Sector: Finance
Company:
Ministry of Finance
Name of Interviewee:
Bill Shortreed
Title: Executive Director, Debt Management Branch
The Debt Management Branch
The Debt Management Branch is a department of the Ministry of Finance. It is responsible for tracking and meeting the province’s borrowing needs at the least possible cost and risk. It also tracks, facilitates, analyzes and reports on the variety of financial instruments used by the government.
Bill’s Career Path
Meet Bill Shortreed, Executive Director of the Debt Management Branch at the Ministry of Finance. Bill started university majoring in French; so how did he become the Executive Director at the Ministry of Finance? He followed an interesting, if slightly unusual path, beginning with a switch to a math major in his second year. Along with his math courses, Bill took a computer science class which he enjoyed greatly, and so switched again to a double major in math and computer science.
Once Bill had completed his degree, he worked for five years as a Programmer & Systems Analyst in the IT department at the BC Assessment Authority, a Crown corporation based in
The turning point in Bill’s career came when he changed his focus from the computer sciences to finance, using his new understanding of the financial world to take a position as a Financial Analyst in the Debt Management Branch. It was at this time that he signed himself up for the three year CFA (Chartered Financial Analyst www.cfainstitute.org/) program. With this experience and training behind him, Bill worked his way from Financial Analyst to Senior Manager, and eventually to his current position as Executive Director, Debt Management at the Ministry of Finance.
Experiences at the Ministry of Finance
Bill spends about a third of his day during a typical work in scheduled meetings: problem solving with his team, ensuring investment bankers have up to date information about the province’s borrowing needs, attending weekly market meetings with staff and other meetings. More time is spent preparing briefing notes and reviewing work completed for him by his team. Another large part of his time is spent in impromptu meetings with his team, solving problems, sharing information about the branch, and addressing personnel issues. This is where he feels he contributes the most, and how his time is spent most valuably. Bill feels his best experiences at the Ministry of Finance are the times when he can help the people he works with be successful in what they do. However, there is often a very high demand on his time; some weeks are fully booked with meetings and sometimes he feels there isn’t enough time in a day to get everything done that he wants to.
Company Structure
Bill has pointed out several benefits of this type of arrangement. For example, in this structure each Senior Manager is responsible for a reasonably small number of employees (six is the average in his branch) and have clearly defined responsibilities and a specific area of accountability, which is very important in an organization as large as the government. Specific responsibility also leads to job satisfaction. Job satisfaction, he says, comes from knowing what you are responsible for and being able to deliver on that target.
Company Values
Working at the Ministry of Finance can be less stressful and demanding than other companies in the finance sector. Although there is often a greater earning potential at private corporations, there is also a need to endure a higher level of stress. In private banks, for example, there is substantial pressure to meet set revenue and performance targets, and employees are expected to work long hours to achieve them.
The goal of the Ministry of Finance is to provide the best possible service to clients, and the best value in borrowing rates. To achieve this goal, the people that they hire must have excellent customer service skills as well as the technical know-how to produce the products. If you are offered an interview at the Ministry, expect competency based questions that ask for specific knowledge relating to the job you applied for, and examples of how you have demonstrated a competency in the past.
Entering the Ministry
There are few entry-level positions available in the Debt Management Branch for people coming right out of University. Many higher level positions require
Once you get a job in the Debt Management Branch, you will attend an orientation for new employees, a “meet & greet” with your co-workers, and annual meetings as a way to acquaint yourself with the organization. As a new employee, you will be exposed to a lot of new information, including “gov speak” – specialized jargon used throughout the government. Generally, after a couple of months you should be well adjusted to the company culture.
Performance Benefits
In the government, there are no bonuses given out to employees. However, Bill can give awards to those who show exceptional performance, and those who go above and beyond their job description. These awards can total up to $200 per person, per year. Initiatives that substantially improve business processes or create significant savings at the Ministry can be rewarded with up to $2,000.
Hidden Benefits
There are several “hidden benefits” of working in this (and most other) Government Ministries. A favorite is “flex days”. How does this work? Every second week, usually on a Monday or Friday, employees have the choice to take the day off. In order to do this, they work longer days or take shorter breaks during the weeks to make up for the 8 hours on the flex day. Many employees take advantage of these long weekends.
Another benefit to working at the Ministry of Finance is the large variety of work. Being a very large organization (the government having revenues of over $38.5 billion in the last fiscal year), there are a huge number and variety of programs and projects to work on. These opportunities are great to develop the new skills and competencies necessary for career development.Once you have established yourself in the Government, there are a lot of opportunities for movement and advancement, both within the Ministry and in other Government sectors. Also, the education opportunities within the Ministry are almost limitless. The company will pay for employees to take CFA, CGA, and CA designations, as well as other leadership and management courses. As a part of his job, Bill provides career advice to his employees, and uses an Employee Performance Development Program, to help them put together a plan for their career and to provide advice. It is also the basis for performance appraisals (once per year), where employees are rated on their competency development.
Travel & Other
Travel and international opportunities within the Government of BC, however, are decreasing. The adoption of “green” initiatives has encouraged employees to travel less in order to reduce the company’s footprint. Instead, meetings have increasingly been held via internet technologies and phone conferencing. However, if you are aiming high in the ministry (Minister, Deputy Minister, Assistant Deputy Minister, and Executive Director), you will have the opportunity to go on the Investor Tour every spring to meet with investors across the continent.
Advice to Graduating Students
When asked what advice he would give to new graduates looking to enter the Finance Industry, Bill pointed out that getting an MBA, a CGA, or a CA will take you just about anywhere. If you are interested in the investment industry specifically, a CFA designation is very beneficial. Bill also offered advice that applies to all students looking to enter the workforce: Education should come first; it is easier to focus on studies and achieving a professional designation now before you have other commitments and demands on your time.
Many thanks to Bill Shortreed and the Ministry of Finance!
