C-suite Resolutions: Making It in the New Year
This is your year to build the skills and mindset needed to step into the accounting and finance
profession’s senior ranks.
By Clare Fitzgerald | Winter 2017
Career resolutions can be as tough to tackle as
those other popular New Year’s Eve resolutions
that seem to last for about a week, like losing
weight, exercising more, and eating healthier.
But if you’re eager to join the senior ranks of the
accounting and finance profession in the year
ahead, it’s smart to set the lofty goal of developing
the best version of your professional self. But be
prepared to dig deep to create that new you,
because the firm partners and corporate CFOs of
tomorrow are expected to have a broader, deeper
mastery of skills — and a nimble, innovative
mindset — to keep up with ever-expanding roles
and an unrelenting pace of change.
Indeed, technical competence only gets you so
far, according to Tom Murtagh, tax partner at
BKD CPAs and Advisors in Chicago. “So much
of success in this profession is dependent on how
we manage, interact, communicate, and lead,”
he says. “You have to master a wide variety of
skills, and you can’t let anything slip to the point
that you’re not paying attention to it.”
In other words, seniority isn’t enough to put you
on the short list for an executive seat. According
to Murtagh, too many professionals mistakenly
think that simply putting in the time will be enough
to rise through the ranks. “Things won’t happen
just because you’ve been there ‘long enough,’”
he warns. “You need to understand expectations
and take control of the direction of your career.”
Resolving to become a well-rounded professional
capable of meeting high demands takes tenacity
and a proactive approach. But focusing on
relationships, acumen, and drive can help you
gain momentum and boost your chances of
C-suite success.
Relationships
“So much of our work is relational, whether it’s internal team building or external
work with clients and referral sources,” says Murtagh, pointing to the trend of
high-level finance roles becoming increasingly visible, requiring frequent
interaction with team members and other departments, clients and customers,
and outside partners and shareholders.
Unfortunately, people skills comprise one of the biggest skills gaps in today’s
accounting and finance professionals, according to Ash Noah, CPA, FCMA,
CGMA, vice president of CGMA external relations at the American Institute of
Certified Public Accountants. A former CFO himself, Noah studies the evolving
role of the CFO to help prepare the future pipeline of finance leaders. To close
that skills gap, Noah recommends getting involved in team efforts and projects
that require partnering and collaboration.
Serving as a mentor or coach and helping to build talent also can help you
develop relationships and leadership skills. “It goes without saying that you need
to be able to motivate and engage team members and manage and lead teams
by example,” says Stacy Kelly, who leads search efforts for C-suite accounting
and finance roles for Baker Tilly Search and Staffing in Chicago. “Being able to
create a strong bench and knowing how to give people the opportunity to shine
will reflect well on you when you’re being considered for a more senior role,” she
adds, noting that it’s important to take advantage of leadership training programs
to develop those abilities.
And don’t neglect your personal relationships and connections either — stay active
in industry associations, business clubs, and online networking. “So many C-suite
positions are filled through networks,” Kelly says. “The people who build strong
networks don’t have to engage in job searches. They are sought out when a job
becomes available.”
Acumen
Historically, the accounting function focused on reporting what happened in the
business, but future finance leaders need to be more forward thinking.
“Tomorrow’s CFOs, for example, will need to be out in front. Rather than reporting
on revenue, they’ll need to be leading the efforts for generating revenue. They’ll
need to analyze the numbers to find creative and innovative ways to grow the
business,” Kelly says, noting that her clients are looking for people who can find
better, more effective ways to do business. “You need to be in charge of making
processes in these roles,” she says.
Noah says this often requires making a mental shift from skeptic to influencer.
“Instead of reviewing information and saying why the company shouldn’t do
something, shift to becoming the person who says why it can be done and how it
should be done,” he says. “Finance professionals are used to providing
information and analysis about what happened. Now they need to provide
information on what’s going to happen and how it’s going to happen. It’s a subtle
shift from ‘no’ to ‘how.’”
That mindset will be increasingly important as the CFO role
continues its stretch into having greater involvement in strategy
and operations. According to Noah, finance professionals will
be increasingly called upon to help guide organizations
through disruptions to their traditional business models.
“How we serve customers and create value is changing,” he
explains. “Companies need greater and greater investments
in technology, but the value of those investments can be
vague, which puts pressure on management teams. Finance
professionals need to be able to look ahead, see how strategies
may change, and prepare for and invest in that change.”
On the operations side, the finance function needs to be able
to provide quick decisions and analysis of data to help execute
strategy. “Companies are looking for people who can not only
come up with solutions but who can execute solutions,” Noah
says. Developing the intangible business skills — how to make
sound decisions, deploy solutions, and identify what drives
value — often comes down to gaining greater exposure to the
business and a deeper understanding of its operations. “You
need to have a solid understanding of the products, customers,
and competitors,” Noah says.
Demonstrating strong business acumen and administrative
instincts is important in firm settings too. “Many firms look at
talent from a balanced scorecard perspective,” Murtagh says.
“The emphasis will be on production, billable time, revenue
generation, and expanding services.”
In addition to growing the business, you’ll need to prove you
can effectively manage the practice. Demonstrating good
billing, time recording, budgeting, data analysis, and project
management skills will help prove your capability as a potential
partner. “You need to be able to manage multiple projects and
keep your finger on the pulse of what’s moving along. You
have to be able to see where you’re generating efficiencies
and where there are bottlenecks so you can schedule workflow
and improve delivery to clients,” Murtagh explains, adding that
accounting professionals need to develop flexibility in their
thinking, and embrace the pace of change in technology, to
handle those tasks.
Drive
A fast-paced, constantly changing business environment
demands driven, passionate leaders. “Things are moving so fast
today, so there won’t ever be time to sit down and bask in the
glory of what you did yesterday. You need to bring 100 percent
effort every day. You have to show you have a willingness to take
on extra projects, to jump in and do what’s needed to help the
firm,” Murtagh says. “Having a good attitude about doing what
needs to get done can be really helpful, too.”
Tapping into your passions can make it easier to go that extra
mile. “The best way to build the career you want is with
passion,” Murtagh says. “If you don’t have passion for your
work, things can quickly become a grind. But if you find ways
to get involved in interesting projects, or with clients or issues
that you’re passionate about, it will feel a lot less like work,
and your passion will be evident to others.”
Senior-level executives also are expected to display their
enthusiasm for their work outside of the office. As Kelly
explains, you need to be involved in your industry’s community,
bringing ideas to the marketplace as a thought leader. And
thought leaders need passion to effectively tell the story of their
industry or organization. “The most successful CFOs are the
ones who get authentically excited about the product or service
they’re championing,” she says.
A commitment to personal professional development and
lifelong learning also is important. Murtagh suggests looking
beyond the education and training your firm or organization
provides. Attending conferences, reading extensively, and
listening to TED Talks and podcasts are all good ways to
expand your knowledge base. “Anything you can do to
develop your skills beyond the technical is going to help,” he
says. “One of my colleagues always says that what you do
from 8 a.m. to 5 p.m. defines your current income, but what
you do from 5 p.m. to 8 p.m. defines your future income.
Investing those hours in yourself or your business can help you
get to the next level of your career.”
But be sure those flames of passion don’t burn out. Sustaining
high performance in high-pressure positions can be extremely
draining, which is why you can’t ignore work-life balance. Kelly
suggests establishing boundaries around your availability and
defining what qualifies as an emergency. “You have to take
time out of the office,” she stresses. “People under you will
work harder when they see that you’re not working all the time
and trust that the team can keep the ship afloat.”
Seconding Kelly’s suggestion, Murtagh also stresses the need
for maintaining a well-rounded life. “Technology makes it easy
to work 24/7, which is why you have to be mindful about
removing yourself from the work space. It’s hard to be
completely out of pocket, but you need to look for ways to
limit connectivity,” he says. “Be very intentional about your
outside life.”
Meaning, take time for the things that help you relieve stress,
recharge, and be a better person and professional — your
ascension to the C-suite depends on it.