Read the article here: https://www.ey.com/en_gl/assurance/10-career-tips-from-the-world-s-leading-cfos
Today we had a CPD session on Business Partnering (which I enjoyed immensely) and the speaker, Aubrey mentioned the article called "DNA of a CFO". This post is not about that article but this is also related somehow so I wanted to write a post about it.
The article is published from EY on 8 Jun 2018 and it is a brief overview of career tips written by Sally Percy, from a book called "Reach the Top in Finance: The Ambitious Accountant’s Guide to Career Success" . I was impressed that she has interacted with FTSE 100 CFOs, Fortune 500 CFOs and senior leaders in public practice to write this book. She definitely is someone who I aspire to be like!
First one was to "BE CURIOUS": Sure, be inquisitive. But in what way? By "having valuable market insight", which "will allow you to make meaningful contributions to any conversations around strategy.". Today we talked about how accountants need to be involved in strategy and forecasting, especially in this rapid changing world. And this is true. You gotta know the business, you gotta know what's going on in order to make decisions and contribute to add value. Hence why I'm getting back to reading financial news and starting to study the banking industry.
Second was to "INVEST IN YOUR PERSONAL GROWTH": which made me think, wdym personal growth? Then the writer explains "being prepared to take challenge". This doesn't have to be like making a big move, it can be making a small step and taking some initiative to go further than expected. For instance,
"by attending conferences on new technologies,
"volunteering for cross-functional projects, and
"taking on non-financial roles so that you gain valuable operational experience".
I guess they are trying to say that you don't necessarily have to do something related to your professional field. I mean, I just read an article saying, in this day and age the fastest way to become a CFO is to have experiences outside Finance, so Marketing and Sales, in order to get a grasp of the whole business rather than just a Finance aspect (and Aubrey also said that recently a lot of companies are hiring CFOs with non-accounting backgrounds).
Thirdly, "LEARN HOW TO INFLUENCE": this would tie with number ten (later).
The writer is trying to convey that you need to know how to "nurture relationships with your peers in other functions and win the respect of the board". And that is true, we have Group Executives for a reason.
(Shameless promotion) Since I started working at my current company, I tried to network with as many people as I can, including people in and out of my department. I even went as far as asking people to have lunch with me in the kitchen, from Linkedin, by Business Skype #noshameinmygame, yet the most amazing thing was that no one declined (maybe one did but not my loss). That is why I love working here. Everyone is genuinely nice and open. :) Ah maybe this factor contributes as well. Even if you try to practice your ability to influence, if the people there are not willing to listen then it would not work. But also, at the end of the day, we are all humans (and generally people have empathy) so developing that people skill and emotional intelligence would be crucial.
The fourth one was to "EXPLOIT YOUR TECHNICAL EXPERTISE": the writer states that "M&A and treasury might be among the more glamorous roles in finance" which I haven't really thought of, but it does makes sense as well. Treasury team did sound fancy. Then mentions that "some corporate reporting background shows that you have a really good grip on the numbers and that you can interpret accounting standards effectively", And that is also true. I guess no experience goes to waste. Now I feel like reading some IFRS.
My favourite one was number five "EMBRACE TECHNOLOGY": I was sold at the word "blockchain".
(another selfless promotion)
It is a fact that technology like blockchain would allow the "finance functions to be more efficient and have more reliable information in future". And "CFOs should know more about their organization than ever before" due to "advances in robotic process automation, data analytics and AI" . So I should really be asking data analysts (if I can't find data scientists) "how they can interrogate data to highlight important trends and anomalies".
The sixth one is to "BE A 'CRITICAL FRIEND' TO YOUR BUSINESS": CFO is like a CEO's sidekick.
To be a true partner to the CEO, a CFO must be confident about backing them in public and
challenging them in private. This will only be possible if they understand the commercial drivers
of the business and have earned the trust of the CEO. So don’t just wear your finance hat when you go to meetings; put your business hat on as well.
According to Aubrey and from my own memory, a lot of CFOs become CEOs.
7) NURTURE YOUR TEAM
Learn how to motivate and develop people.
8) RETURN CALLS FROM RECRUITMENT CONSULTANTS AND EXECUTIVE SEARCH FIRMS
They can expose you to opportunities that you may not have otherwise considered.
9) DON’T CHASE INFLATED JOB TITLES
Use the first 10 years of your career wisely to build up a broad experience base that will set you up for the future.
And FINALLY "NETWORK, NETWORK, NETWORK": YES, YES, YESSSSSSS.
having lunch with existing colleagues ✓
staying in touch with former colleagues ✓
attending industry conferences and events (NEED TO)
At the risk of stating the obvious, the more visible you are, the more likely you are to be noticed.
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