Finance careers: manager or specialist - what is the right path for you?

From specialist to manager - the classic promotion in the financial sector

Advancing from operational specialist to disciplinary manager is still a common path - but one that is increasingly being scrutinised. For example, anyone who starts out as a controller, accountant or tax expert [LW1]  develops in-depth technical expertise over the years. This opens doors: first to team management, then to department management, and finally perhaps even to the commercial management or CFO role.

However, the requirements change with each level. It is less about technical depth and more about strategy, communication, personnel management and interdisciplinary collaboration. You not only need expertise in terms of business management, you also have to manage people, resolve conflicts, give feedback and make decisions. 

Typical stages on the way to becoming a finance manager:

• Junior → Senior
• Project responsibility / team coordination
• Team leader / Head of department
• Division management / CFO level

This development can be very fulfilling - but it's not right for everyone. That's why it's worth taking a conscious look at the question: Do I want to lead - or do I feel more comfortable as a specialist?

Am I ready for a management position? These questions will help you decide

For many people leadership responsibility is the ultimate career goal and can indeed be very fulfilling. However, not every good financial expert automatically becomes a good team leader. To find out whether the next step should really lead to a management role, you can ask yourself the following questions:

• Do I draw energy from working with people - even when things get difficult?
• Can I take responsibility without wanting to control everything myself?
• Am I prepared to hand over operational tasks and concentrate on the big picture?
• How do I deal with conflicts - do I look for solutions or do I avoid confrontation?
• Can I motivate myself and others even when the pressure is on?
• Be honest with yourself. It is not a weakness to realise that you enjoy specialist work more than managing employees. It is important to gain clarity about your motivation and strengths - and feedback from those around you can also contribute to this: what do colleagues, superiors or mentors say about your potential?

Alternative career paths to a management position

More and more companies today are opening up clear career paths for specialists. Even if you don't want to take on personnel responsibility, you can grow professionally - in projects, in depth or in breadth.

Expert with specialisation

Do you want to be the go-to person for complex technical issues? Then a career as an expert is the right path for you. Whether in accounting law, international taxation, group controlling or compliance, those who excel here have the best long-term prospects.

Project manager

Instead of disciplinary management, you take responsibility for cross-divisional projects - for example ERP rollouts, automation initiatives, sustainability reporting or M&A processes. You manage teams, budgets and timelines - without traditional personnel management.

Interface roles

Are you analytically strong and a good communicator at the same time? Then roles such as Finance Business Partner, Treasury Expert, Investor Relations Manager or Strategic Controller could be exciting for you. Here you combine financial expertise with business understanding and internal consulting.

Self-employment & interim management

For experienced finance professionals, the step into self-employment can also be an option - for example as an interim manager, consultant or freelancer. You decide which mandates you accept and apply your expertise where it is needed.

How do I find the right career path for me?

Regardless of whether you decide on a management or specialist career, it is important that you take the path that suits you. These three steps will help you find your way:

✅ Self-reflection

What motivates you? What are you proud of? Which activities energise you - and which ones drain you? An honest assessment is the first step towards making the right decision.

✅ Define goals

Career goals are more than just a title or salary. Think about what is important to you: Influence? Security? Room for manoeuvre? Recognition? Further training? Your goals should motivate you in the long term - not impress you in the short term.

✅ Seek exchange

Sparring with mentors, colleagues or HR consultants brings new perspectives. Use feedback, industry comparisons and impulses to recognise opportunities that you may have overlooked yourself.

 

Conclusion: You have more options than you think!

Whether you are a manager or an expert - there is not only one right path. The important thing is that you make a conscious decision about where you have the courage to follow your own path. The good news is that a career in finance is not a linear process, but a dynamic model. And if you are prepared to develop yourself further, you will find your place - with or without leadership responsibility.