Skjørestad is a lawyer and has been a partner in Haver Advokatfirma AS since 1985. Skjørestad has previously been State Secretary in the Ministry of Finance. He holds several positions and serves on several boards in various industries. Previously, Skjørestad was a member of the board of Statens Bankinvesteringsfond, chairman of the board of Statens finansfond, as well as chair of the Norwegian Financial Supervisory Authority (Finanstilsynet) from 2010 - 2018.

Skjørestad holds a Cand. jur. from the University of Bergen.