In corporate finance, what does it mean to have experience in crypto, blockchain, or web3? Many associate their experiences in these areas with time spent interacting with cryptocurrencies on a personal level, such as while conducting research or investing and trading. For many, applying for a crypto-related finance job would be akin to trying out for the NFL because you watch football every Sunday or you played in high school.
On the other side of the coin (or token), finance teams aren’t sure which capabilities to prioritize in a crypto professional. Hiring managers know the industry is expanding quickly and do not want to be left behind, but need to consider the implications on their business model before they dive in. Finance functions are resilient and have learned to adapt quickly to new strategies, evolving market dynamics, and stakeholder demands, but in a complicated and nascent sector, defining the needs will be challenging, and sourcing the talent even more so.
Instead of looking for candidates with years of experience in the space (which are few and far between), teams will benefit from isolating important traits and searching for them specifically. Those might include, but are not limited to: broad willingness and desire to learn, ability to research, digest, and dissect new concepts, curiosity and drive, and maybe a passion for the topic outside of their professional career. Additionally, finance experience in the following areas will likely come in handy:
- Cash impacts due to FX volatility
- Regulatory requirements around investor/debt financial reporting
- Accounting for investments and intangible assets
- Policies and controls around capital deployment
- Integration and comprehension of new public data sources
- Fraud and cyber risk management
At the moment, requiring direct professional experience in crypto, blockchain, or web3 may be an uphill battle. Companies should be equally as willing to change their hiring expectations, as they are willing to enter new markets and undertake new ventures.
© Copyright 2022. The views expressed herein are those of the author(s) and not necessarily the views of Ankura Consulting Group, LLC., its management, its subsidiaries, its affiliates, or its other professionals. Ankura is not a law firm and cannot provide legal advice.
