Career progression matters for every finance professional. Whether you’re an accountant, CFO, or financial analyst, you should constantly look for new ways to advance your career by acquiring new skills, responsibilities, and benefits.
Unfortunately, the career paths organisations create for financial professionals are sometimes overly vague, inconsistent, or dependent on confusing, unspoken rules. Some companies simply fail to implement a strong succession or promotion plan. Others overlook how important it is to help their employees envision a great future with their team.
Either way, the lack of a clear promotion path creates problems for both professionals and employees. Around 63% of finance professionals end up leaving roles due to a lack of advancement opportunities. When organisations fail to communicate how employees can progress, they risk losing their best people. So, how do you determine whether your employer really offers a clear path for growth, and what do you do if you can’t see a future in your current organisation?
Why Clear Promotion Paths Matter
As mentioned above, clear promotion paths are not just important, they are a source of inspiration for both employers and employees. For finance professionals, a well-defined path forward ensures you feel engaged and fulfilled in your role. It also serves as a guide for personal growth strategies and steps, inspiring you to reach for new heights in your career.
For instance, if you know that you’ll be able to apply for a managerial-level role in the future, you might begin working on your leadership skills early or explore new qualifications.
For finance professionals, a clear path forward increases productivity and motivation, giving you a sense of purpose, and direction as you pursue your goals. When companies implement strong promotional pathways, this can also improve employee retention.
That doesn’t just lead to reduced turnover and recruitment costs for business leaders, it also means employees can benefit from the diverse support, perspective, and insights of engaged team members, who can help them strengthen their skills.
Engaged employees are more likely to support and empower each other, leading to a stronger company culture, increased innovation, and bigger profits. Additionally, since companies with clear promotion paths retain staff members for longer, companies have an easier time maintaining institutional knowledge and improving staff learning pathways.
Business leaders benefit from more diverse teams, better talent acquisition and retention rates, and stronger profits. Finance employees benefit from supportive, engaged colleagues, a stronger company culture, and clarity on where their role is headed.
The Signs of a Well-Defined Promotion Path
Not every finance company will immediately make its promotional strategy obvious to potential candidates and new employees—even if it’s willing to discuss promotions during interviews. However, there are signs that can help candidates determine if there’s a real future in a role.
Pay attention to “green flags” like:
Clear Competency Frameworks and Role Requirements
A clear promotion path begins with well-documented competency frameworks. These frameworks outline the skills, behaviours, and performance standards required for each role, providing employees with a roadmap for advancement. They also demystify expectations and guide professionals in aligning their development with organisational goals.
Regular Performance Reviews with Specific Advancement Criteria
Consistent performance evaluations show employees that their employers are paying attention to their accomplishments and growing potential. They also make it easier for staff to identify the steps they need to take to move forward, often offering access to clear, constructive feedback, and opportunities to set measurable goals.
Transparent Compensation Bands for Different Career Levels
Openness about salary ranges associated with various positions nurtures trust and motivation. When finance professionals understand the financial rewards linked to each level, they can make informed decisions about their career paths and strive toward roles that align with their financial aspirations.
Clear Timelines and Milestones for Advancement
A structured timeline detailing expected durations in roles and the milestones needed for promotion provides clarity. This transparency helps employees set realistic expectations and plan their professional development realistically.
Visible Examples of Internal Promotions
A few things demonstrate a company’s commitment to supporting their employees’ career growth, such as genuine evidence of internal promotions. Look for evidence that your employers consider the team members they have before seeking out external talent to fill high-level roles.
Formal Mentorship and Sponsorship Programs
Mentorship and sponsorship programs are not just initiatives, they are a testament to a company’s commitment to its employees’ career growth. These programs offer guidance, knowledge sharing, and advocacy for high-potential employees, paving the way to promotions and making you feel supported and guided in your career journey.
Investing in Career Advancement: Steps for Success
If you want to constantly move forward in your finance career, you need to do more than just “work hard”. You need to take control and build a structured strategy for your own progression, one that leverages your skills, networks, and initiative. A structured promotion path can help you plan your next steps, but if your company lacks clarity, you must assess, ask questions, and take action to empower yourself in your career journey.
A structured promotion path can help you plan your next steps, but if your company lacks clarity, you must assess, ask questions, and take action.
Evaluating Your Current Situation
Before you can plan your next move, you need to assess whether your current employer provides a clear and fair path to advancement. Some finance professionals remain in roles for years without understanding what it takes to progress.
Ask yourself:
Do you understand the skills, competencies, and experience required for the next-level role in your organisation?
- Has your manager outlined clear expectations for promotion?
- Are there documented career frameworks, or does promotion seem arbitrary?
- Can you see examples of colleagues advancing internally, or do senior positions mostly go to external hires?
Suppose you struggle to answer these questions or notice signs of “blocked” advancement paths, like stagnation across roles, inconsistent promotion decisions, a high turnover rate, or even vague and evasive feedback during reviews. In that case, that might be a bad sign.
Keep in mind that before simply assuming that your employer is making progression difficult, assess whether other factors might be affecting your growth. Sometimes, a lack of a clear promotion path might be the problem. Other times, you might have overlooked the importance of actively pursuing opportunities for development or acting on relevant feedback.
If your promotion path is unclear, start building your own case. Record your accomplishments, including revenue impacts, cost savings, successful audits, or process improvements. Compare your role and compensation against industry benchmarks to ensure you’re progressing at a competitive rate.
Additionally, consider preparing a presentation or document that outlines your achievements and how they align with the company’s goals, which you can use during performance reviews or when discussing potential promotions with your manager.
Taking Action to Clarify Your Path
If you still feel uncertain after assessing your situation, the next step is acting. That could mean proactively scheduling a meeting with your manager to discuss career growth opportunities. For instance, you could say, “I’d like to find out what kind of skills I’d need to gain to advance in this company – can we outline a plan together?”
Ask managers and supervisors for specific feedback on which areas you excel in, and where you need to improve. Invest in pursuing relevant certifications (CFA, CPA, etc), and credentials that could benefit someone in the role you want to move into.
Build strategic relationships with the senior leaders and managers on your team by proactively volunteering for complex tasks or checking in with them regularly. This will make them more likely to advocate for your promotion at a later stage.
Additionally, make sure you’re constantly developing and building your own data-backed case for promotion. Keep a record of all the ways you’ve contributed to the company’s financial growth or helped spur innovation and unlock new opportunities.
Make sure you know when to involve HR, too. If your manager is unresponsive or advancement processes seem unclear, HR may provide guidance. Ask about formal promotion policies, training opportunities, and leadership development programs.
When to Consider Moving On
If you’re taking all the right steps and can see clear evidence that you deserve a promotion but are still not making progress, it might be time to start thinking about jumping ship. Deciding to leave your current role isn’t easy – but staying in a position with no future simply leaves you to stagnate, preventing you from reaching your full potential.
If, after all of your work and research, you’ve discovered a lack of internal mobility in your business or you never get a clear answer about what you need to do to progress, the best option could be to start looking elsewhere. Pay attention to clear signs that you’re not going to move forward any time soon – like a lack of investment in employee development or succession planning.
Remember to consider the potential challenges you might face when switching to a new role—like adapting to new financial processes or integrating into a new company culture. Assess each job opportunity and role-based not just on opportunities for progression but also on the employer’s ability to address your priorities, such as work-life balance or cultural fit.
If you find a role that seems better suited to your needs, create a professional plan to manage the transition with the help of a financial recruitment company.
Handle your exit strategically, by giving proper notice, designing a handover plan, and sharing your gratitude with your employer for the opportunities they’ve given you.
Taking Ownership of Your Finance Career
A clear promotion path can make the difference between a fulfilling finance career and years of frustration. If your current organisation provides transparent advancement criteria, structured feedback, and visible internal promotions, you’re in an environment that supports growth.
But it might be time to act if the roadmap is unclear- if promotions feel arbitrary, feedback is vague, or leadership doesn’t prioritise development.
Don’t allow yourself to stagnate in a role without a future. Proactively engage in discussions with managers to help you move forward in your current organisation. If that doesn’t work, consider working with a financial recruitment company to find a new role, in a company that will give you the future prospects you deserve.
Thanks
Rachel
About Rebus Financial Recruitment
Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, ranging from various organisations, including SMEs, to large PLCs.
We strive to offer both the client and candidate a seamless recruitment experience. Using our expertise, we understand employer and employee needs and match them perfectly.
To learn more, contact one of our team members today or call us at 01282 930930.
