So you are graduating with an Accounting Degree, what’s next?
CFO Kristi Dannelly shares her story and her advice for aspiring #BossLadies out there
By Megan Guinane
Kristi Dannelly is an absolute delight. From the moment we had our first exchange via email, I knew that I was really going to enjoy our phone interview. She lives in Clarksville, Maryland with her family and was gracious enough to take some time out of her busy schedule to give us a glance at what having it all looks like.
M: So I know you are a CFO, but what kind of company do you work for?
K: I am a CFO for 3 different companies, so I am kind of a unique hybrid. There are so many companies out there that want the experience and expertise of someone who works in finance, but they are smaller, or for whatever reason, they don’t want someone full time as it’s usually a cost-constraining thing. There’s this huge need for a part time CFO out there. My three clients have a very diverse industry. I work at each one between 10–20 hours a week.
M: What path did you take for your education?
K: I have a BS in accounting. However, nowadays it is much more difficult to go straight into the upper level accounting field with just a BS. Most people end up getting their masters for the classes you need to take to sit for the exam. In most cases, to be a CFO, you are going to need to have that CPA certification.
Masters programs are fantastic; if you have the financial wherewithal or come up with creative ways to finance going back to school after a few years out in the work force it could be very beneficial as you would have experience to apply it to.
M: Why did you choose the accounting path? Was that something you always wanted to do?
K: Actually, I always thought I would go into medicine. My father had said that everyone should have some business background no matter what you do. During my sophomore year of college, I decided to take an accounting course just for kicks and there I discovered that accounting was really for me. It was just like a puzzle, it made sense, and in a way it was fun. I still enjoy it.
M: You have worked your way up to a CFO, but you also raised a family as well, can you tell me more about that?
K: Accounting is an amazing field to get into as a working mom because you can really start a career, get your base behind you, take some years off, and still be able to jump in. Things change, but you can always keep up with accounting. So what I did was that I worked for a public accounting firm up until I had kids. And then I went to part time. This is the kind of job, even in public accounting, where you can take on fewer clients. I did that for a number of years as a senior manager while I had the next few children and then I took a break. I stayed home with six kids for 10 years.
When I decided I wanted to go back, I decided I did not want to go back into public accounting and wanted to go into internal accounting. I started out part time with a small defense contractor as an assistant, but very quickly went up to be a controller and became the acting CFO.
After that company was bought out, I decided I did not want to work for the new owner (even though they wanted me to) and I went out and got my own clients.
M: It is really great to hear from someone who has been able to flourish professionally and have children.
K: I was very fortunate when I worked for a public accounting firm; my biggest client for a number of years was the 1996 Olympics. I was the head auditor on that account, where it went from zero dollars to a billion dollar company in the matter of a few years. Because of being involved in it at a very early level, as they grew and got closer to ’96, and all throughout that period I was having children, but the CFO & CEO of the Olympics knew me and wanted me on that account. They catered to me and I would bring a little car seat into board meetings. I had a phenomenal client relationship where they really needed my experience, and were able to work with me and my needs. It has to be a give and take from both sides. Companies are now seeing the vital role woman play, and companies who do give breaks and flexibility are seeing more retention, which is a great benefit for both sides.
Companies are now seeing the vital role woman play, and companies who do give breaks and flexibility are seeing more retention, which is a great benefit for both sides.
M: Is there any advice you have for recent grads on how they can set themselves apart in the interview process?
K: I would say two things for a first-year accountant, especially going into public accounting. One is to do a little bit of research on your own about the company before you got out there, and ask not accounting questions, but what do they do? Someone who has an idea about the nuts and bolts about the operations of the company and can ask great questions is a person who will stick out in an interview.
Number two is to ask questions and not worry about how it may sound. People who do not ask questions seem to just be going through the motions, but when you do ask, people will realize you are thinking things through. People with experience are happy to share their wisdom.
Someone who has an idea about the nuts and bolts about the operations of the company and can ask great questions is a person who will stick out in an interview.
M: What is your ideal day in your current role?
K: I have three different clients; I have a notebook for each of them, and if I can accomplish the top 3 tasks that have to be done before the deadline and still have time to get out and exercise, that is a good day. The second thing I look for in a good day would be surprising the client with some valuable information where the client says, “Thank you so much, you are such a valid part of this team.” When you get that feedback from the executives you partner with, it is a great feeling to know that they are so thankful for the things that I do.
M: How do you anticipate opportunities in this field changing?
K: I think the industry is going to change significantly and rapidly over the next decade. For companies, you are going to see more people doing what I do, even at the staff level. Instead of paying someone for a full year, they are going to hire someone for a time period. It is going to become increasingly difficult to find full time work unless you work for a large accounting firm.
M: Can you jump around in the accounting and finance field?
K: Yes, there is so much you can apply in the field from one industry to another. When I started in accounting, I worked in many emerging technology companies. Some of the companies were worldwide and I traveled to France, Germany, and England and had a phenomenal experience. From there I went to working with the Olympics, then defense contracting, and now I am working with three companies that are totally different. I work with a defense contractor that works with the Department of Defense. The next company I work with is an international nonprofit organization that is about awareness and treatment for Lyme disease. My third company is a service company that rents out copy machines across the country. These are three totally unique industries but there is so much the same that goes in each business.
M: It seems like there are a ton of opportunities out there for those graduating with an accounting degree. Do you have any advice for these graduates?
K: The first few years are tough and grueling. You will be working long hours, and you might not be doing the most interesting work. Just stick with it as your value increases exponentially over time. It is tough, especially in public accounting, but as you wait it out, there are more opportunities to move up in the world.
I always find that the best CFOs and other positions in upper level accounting have seen a variety of clients and industries and take the best practices and have that in their background. They have come out of the public accounting field and have seen so many different companies over the years. Stay with it, and become experienced over time. You will be much more marketable and will go further. It’s tough, but it is worth it.
So there you have it: with a hard worth ethic and a great client relationship, you too can be as successful as Kristi. Her vision for success is being able to use her passion while still having a life outside of work. What is your definition of success, and how are you going to get there?
