From Accounting to CFO: Career Strategies and Skills to Climb the Finance Ladder

Emily: Hello, everyone. Today, we have Anna on the call with us. Anna is an experienced CFO with a career spanning several decades. The topic that we'll be discussing today is the career path in the accounting line leading up to CFO and different ways to fast-track it, essentially. So with a wealth of knowledge and expertise in the realm of finance and accounting, Anna is here to share insights into the career trajectory leading up to the CFO role, along with some strategies for fast-tracking this journey. So before we get started, Anna, would you like to introduce yourself and share your journey so far?

Anna: Yes, certainly. Happy to be on this call. I think that's a great topic to discuss. My career started in a consulting company, which I think is a great way to start a career. I was doing a lot of financial analysis and modeling in a consulting firm. I had a lot of different clients, and I was exposed to companies from different industries. I worked with different finance teams in these companies, so it was a really, really great experience that kind of showed me all the diversity you can have in the role. 

One of my clients asked me to join their company on a full-time basis, and I took the opportunity because, at that point, I was willing to get a role that had more impact and not just provide the numbers for analysis and then not have a real way to influence the course of events. So I joined the company. The company was rapidly growing, which was a great opportunity for everyone who worked inside. So the company was growing, and my role and responsibilities were growing, so at some point, I found myself managing a team of finance professionals in various locations. The company was distributed, and I realized that I lacked some knowledge to progress further in my role. So I started my MBA, which was a great part-time program that allowed students to keep their full-time jobs.

So I started the MBA program, and in the middle of the program, I joined a multinational pharmaceutical company in a local CFO role. So I was responsible for just one country, I had a lot of responsibilities, I was wearing multiple hats because the country was relatively small and the finance team was relatively small, so I had to take care of a lot of aspects of financial operations, including accounting, compliance, including coordinating audits, etc. So this was my first CFO, real CFO role. And then, since the company was really big, they gave me more responsibilities and added countries to my cluster, so at some point, I was not managing just one country; I was the cluster CFO. Again, that was a great experience because I was coordinating different markets. The budgeting process was very specific in that company, so again, it was a great opportunity. 

My takeaway from that is that joining a rapidly growing company gives you more chances to progress in your role. So yeah, and after that pharmaceutical company I joined an IT services company, which was also multinational. I was the first CFO there; the company didn't have a CFO before that, so I had to set up a lot of processes, I had to build the accounting and finance team, we were opening offices, closing offices, so it was a roller coaster. And I'm maybe in a way a little bit unusual CFO, I like to switch industries, I don't like to stay too long in one place, so my general rule is spending around five years in one company and then maybe moving somewhere, because it's just, it lets me understand various perspectives better and I love to see how other businesses work, how different business models can work, so yeah, that's in a nutshell my path. I do think it's an unusual path, but I also had an opportunity to look at different ways to progress. I was building teams in different industries and different companies, so I have a pretty good understanding of what it takes to become a CFO.

Key Skills Every Aspiring CFO Must Develop Beyond Accounting

Emily: Got it, that's a pretty impressive journey, if I may say so. So, because of the different experiences that you've had so far, Anna, across the different industries, what are the key skills and competencies that aspiring accountants should focus on developing to progress towards a CFO position?

Anna: Well, if we're talking about progressing from accounting roles to CFOs, first and foremost, I would say this. 

Develop Strategic Thinking Beyond Traditional Accounting Tasks

Anna: Accountants need to develop strategic skills. Accounting is not a very strategic function. A lot of accountants have a very backward- looking view and I've noticed that some of the accountants, they kind of see the numbers, but they don't understand what's behind the numbers, so they are very much focused on delivering the correct report. This is a great skill, but this is a very tiny part of what it means to be a CFO. 

Be a Business Partner, Not Just a Reporter

Anna: My advice to the accounting professionals who want to move to the CFO role at some point of their career is to get more exposed to strategic projects, maybe take some kind of controller responsibilities if your company allows you to participate in other projects, and maybe talk to business a little bit more, not just collect the documents, but also be a business partner to the company or the department you are working with. That would be the basis of it.

Overcoming Common Challenges on the Road to CFO

Emily: Got it, got it. So, Anna, what are some of the common challenges faced by individuals aspiring to reach the CFO level, and how can they overcome these challenges?

Anna: Well, okay, some of these challenges are just the basic lack of knowledge. 

Addressing Knowledge Gaps Through Continued Education

Anna: I do advise everyone to invest in their education and to take additional courses to cover the gaps that they might have in their education, just to have the basic knowledge of some things. I see a lot of finance professionals who lack, you know, it's a big variety of different kinds of education that you can take. A simple MBA would also be one way to do that, would not necessarily be something short-term. Getting a mentor in the company where you want to build your career is always a good idea, and having frequent conversations on what the career path can look like, what the gap is, and what the next role you are willing to take is. It's also a great opportunity. Big companies usually have some kind of career path developed, so you can just, you know, check the company website or internal databases to find the steps required to get to a certain position, or talk to your manager. 

The Role of Mentorship and Internal Support in Growth

Anna: Even if it doesn't necessarily have to be a mentor from outside your current position, talk to your manager. Managers are interested in developing people and having the talent for grants, because it also allows the managers to move further in their roles. Having a succession plan is a great way to move forward for the person who manages the team. So, it's a two-way street. Be open to this communication and find someone who will guide you through that.

Emily: Got it, got it. 

Proven Strategies to Fast-Track Your Finance Career

Emily: So, in your experience, Anna, what are effective specific strategies for fast-tracking one's career progression towards the CFO role?

Anna: Yeah, that's a good one. Several years ago, the only way to fast-track your career would be to take on more responsibilities, right? Being open to additional projects, doing your work in your current place, and also doing something above that would be a great way. And as I said, communicating with the business, having great conversations and relationships, building a relationship with your managers, and maybe the managers in other departments, is also always facilitating your career. Now, we have a new player in the room, which is AI, right? So, now finance professionals don't necessarily have to spend years preparing the data or working with huge data sets or tables. There is a technology that can take care of you, right? Now, when reading the reports, understanding the reports, and translating the reports to non-finance professionals, this is the skill set that is not covered by technology yet. So, getting better in strategic skills, getting better in communication, is the key to a fast-track career in finance.

Why Networking is a Powerful Career Asset in Finance

Emily: Got it, got it. So, Anna, you mentioned, you know, building relationships with different managers. So, I just wanted to understand how important is building a strong professional network is in advancing one's career, particularly in the finance and accounting sector?

Anna: Well, the power of the network should never be underestimated, right? I had multiple cases in my career when I was offered a role only because the hiring manager knew me and wanted to work with me, right? So, you never know when this door opens, you never know when this opportunity arises. So, maintaining these relationships, even if there is no immediate goal in your, you know, relationship, this is always a good thing. Plus, you will learn something from these people, right? But some of the companies have a slightly different approach where they mindfully don't support, like, close friendships or relationships in the workplace. So, it can work both ways, right? But having a good network will never hurt. Even if you don't get the next role, you will learn something, and you will meet some people who could help you in whatever your goal is. And it is a skill, it is a skill. And once you get to this management role, remember that building and maintaining relationships is one of the biggest parts of this role. Be it stakeholders, internal, external stakeholders, building your team, building relationships with co-workers, and other departments, that's an essential part of a CFO role.

Final Advice for Future CFOs: Carve Your Unique Career Path

Emily: Got it. Yeah, that's correct. So, as a CFO, and just to wrap this discussion up really quickly, Anna, what advice do you have for aspiring finance professionals who aspire in a way to follow in your footsteps?

Anna: Well, I don't think, like, following the steps is a good idea. I think that everyone has a unique journey, and understanding your strengths and your aspirations is a key part of getting where you want to go. CFO is not the only route in a finance professional's journey, right? But for those who may lose their minds and really want to get to the CFO role, my advice is to get exposed to strategic decision-making as early as possible. Be present at the meetings, in any role, just be there and listen. Build your network in your current role, maybe outside your current company. Do invest in your education, not necessarily getting the degree, but getting the knowledge of what it takes to be a finance professional. And get a mentor, find someone who would lead you to your desired position.

Emily: Got it. That's some great advice, Anna. So, thank you so much for being a part of this discussion and, you know, walking us through the path that a finance professional has to go through in order to become a CFO, and also different challenges that might come along the way, as well as some strategic, specific nuances, per se.

Anna: Thank you. Thank you so much. It was really cool.

Emily: Thank you. Thank you for having me, and good luck to everyone who is trying to get to your CFO role.

Anna: Thank you.