Financial analyst in oil and gas industry
 

Hi all,

New to this forum and would like to seek some advice on making a job switch. Currently a big 4 auditor drawing S$4.2k (increment expected to move up to S$4.8k in Jan 2021) mainly specialising in auditing pharma companies.

Currently considering a change in job. Received an offer from a US oil and gas MNC (I think most people can guess which one) for a Financial Analyst role. They're offering me S$5.3k/month, plus 3 months guaranteed bonus (regardless of the financial performance of the company) on top of variable bonus. This MNC is also an audit client of my current employer and they told me they had completed a restructuring exercise early in 2020 so now they're hiring.

The pay package offered is really attractive to me compared to what I'm drawing now. But I'm still a bit hesitant considering the following factors:

- Heard that the oil and gas industry is not doing well and doesn't seem to have a good outlook? In terms of job security, should I be concerned?
- I've no experience in auditing any clients in the oil and gas industry. My clients are mainly focussed on pharma cos. So my knowledge of how the oil & gas industry works is close to zero (apart from basic knowledge like the upstream/downsteam activities, etc). Would it require any specialised knowledge/ skillsets to work in finance within the oil and gas industry?

Anyone working in finance within the oil and gas industry can provide some advice or help address some of these concerns? Many thanks and all help is appreciated.

Which business are you supporting? Upstream, midstream or downstream? The learning curve will be steeper for upstream and midstream if you dont have the relevant experience. But if they are willing to take in external hires, it means they are willing to train you. So dont have to worry too much. Just curious, which oil major is this?

Hi, thanks for your reply. I understand that the Singapore operations for this oil major are mainly downstream activities and my role will mainly be focused on that. How about the job prospects and security for this industry? Are opportunities for growth ok?

I'd prefer not to disclose which company is it here. I guess we can communicate via PM if you would like to know.

Oil majors are still surviving. Can't say the same for other smaller players. Knowledge and experience gain in downstream can still be relevant for other industries like manufacturing. So dont worry too much and go for it. Anyway, I know which company you are referring to. Growth opportunities internally are also quite plentiful as long as you are willing to try out different things and venture beyond your comfort zone.

data is the new oil

How are the working hours like in finance for oil and gas sector? A lot of OT?

has to be ExxonMobil as they hire Financial Analyst all year round

Might need to OT during month end close. Other than that, not much OT. Even if OT, also can get off in lieu

As you have been offered the role, just learn on the ground.
The industry is always restructuring and you have to accept this as a reality.

Chevron? they still hiring? thought they have been cutting down headcount

Didn't know ExxonMobil is hiring again. (and yes, 100% sure it is Exxon).

You don't need deep industry specific knowledge. You'll learn as you go. Just need to briefly know the overall value chain and how the business functions linked together once you join.

You'll probably be doing lots of work pulling data from SAP performing the analysis based on those.

Working hours wise it is definitely much better than big 4. But expect to work OT around the April/May period.

Hey, thanks for your input.
Why OT during April/May period though?

Planning & budgeting cycle

I see, thanks. Is there anything else I should know? Lol. I’m not even familiar with the accounting treatment for O&G.

Also just to get a sense of where my pay level is at, you mind to share roughly how much you’re getting at the oil major you’re working for?

Thanks!

You are at the lower end in the corporate function. Don't think you are earning alot. Your colleagues will pwn u

Nothing specific as it is mostly OTJ. There are also internal systems/methods used by business lines in booking the costs and earnings, so you'll have exposure to that after you join. I don't think you need to worry too much about industry specifics at the moment.

I'm an entry level analyst, making around 1k less than your offer.

Pretty sure OP isn't very senior. Pay rises with seniority. It's standard for the industry at this level.

hiring process
 

hi OP, appreciate if you can share on the hiring process from interview to offer made to signing of contract and the timeline? will be going for similar interview here and hope to take reference. thanks!