Our interview findings conclude that
... since the pandemic, attributes and mindsets have become more important than skills themselves, particularly in order to get the most out of technical and human capabilities.
The most effective finance leaders must be able to demonstrate all four of the identified traits, using the most relevant for each situation.
... Adaptability is critical — being able to dial up and dial down certain mindsets and skills as needed.
Let us consider the impact of COVID as an example where the Connected Influencer has taken centre stage to date, but as we move further into the post-pandemic stage, the Authentic Disruptor is likely to prevail. Furthermore, none of these traits are static. Take the Authentic Disruptor — this trait applies as much to the role of the finance leader as it does to the finance function and the business beyond. Finance leaders need to be able to transform their roles, as well as their business models.
Given the mindsets and skills we have outlined are not taught in many of the finance courses available today,
... leaders face a real challenge in developing these traits.
In contrast, the CGMA Competency Framework, syllabus and supporting program provide a range of resources to support the development of these business, people and leadership skills through a programme of lifelong learning and development with a strong focus on business partnering, strategic value and long-term value creation.
One thing is clear, to really succeed, it is not enough for finance leaders to simply understand and buy-in to these traits. Instead, they need to create an emotional connection and understand how far their natural preferences lie from these skills and mindsets. Identifying the distance to travel and pinpointing the mindsets that will require a more deliberate approach to development is a good first step, but for the mindsets to permeate all levels a culture shift is required.
... The culture of the finance function needs to evolve to facilitate and grow these traits in your future leaders.
As a finance leader, leave a legacy — consider how you can support your team in becoming the leaders of tomorrow.
Leaders who want to begin a journey of building their organisations’ competency frameworks for the challenges of finance in the future should consider some questions:
Engage in a no-obligation conversation with one of our experts to discuss the needs of your business and explore possible solutions that maximise the potential of your finance leaders and teams. Please send an email to leadership@aicpa-cima.com with a name and email for us to contact.
Written by Wharton Business Consulting in cooperation with the Association of International Certified Professional Accountants.
Special thanks to our contributors:
Alan Trotter, EMEA CFO, Invesco EMEA
Andrew Harding, Chief Executive, Management Accounting (U.K.) — AICPA & CIMA
Sandi Smith, Accounting Director, Principal Global Investors
Trevor Suarez, CFO, CLS Group
Katie Murray, Group CFO, Natwest
Gary Bischoping, former CFO, Finastra
Jeff Davies, CFO, L&G (joined by Garvan O’Neil — Director of Finance)
Anthony Murphy, CFO, Tandem Bank
Kay Smith, Group CFO, Amwins Global Risk
Bradley Duncan, CFO, ICBC Standard Bank PLC
Kimberley DeTrask, International CFO, State Street
About the Association of International Certified Professional Accountants, and AICPA & CIMA:
The Association of International Certified Professional Accountants® (the Association) represents AICPA & CIMA (aicpa.org, cimaglobal.com). We advance the global accounting and finance profession through our work on behalf of 696,000 AICPA and CIMA members, students and engaged professionals in 192 countries and territories. Together, we are the worldwide leader on public and management accounting issues through advocacy, support for the CPA license, the Chartered Global Management Accountant designation and specialised credentials, professional development and thought leadership. We build trust by empowering our members and engaged professionals with the knowledge and opportunities to be leaders in broadening prosperity for a more inclusive, sustainable, and resilient future.
Amit Sahoo Senior Manager, Client and Partner Services Amit.Sahoo@aicpa-cima.com +44 (0)20 381 42568
About Wharton Business Consulting (WhartonBC):
Wharton Business Consulting (whartonbc.co.uk) is passionate about people. We understand culture and the human side of change and this means we can help to maximise the potential of you and your people. We offer the full breadth of services — from enhancing your understanding of the skills and mindsets needed for finance of the future, to assessing your strengths, coaching you in developing the mindsets, and most critically supporting the culture and capability change required within your teams.
Liz Hirst Director, WhartonBC Liz.Hirst@whartonbc.co.uk +44 (0)77 476 88964
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