Rutherford Cross recently hosted the fifth instalment of the Future Finance Network in Edinburgh in partnership with RSM UK, where we looked to explore the key attributes, competencies, and skills required to become a successful CFO.
The list of attendees featured a range of senior finance leaders from across Scotland who were all keen to deepen their understanding of what makes a successful CFO. The event began with informal networking and was followed by a panel discussion, before breaking into sub-groups to share experiences and facilitate open discussions.
The panel included speakers such as Mark Lewis, Managing Director of Rutherford Cross who brought over 20 years of CFO search experience; Alyson Donaldson, CFO at Donaldson Group who discussed her personal views from the CFO seat; and Alan Aitchison, Partner at RSM who has worked with hundreds of CFOs from a professional services perspective.
The panel discussion primarily explored the why, the what, and the how of becoming a successful CFO.
The Why: This focused on understanding key drivers and premises of getting into the CFO seat (a role not for the faint-hearted!) – it is not simply about the status and financial return accompanying the title. There are both upsides and downsides to reaching this level in your career, with the positives including having the ability to make a real impact on an organisation, shape its culture, and lead on vision. Examples of the negatives provided by our panellists included accountability- ultimately the buck stops with you! It is a high-pressure role, and it is necessary to be ‘comfortable with being uncomfortable’.
The What: The need for technical and commercial experience was highlighted, as well as wider attributes such as communication, team management, leadership, and being a key strategic player, which will all come hand in hand with being a rounded CFO. Broadening one’s experience is a great way to gather information and utilise this when in the CFO seat.
The How: We initially explored the natural journey to CFO, focusing on education and experience, however, the discussion deepened into the full breadth of the CFO role and how you can elevate the position to make a substantial impact on an organisation. It is important for the CFO to become a storyteller to use their communication skills to decode financial information in an understandable way and drive continuous improvement – all while recognising that the strictly ‘finance’ aspects of this remit will not always be the main priority.
Following on from the insightful panel discussion, we broke out into smaller groups to explore the key ‘buzz’ words and phrases that could be used to describe a successful CFO, which included: ambitious, level-headed, catalyst for change, agile, good at relationships, emotionally intelligent and having good perspective. Once concluded, the audience had an opportunity to ask questions of the panel which allowed us to gain an understanding of AI and its continued journey for CFOs, strategic thinking, how emotional intelligence plays a key part in working with all stakeholders, and what you can learn during tough times.
The event covered fantastic topics and provided guests with a new understanding of the key steps to move towards a CFO seat. The evening wrapped up with more casual networking, providing the chance to deepen relationships with other finance professionals from a range of industries and specialisms.
If you would like to be a part of the Future Finance Leaders Network, please join the LinkedIn group. Alternatively, you can get in touch with Mark Lewis, Managing Director at Rutherford Cross – [email protected].
