Recently, I read an interesting article about whether being a CPA translates to becoming a successful CFO. I know where I stand. While it’s true that many important skills are learned through education and practical experience, success is ultimately not correlated with high exam scores. The recipe for success cannot be found in a textbook. Through my years of senior finance leadership at organizations both large and small, it’s clear that the interpersonal skills and strategic thinking of CFOs are keys to the next level of leadership.   

Great CFOs have a wide range of exemplary traits and skills; however, there are three that I feel are necessary to rise above the rest — and will separate the great CFOs from the good. 

Here they are:

1. 1. 1. Leadership/Strategy: One of the biggest things that you must be as a CFO is a leader. Leaders can both motivate people to work towards common objectives and ensure that staff members feel part of a team. It is more than just understanding debits and credits — it is relaying the mission of the company to the team and guiding them to achieve the mission. 
      2. Communication: It is one thing to create a roadmap for success; but it’s entirely different to explain how to get there to a diverse set of people. Communication comes in all forms. It’s the words we use when praising the work of a team member. It is the way that emails and formal communication are delivered. It’s the body language exuded when we listen to a staff member asking a question about an assignment she has been given. We are constantly communicating with those around us — and when we communicate in a positive and consistent manner, people are more willing to listen and follow.
      3. Technology/Analytics: I’ve written a lot about technology, artificial intelligence, and the effect on business and accounting. A CFO needs to understand how the technology landscape can impact the business it operates in and the efficiency it offers. It’s not necessary to be a tech expert; but it is important to understand how companies can save money, time, and effort through automation. In addition, interpreting data points is vital — that’s how CFOs help their team understand trends and whether or not the strategy is working effectively. 

CFOs need myriad skills — the mixture of which will depend on many factors, such as the executive suite members involved and the industry the company operates in. However, no matter the industry, all CFOs must have the ability to lead effectively, communicate clearly, and interpret data quickly in an ever-changing technological landscape. 

Take-away: If you’re looking for a Fractional CFO to lead your finance team, reach out to Brian at info@acceleratingcfo.com.