Jeff Moskovitz is an outsourced chief financial officer (someone who supplies financial advice to companies that aren't in the position of hiring a full-time staff CFO) from Newtown, Pa., who has more than 20 years of professional business experience. Throughout his career, he has developed a thorough knowledge of business development and financial management, becoming an expert in the areas of strategic planning, revenue and earnings growth, financial reporting and contract negotiations. Moskovitz's passion is sharing his knowledge and experience with nonfinancial managers to help them optimize the financial health and performance of their companies. One way he strives to do this is by maintaining his blog, Accounting and Finance for Nonfinancial Managers, where he blogs on topics such as performance measurement, financial management and business valuation.

Why did you decide to pursue this career field?
My decision to pursue the field of accounting and finance was primarily based on two factors. First, it is a technical discipline, which to me meant that I would have "hard" knowledge, or expertise, in a specialized area. I call it "hard" knowledge, as opposed to "soft" knowledge which is less technical, for example, art history, liberal arts or psychology. To me it seemed practical, useful and marketable. Second, I assumed (in hindsight correctly) that working in this field would give me the broadest base of experience with a variety of businesses and business principles, which would ultimately expand my potential career options.

What type of preparation did you do to get into this field?
I obtained a B.S. in accounting from Temple University in Philadelphia and then, upon graduating, I immediately went to work for a CPA (Certified Public Accounting) firm.

What types of classes and projects did you have to do?
My core course work was in the accounting area (at that time, I believe you had to have 120 accounting credits to sit for the CPA exam). As a business major, the primary project I had to complete for graduation was a presentation on a business topic. It was awhile ago, but if I remember correctly, it was on the computer industry well before anyone had even heard of PCs.

How did your education help you in your career?
I started out as an accountant for a CPA firm. My education was essential to my career, as accounting is so technical you cannot work in the field without having studied it in school.

What was your career path like in this field?
As I mentioned, I started out with a CPA firm. I would recommend this route because in most states you must work for a CPA firm for a few years before you can obtain your CPA license, which is all important in the world of accounting and finance. I worked for a medium-sized, or regional, firm, where clients are mostly privately held and can range in size from $2 million in revenues to $500 million in revenues. Working for this type of firm was beneficial because I was exposed to a variety of businesses and constantly working with new clients, while forming relationships with existing clients. I progressed from an entry-level associate to a senior accountant, to a supervising senior, to a manager.

I was at this firm for 11 years, when a client of mine offered me a position as a controller of a privately held company with appealing growth prospects. Two years later, after accepting this position, I moved into senior management, when I became the company's CFO, with oversight of all financial and most business matters. Not long after that, I was also assigned responsibility for business development. During a seven year period, we increased our revenues at an average annual rate of 28 percent, while our earnings increased at an average annual rate of 36 percent. Shortly thereafter, the company was sold at an attractive price. Building and growing that company was one of the most exciting things I've ever done.

Next, I formed my own business, a company which provided home care services to seniors with disabilities, as an alternative to institutional care, such as nursing homes. We maintained a roster of caregivers who were dispatched to clients' homes to provide everything from companionship to assistance with activities of daily living. After having built that business up, I sold it several years later. Now, I work on various special projects as they arise, but I function primarily as an outsourced CFO for companies that—for a variety of reasons— require financial expertise but that are not large enough or able to commit to a full-time CFO.

What types of skills is someone required to have to work in your position?
Technical skills, specifically accounting and/or finance are mandatory, although they are only the beginning. Interpersonal skills are key, because one has to be able to work not only with his or her group but also with various other functional groups across the organization. Another important characteristic that employers look for these days is the ability to think strategically and to play an integral role in developing the strategy of the company. It's not enough to report financial information. An effective CFO must be able to plan for the future, given the external environment (threats and opportunities), as well as the internal environment (the company's core strengths and weaknesses). Financial leaders must know how to make the most of the company's limited resources.

Finally, someone in this position must have or develop effective leadership skills in order to not only maximize the performance of their direct reports but also to lead and maximize the performance of cross-functional teams, when necessary. In addition, more and more CEOs and their boards these days view their finance people as strategic advisers, which demands a certain amount of interpersonal/leadership skill.

What do you do on a typical workday?
I'm not sure that any given day is typical, but I would estimate 20 percent meetings, 10 percent with staff (leading, coaching, delegating, feedback), 20 percent unscheduled or putting out fires, 10 percent planning, 20 percent on the phone, with the remaining 20 percent spent on desk work (reading/creating: tax returns, regulatory reports, industry reports, reports on competitors, key performance indicators, budgets, cash flow forecasts, etc.)

Do you plan to advance to another position within your career field?
Right now, I am functioning essentially as a consultant, and I like the variety of projects and helping people. I am also working on some other potential business ventures, which I could move onto if they materialize. However, if the right CFO opportunity presents itself, I wouldn't rule that out either. So, I have the luxury of choosing between different options.

What type of person do you think is best suited for a job in your field?
In all honesty, I have a difficult time with that one. I wasn't necessarily passionate about finance or accounting until I started practicing it, which leads me to believe that I would ultimately be passionate about any field I chose. But that may not work for everyone. It's difficult for me to characterize a particular type of person because I know many people in this field who are successful, yet they couldn't be more different in terms of characteristics. I suppose if I had to answer, I'd suggest that if one is interested in business, industry, operations and finance, as well as how all the pieces fit together, that's an excellent start.

Do you have any advice for those who are looking to launch a career in your field?
I would suggest majoring in accounting and/or finance (while ensuring that you take enough accounting credits to be eligible for a CPA license in your state). Then, upon graduating, if possible try to work full time on an MBA and get it done. Very few young people in this highly competitive field, particularly in the current job market (which some describe as the "new normal") are entering this field without MBAs.

I would recommend that someone who is interested in working with much larger, more formal, publicly held Fortune 500 type companies choose to work at one of the multinational CPA firms (the “Big Four”). This path entails working with large clients, which are typically public companies with sales that range into billions of dollars. For those who are interested in more broad-based experience, working primarily with privately held companies, I would suggest the regional firm route. This will provide you with the opportunity to work with a variety of businesses and be exposed to virtually every aspect of a client's financial and tax matters.