Growth Trends for Related Jobs
Transition management is a business process that guides organizations into a gradual and continuous transformation of financial, operations and governance changes. Responsible for leading this process are transition managers, professionals who also focus on maximizing the performance of organizations during transitions. Although these managers can work as resident employees in various companies, most of them find jobs with consultancy firms that offer transition management services.
Performing the Job
Transition projects are often complex and require a lot of interaction with clients and employees. As such, transition managers must have highly developed project management and communication skills to perform their duties successfully. These managers also require a good attention to detail to spot slight changes in a transition processes and problem-solving skills to develop quick and effective solutions to transition management challenges, such as a communication difficulties.
Transition managers ensure acquisitions and mergers are flawless. When a company acquires another, for example, the transition managers deal with an expansive range of process, people and technology challenges. They lead a team of legal, finance and IT specialists, who develop strategies for handling various aspects of the transition. Before the process begins, transition managers advise the buying company on the transition costs, manage risks during the transitions and produce post-transition reports for stakeholders.
When a company adopts a new organization-wide governance framework, the transition managers may focus on helping workers understand the new policies and regulations by conducting training workshops. Transition managers also work toward making outsourced services a success and provide guidance during the occurrence of unplanned events, such as death of a general manager.
The path to becoming a transition manager begins with earning a bachelor's degree in economics, finance or business. Because job experience plays a big role in securing a job, prospective transitions managers typically work in entry-level positions for some time to gain the expertise required to oversee transitions. Obtaining a master's degree in strategic management or business administrations and professional certifications, such as the Information Services Group's certified transition manager, can be a springboard to lucrative transition management jobs.
Earning Your Dues
Although the US Bureau of Labor Statistics does not list transition managers separately, those specializing in financial transitions can expect to earn about $126,660, which was the mean annual wage for financial managers in 2013. The employment of professionals in management occupations will grow about 7 percent between 2012 and 2022, slower than the estimated 11 percent average for all jobs.
2016 Salary Information for Financial Managers
Financial managers earned a median annual salary of $121,750 in 2016, according to the U.S. Bureau of Labor Statistics. On the low end, financial managers earned a 25th percentile salary of $87,530, meaning 75 percent earned more than this amount. The 75th percentile salary is $168,790, meaning 25 percent earn more. In 2016, 580,400 people were employed in the U.S. as financial managers.
- JP Morgan: The Changing Role of Transition Management
- U.S. Bureau of Labor Statistics: Occupational Labor Statistics: Financial Managers
- U.S. Bureau of Labor Statistics: Financial Managers
- U.S. Bureau of Labor Statistics: Occupational Outlook Handbook: Financial Managers
- Career Trend: Financial Managers
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