dna of a cfo
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DNA OF A CFO
hays.ca/dnaCFO
Its more than just numbers; its about people.
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Introduction message from Rowan OGrady
1. Summary of findings
The DNA of a CFO
1. Qualifications that really matter
2. Personal career planning3. Getting the right people on the team
4. Investing in the future of your team
Beyond the numbers
Hays recommendations
About the respondents
View from the top
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CONTENTSABOUT THE REPORT
What does it take to become a Chief Financial Officer
in Canada?
This report is designed to give you insight into what it takes to
achieve a leading role in finance in Canada. Which qualifications
really matter? How important is international experience,
bilingualism, experience in multiple industries and sectors?Which personal characteristics are common among our finance
leaders? Based on the results of 150 CFO survey respondents,
a look at 100 CFO resumes and interviews with leading CFOs
today we have put together this report to help you map out
your career path.
METHODOLOGY
Survey
150 finance leaders who hold the title of CFO in March 2014
were surveyed. They were asked questions about theireducation, background, qualifications, international experience,
responsibilities, challenges and personal aspirations.
Resume review
100 CFO resumes were analyzed, looking at commonalities and
trends of education and qualifications, industry experience,
international experience, professional associations, personal
interests and skills.
Based on the above methodology, we came to the conclusion
that you have to have a strong foundation in terms of
accounting and finance qualifications to progress in finance,
however to achieve the CFO title requires personal career
planning, hiring the right people and investing in your teams.
This report is organized based on the insight of these key
findings.
While every care is taken in the collection and compilation of data, this
report is interpretive and indicative, not conclusive. This information
should be used as a guide only.
hays.ca/dnaCFO
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On behalf of Hays I am pleased to launch the first results from
our DNA series DNA of a Chief Financial Officer (CFO). Hayshas deep expertise in the finance sector. Weve specialized inthis industry for 30 years providing finance recruitment servicesin more than 25 markets worldwide.
In Canada, the finance and accounting service is a corner stone of our
business. Weve placed thousands of finance professionals across a
variety of sectors from construction and Information Technology, to legal,
retail and energy. This gives Hays a unique perspective on the definitive
path to a successful career in this vocation.
Our goal is to create a report that removes the mystery from how to become
a CFO in Canada by illuminating the common traits, skills and challenges
associated with this career path. This is more than a summary of typicalqualifications amassed through years on the job (although we have that too).
We wanted to delve deeper, to get a sense of what separates candidates from
the pack.
To do that, Hays gathered information from more than 100 CFO resumes,
then surveyed 150 CFOs with probing questions about their development,
and finally we interviewed a select few of leading CFOs to build a profile of
a finance professional that has reached the top. By doing this we unveiled
a few key conclusions that make up the DNA of a CFO, which are personal
career planning, getting the right people on the team and investing in your
team. Above a strong finance foundation, based on the findings, these are the
necessary elements to becoming a CFO in Canada.
I personally want to thank all those that participated and shared their
stories as part of this initiative. Your contribution and input will help the
next generation of CFOs achieve their goals, and help current employers
cultivate star performers.
Rowan OGrady
President, Hays Canada
INTRODUCTION SUMMARY OF FINDINGSOur research and interviewstell us that this role has evolved
considerably, moving way beyond
the traditional number crunching.
The foundation for success today
is built on leadership. Morespecifically it grows from the
CFOs capacity to manage human
capital and demonstrate the softer
skills associated with motivating
individuals and teams, and
building consensus with varying
department leads. The CFOs role
is to support and work alongside
the CEO, providing a strong
commercial value. The need for
these broader skills has introduced
personality fit as a key driver to
success. And while this driveris more subjective than other
skills, it should nonetheless act
as a guiding light for employers
hiring CFOs, and current finance
professionals hoping to transition
into this role.
For employers qualifications
and technical expertise can be
learned on the job. Whats much
harder to do is teach someone to
live and breathe the companys
core values. Finance professionals
that mesh with your managerial
style, and have clear leadership
capabilities are more likely to
drive business growth. This is
also imperative for succession
planning, and according to
our survey almost a quarter of
respondents hope to one day
become the CEO or president.
Aspiring CFOs should also heed
this advice your soft skillsare just as important as sound
financial practices and business
acumen. You will frequently be
asked to stretch how you define
your vocation to include less
traditional qualities. Your ability
to get along in an office setting,
motivate staff and communicate
to both internal and external
parties will form the basis of
how you are measured.
For anyone who has ambitionsof having a successful career
in finance, our report provides
clear insight in key areas:
personal career planning,
qualifications that really matter,
common mistakes to avoid,
and people management.
We encourage you to watch
our DNA of a CFO video
found at hays.ca/dnaCFO
to hear from leading CFOsat Molson-Coors Canada,
Walmart Canada, Canadian
Tire Corporation and Aecon
Group Inc. about their
journey.
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DNA OFA CFO
The following section presents the findings from
the survey results and resume analysis.
In this section youll find key insights on:
Qualications that really matter
Personal career planning
Getting the right people on the team
Investing in the future of your team members
Seize the opportunity to do differentthings. I was in real estate andconstruction before I went into retailand the versatility of my experience
and confidence to pick up new projectsis what stood out in my backgroundand professional profile for employers. Dean McCann, CFO, Canadian Tire Corporation
95% of CFOsare happy withtheir careerchoice
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Designations
55% hold a CA
16% hold a CGA
18% hold a CMA
13% hold a CPA
6% hold a CSC
QUALIFICATIONS THATREALLY MATTER
While softer skills and building varied experiences will
help professionals in finance advance their careers muchfaster, it still wont be possible without some baseline
qualifications. We reviewed more than 100 CFO resumes
to determine things such as which designations were
the most prominent, typical progression path and location
of experience and then surveyed CFOs to get a sense of
which ones they valued the most.
CFO RESUMECredibility is earned through leadershipand demonstrating you can deliver onthe full project. Taking on opportunitiesand projects that start and end with
you, will help build accountability intoyour resume. David Smales, CFO, Aecon Group Inc.
Skills
58% dont list technical skills. Of those that do, the most common listed include:
26% GAAP | 20% Microsoft Oce i.e. Advanced Excel | 10% ERP SAP | 8% Greatplains,
Hyperion, Quickbooks | 4% Oracle, PeopleSoft
Awards and recognition
Only 7% list awards. Examples include the ICABA community service award, CMA volunteer of the year
award and recognition for being keynote speakers at national events such as the National Treasury
Credit Union annual event.
Education
25% have a BA in Business Administration
32% have a Bachelor of Commerce Degree
20% have a Masters of Business Administration (MBA)
6% have a BA in Economics
22% majored in Accounting
Other common credentials include Health
Administration and P. Eng.
10% say the Masters of Business
Administration (MBA) is the most
important credential to have.
Almost half (47%) believe this is imperative to becoming a CFO.
It is important to note that 15 per cent of survey respondents said that the specificities of ones education
and training doesnt matter. Its about the total package, including experiences, personality fit and the
ability to lead by example.
23% say the CPA designation is the most imperative, and is assumed that
this may grow in prominence based on the recent developments in Canada.
KEY INSIGHT
Sixty-seven per cent of CFOs said that after
education and work experience, the number
one selling point that stood out in their resume
that helped secure their job was professional
accomplishments, followed by 17 per cent who
said reputation of previous employers.
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KEY INSIGHT
CFOs rank strategic planning, commercial
understanding and people management as
the top three most important aspects to the
CFO role. These are leadership qualities that
are developed and learned through a broad
range of experiences. Based on the results
from the survey, 100% of CFOs have experience
in functional areas outside of finance, which
according to a CFO survey respondent isessential to understanding the full spectrum of
the organization. As a CFO you are involved in
all aspects of the business and it is key that you
have a deep understanding to add value.
Industry experience
70% have experience in
multiple industries.
Personal interests
28% list personal interests,
ranging from sports, spirituality,
reading, and cooking.
According to the survey,
the number one thing
CFOs do in their spare
time is spend time with
their families (84%)
18% of CFOs say the biggest decision
they made in their career in order
to achieve the role they are in today
was moving internationally for a
career opportunity.
According to the survey,
the majority of CFOs (57%)
international experience is in the
U.S., the second most dominant
location is Europe at 36%.
Domestic vs. international experience
41% have international experience, 15% have experience within
Canada, and 44% have worked exclusively in one province.
Associations/membershipsApproximately 70% list professional associations that they are members of i.e. FEI. 55% sit on a board of directors.
More than 1/3 (36%) listed working for a Big Four company at some point during
their career. Those with Big Four became a CFO role in just under 14 years. Those
that didnt, took on average two years longer to attain the same role.
The CFO role carries a lot of responsibilitybut it also provides the opportunity tomake a difference. Its the job of leaders toanticipate change and find ways to addressand capitalize on it. The Canadian CPA ismore than an accounting designation; it isalso a business credential. We firmly believethat organizations of all types will valuethe CPA designation for its broad financialexpertise, strategic thinking, business insight,management skills and leadership.
Kevin Dancey, president and CEO, Chartered Professional
Accountants of Canada
Progression
The following outlines the typical roles and average time spent in these functions on the path to becoming a CFO:
37% were a VP of nance 56% 56 years
27% 7+ years
33% held this title immediately before becoming a CFO
27% held a director role 40% 23 years
33% 47 years
13% held this title immediately before becoming a CFO
20% held an analyst/planning role 70% 23 years
65% were a controller 43% for 23 years
20% for 45 years
26% held this title immediately before becoming a CFO
46% were an accountant 41% for 23 years
30% for 45 years
27% were in audit 46% for 23 years
30% for 45 years
13% were in tax/treasury 53% 23 years
First accounting and finance role
The following outlines the typical roles that CFOs began their careers in accounting and finance.
39% started as an accountant 13% started as an analyst 12% started in payroll
10% started as an auditor 8% started as a director/executive 8% started as a controller
4% started as a CFO 4% started in accounts payable 1% started in accounts receivable
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My first accounting and finance role was:
39% accountant| 13% analyst | 18% accounting/
nance administrator | 10% auditor |
8% controller | 8% director/executive | 4% CFO
45% held a VP of finance role directly
before becoming CFO.
52% have international experience
and 94% say this has had a positive
to very positive impact on their career.
33% are bilingual, and 62% say beingbilingual has had no impact on their career.
61% say operations is the most
important department to partner
with and gain experience in.
30% rank strategic planning as the most
important aspect of the CFO role; 22% rank
commercial understanding, 14% rank people
management, superseding financial analysis,
working capital and investor relations.
44% achieved their CFO role between 1020
years from starting finance; 28% within 10 years
and 29% in 20+ years.
What does a roadmap to success look like? It may have started out a
little murky at first. Forty-five per cent of todays CFOs didnt aspire to
reach this goal when they first started their careers, and approximately
15 per cent had no idea what they initially wanted to be. And yet once
they arrive, many are motivated to push for greater responsibility.
Twenty per cent of CFOs currently aspire to be a president or CEO,
and 30 per cent are looking for a larger CFO or finance director role
within an organization. Its also likely that there will be bumps along
the way. Nearly 40 per cent of finance professionals found the director
to executive level the most difficult to reach.
Even those that have clear ideas about what they want to achieve in
their profession should be open minded. According to Dean McCann,
CFO from Canadian Tire Corporation, you should be prepared to take on
the unexpected. He comments, youll be faced with many opportunitiesalong the way that you may not think you are qualified for, require you
to change industries, or even professions. Taking opportunities that
force you to learn is exciting, and is what will help launch your career
and diversify your background.
For example, the majority of CFOs have worked in functions other
than finance 30 per cent actually left the path they were on to
pursue another career opportunity, usually for one to three years
before coming back to the finance world. Forty-three per cent have
worked in human resources, 46 per cent in information technology, 45
per cent in operations, 30 per cent in office support, and 22 per cent in
property and facilities management. Be open to rounding out what you
know about managing a business, it will help develop your ability to
PERSONAL CAREERPLANNING
During your career you need to make choices aboutthe different experiences and jobs you want to have.This is the greatest challenge to your career path,making the right choices, at the right time. Ensure
you develop the required skills and competencies in abalanced way. Some jobs might not look sexy but areessential to becoming a successful CFO. Wouter Vosmeer, CFO, Molson Coors Canada
provide strategic counsel later on and make you a valued member
of the executive team.
The key learning is to understand that the path isnt necessarily
straight forward. With the role of the CFO becoming more diverse
in terms of commercial responsibilities, stakeholder management
and strategic planning for the whole business, not just in the
finance function, branching out and getting the necessaryexperience will pay dividends in the long run.
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Forty per cent of CFOs say they were hired for their current role
based on personality fit. You have to have the right qualifications
and background, but at the end of the day, the people you hire must
fit with your team and culture of your business. So where do you findthe right people? Over a third of CFOs were recruited by a recruitment
agency, and another third were referred via a colleague from their
professional network.
Building a network of qualified professionals is a key factor in the
search to finding the right talent. Establishing a quality network must
extend beyond a large pile of business cards. It can be done via digital
channels such as mobile and social media. Approximately 70 per cent
of CFOs rank networking as very to extremely important to becoming
a CFO, and over 40 per cent engage in networking via social media
and online channels. As a manager, you should be connecting with as
many like-minded professionals as possible. This will help you establish
a readily available pool of talent for future recruitment purposes.
69% say networking is very to extremely
important to becoming a CFO.
20% engage in networking activities
on a monthly basis; 45% every other
month to quarterly.
42% network through social media
and online channels such as webinars
and tutorials.
70% network via industry and
technical events.
58% network via social events.
40% network via professional memberships.
31% attained their current CFO role
via a colleague; 33% were recruited
via a recruitment company.
11% through a job board; 13% via a friend;
10% directly via networking.
GETTING THE RIGHTPEOPLE ON THE TEAM
The job I got with Walmart, came from social media.Its important to understand how social media impacts
your business and your career. Bill Tofflemire, CFO, Walmart Canada
Having the right fit is very important. Every workingculture is different, and hiring people that will fit both
your office culture and finance team is essential. David Smales, CFO, Aecon Group Inc.
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65% have had a mentor throughout
their career.
26% are unsure if they would have
achieved their role today without a
mentor; 17% say they wouldnt have
become a CFO without their mentor.
46% say having a mentor is crucial to
ones career path.
36% of CFOs mentors were not in nance.
47% rank having a work-life balance as
extremely difficult.
33% say work pressure impedes on establishing
a work life balance; 27% attribute it to work load,
and 10% to travel, 8% to being understaed/demand
by staff.
74% rank professional development as very toextremely important; 67% engage in professional
development every month to once quarterly.
It may come as no surprise, but more than 50 per cent of CFOs
maintain that direct managers and colleagues have the biggestinfluence on career development. This emphasizes how important
soft skills have become in this role. There is an expectation that CFOs
work well with everyone, lead by example and help motivate staff to
draw out their best qualities. Eighty-seven per cent of CFOs today are
responsible for managing teams, and people management is ranked as
one of the most important aspects of the role (15% say it is the single
most important aspect).
Working well with people is a two-way street. It isnt always about
how you can help others. Mentors play a significant role in helping
financial professionals become CFOs. Sixty-five per cent of CFOs
had a mentor at some point in their career, and 22 per cent had one
during their rst management role. Almost a quarter (20%) maintain
a mentor relationship even once theyre in the CFO role. Clearly they
see value in having someone help steward their growth. In fact,
almost 50 per cent of CFOs rank having a mentor as extremely
important a corresponding number believe they couldnt have
become a CFO without one.
Time management, especially as it pertains to ones personal life can
be a pain point for CFOs. Forty-seven per cent currently have difficulty
finding a work-life balance. Thirty-three per cent attribute this to work
pressure, and 27 per cent to work load. Supporting your team requires
not only the right people but the right number of people to increase
staff productivity and effectiveness. Managing teams and work loadeffectively is a crucial element to becoming a CFO.
INVESTING IN THEFUTURE OF YOUR
TEAM MEMBERSToday, even at the lower levels of finance,were screening for future leaders of the company.Who has stronger talent development skills, who cancollaborate better, implement strategy? These are thekey elements were looking for in candidates today. Bill Tofflemire, CFO, Walmart Canada
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Today, having deep financialexperience is consideredtable stakes. SuccessfulCFOs must also understandall areas of business operations, marketing, IT,legal and new businessdevelopment. The roleextends beyond managingthe bottom line. You mustsee the big picture, and bea true business leader. Howyou interact with peopleto motivate them, includethem in the companyssuccess, and build a teamfirst mentality are truehallmarks of a successfulCFO.
This wasnt the case five to 10 years
ago. According to David Lapp, CFO
of Freedom Concepts Inc., the role
of a CFO has changed considerably.
BEYOND NUMBERSFOUNDATIONS FOR SUCCESS
HAYS RECOMMENDATIONS
Develop a personal career plan.Take control of your own career
and personal development. Being open to new opportunities and
chance is common advice from the four leading CFOs as seen on
our accompanying video. Simultaneously, it is important to have a
sense of where you want to be long-term. Think about what you
could be in five to 10 years time. Although this may well change,
having a vision of your future self is a valuable guiding light. Are
you aware of your weaknesses and development needs? Find a
mentor that you can discuss your goals. It may not be possible to
plan an exact route to the CFO role but with a future goal in mind
and a commitment to continuous improvement you will be on the
right path.
Get the right people on the team.Having the right people, culture
and skill sets on your team is essential to your success. Proactive
and deliberate recruitment of these people may be the only
way to create a team that can truly move your department ororganization forward in a significant way.
Think about what would constitute a great team and commit
to a road map to create one.
Invest in your team members. Think about the career
development of each person on your team. Ask each person what
their own personal career and development goals are. Share your
succession plan and make sure your team is aware of the career
path options available to them. Without a successful team behind
you, your own career aspirations may not materialize as quickly as
you want them to.
Today you have to be a multi-faceted
individual, balance both commercial
understanding and awareness, and be
willing to not only deliver results,
but also communicate to both internal
and external audiences about the
project at hand.
This aspect of the CFO role can causeinternal friction for those that are
transitioning into a more senior role.
According to our survey, almost a
quarter (20 per cent) of CFOs second
guessed their career path during their
first taste of management because
they didnt anticipate taking on these
responsibilities. Understanding that
this is a natural extension of your role
will allow you to quickly pivot when
the need arises.
Being the leader
The survey findings show that there
are some very clear and definitive
attributes that finance professionals
must possess to be a leading CFO.
For example, more than 25 per cent
of CFOs rank credibility as the
single most important attribute.
Whats implicit in this finding isthe CFO must be an effective
communicator to clearly demonstrate
the impact that his or her work is
having on the team and business.
To help more finance professionals
develop the necessary management
skills needed to become a credible
leader, employers should review
internal training and professional
development opportunities, especially
at the mid-level management stage.
Helping finance professionals adopt
these skills will solidify their role as aleader in the company later on.
Soft skills; the ability to work with and motivatepeople is the key attribute to becoming a CFO. Canadian CFO survey respondent
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FIT
Almost half (40%) believe they were hired for their current CFO role based
on personality fit.
The number one reason CFOs have been let go is due to a personality clash
with a manager.
MANAGEMENT
23% rank communication and people management as the single most
important aspect of the role of a CFO.
48% have second guessed their career path during their rst
management role.
45% say the biggest mistake they have ever made in their professional
career has been a managerial error.
YOUR BRAND/PROFILE45% are unsure if they would have achieved their CFO role without a mentor.
70% rate networking as very to extremely important to becoming a CFO.
Over 30% secured their current role via a recruitment company;
another 30% were referred via their network.
ITS ABOUT PEOPLE
Fit, management and personal profile are all key
aspects integral to the journey of becoming a
CFO that are reliant on the dynamics of people.
Become a finance leader by understanding
how the people you manage and report to
will impact your career; the secret truth to
the DNA of a CFO.
Dedication, hard work andIntegrity are key buildingblocks in becoming a CFO.You must have the fortitudeto be able to deliver boththe good and unpleasantmessages bringing together
superior people skills. In theend, your people skills willdetermine your degreeof success. Canadian CFO survey respondent
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Male 79.05%
Female 20.95%
2030 0.7%
3040 11.5%
4050 43.2%
5060 33.1%
60+ 11.5%
ABOUT THE RESPONDENTS
Alberta 10.8%
British Columbia 20.9%
Manitoba 0.7%
New Brunswick 0.7%
Newfoundland 0.0%
Northwest Territories 0.0%
Nova Scotia 2.0%
Nunavut 0.0%
Ontario 64.2%
Prince Edward Island 0.0%
Quebec 0.7%
Saskatchewan 0.0%
Yukon 0.0%
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Very happy 58.0%
Happy 37.8%
Neutral 1.7%
Unhappy 2.5%
Very unhappy 0.0%
Mom 6.7%
Dad 23.5%
Direct Manager 27.7%
Teacher 2.5%Colleague 24.5%
Friend 15.1%
Earning potential 13.6%
Passion/interest 45.8%
Family tradition/legacy 2.5%
Talent 13.6%
By uke/stumbled into it 18.6%
Peer group 3.4%
Prestige of role 2.5%
100
80
60
40
20
0
Mom/female guardian 1.7%
Dad/male guardian 0.8%
Partner/spouse 87.4%
Kids 0.0%
Friend 3.4%Peer/colleague 3.4%
Other family member 1.6%
Your recruiter 1.7%
Sports 72.3%Travel 65.5%
Books/lm 63.0%
Spending time
with family
84.0%
Dining/entertainment 59.7%
Gaming 5.9%
Cooking/gardening/
home improvements
31.9%
When you achieved your current role who was the first person you called?
Are you happy with your career choice?
What best describes the reason you chose a career in finance?
What activities do you do in your spare time?
Who was the biggest influence in your career?
The role of a CFO today is out in front of people andchanging with technology and the demands of businessand the economy. Accepting change as part of the roleand being well versed in change management will help
you become a finance leader.
David Lapp, CFO, Freedom Concepts.
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13 DNA of a CFO
VIEW FROM THE TOP
Want to hear from influential leaders in the finance community in Canada?As part of the Hays Canada DNA series, we spoke to top CFOs about theirjourney to achieving their career success.
Watch this short video and hear directly from the following CFOs, gainingvaluable advice about the path to becoming a finance leader:
hays.ca/dnaVIDEOS
David Smales,CFO, Aecon Group Inc.
Dean McCann,CFO, Canadian Tire Corporation
Wouter Vosmeer,CFO, Molson Coors Canada
Bill Tofflemire,CFO, Walmart Canada
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To read more profiles
of CFOs interviewed for
this project please visit:
hays.ca/dnaCFO.
as a tool for advice. I have
embraced LinkedIn, for example,
as a method to get advice,
job hunt, get critiques and
insight on the ideas and projectsIm working on. One example
includes, getting advice from
a discussion on LinkedIn to take
a LEAN accounting course,
which helped propel my career
in the manufacturing industry.
Without this advice my path
may have been quite different.
Have you ever worked abroad?
Yes I have, the longest single
stretch was for six months.
Ive worked in Japan, Australia and
Los Angeles. This international
experience has been very
beneficial to my career. It has
helped me develop stronger
relationships with stakeholders,
provided me with better cultural
business understanding as well
as a better understanding for
the differences in accounting
worldwide. This has helped me
become a well-crafted individual
by having had multi-facetedexperiences.
VIEW FROM THE TOPQ&A with
David Lapp
Chief Financial Ocer (CFO)/
Chief Operating Officer (COO)
Freedom Concepts Inc.
Have you always aspired tobecoming a CFO?
I never woke up saying I am going
to become a CFO, that path just
evolved over time. My background
is diverse which I believe has
helped me achieve the career I
have today, giving me a broader
understanding of business and the
importance of strategic planning.
My uncle was a CFO, and when
I was younger the role always
appeared to be in an ivory
tower, away from everything.
David Lapp has over 20 years of experience as a leader in the
Canadian nance community. He was the Vice President of Marketing
and Director of Sales with DBI, Financial Investment Representative
with Investors Group, and Executive Consultant with Push Ltd before
becoming the CFO and COO with Freedom Concepts. His diverse
and vast career is what many up-and-coming finance professionals
would see as their ultimate career goal. David shares some of his
experiences, insight and advice about the path to achieving a CFO
role in Canada.
Today, the role has drasticallychanged; you really are a part
of the total business.
What are the biggest changes
to the role of a CFO compared
to 510 years ago?
Today the role is more about
strategy. You have to understand
the business, all functional areas
in addition to finance and use your
finance knowledge and expertise
to build a strategy that is going to
help the business get to the next
level in terms of ROI and growth.
For example, today you are seeing
a lot more of a hybrid executive
role between operations and
finance such as the CFOO title.
What is the biggest surprise
about the CFO role?
For me the biggest surprise
as I was moving up the ranks
was how much finance is
becoming about relationships
with staff, customers and
vendors. Having the finance
qualifications and experiences
is essential, you have to know
how to implement revenue
growth strategies, execute proper
forecasting and projections, that is
a given. Today however, you have
to be a multi-skill set individual,
a bit of a renaissance individual
who is the total package. I think
one key piece to the evolution
of the role from when my uncle
was a CFO is that, in the 80s and
early 90s you had to be able to
build the strategy. Today you not
only have to build the strategy,
but explain, educate andimplement the strategy.
What soft skills do you believe
are essential to be a CFO today?
There are four big ones that I
believe are crucial to the role.
You have to be a leader for one.
And to be a leader you have to
have strong communication skills.
You have to be a strategic
thinker and lastly, you have
to be able to live and breathe
change management. The role, as
well as businesses, are constantly
Davids survey answers...
changing. Being willing to be open
and adopt change will help make
you a better overall CFO.
The CFO today is out in frontof people, more like a CEO role.
You have to be able to deliver
both in and out of the books.
This makes the role appealing
and more exciting in my opinion
then in previous times.
What technical skills do you
think are integral to being
a CFO in Canada?
The fundamentals I believe
are strong accounting skills,
risk experience (cyber financial)
and working experience with
ERP systems. This is the base.
However today, I believe the key
change is that you have to have
a strong understanding of big
data and analytics. This, in my
opinion, is the make or break of
the future for a CFO. Youll provide
better value to the business both
internally and externally by
understanding data and how
to use it for the benefit ofthe company.
Throughout your journey,
what one thing helped you
achieve your role today?
Mentorship and networking.
I dont believe I would have been
as successful in my career without
the support and help of my peers.
Working with my peers and using
my mentors has provided me the
support and advice needed to
make the right decisions for my
career. I use social media often
14 DNA of a CFO
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7/24/2019 DNA of a CFO
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#WHATCOULDYOUBE
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7/24/2019 DNA of a CFO
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