The big picture

Adrian Cardoo FCCA isn’t scared of moving jobs - as a former contractor, he sees all new positions as opportunities to meet new people and find new ways of doing things. Currently financial planning and analysis manager with Universal Pictures International Entertainment, his accountancy career started thanks to his mum.

After leaving school at 16, Cardoo didn’t really have any career plan in mind. ‘I started, and then quickly dropped out of a computer studies course, I did hotel work which didn’t really work out, worked with my uncle as a painter and decorator, and, for a couple of weeks, worked as a cleaner on the Bakerloo Line of the London Underground,’ he explains. ‘It is safe to say that with no money, and little to do, my mum was well and truly fed up with me hanging around the house! She spotted an advert for an accounts payable clerk at an insurance company so I went for it and got the job. I always vowed that I would remain in the job until something better came along.’

Study bug

Cardoo caught the study bug while in this job. ‘I saw how highly respected the accountants were and I realised that accountancy was a career that could really take me somewhere. A few of my colleagues signed up for a night school course to study AAT but didn’t ask me. Both the feeling of exclusion and a desire to get my teeth into something that could lead to a well-regarded profession made me jump at the chance to prove myself. I started night school the following term.’

While studying for his AAT qualification, Cardoo moved internally from an accounts payable role to an accountancy role for Commercial Union. ‘There, I finished my AAT qualification and started ACCA. I was surrounded by ACCA students and members and felt very inspired,’ admits Cardoo.

A year later, Commercial Union was restructuring and Cardoo decided that seven years with one company was a good basis for further work and so took optional redundancy. When it came to looking for a new job, he had a lucky break. ‘I had always wanted to work for British Airways, and as luck would have it, an accountancy job came up. I applied and was picked from 25 people interviewed. This showed me that I was as good as many others and gave me a great deal of confidence,’ says Cardoo.

After a nine-month stint at British Airways, another restructure loomed and Cardoo decided to take the plunge into contracting. His first two-year contract involved him working as a project accountant at the BBC World Service. ‘The role wasn’t 100% finance, but it enabled me to meet the diverse range of people who work for the BBC. It was a fantastic learning experience and took me out of the complete finance environment,’ says Cardoo, who also passed his ACCA exams while on this contract.

‘I was so proud to pass the exams,’ admits Cardoo. ‘I nearly gave up studying so many times. I thought it was all beyond me. A lot of my success is due to stubbornness. I wanted to prove the doubters wrong. My lack of the usual academic achievements is testament to the fact that you don’t need to have A-levels or be a graduate in order to do well in the world of accountancy and finance.

‘After qualifying, my wife and I travelled around the world. Partly to experience new things, but also because I knew I would be able to work anywhere with ACCA. Also, once I had the exams under my belt and the letters after my name I knew we could take a break. I was confident that I could get a job when I returned to the UK. We stopped in Australia and I worked there for six months as a fund accountant - having ACCA really helped me because I needed to be qualified to make the most of the opportunities in Australia,’ explains Cardoo.

Going commercial

After his year off, Cardoo returned to the BBC World Service for two more years as a contractor, this time working as capital finance and planning manager. This role involved forecasting, and being responsible for a £30m budget. ‘I was offered a permanent role, but I realised that I really wanted to get some commercial experience, so I turned it down. I started another contract role at Universal soon after,’ he says.

As project accountant at Universal, Cardoo was involved with reporting processes, budgeting, and some financial control. After 12 months in this role, Cardoo moved to become acting financial controller within the business area. ‘This was a difficult job as a team of five went to a team of three with limited handover. I spent the majority of my time fire-fighting and working to immense deadline pressures. During the previous year, US giant General Electric took ownership of the company via a majority shareholding. It was inevitable that eventually the role would be split to allow greater focus on both financial controllership and profit and loss performance. I felt my stronger attributes were in the latter and so decided to take on the newly-created role of financial planning and analysis manager. Shortly after, we recruited a financial controller. As a result, I have taken on many new responsibilities - my boundaries have been pushed, but in turn, my confidence has been boosted. Additionally, I find that I can now be much more proactive in finding cost savings and have a very detailed understanding of my numbers.’

Cardoo works for Universal Pictures International Entertainment which specialises in the global DVD distribution of both Universal and its partner’s products. Universal is owned by the US news corporation NBC which is, in turn, owned by General Electric. ‘We are a UK head office-based company but report to the US,’ explains Cardoo. ‘US GAAP issues are taken care of by both our corporate reporting team in London and in Los Angeles. However, we face a particular challenge because all figures have to be reported in dollars. We have to budget for most costs in GBP, but with around 150 UK staff and associated costs within my budget – and fluctuating USD exchange rates – actual costs on conversion move frequently, meaning constant revisions to the forecasts,’ he says.

Cardoo is responsible for the overhead budget and direct cost budget of $53m. ‘I am tasked with driving down overheads and direct spend, as well as budget preparation,’ he explains. ‘I also analyse and present monthly results to the president, CFO, and senior management team.’

Being a GE-owned company, Cardoo acknowledges the importance of rigorous financial controls. ‘Traditionally, in the film and media industry, the focus was more on sales as opposed to finance. But GE is very committed to financial controllership and so it has introduced processes and controls which make our finance systems more robust. It’s a huge part of what makes GE so successful. These controls help ensure we remain one of the most respected companies in the world,’ says Cardoo proudly.

‘The financial controls have also given me more structure within my role, and having responsibility for such a large budget gives me a feeling of being in an empowered and highly responsible position. With an ever-present demand to reduce cost and improve efficiencies, I can both review spend and drive down costs, really making a difference to the bottom line,’ he explains.

As well as relishing the responsibility of his position, Cardoo also enjoys a number of perks from working in the film industry. ‘We attend film screenings, often during work time – prior to general box office release – and we also get the occasional chance to attend film premieres and after-show parties,’ enthuses Cardoo. But it’s not all cinema screenings and entertaining.

Cardoo admits that the digital/multimedia/entertainment industry is facing particular challenges. ‘People don’t want to pay as much as they used to for film DVDs. Also, illegal downloads and piracy consumers are now commonplace. The way ahead is digital delivery, and Universal is the leader in download-to-own. It’s now a case of developing consumer uptake and setting competitive price points so that it becomes a viable business model. Currently, revenue growth is good from physical DVDs, but the industry challenge is to find and establish substantial revenue growth from the transition to enhanced technology and digital delivery to consumers. Simultaneously we need to constantly review and drive down cost. But this is where my team comes in.’

And what next for Cardoo? ‘Who knows!’ he says. ‘The next step for me would be a finance director role. Although my preference would be to stay at Universal, the further you advance, the fewer the positions, but you never know. Although I know it is important to build up continuity of service for your CV, experience, and job history, I like the opportunity that a new job with a new organisation gives you including meeting new people, fresh challenges, and adapting to different processes. It is a good learning experience.’