Consulting careers reach new heights in popularity.

When Jacquelyne left her senior-level position at a large food processing company in the South to move to San Francisco, she set out to achieve a balance between family needs and her career in finance. She realized, however, that a full-time, salaried position required more time than she was

With demand for highly qualified, senior-level credit and finance professionals soaring, skilled executives are discovering new career opportunities as consultants. Increasingly, they are leaving full-time positions for the flexibility and variety of project work, while businesses anxious to tap into this supply of talent are aggressively incorporating project professionals into their overall staffing mix to increase accounting efficiencies.

Companies are relying on senior consultants to develop and implement practices that reduce debt, improve cash flow and update accounting systems, among other key areas of responsibility.

From smaller, entrepreneurial-based companies to diverse, international corporations, senior credit and finance consultants are providing solutions to meet a company's immediate and long-term needs.

Evolution of Consulting

The move toward engaging project professionals for specific internal responsibilities reflects the nature of the evolving consulting profession. Historically, a company would hire independent professionals for such tasks as providing financial analysis and reviewing commercial credit policies. Today's senior consultant brings "bench strength" to an organization - practical experience and a greatly expanded role which includes immediate implementation of his or her recommendations. Companies have found that engaging senior-level consultants for longer time periods provides numerous benefits in terms of project thoroughness, cost effectiveness and an improved utilization of internal staffing for other duties.

Careers in Consulting

Executives who decide to enter the consulting field must first determine whether to work on an independent basis or through a staffing firm. Those choosing to operate independently must not only be highly skilled in accounting and finance, but must also possess strong marketing and customer service skills to locate and retain clients. Moreover, time must be allocated to the administrative operations of being self-employed.

Project-based staffing firms provide executives with an alternate approach to securing consulting engagements by serving as a form of personal "agent." They locate challenging projects which match a consultant's skills and experience, freeing the project professional to focus solely on applying his or her accounting and finance knowledge to a variety of companies and industries.

Areas of Involvement

Senior-level credit and finance consultants may be involved in numerous operational areas. In addition to reviewing a company's credit standing, collecting receivables, negotiating accelerated payments and performing cash flow analysis and forecasts, project professionals are providing:

* Financial systems upgrade and conversion expertise that encompasses the evaluation and selection of the new system to final implementation and staff training;

* Leadership and specialized knowledge for start-up or fast-growth companies that do not have a continued need for a fulltime credit professional;

* Review of current credit policies and the development of new procedures that fit within the organization's own culture, followed by department training;

* Mentoring of junior executives to help them expand into new roles;

* Senior-level support in handling the daily workload of internal management;

* Maintenance of day-to-day operations in the event of executive absences due to illness, family matters or a lengthy search for a full-time candidate.

Becoming a Project Professional

What motivates an executive to relinquish his or her full-time position to enter the field of consulting? The two most compelling reasons for executives to enter consulting are the increased flexibility in time management that project work affords and the challenge of developing effective solutions within a variety of unique settings.

Balancing family and work responsibilities can be particularly difficult in today's demanding business environment. The flexibility that a career in consulting offers is an ideal answer for executives who want to carefully select their engagement parameters and work duration.

Each consultant has his or her own preference for personal time versus professional availability. As opposed to fulltime employees, project professionals can work with the client firm in advance to determine its perceived and real needs. Together, a mutually agreeable schedule can be developed. In some cases, four hours a day for several months is required, while at other times, the company needs the consultant to be present during all operating hours to complete the engagement.

Senior-level consultants also enjoy the opportunity to undertake an array of engagements that demand the most of their skills and expertise. These new responsibilities also help foster their own continuing professional growth. Furthermore, while the finance skills that project professionals bring to each company are already proven in a variety of settings, consultants have the added opportunity to broaden their knowledge and experience base by working in and around different industries. This provides the consultant with many options before deciding on a future career direction.

For one individual who accepted an engagement at a large national retailer, the excitement of entering a business during a time of major transition changed his perception of consulting as a career. Originally, he intended to use project work as a bridge to full-time employment. After successfully completing his first assignment where he analyzed and developed the company's new credit policies, he decided to make consulting his permanent career.

Professionals who embark on consulting careers must possess qualities that go beyond the requisite functional expertise, including:

* Communication skills. Consultants interface with senior management and other individuals throughout the company; therefore, excellent communication skills are paramount to success. Project professionals must be able to articulate results of their analysis and convey technical information to nontechnical audiences. Writing skills are also key as these individuals prepare comprehensive reports that are read by all levels of management, and they must be able to deliver important messages in a clear and concise manner.

* Multi-tasking ability. Solid organizational skills and the ability to work with others, as well as independently, are high on the list of skills valued most by businesses. Successful consultants have a thorough understanding of financial analysis, finance, credit law and credit risk, and are equally adept at simultaneous implementation.

* Listening skills. Consultants need to arrive at each engagement with an open mind - willing to hear what the client has to say. Active listening increases the consultant's knowledge so that an appropriate solution can be developed through a needs assessment and proper analysis.

* Diplomacy. Successful credit and finance consultants are accomplished at quickly assessing situations and taking the appropriate tack in bringing resolution. This is an especially valuable skill when attempting collection of severely past due accounts.

* Teacher versus lecturer. Consultants are frequently afforded the opportunity to provide valuable insight to a company's full-time staff on their problem-solving approach. Rather than giving orders that tend to divide staff, successful project executives possess the ability to teach through training and encouragement.

The benefits of working as a credit or finance project professional are as varied as the people choosing this line or work. For senior-level executives actively engaged as consultants, the prospect of tackling challenging projects, enhancing their own professional skill set or finding a bridge to full-time employment keeps them motivated and at the height of their profession.

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For One Executive, Project Work Opens New Doors

Mark Ridgway walked squarely into the crossroads of his career last January. His current position as assistant treasurer and credit manager of a $400 million manufacturing firm came to an abrupt end when the entire finance department was let go, following the company's purchase by an Atlanta firm.

Ridgway had built a solid reputation among his peers and employers throughout his 25-year corporate career. He wanted to utilize his credit management skills more effectively and on a broader basis, and at the same time have more freedom. His successful track record was indicative of his problem-solving skills and penchant for spearheading initiatives on all levels of the financial spectrum. He also enjoyed training junior-level managers by serving as both mentor and coach. But still, he wanted more.

As is common among many senior-level corporate executives at this stage in their careers, Ridgway turned his problem-solving skills toward his own ambitions - trying to answer the question of "what's next?" As he saw it, there were three options: seek permanent employment with another company, start his own credit and collection business or become a consultant.

As he began evaluating the possibilities, Ridgway received a call from RHI Management Resources, a division of Robert Half International. John Folkestad, division director of the Minneapolis office, had received a copy of his resume from another division of the company. Folkestad reviewed his qualifications and thought Ridgway was a good consulting candidate.

After carefully evaluating the possibilities, Ridgway concluded that consulting was the clear choice. It would offer the flexibility and compensation he desired, and the opportunity to pursue new challenges by employing his skills with various companies.

Ridgway's first engagement required assisting the credit and receivables manager of a $2 billion-plus technology company after its treasurer realized that the credit manager's time was becoming focused increasingly on a complicated financial systems conversion. The time-intensive nature of the conversion was preventing the manager from devoting the necessary attention toward day-to-day supervision of the credit staff.

"The company's treasurer considered hiring more collectors to handle the extra workload, but quickly realized she needed a more experienced manager," explained Ridgway, who found the work environment, compensation and challenge of running the daily operations to be a great match for his skills and background. The engagement, which lasted almost three months, was highly successful for the company and personally rewarding for Ridgway.

A New Opportunity

Within three days of completing his first engagement, Ridgway was on his way to another project, this time serving as the corporate warranty manager of a major electronics retailer. Reporting to the director of corporate services, he assumed full responsibility for organizing and developing the company's warranty program. Ridgway immediately set out to organize the company's processes to increase efficiency, file claims and begin collection of past due accounts. "Playing a role in increasing the company's profitability was a generous reward unto itself," said Ridgway. The company placed such a high value on his skills that they even kept him aboard to assist in training the newly hired warranty manager.

Ridgway is now sold on consulting as a career. "You've got to hit it hard and :fast," he said, adding that in the field of financial consulting, the results come very quickly. It is the sense of urgency in meeting challenges head-on and then watching the impact that their decisions have on a company's profitability that keeps project professionals like Ridgway highly motivated and in demand.

He now joins the growing ranks of experienced finance and accounting executives who are turning to consulting, leaving their high-level, full-time positions behind. Executives who make the move successfully often find themselves re-energized by the new demands and challenges that confront them on a daily basis.

Many professional consultants credit their successful transition to this lifestyle to their relationships with a staffing firm, which can locate projects for them, thereby taking away the burden of having to market their services on their own if working independently. This is frequently the case for senior executives with in-demand skills and experience. According to Ridgway, it's important to find a firm that's responsive in meeting personal requirements and that takes the time to carefully match consultants with like-minded organizations.

Ridgway looks at consulting philosophically - believing the greater the risk, the greater the reward. He explained, however, that professional staffing firms have significantly reduced the risk factor because of their efficiency in obtaining engagements at major companies. "Hey, I can always go back to traditional employment," smiled Ridgway, who said that option is not in his immediate plans.

"The satisfaction i get from consulting is considerable, and I'm making a significant impact on the companies with which I work," Ridgway explained. "I'm also in the driver's seat when it comes to setting the direction of my career."

Credit consultants today are making decisions that profoundly impact the company's bottom line, often discovering significant cost-saving methodologies and boosting performance. While there are varying degrees of expertise available, high-level managerial roles are being filled with seasoned executives who can clearly define and articulate a proper course of action.

Within the credit profession, the type of individuals who experience the greatest levels of success as consultants are those with confidence in their skills and problem-solving abilities. Companies are looking for project professionals who require virtually no learning curve; who provide solutions to a set of challenges; and then implement these solutions in an orderly, but aggressive manner.

For executives considering a career in consulting, the following traits can signal maximum potential for success: The ability to break tasks down into manageable components; Highly developed organizational skills; Mastery of task prioritization; and Exemplary negotiation skills.

In only a short period of time as a consultant, Ridgway says he likes what he sees. "There is a real sense of urgency when I walk in the door. You arrive with a specific mission and the satisfaction lies in accomplishing that mission."

Cecil Gregg is executive director of RHI Management Resources(r), a specialized business unit of Robert Half International Inc. RHI Management Resources is a leading staffing firm which places senior-level accounting and financial professionals on a project basis. The firm has offices in major cities throughout North America.