How to become an Interim Manager

Most companies that specialise in providing interim management services are happy to help potential Interim Managers as they consider making the transition from full-time employment. Their web sites can be a good source of supporting information, offering useful guidance on related topics, such as:

  • Forming a limited company
  • How to create a CV
  • IR 35 and other tax issues
  • Pay rates
  • “Opting in” and “opting out”
  • Working through an umbrella company
  • Professional Indemnity Insurance
  • Personal marketing
  • Choosing providers
  • Managing your own accounts

If you'd like to take your research a step further, you may also want to consider the workshop provided via the Interim Management Association Institute.

However, while you're weighing up the pros and cons and before you make a final decision, there are a number of questions you should ask yourself...

1. Is your background marketable?
If your career has been limited to one or two companies, you will be at a disadvantage when competing against others who have greater breadth of experience.

2. Do you have current skills – and demonstrable record of achievement?
While the phrase “suitably over-qualified” is often used to describe an Interim Manager’s attributes for a role, it can be misinterpreted. Let’s be clear, anyone wishing to be considered for an interim role must have current skills and be able to demonstrate recent and measurable success in a similar role.

3. Have you had people management experience – and responsibility for managing budgets?
These are almost always a requirement for interim roles, so anyone considering interim management should have these elements in their recent career history.

4. Do you have a financial cushion to fall back on?
There may be periods between interim management assignments when a level of financial “cushioning” would be helpful – particularly in the first year or so as you are making a name for yourself.

5. How do you feel about working away from home?
Long periods away from home during the working week are not uncommon. So, if you need to be based at home, for whatever reason, this form of work may not be for you. Alternatively, you could just make yourself available for local interim management assignments, though you may wait longer between projects.

6. Are you prepared to work long hours?
Interim management is not 9 to 5. Hours can be long as results are usually required within a rigid timeframe.

 

IMA Institute
New Qualification Planned for Interims
Added: 13/08/2009

IMA Institute News
Trust us; interims' message to suppliers
Added: 29/07/2009

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