Jobs in Focus - Financial Analysis
Financial
Analysis
An Interview with Jody Wang of Cumberland Council
It’s easy to
underestimate the sheer size and complexity of many council projects and
initiatives that are undertaken. The public generally only see the tip of the
iceberg when it comes to major projects. Yet if you look a little deeper,
you’ll find layers upon layers of financial planning, compliance and strategic
analysis that too often goes unseen. One of the unsung heroes of major projects
at Cumberland Council is Jody Wang, who thrives in the complexity of planning
and budgeting. It’s safe to say that without the crucial beneath-the-surface
work that Jody does, the council wouldn’t have enjoyed the kind of planning
success it has seen in recent years.
The Path So Far
Before entering
the world of Local Government, Jody worked across a number of different roles
and industries in the private sector. Having completed her undergraduate
business degree in 2008, Jody took a job as a financial and data analyst at
George Western Foods, most notably known for Tip Top Bakeries. While Jody
gained a wealth of experience on the sales side of the business, she soon
outgrew the entry-level position and decided to apply for a Working Holiday
Visa in the UK. Having secured a data analyst role for an oil and gas company,
Jody spent her year in the UK travelling as much as possible.
When she felt it
was time to return to Australia, Jody took a position at Nestle as a business
analyst for two years. Yet soon enough, it became time for another change. This
time around however, Jody moved into the public sector rather than another
country and she has never looked back. When asked about her time in the private
sector, Jody admitted that it can be very challenging. With the pressure of
sales targets, KPI’s and long working hours, it unfortunately affected her work
life balance. In the public sector she’s been able to find a much better
balance in her work and life while still being challenged in her work and
progressing her career.
A Day in the
Life
So, when we talk
about the ‘behind the scenes’ work on Council projects, what do we really mean?
Well, Jody focuses primarily on the Council’s annual budget and how it
progresses throughout the year. With so many different groups within the
council working on various projects, the budget acts as the lynchpin between
each section to ensure everyone is on the same
page financially. While an annual budget may seem to be quite rigid, it is
actually quite fluid, with quarterly budget reviews held to update, adjust and
amend the budget to fit the current state of council projects and initiatives.
Jody also communicates with the Department of Planning and Compliance to ensure
that all the work is compliant and in line with the state objectives.
Beyond that,
Jody is also involved in monthly financial statement reviews to identify
potential savings and areas in which they’ve overspent. Without this level of
careful reviews, projects could tailspin into budget overruns which affect the
bottom line of the Council. And of course, Cumberland Council’s yearly fees and
charges need to be reviewed too.
This work may
appear to be quite complex at face value, but Jody credits her strong training
within Council, as well as her years of experience, for equipping her with the
skills and expertise necessary to succeed in her role. At Cumberland Council,
Jody is subject to regular training days, with a focus on EXCEL training,
financial modelling, soft skills and communication training.
A Public vs
Private Comparison
Jody has recent
and extensive experience in the private sector, so we took the opportunity to
explore how Jody compares her experience in the private and public sector.
Jody has found
there to be less of a focus on sales and profit targets and more of a focus on
professional development combined with work life balance.
Local Government
roles tend to have a much better work life balance, with a full-time working
week to be considered 35 hours. Unlike the private sector, we’ve found that
overtime is not an expectation for you in the same way that it can be in the
private sector. In fact, at Cumberland Council, employees are entitled to one
day off a fortnight once they’ve reached 70 hours, which means that Jody
doesn’t have to wait until the next public holiday to enjoy a three-day
weekend.
On top of that,
Jody expressed an appreciation for the greater level of support she has found
in a Council role. While the private sector often expects you to learn from
your own experience, Cumberland Council provides regular training which helps
to fill skill shortages, increase work efficiency and accuracy and build
stronger relationships through soft skill training. It’s because of this
support that Jody feels that her work is more meaningful and appreciates the
strength of the team she works with.
Recent
Developments at Cumberland Council
While some may
feel that Councils have a reputation for being slow to adopting change,
Cumberland Council has recently implemented new financial management software
which facilitates more transparent reporting and efficient communication
between departments. With the new software, everyone can conduct cost
investigations and make their own calculations. As a result, a large part of
Jody’s role has been assisting in the transition by training employees on the
new software. She admits it has been a long process, but the feedback has been
very positive, and the process has been extremely rewarding.
When asked about
what Jody wished she knew before entering Local Government, she expressed a
desire to have a greater level of understanding about community engagement. We
often hear that community development is one of most powerful aspects of
working for a Council. A large part of this success comes from a deep
understanding of what the community values and ensuring that the Council is
working to build on those values.
And Some Advice
for Applicants
Finally, Jody
offered some advice for aspiring Council employees in their applications. While
being a university graduate is important in finance roles, it is important to
highlight other elements of your experience in your application. Communication
skills, volunteer work and community engagement are viewed quite favorably. In
your application, Jody suggested that you attempt to match the selection
criteria on the application to your own skills and experience to demonstrate
your expertise more accurately.
Thanks for sharing your story with us Jody.
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