Building a Fulfilling Career in Finance 

In Merrifield Consultants, we are fortunate to have a team that is deeply passionate about their respective areas of expertise within the not-for-profit sector (NFP). In our previous articles, we highlighted the career prospects of Office Support Temping, Fundraising, and Memberships. Now, our Finance & Commercial Support Manager, Claire Stradling, will share her advice on how you can build a fulfilling career in finance within the sector. With over 30 years of experience as a finance recruiter, Claire shares her valuable insights.

 

Insights from our Finance Recruiter, Claire Stradling

I have worked in finance recruitment throughout my career, and within the past decade, I have specialised in the not-for-profit sector. It’s a sector that I had a natural infinity to throughout my life; for both personal reasons and a strong need to contribute from volunteering roles I have held in my spare time. 

 

There is a wide range of organisations that fall within this label from large international charities, think tanks, regulators, government bodies and departments, and smaller more local causes. The cultures vary massively as you would expect, but almost everyone I have worked with throughout my career has offered great career opportunities, flexible working, strong work/life balances, and the satisfaction of working towards contributing to the greater good of the cause, rather than shareholders and profit.

 

Increased Demand for Financial Expertise

There is certainly an Increased Demand for Financial Expertise in the sector as Charities face rising operational costs, requiring finance professionals skilled in budgeting, forecasting, and cost management​ (Charity Times). Digital finance tools are also becoming essential, creating opportunities for those proficient in accounting software, data analytics, and online donation tracking​ (NCVO). 

 

Emerging Roles in the Sector

The sector is constantly evolving, and we are starting to see a trend in emerging roles including Impact Measurement Specialists: There is a growing need for professionals who can evaluate and report on the financial effectiveness of charitable programmes​ (Civil Society). 

 

As well as Risk and Compliance Managers: Increased regulatory scrutiny is driving demand for specialists in legal compliance, tax management, and financial reporting​ (Charity Times). 

 

Diverse Career Pathways

As mentioned previously the sector can excel in offering many differing career pathways including –  

• Finance Manager/Director: Critical roles in overseeing financial strategy, particularly in larger charities with complex operations. 
• Fundraising Finance Specialist: As fundraising becomes more complex, finance roles that align fundraising strategies with financial goals are in demand​ (Civil Society). 

 

Navigating the Recruitment Landscape

We are in challenging times and this year especially, has been tough in the recruitment market. The sector has always been viewed as a safe bet for job security, however, smaller charities can face financial vulnerability with greater competition for funding and greater demand for their services. This could make positions in larger, more stable organisations potentially more secure​ according to the  (Civil Society). 

 

In my experience, however, this is not always the case, and when interviewing for a role careful due diligence of their accounts and funding should be a key part of your research into any organisation or body. Most will be reliant on public money, fundraising activities, donations, grants or benefits to survive. These sources of income and funding can be difficult to predict and/ or be time-limited. However, identifying organisations with multiple funding streams can negate risk, as well as looking at who the organisation is competing for funds with, how safe the current contracts are, the length of any donor or grants, and considering things like reserves, investments and balance sheets! 

 

Professional Development

In terms of professional development, some qualifications are tailored more towards certain sectors. Gaining qualifications such as CIPFA certification is beneficial for those looking to work within the civil service and for government bodies. Those with ACA qualifications are always in demand in the sector and those who started within professional services are always in demand due to the training and demands of being an external auditor. 

 

Any CCAB qualification (or equivalent) will always help your professional development within the not-for-profit landscape. Continuous learning in digital finance tools and staying updated on regulatory changes is always crucial​ (Charity Times). 

 

For further details, you can explore these sources: 

• Charity Times 
• Civil Society Media 

 

I have seen so many enter the sector and go on to have great, rewarding careers where many of our softer needs and wants such as culture, work/life balance, support and values are offered in bucket loads. I have also seen many enter more junior roles and progress rapidly to senior leadership roles where they play a key role in the running of the organisation and its financial stability, health and prosperity. 

 

I would love to hear about your own experiences or to chat with anyone about a career within finance in the not-for-profit sector. Do reach out to discuss this further. 

 

Claire Stradling 

Finance & Commercial Support Manager 

Claire.stradling@merrifieldconsultants.co.uk