Corporate Recovery: Graduate Area of Work
Corporate recovery is a profession that provides assistance to ailing businesses through the various stages of their financial difficulties, usually appointed through the recommendations of banks, lawyers, and accountants.
Specialists in this field are responsible for analysing the state of the business and advising on the subsequent steps to take in relation to the situation. In situations where they believe it is possible to rescue a company, they will then suggest a range of corporate, debt, and equity restructuring strategies in order to better help achieve the company’s business objectives. If recovery is not feasible, it also falls upon them to help the company salvage as much monetary worth as possible from the remaining assets to repay any outstanding debts.
In Singapore, the Insolvency Practitioners Association of Singapore (IPAS) exists to provide guidelines and training for both existing and aspiring corporate recovery specialists.
Working in the field of corporate recovery is usually a very exciting and challenging experience as you may find yourself managing cases that vary from multinational companies to small chain stores. Depending on the scale of the case, you may sometimes work with a large or small group of colleagues.
You will be involved in the entire process of recovery and rescue, from corporate re-organisation, debt restructuring, and informal discussions to formal insolvency procedures. As you work longer, however, you will be expected to specialise in a chosen sector.
Graduates with business- and economics-related have an added advantage in seeking employment, but students from other degrees with outstanding negotiation skills may also find a job in this field. Good people and persuasion skills are of utmost importance as you will be doing a lot of negotiation while on the job, especially with stakeholders, creditors, and laid-off employees.
Being able to analyse complex financial information and to work in flexible settings will also be advantageous to you.
The ability to empathise and yet to remain firm with your directives is tremendously important as you will often have to interact with staff who may soon be losing their jobs.
Ups and downs
As it is with most jobs, you will have to contend with the pressure that comes with the work since you will usually be handling several cases at one time, which means that prioritising is very important. The nature of the business changes you are required to implement may mean that you will often have to deal with emotional and upset employees and sometimes have to pitch difficult decisions to reluctant managers.
On a more positive note, you get to expand your network and also learn about trending markets in real-time, which will help you tremendously in the running if you intend to work up to consultancy level in the practice.