The engineering sector has such a wide remit and such a range of business types that there are many opportunities in all sorts of different financial roles across the industry. Finance professionals who work in the Engineering industry are expected to have some understanding of their profession and the different types of engineering that occur across the field, so whether its financing Formula 1 cars or helping to provide the money to build bridges with, there’s finance roles within Engineering for many, many types of people!
In-house finance in the Engineering sector: typical projects…
A role in in-house finance for Engineering will involve a whole host of analysis of the differing aspects of the company’s finances, including the analysis of a particular consumer set or the types of customers and businesses that the Engineering firm is working for.
Opportunities with in-house finance roles with Engineering firms are perhaps a little more niche than some others, with either a 2:1 in accounting, finance or economics expected, or else an Engineering-related degree with some modules in business or finance.
A graduate scheme in Engineering will give a taster of financial life in a number of different departments within a sector of the industry, and many employers also provide often the opportunity to study for a professional qualification alongside work, in a variety of paths. It is probably in your best interests to find your specialism early on, however, as Mechanical Engineering and Civil Engineering, for example, are very different industries with very different values and whilst transferring is possible, it’s best to be trained in the industry which you want to pursue!
Possible career paths…
After coming through a graduate scheme in your preferred industry, there will be the opportunity to specialise within finance and take your career down the path that you want to travel! Some departments will be more general than others – there will be the standard financial departments like accountancy, tax, consultancy and risk management, because all companies have to remain within the law in terms of submitting the correct documentation to the appropriate bodies and complying with the financial regulations placed upon them, which are constantly changing!
Some departments will be far more relevant to the Engineering industry, however, especially in areas such as the management of manufacturing operations and the sales departments related to specific products related to the market. The niche elements of the industry are so vast that it would be impossible to list them all but bear in mind you could be doing anything from trying to market a chemically engineered substance to brokering a deal between two motoring companies for a joint venture on a particular design, so don’t limit yourself to the ideas you have of the industry!