How To Become A CFO In Industry 4.0

This short summary of a 51 page dense report by ACCA serves as a quick introductory guide to young students and professionals who are highly-driven, motivated and ambitious (And yes, want to become CFOs). Sounds like you? Then go ahead and read this future-focused report.
  1. The finance function would transform from a past-focused, analytical and accounting or compliance-based function, to a consulting or advisory-based function.
  2. Diversity would be required in terms of both experience as well as qualifications.
  3. Experience would be preferred across countries, as it would prove that the candidate is skilled at tackling the inevitable challenges that come with change in political, economic and shareholder expectations. Bonus points if the international role is in an emerging market like India, Brazil or China.
  4. Industrially-relevant qualifications like ACCA, CFA, CTP, CIA, FRM, CMA etc would be preferred, to showcase to prospective employers that the candidate is willing to learn and put in the required work.
  5. Ideally, not change too many organisations. Stick to a few that match your remuneration, work satisfaction and personal growth expectations. Grow with the organisation.
  6. Constant reskilling and willingness to learn from diverse people, both above and below in designation.
  7. Embracing new methods of team communication like Slack and FlockChat, as employees would, and are, increasingly become (ing) remote.
  8. Develop strong fundamentals in finance and economics. Professionals would be required, who have a deep understanding of diverse financial disciplines and specialties like Taxation, Compliance, Financial Management and Financial Planning/Forecasting. Roles in these areas would be beneficial as well.
  9. Be strong in project management, strategy formulation, validation and execution in order to provide higher value to the management.
  10. Be conversant with Big Data and Data Analytics. Highly critical, as these will play a major role in the future Finance world. Be able to explain the results of these tests and analytics in simple terms to stakeholders and management.
  11. Preferably have some experience in investor-focused as well as capital markets roles. Bonus points for a M&A role. All in all, explore roles across the breadth of the Finance domain.
  12. Encourage open CFO-CEO as well as CFO-Stakeholder communications. Fix up mutually-accepted expectations on both sides, to avoid escalating conflicts.
  13. Have a strong network with people from diverse fields. Ideally, subject-matter experts,who are masters of their respective fields. Call on them if required (Yes, like Ford did).
  14. Appreciate and effectively manage Top-Performer talent in the organisation. Encourage and engage such committed and highly skilled professionals to take up leadership roles and rise higher in the organisation. They are the future, and must be taken seriously. Don't ignore them.
  15. Seek out practical business experiences rather than theoretical knowledge, as today’s employers value the former much more.
  16. As a super-CEO, don’t deliver just what you are asked for. Assess the solution from different perspectives and come back with options B or C. This would show that you care and are thinking ahead, which is a tremendous value-add to your organisation.
  17. Shift your mindset from one of finance and accounting, to one of a businessperson. If the company doesn’t make money, the finance team won’t have a job. Think like an Entrepeneur.
  18. Create a lean and agile team, ready to react to changing economic conditions at a moment’s notice. Such a loyal, resilient and highly-driven team can be brought together by setting clear expectations from both sides, right from the outset (Start With Why by Simon Sinek is required reading).
  19. In the end, do whatever it takes to help the business grow.