<\/p>\n
In our \u2018Path to the C-Suite\u2019 series, we explore how professionals in several parts of the business can take the subsequent step of their profession. Whether you\u2019re in IT, HR, or one other function, you\u2019ll find expert guidance on moving toward a seat within the C-Suite.\u00a0<\/p>\n
In our first blog, we\u2019re taking finance professionals on the journey to becoming Chief Financial Officer (CFO). Not confined to financial stewardship, today\u2019s CFO is a strategic partner to the CEO, a driver of transformation and a pacesetter in data, technology, and sustainability.\u00a0<\/p>\n
This blog explores different pathways to CFO, the talents required, and the way emerging technologies like AI are reshaping the finance function. With insights from seasoned finance leaders at Hays, you\u2019ll discover more on methods to position yourself for fulfillment.\u00a0<\/p>\n
You\u2019re probably already aware of the fundamental responsibilities of the CFO role. Nonetheless, beyond managing budgets and compliance, the job description has evolved to maintain pace with modern trends. CFOs now increasingly lead on Environmental and Social Governance (ESG) reporting, digital transformation and cross-functional collaboration.\u00a0<\/p>\n
\u201cPreviously the finance function was seen as a gatekeeper, controlling all financial activity. Nowadays, the business is leaning on the finance function as a partner \u2013 in helping to analyse the challenge, driving business growth and ensuring the business is profitable.<\/s>\u201d, notes Echo Wang, Senior Director for A&F at Hays China.\u00a0<\/p>\n
This evolution of the role gives the CFO greater influence throughout the organisation. With access to data that impacts all facets of the business, today\u2019s CFO is a trusted voice in making decisions beyond simply guarding the purse strings. In addition to a robust working relationship together with your CEO, you\u2019ll also work closely with other leaders to guide their operations. This requires a solid understanding of how every little thing works \u2013 and whether it\u2019s successful or not.\u00a0\u00a0<\/p>\n
The important thing to successfully landing your first CFO role is gaining experience across the three core finance pillars. For those who haven\u2019t plied your trade in each of those, your CV will look less impressive compared to other candidates\u2019.\u00a0<\/p>\n
James Hilton, Hays CFO, reflects on his own profession: \u201cI\u2019ve been a Financial Controller and worked in financial accounting. You don\u2019t need five years doing bank reconciliations, but exposure to those roles is important to know success as a finance leader.\u201d\u00a0<\/p>\n
This function focuses on accuracy, compliance and safeguarding the financial integrity of the organisation.\u00a0<\/p>\n
Popular junior roles include Accountant and Auditor, moving as much as the Financial Controller position. Holding a number of of those will help to construct your technical expertise and regulatory knowledge.\u00a0<\/p>\n
Using data to create forecasts, professionals in business finance offer advice and support to other functions throughout the organisation.\u00a0<\/p>\n
Working in a business role will show you how to to find out about strategic decision-making. These roles, akin to Business Finance Manager, offer greater exposure to the broader business, developing your collaboration skills across departments.\u00a0<\/p>\n
With data\u2019s importance only growing within the age of AI implementation, finance teams need experts who can extract tangible motion points from the vast amounts of knowledge available.\u00a0<\/p>\n
Roles like Financial Analyst and Business Analyst concentrate on deriving insights from data to present to the broader business.\u00a0<\/p>\n
To rise to CFO, professionals must mix technical knowledge with leadership and communication skills. As Stuart Martin, Senior Finance Director at Hays Australia, notes: \u201cThe difference between a great CFO and a terrific one isn\u2019t technical skills \u2013 it\u2019s the power to interact with the broader business. Having the ability to relay the financial leads to a non-financial way is actually vital.\u201d\u00a0<\/p>\n
Hilton adds: \u201c\u201cThe largest transition any finance skilled will make is learning to inform a story with the numbers. When you’ll be able to try this, you change into a real partner to the business.\u201d\u00a0<\/p>\n
As such, vital human skills (or soft skills) for a finance leader include:\u00a0<\/p>\n
Marc Burrage, Managing Director for Hays Asia, has previously shared his tips about developing your communication skills.\u00a0<\/p>\n
The technical skills required for fulfillment will vary, depending on which of the three finance pillars you\u2019re working in:\u00a0<\/p>\n
While a CFO won’t need such hands-on expertise in databases, they are going to need a willingness to upskill in recent technologies.<\/p>\n
As with many parts of the business, AI and Robotic Process Automation (RPA) are revolutionising finance, from managing routine, time-consuming tasks to generating strategic insights.\u00a0<\/p>\n
Hilton explains: \u201cTechnology is enabling people to think more, not only do more. AI and RPA enhance accuracy, efficiency and decision-making.\u201d\u00a0<\/p>\n
Karen Young, Finance Director at Hays UK&I, elaborates: \u201cWhile AI leverages cognitive capabilities to supply data evaluation and make informed decisions, RPA excels in automating repetitive, rule-based tasks. When used together, they\u2019re transforming finance by enhancing accuracy, efficiency and strategic decision-making.\u201d\u00a0<\/p>\n
Because of this, professionals might be expected to make use of and experiment with these tools, in keeping with their employer\u2019s governance and guardrails. It\u2019s a possibility to be on the forefront of innovation, slightly than catching as much as recent ways of working. James Musgrave, Finance Director at Hays UK&I, advises: \u201cBe a change agitator. For those who\u2019re not looking for what\u2019s next, you\u2019ll get left behind.\u201d\u00a0<\/p>\n
ESG reporting is increasing in importance for finance teams, from the organisation itself to Scope 3 emissions in the availability chain. Senior members of finance teams, including the CFO, will change into accountable for overseeing climate reporting, while Carbon Accountants and other emerging roles will soon help organisations to trace their environmental impact more efficiently.\u00a0<\/p>\n
Elio Recchia, VP for A&F at Hays USA, predicts: \u201cWith roles dedicated to sustainable finance, industry professionals need expertise. There\u2019ll be a concentrate on more ethical investing and where that cash goes.\u201d\u00a0<\/p>\n
Listed below are actionable steps to speed up your journey to CFO:\u00a0<\/p>\n
There\u2019s nobody path to CFO. Nonetheless, every journey shares common traits: it demands adaptability, strategic considering and a proactive mindset. By embracing technology, honing your human skills and gaining diverse experience, you’ll be able to position yourself as a future finance leader.\u00a0<\/p>\n
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In our \u2018Path to the C-Suite\u2019 series, we explore how professionals in several parts of the business can take the subsequent step of their profession. Whether you\u2019re in IT, HR, or one other function, you\u2019ll find expert guidance on moving toward a seat within the C-Suite.\u00a0 In our first blog, we\u2019re taking finance professionals on […]<\/p>\n","protected":false},"author":1,"featured_media":203374,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[421,361,903,8811,2655,24,3822,450],"class_list":["post-203373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-career-growth","tag-advice","tag-blog","tag-careers","tag-cfo","tag-chief","tag-financial","tag-officer","tag-viewpoint"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/203373","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/comments?post=203373"}],"version-history":[{"count":2,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/203373\/revisions"}],"predecessor-version":[{"id":203376,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/203373\/revisions\/203376"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/media\/203374"}],"wp:attachment":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/media?parent=203373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/categories?post=203373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/tags?post=203373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}