It is widely accepted that finance professionals have to become experts in the domain of business and they need to be able to analyse data, make predictions, and anticipate changes. Getting the job done will usually be a combination of leadership skills, management skills, communications skills and analytical abilities. Finance professionals are often required by their companies to have a university degree along with work experience.
Today, we are going to discuss some of the personality traits of the best CFO's.
The top CFOs don't necessarily have a PhD in Finance or combine business experience after graduation. They pursue a variety of careers before actually becoming a CFO. But after eventually getting their first finance job, they tend to employ several skills and characteristics:
1) They have an exceptional sense of purpose -- an internal motivation to succeed.
2) They are tough-minded, can handle responsibility, and are willing to make decisions.
3) They are comfortable with ambiguity, uncertainty and complexity.
4) They possess a talent for accounting and financial analysis. They also have an appreciation of the power of numbers in understanding the financial performance of a company.
5) They have a great strategic vision and understanding of the big picture. In other words, they have the ability to think strategically.
6) They are systematic, yet flexible in their approach to solving business problems. They can anticipate problems and problems before they occur but are willing to change their plans with things that turn out differently than expected. Being a "tactician" is an essential skill for a CFO.
7) Self-awareness is another key trait of the best CFO's. They can recognize their own strengths and weaknesses. They can use their strengths effectively and to compensate for their weakness -- by delegating, hiring, or consulting with someone who can help them. You will also note that an effective CFO should not only be good in finance but also in the areas of business, strategy and operations management as well.
One or many of these skills or traits can be developed with practice, but this may take time. If you are new to a finance job, you may not yet have all of these abilities. But keep it in mind that the higher you go in your career, the more important these skills will be.
The business environment is changing rapidly due to the Internet and globalization. Our society is getting more complex and the information available is growing steadily. Unforeseen problems and issues are popping up everywhere.
The top CFO's are expected to be able to handle both the traditional and emerging technologies. They need to be able to deal with financial statement analysis, mergers and acquisitions, financial product development, cost reduction strategies, risk management, performance management, forecasting and planning. The CFO's also have a key role in setting direction for the firm into the future.
To find out more about how Quick Consols can assist your CFO and finance team to transform and be the best at what they do, Request a free demo today.