 A growing number of Chartered Accountants are abandoning the world of PAYE and embarking on independent careers as Interim Managers.
Life as an Interim Manager can offer variety of work and a chance for qualified accountants to enter new industries and assimilate new skills. It also enables them to acquire valuable interpersonal, hone their business skills and embrace a more flexible and independent way of working. There are of course pressures – Interims are expected to pick things up very quickly, deliver results, and as any accountant would know, to demonstrate value for money. But often, this is all part of challenge and appeal of life as an Interim.
There is also an element of risk leaving permanent employment behind. But with less security, there comes more freedom. Of course, Interim Managers can finish assignments not knowing where the next job is coming from, but conversely, when they find assignments, they can be a very lucrative. In December 2006, Russam GMS surveyed over 850 Interim Managers and found out they are being paid record rates. On average, their daily rate is £558, which is up by 4% on 2005 and an all time industry high.
There is more good news for finance professionals. The research also revealed that there is a growing demand for Interim Finance Managers. In fact it is the biggest growth area, and Russam saw an increase of 16% in demand for finance professionals in 2006, compared with 2005.
Some people mistakenly feel that Interim Management is all about fire fighting, with Interims being brought in to purely to solve crises that no one else wants to touch. This is an old stereotype. Increasingly companies are being very strategic in their appointment of Interim Managers. Today’s Interim finance manager is more likely to be appointed to provide long term cover or to manage specific projects rather than to fire fight. So what are the benefits for Interims and are there any drawbacks?
Gordon Mennie from Aberdeenshire has worked as an interim finance manager for the past three years and has undertaken a variety of interesting postings in Scotland and England. He is currently on an assignment for East Bartonshire Council for its environmental services department. “The major attraction of working as an Interim Manager is the tremendous variety of interesting work on offer. I enjoy learning new skills and love the experience of entering new organisations and discovering out how they operate. I have a low boredom threshold so working on as an Interim Manager not only keeps me on my toes, it ensures I am continually challenged, which is something I relish.”
Gordon is very flexible about where he works and happy to commute to different locations throughout Scotland or to be based in England in the week, travelling back home to Aberdeenshire on Friday nights.
“Part of being an Interim is being flexible. I am happy to work in England as well as Scotland because even though I have to uproot myself, the jobs in England can be more lucrative with the daily rate rising by as much as £200 a day. The only downside is the IR35 taxation law, which has made things more complicated for independents, however, this doesn’t put me off working in an Interim capacity,” he stated.
When asked about the benefits that Interim Managers can bring to the companies in which they work, Gordon concludes that because of their objective perspective, Interims are more able to speak their minds than a permanent employee. They can avoid company politics and more freely express their views about how an organisation needs to adapt. He also believes that it encourages an organisation to review its processes, something which can bring about many positive changes.
Interim Manager, John Fulton, also relishes the challenges of working in a range of organisations. In his four years as an Interim, John 54, who is a qualified Chartered Accountant and finance director has worked in multi-million pound American food companies, through to non-for-profit companies and small independent businesses. With each assignment he believes there are similar pressures - to deliver results and make an impact on business in a short space of time. In his eyes, this is key to the enjoyment.
“I have 30 years experience under my belt, so I am confident in my abilities and skills. Having said that, I have learnt so much as an Interim, in particular I have developed my business knowledge and interpersonal skills no end. Each role brings new challenges, but I get a real buzz and sense of satisfaction when I can cut through company politics and get on with a job and solve genuine business problems,” he states.
When asked if they would ever consider going back into permanent employment, they both hesitated. In John’s words, “Whilst, I would never say never, it would have to be a really interesting role, coupled with the right work environment, but actually, I think I enjoy life as an interim too much.”
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