What advice would you give to newly-qualified accountants who aspire to this position?
There are two aspects accountants need to focus on. The first is to understand how the business operates, how it generates its revenue, risks and opportunities. When communicating with functional leads you need to be able to speak their language, not solely focus on the numbers. Secondly, always works for a business that can challenge you and provide opportunities to show your skills. This means you will need to take a risk but when you succeed, this will get the attention from senior management.
What was the highlight of your Masters degree?
Completing the Masters degree in 2005 was one of my great successes. The IPA Program not only gave me the professional recognition I needed but also the flexibility of studying while working long hours and raising a young family (twins).
Achieving the Masters degree gave me the confidence to change companies and stretch into a new role. Commercial Law was the most beneficial subject as it was a subject area I was keen to explore for future roles. It was also a subject outside the norm for an accountant and provided additional challenges and outcomes that were never as clear as in the world of accounting.
What do you think it takes to succeed as a CFO?
Like all senior roles the first priority is to gather a strong team around you. Empower the team to succeed.
Some time ago I worked in a business where the CFO was everyone’s friend, accepted all submissions, promised new injections of capital and enjoyed the benefits of being part of the inner circle of senior managers. That was a recipe for disaster. Major contracts became unprofitable. In the space of two years, head office had doubled in size and the business was sold off. Almost every Friday employees were being made redundant. This was an experience I have never forgotten.
Just because you’re the CFO, it does not mean you have to be involved in every decision. You need to understand the type and characteristics of the company and work out what role the finance team will play. As a CFO you must be able to influence your colleagues in the decision-making process, not only with facts and figures but more importantly communicating risk versus reward.
Lastly – and most importantly – you need to have thick skin. Generally when tough decisions need to be made the CFO must lead the team. It may not make you too many friends but a strong CFO is a sign of a healthy business.
