added august 17th 2009

Financial Careers In The Public Sector

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There are certainly some fantastic opportunities within the Public Sector, which as well as Government and Local Authorities also includes other not-for-profit organisations such as charities.

Generally, personal development and career progression are excellent in the Public Sector, which has largely held up well in the current economic climate and in so doing has reinforced its reputation as a relatively safe ‘haven’ – offering greater job security - during recessionary times. 

Is it for me?

A desire to serve the general public and work for the greater good is common among many people within the Public Sector, where the public accountability and exposure make working within it particularly suitable to a certain type of person.

The Sector is very process and procedure-driven, where many things take time to action and decision-making can be a lengthy process.  Any flaw, mistake or overspend made within the Public Sector will always be made public, as you are dealing with public money.

Traditionally, almost all vacancies in Public Sector specified Public Sector experience as a prerequisite, but as the Sector becomes increasingly commercial this is no longer regarded as essential for some roles.

Temporary roles can be an excellent way to gain Public Sector experience in advance of securing a permanent position in the Sector, although for many temporary roles previous sector experience is desired.

Public Sector managers can be quite open minded on skill sets, and will often look at a candidate’s transferable skills and how they might enhance team talent and experience. No specific skills are required, although having a commercial outlook or background can be seen as an advantage. Employers will look for experience with a certain system and regard more favourably candidates who have worked within a large organization before.

Benefits

Working in the Public Sector can be attractive more many different reasons, with the main ones being:

• An excellent benefits package – including good holiday entitlement, excellent pension, maternity/paternity leave and sick pay
• Job security
• Work/life balance - shorter working day and offer of flexible working hours
• Career development - additional training and study support are commonplace, while the public sector is far more likely to promote from within
• Regular salary increment calculators
• Union / network support

Moving in and out of the Public Sector

It is much more difficult to come out of the Public Sector into an equivalent Private Sector position than to go the other way, because of the reduced exposure to the commercial world that you get in the Public Sector.

In contrast, organisations such as Housing Associations and Charities may often seek out candidates with commercial experience.

People are often reluctant to leave the Public Sector, and especially so in the current market, because of the increased stability that generally exists.

What would be the main plus points on my CV if I have been working within the Public Sector?

You would have valuable large organisation experience, used well-known accountancy systems, become familiar with not-for-profit accounting and grown accustomed to working within strict policies and procedures.

Also, your CV would probably show a degree of stability less common within the private sector.

How might the Public Sector change moving forward?

Many organisations within the Public Sector are still trying to get a commercial edge, but as the environment is very tightly controlled, managers are having difficulties trying to achieve this. However, the simple truth is that people within finance roles in the Public Sector will be increasingly commercial and much more accountable in everything they do,

Political changes can dramatically alter departments, policies and job roles, and so mergers and restructures are likely to remain a common feature within the Public Sector.

Finally, as with any organisation, processes are becoming more systems based and this is a skill that many current Public Sector staff will not have. Additionally, the increasing commerciality within the Sector will continue and accounting practices will become much more commercially aware - meaning skills are more easily transferable into the private sector.

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