Washingtonpost.com: Live Online

Jack has worked with management and leadership for fast-growth technology companies over the last 25 years. He's a veteran in strategic planning, operational management, mergers and acquisitions, and industry leadership. Most recently, he was the CFO of BTG, Inc., a multi-million dollar IT company in Northern Virginia. Now, he and his wife run their own finance company, Phoenix Financial and Advisory Services.

In this discussion, Jack answers your questions on getting ahead in finance.

The transcript follows below.

Editor's Note: Washingtonpost.com moderators retain editorial control over Live Online discussions and choose the most relevant questions for guests and hosts; guests and hosts can decline to answer questions.

Washington DC: I'm a first time reader of your chat. Thanks for all of the great info! I graduated 3 years ago with an undergrad degree in finance and I then spent the next 2 1/2 years overseas volunteering. I'm interested in starting a career that uses my finance background, but I'm not sure where to start, especially since I feel so behind my peers. Any suggestions? I'm interested in all types of work, and to start, salary isn't such a big deal to me. Thanks!

Jack Hughes: My first thought is to follow the money. Look at those industries that are currently hiring, like security firms, gov't contractors, etc. The combination of your finance degree and your overseas experience may be very useful in one of those industries.

jack

Upper Marlboro, Md.: I have been in customer service for years and I currently manage a team of 31 associates. I seek a career change to finance or banking. What is the most effective way of making this transition without enduring a substantial pay cut, and which financial establishment would be most effective since I will be making such a sacrifice?

Thanks

Jack Hughes: It would depend on your finance background as to which area of the industry to try to break into. The best way to approach it is to network with friends and business asscoiates in the finance industry to get a warm reception. As to pay scale, the pay scales are different based on which area of the financial industry you are in. You would have to do a little comparison shopping.

jack

Arlington, Va: Hi Jack

I have 12+ years of experience in large-scale IT implementation (currently a manager with a Big 5 firm) and an MBA, but little direct finance experience. Resume: broad but not deep; have done many different types of large implementations but lack COTS- or function-specific experience. Next May I will complete my JD. Have you any creative suggestions for career tracks in which the law degree would be a differentiator?

Jack Hughes: Something in the transactional area would seem to fit. Perhaps M&A or financial transactions would be the most applicable. That way you can use your finance, technology and legal credentials. If the VC market were a little stronger, I'd suggest looking there; either on the financial side or the legal side. Maybe better to wait awhile on that front.

jack

Sterling, Va.: Hi Jack,

I'm a recent MBA graduate with a concentration in Finance. Unfortunately, my experience has been mainly non-finance related consulting. I am currently searching for a finance job, but I have been having a difficult time getting my foot in the door due to having no experience in this area.

I have the knowledge, but lack of experience. How can I land, at least interviews, with firms looking for finance professionals?

Jack Hughes: Its a tough market right now. The best use of your time would be in networking at events that focus on the area of finance that you want to break into. There are lots of forums and other seminar events in this town; you can probably go to one a day if you wanted to. I would cast the net a little wider by hanging out where your peers are and see if you can get some intros that way.

jack

Woodbridge, Va.: I have been an auditor for the Department of Defense for about 12 years. I would like to take those skills and apply them to a job in the finance industry. My objective would be to increase my salary and consult more so than audit.

Jack Hughes: Seems to me the Government contracting industry would have a need for your skill sets. And, they are a hot industry right now. Maybe you can get some access thru one of the trade associations or perhaps thru NCMA.

jack

Alexandria, Va.: What kind of jobs are available for a Ph.D. in finance (financial economics) outside of academia? Thanks.

Jack Hughes: Off the top of my head, the other area that comes to mind is research and analysis. Perhaps something with a McKinnsey Group or Gartner Group or one of the other big think taanks.

jack

Manassas, Va.: I am a first semester MBA student, whose background is in IT. No business courses ever, until now. Can I possibly break into a financial career, with the economy this bad?

Thank you.

Jack Hughes: My fix on it is that its a GREAT time to be getting an MBA. Might as well use this slow period in the economy/job market to advance your qualifications. I would explore some internships in conjunction with your MBA to try to get your feet wet in the industry.

jack

Fairfax, Va.:
Jack, what brings you to create this new company after so many years in the government contractor industry? How do you take that experience and apply it across the board to all finance?

Jack Hughes: I wanted to expand my own resume credentials. I was pretty well known in the area as a guy with wide and deep experience in the Gov't contracting biz, but didn't get credit for the work I had done in the commercial arena, mostly because it was buried in my Gov't contrating experience. So, I set out to do much more work in the non-public sector arena. And, after four years, I think I've achieved that. But, at the same time, I never completely left the Gov't contracting area either. Always tried to maintain a client or two in that area as well. Given the recent increase in interest in the Gov't contarcting area post 9/11/01, keeping current in that area has helped me increase my work efforts there in recent months.

jack

Fairfax, Va.:
Do you think it's possible to advance in finance without an MBA? What do you think of the universities offering on-line MBAs? Is it worth it to just have one or is the real value to go with a well known university? - given the education value is even.

Jack Hughes: Online MBAs are OK for the educational value, but I don't think it competes well with the brand name MBA schools that offer more traditional MBA classes or even with the Executive Programs at these schools. Its still a VERY competitive world out there, and I think that the brand name MBA school credentials still count more.

jack

Buenos Aires, Argentina: Is it possible for an Argentina CPA with 13 years of expirience in different companies to get a good job in USA now?

Jack Hughes: Even though were in a tough economic market, I think international experience is a big plus. Especially when you consider the global nature of the world at this time in history. Everything we do econmoically in the USA seems to have some impact on the rest of the world and vice-versa. I would play up your international experience and credentials.

jack

Washington, DC: The market these days for recent MBA graduates is not the best that we've seen. When do you think the market will pick up? In 6 months? 1 year? 2 years? 5 years?

Jack Hughes: Hard to say exactly when. My sense is that we are in a slow economic recovery cycle that will continue this way for at least the next two years. If we go to war with Iraq that could spur some increased economic activity around the war effort. We'll have to wait and see.

jack

Burned Out: I work as a VP in an accounting/finance position. Not a bad title considering I only have 6 years experience. I can't complain about the salary or benefits, but the hours I work are killer. 80-100 hours per week, all nighters and the pace never seems to slow. I have tried to start cutting back a bit (50 - 60 hours per week), but seem to be getting the cold shoulder now from upper management (CFO).

My question: Is this normal? To be successful in finance do you have to make your life your work? I have missed out on a few seasons in the past few years because I have been working so much, the time slips by before I know it. I want to find a position where I can be challenged and receive good benefits, but work closer to 50 hours per week. Am I being reasonable?

Jack Hughes: I think that everyone needs some balance in their lives. Its OK to work 80 - 100 hours per week on a cruch project from time to time, but a steady diet of it is not good for you or your employer. Right now, I wouldn't recommend anything radical; the job prospects are still too tight in this current economic environment. Try to cut back where you can on the time at work, but hang on to that job for now.

jack

Bethesda, Maryland: Hi Mr. Hughes - I have an audited track record of 15%+ gains for each of the last three years trading a small basket of commodity futures. Should I just keep trading my own account in the hopes of growing it to where I can trade it for a living, which will take quite some time(!), or at what point would my humble beginnings be of interest to a firm that manages money professionally? Thank you.

Best regards,
Bob

Jack Hughes: Sounds like you've achieved some nice returns. I would recommend that you just keep doing what you have been doing for right now. When the investment banking indusrty starts to pick back up some, it would be a good idea to explore your options with a firm. But you need to catch the wave early. If the investment banking industry gets too hot, they won't need your piece of the biz.

jack

Chicago, Illinois: Jack:

I have an BS in accounting and an MBA in Management with about 16 years in accounting. The last 11 years have been in non-profit most recently at the CFO level. I would like to go back into commercial, but have not had success getting interviews. What suggestions would you have for someone looking to make this kind of career change?

Reggie

Jack Hughes: Have you thought about the public accounting world? Maybe its a way to get a broader protfolio of companies that you are working with. It wouldn't be the first time a CPA client company hired its ouside accountant.

jack

Fairfax, Va.:
What financial associations are there in Northern Virginia and what would you recommend? I'm in the government contracting industry.

Jack Hughes: The associations that would be of most interest to you given your background are the Professional Services Council, the Contract Services Association, ITAA and the local Tech Councils. They all have committees and forums that deal with different areas of finance.

jack

Fredericksburg, Va.: I have a Ph.D. in Economics, but no experience with finance. I do have plenty of mathematical and computer background. I am now taking an "Intro to Finance" course at night and expect to take International Finance and also a Risk Management course in the next year. I am hoping with these to have a better chance of working in the finance sector. Any advise on how to make myself more marketable?

Jack Hughes: If you can, look at your past experience and see if you can portray some of it as related to finance. You must do it honestly. In many cases, people have been involved in transactions as part of their experience and they don't make the connection to the finance area. It will make your resume focus on the areas in which you are now trying to head. The additional education you are prusuing is very helpful as well.

jack

Washington, DC: What types of jobs are available within the federal government for MBA graduates from top schools?

Jack Hughes: There are two areas that come to mind. The first is in the General Accounting Office; they cover a lot of areas in finance. The other area is the Office Of Management & Budget (OMB), they get involved in the gov't budget process as well as some aspect of the spending side as well.

jack

U.S.A.: I'm a 24 year old Ivy league graduate who left a fairly stimulating position because of location. My new job is technically in "finance," but I feel more like a dealer at a casino; my employers cater to market timers, who are just chewing up capital charting the market and placing huge, ill-informed bets. In short, I don't believe in it at all.
However, there is a paucity of finance jobs in this metro area. Should I suck it up and do another two years, complete my CFA (I finished Level I), and perhaps go to Business School? Or should I push (quietly) for a position with a firm I believe in and with more name recognition, risking a reputation as a "job hopper" this early in my career?

Jack Hughes: I would avoid the job-hopper syndrome if you can. With things as slow as they are in this economy, continuing to pursue the educational course while hanging on to that current job seems most prudent at this juncture.

jack

Northern Virginia: I would also suggest to recent finance majors that they consider commercial real estate. Its exciting, growing and puts those financial analysis skills to work. Property management, development, banking and appraisal all are great fields where finance is utilized on a daily basis.

Jack Hughes: That's a GREAT suggestion. I almost mentioned it in a prior answer. THANKS for interjecting it into the discussion!!!!
jack

San Antonio Texas: I have over 8 years experience in financial services with an MBA in Finance. The last 3 1/2 years I have worked in investment management for a large privately held company. I now want to leave investment management and move into corporate finance or government agency finance. I want to relocate to the DC area and have been submitting resumes for postings on the internet with no luck so far. What is your advice on a career change with relocation? How can I expedite the process and at least get some interest from employers in the DC area?

Jack Hughes: If you can afford to move to the DC area and get yourself settled here, it will make the search a lot easier. You can then burn up some shoe-leather getting out and meeting with folks in the industry that can help you open the right doors. Its tough to do by lond distance.

ajck

Near Suburbs, Va.: What alternative career paths would you suggest for a former senior-level investment management professional who has relocated to the DC area? Venture capital seems closed & clubby. I also get a lot of "overqualified" talk. My background is much more financial(not accounting)than tech. Thanks!

Jack Hughes: The VC world is in tough shape right now, but there is alot of monbey there on the sidelines. Maybe worth spending a few cycles on it. You may want to look at the other suggestion that was just rasied on the commercial real estate area.

jack

Fairfax, Va.:
What is the best source to find an executive finance job? Newspapers, on-line or is a headhunter the best bet? Or is the better avenue to use contacts and friends?

Jack Hughes: Contacts and friends are at the top of my list. They will steer you right and help with warm intros. On the headhunter front, that works too, but is more hit or miss; since your quals have to match up with the active searches they have going on at the time you contact them.

jack

Rockville, Md.: I've noticed more and more companies are requiring the resume to have 4+ years SAP or 7+ years Lawson Financials; and so on.

Do you think it would be worth my while to pay the $$$$ for SAP classes (with no direct application experience)? Do HR people just toss the resumes when there is no verbage in the experience that relates to, say, SAP?

Jack Hughes: SAP is such a complicated and expensive ERP system, employers look for people with hands-on experience with it, so when hired they can hit the ground running. This is true of the other large ERP systems as well. Employers would rather not pay for OJT if they don't have to. And , employers can certainly use it to cull down the list of applicants. It might pay off for you to take some training courses on one or two of the major systems; at least you can then put it on your resume.

jack

Washington, DC: Hello,

I am currently an MBA student at the University of Chicago (exec program)and plan to graduate in March 2004. Previously I worked in a program management role in the Internet/Media Industry.

I am entertaining a career in finance after graduation, perhaps by working in a firm such as Goldman Sachs. However, I am weary of starting at the bottom once again.

Question - within the finance industry, what roles could I enter into that use my previous experience and not start out 'at the bottom'? Any chance with the major banks, or should I consider a career of finance within the Internet/Media industry?

Jack Hughes: You seem to have a couple of options. Since you have experience in the Internet/Media Industry, I would certainly keep that industry in the mix for job prospects on the finance side of the biz. Also, look at the I-Bank industry, particularlry those I-Banks that follow the Media and Internet industries.

jack

Washington, D.C.: Hi,

How do you get a job in Finance when you are 55, have an MBA in Finance and had higher level responsibilities in deal making but are not the fundamental CPA type, when many are suspicious of older employees and do not appreciate massive and general experience? Thanks for answering.
Jean-Francois Orsini
Jorsini1-earthlink.net

Jack Hughes: I think you have to play up your educational tickets, your past job experience and your maturity as an older, experienced employee/manager. Look at the currency of your resume and the items that are highlighted on it; make it sound as up-to-date as possible.

jack

Kensington, Md.: Dear Mr. Jack Hughes,

I'm interested about gettingin the Finance Industry. I'm currently work in the travel industry. As we all know the future of this particular industry remains blured a this point. Therefore I'm considering a career change. What are the steps to take. What are the trainings, courses involved? How long would it take to at least get an entry level job into that field. I have a family member who owns a savings and loans company overseas and he would like that I work with him. Please advice.
Robert.

Jack Hughes: Perhaps you can combine the position with your family member tyo get some hands-on experience onto your resume, while you simultaneously add some educational courses in finance to your portfolio, maybe even an MBA.

jack

Bowie: Jack:

Compare Finance and Accounting as career paths. I have a BS and an MBA in Finance. Now my career is stalled because I'm not a CPA (I'm getting to CFO level). Perhaps I just want to recommend to all those out there, even if your interest is Finance, to get that CPA. Do you agree?

Jack Hughes: I think if you want to work in the accounting end of the business, you need the CPA to effectively compete. not so much so in the finance side, where the MBA would be more valuable.

jack

WashingtonJobs.com:

That wraps up today's show. Thanks to everyone who joined the discussion.

Stay tuned to Live Online:

Iraq: State Dept. Advisor at Noon ET
Terrorism Question and Answers at Noon ET
Marc Fisher: Potomac Confidential at Noon ET
Finance Careers at Noon ET
Inside the FBI: Internet Tipline at 1 p.m. ET
Entertainment Guide: Got Plans? at 1 p.m. ET

Did you know that you can follow more than one Live Online discussion at the same time? Just open another browser window and toggle back and forth between discussions! And, if you miss one, catch up with the Live Online transcripts.

Keep up with the latest in news, sports, politics and entertainment with washingtonpost.com e-mail newsletters.

NEW! Personalize your Post with mywashingtonpost.com. Get customized news, traffic, weather and more.

| |



	<img SRC="washingtonpost.com/wp-srv/liveonline/redesign/adv_discusssion.htm" width=125 height=110 border=0>