Q: should I explicitly state that I don’t have direct PNL experience or just bounce around the topic talking about similar experiences that I do have?

Context: I’m interviewing for a role that asks for PNL experience, but I don’t have any direct PNL experience. I have adjacent experiences (e.g., project management, data analysis, leadership, forecasting, etc.).

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It won’t matter, you’re not going to fool them.

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Project management is not adjacent to P&L. What they’re looking for is you know the accountability and execution necessary to own a department budget.

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Ok, thought it was implicit - yes, be explicit as they’re not the same thing

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You sound like you MAY have budget management experience. But having P&L management experience is very different then that.

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I’m not claiming to have PNL experience, that’s the point of my question.

Be honest with your experience. Much easier to grow into the role than set yourself up for failure by claiming to have experience when you don’t.

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That is a reasonable way to frame your experience.
Industry folks get touchy about P&L because it is a big deal and usually want someone with experience of ensuring accountability.

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