Finance Monthly November 2019 Edition

develop a broad base of ‘soft’ skills to offer credible advice. Stepping stones Various studies into the numbers, or lack of, women in senior finance positions, suggest various reasons for the slow progress for women in finance, including investor concerns that women lack City experience. Efficient career planning can and does make a difference to turning the challenge of diversity into an opportunity. Taking time to invest in identifying the roles key to creating a solid career path is invaluable. In particular, roles employers look for on a CV are Divisional Finance Director and Group Financial Controller. These give the opportunity to develop relationships with key career influencers and prove strategic expertise with a panoramic view of internal and external issues. The Group Financial Controller (GFC) role provides exposure to the key influencers in their future career – the board, investors, auditors, brokers and banks. It also demands solid relationship-building with a highly valuable network, which will gain a reputation as a trusted financial steward in business. The role of GFC can be a real differentiator with its focus on the more strategic elements of a business and delivers the chance to impress and build credibility with stakeholders. Within a listed company, it is unlikely a CFO won’t have undertaken a GFC role at some point in their career. Also valuable is a Divisional Financial Director role. This demonstrates capability to drive performance in a business. Being accountable to the Group demonstrates ability to build the all-important value for the shareholder, especially under close scrutiny and high pressure. There are numerous examples of different career paths women have taken to the top of an organisation, and for female finance professionals, the role of CFO features often. Frequently the confidant and ‘right hand’ to the CEO, a CFO not only needs the financial insight and analytical skills to challenge the business but is also expected to be curious, to ask the CEO questions about all areas of the business. Little surprise therefore that it follows that many CFOs go on to become CEOs. Walk the talk In a recent study ‘The Route to CFO’, we sought the opinions of sixty CFOs from a range of industries and backgrounds and asked them for their advice for aspiring CFOs. We found that the role of a CFO today is not just managing the finances, but also being a true business leader. The CFOs we surveyed had built a broad base of skills to give them the knowledge to offer credible advice and challenge themselves with situations that give opportunity to demonstrate their value. Many gained international experience, and they all built relationships with the business and their teams to gain respect as a real leader. CFOs also advocate seeking out opportunities to develop leadership skills. The days of a traditional ‘ivory towered’ FD are well and truly behind us. An effective leader has to be the trusted adviser who leads the executive and their own teams. 38 www.finance-monthly.com WOMEN IN FINANCE - GENDER PAY GAP