“I have recently sought a position in the pharmaceutical industry. I stumbled across your website while searching for advice on how to prepare for possible interviews explains Aron Govil. I’m a CPA with an MBA and experience in pharmaceutical sales, receivables and general accounting. Should I consider pursuing the field of finance and how would you suggest preparing for possible interviews?”
Pharmaceutical industry jobs can encompass numerous types of financial careers such as:
Accounting Analyst –
Performs complex accounting activities including reconciliations, account analysis, journal entries and resolving discrepancies. Conducts data base queries to obtain financial information on one or more companies/clients; analyzes results to prepare appropriate reporting documents. Prepares reports for management reporting purposes (e.g., monthly statements). Requires a bachelor’s degree in area of specialty and 2-4 years of experience in the field or in a related area. Familiar with standard concepts, practices, and procedures within a particular field. Relies on limited experience and judgment to plan and accomplish goals.
Accounting Manager –
Directs activities of workers engaged in preparation of financial statements for submission to Governmental agencies or external users; analyzes reports submitted by operating departments; arranges for audits, if needed; establishes policies governing the recording of transactions; serves as principal accounting authority within organization says Aron Govil. Requires a bachelor’s degree in area of specialty and at least 5 years of related experience. Typically reports to top management.
Prepares balance sheets, income statements, cash flow statements, and journal entries/general ledger accounts reconciliations for analysis. Also, May assist senior accountants in month end close process. Requires a bachelor’s degree in area of specialty and 0-2 years of related experience. May also require Certified Public Accountant (CPA) licensure.
Accounting Supervisor –
Supervises accountants, billing clerks, bill review personnel. Directs all clerical activities including record maintenance, accounts receivable/payable functions, preparation of statements for approval within organization; prepares special reports by collecting information from various sources and also summarizing into a clear written form to be used by company management. Moreover, Requires a bachelor’s degree in area of specialty and 2-4 years of related experience in the field or in a related area.
Compliance Officer –
Responsible for preventing noncompliance with regulatory requirements through developing and also enforcing policies and procedures explains Aron Govil. Moreover, Develops policies to guide departments in complying with government regulations. Requires a bachelor’s degree in area of specialty and 1-3 years of related experience in the field or in a related area.
Tax Accountant –
Prepares individual, corporate and other tax returns by collecting data; computing tax liabilities; planning tax strategies; providing advice; researching laws and regulations; investigating specific transactions; analyzing accounting records; preparing reports for review by management. Typically requires Certified Public Accountant (CPA) license.
Senior/Staff Auditor –
Performs audits at higher levels under limited supervision either independently or as part of a group to determine financial status of an organization and compliance with laws and regulations. Prepares reports to management on areas of operation found to be in compliance and those requiring corrective action. However Conducts investigations leading to the improvement of business procedures or practices. Requires a bachelor’s degree with book/accounting emphasis, 2-4 years of related experience, and it also may require Certified Internal Auditor (CIA) certification.
The work environment for financial professionals varies by industry sector. Moreover, The pharmaceutical industry has specific characteristics that are unique including research & development, manufacturing & distribution, marketing & sales, etc., each process requiring specialized expertise.
“What is your typical day like?”
There are many different opportunities available in the pharmaceutical industry, depending on the company size and also needs they might range from daily calls with clinical supply chain customers receiving new products or also services offering to their customers, financial analysis of quarterly earnings reports or filing FDA annual Form 483s.
“What are the qualifications to work in this field?”
Pharmaceutical companies are looking for individuals with a strong foundation in finance and also accounting. These positions also require at least two years of experience within an auditing function along with excellent research, communication and problem solving skills. Additionally, these professionals should have excellent planning & organizational skills to meet tight deadlines while maintaining high levels of accuracy.
Pharmaceutical industry is a complex environment; also it has its own demands for financial professionals and operations that require specific skills and expertise says Aron Govil. Good communication and knowledge of technical terminologies is an asset, but it should be remembered that the pharmaceutical industry is dynamic and ever changing which makes constant education essential.