Finance careers p1 - Military Transition - Military Times EDGE

Military accountants, comptrollers, financial managers, CFOs, financial technicians, financial systems operators: All may be well-equipped for finance jobs in the civilian world, Karen Dahut says.

Dahut made the transition from military to civilian finance. Joining the Navy as an ensign in 1985, she left in 1991 as a lieutenant and chief financial officer at the Navy Medical Research Institute (now the Naval Medical Research Center) in Bethesda, Md. She has since parlayed that experience into a power position as a vice president specializing in defense finance at defense-technology consulting firm Booz Allen Hamilton.

Starting with a military job in finance, “You can go to a professional services firm that advises government and defense clients on financial management. You can go to a management company like Northrup Grumman or a General Dynamics or a Lockheed Martin, where your knowledge of the finances of defense is going to be very valuable,” Dahut said.

Her advice for making the leap:

More than skill

Your experience in uniform may give you an edge, but that’s only a starting point. Technical skills may open doors, but it will take more than a deft hand with the balance sheet to drive success in the long run, Dahut said.

“You may not need additional formal training or skills, but what you do need is context and perspective. I left the Navy with an undergraduate [degree] in finance and a graduate degree in systems management, but I didn’t know consulting,” Dahut said. “It’s not that I needed more skills training. I needed to learn how to apply what I knew in that new industry. You can’t necessarily get training on that, but when you do accept a position, you want to take the opportunity to learn how to apply what you know to that job.”

Think long-term

In developing a long-term career strategy, Dahut said, those in the profession look for jobs that offer the chance to advance.

“Any good firm you join will have a development program. That is something you want to look for. What kind of learning opportunities will you get through this employer?” Dahut said. Once on the civilian side, number-crunchers likely will find themselves doing more than just math.

Keep up with trends

“The role of a financial manager has really been changing over the past five to 10 years,” Dahut said. “With changes in the legislation that governs how companies manage their finances, CFO or comptroller is much more integrated into the operations of the business. It’s no longer just a matter of reporting the numbers. It’s about being able to advise and strategize, so you also need to be able to analyze data, think about the numbers in a broad way.”

That means the savvy player will look for likeminded roles in the years leading up to a move. Seek out military responsibilities that go beyond the usual money management tasks and rise to the level of strategic consultation. For many, this will already be a familiar role. “In the military, the comptrollers have the money and they are constantly being asked to provide funds. They learn how to say no an awful lot, and they learn how to make a business case around what makes the most long-term sense. Those skills easily translate into other financial roles.”

Get started now

So start building relevant skills, Dahut said. Seek out firms with ties to the defense industry. Be open to learning new ways of thinking, and look for employers willing to teach. In a move to civilian financial management, it all adds up.