/benefits/payrollSenior accountantSenior financial analystVice president of financeA potentially fruitful starting point to find leads on consulting opportunities is your professional network. As you search for assignments, consider raising your visibility and growing your reputation as a thought leader by authoring articles for trade publications and presenting at industry events. Make sure your online profile is up to date and communicates that you are actively seeking consulting work.Also, keep in mind that you don’t have to go it alone in your search for assignments. Consider working with a talent solutions firm like Robert Half. We specialize in placing highly skilled, senior-level professionals in consulting and interim management positions in the areas of finance and accounting, financial optimization, business systems, risk and compliance, taxation, and business process improvement.When you work with Robert Half, you can pick and choose your assignments. And if the duration or timing of an opportunity doesn’t suit your schedule or your desire to consult on a part-time basis, you’re under no obligation to accept the assignment. We can also help ease your transition to consulting by securing engagements and managing the logistical aspects, such as invoices and payroll.All of the above will allow you to focus on a key reason the consulting path no doubt attracts you: the chance to do great work that makes the most of your skills.When you’re ready to begin looking for consulting positions, you can start your search on our website. Just click the link below to discover interim project-based financial jobs available in your target market.SEARCH CONSULTING JOBSFollow Jason Flanders on LinkedIn.
