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January 27, 2023

The Secret to Getting Rich in Tech is Being an Accountant

Colin shared this in ANR this morning but I'm just going to leave this here to make sure you see it:

When Facebook was in the market for a finance chief with “public company experience,” it turned to Ebersman. The CFO joined the privately held social network in 2009, led it through its blockbuster $16 billion IPO three years later, and, last week, announced that he was leaving the company at the end of next month. During his five-year stint at Facebook, Ebersman will have made more than $100 million in salary, bonus, and stock awards.

Coding whizzes may be the rockstars of the tech world, but accountants are often more consistent earners. This is particularly true for companies looking to go public, of which there are many at the moment. Founders of fast-growing firms typically come from a technology or marketing background, and hire dedicated finance staff only after their companies reach a certain size. This is sometimes done grudgingly, as there can be resistance to the structure and discipline imposed by finance managers on a freewheeling startup.

Yeah, not sure Facebook is the best case study here but… you get the point.

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