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How to get to FD..
Stephen Hill FCMA [email protected]
The Story
Part 1. The route to becoming FD
Part 2. Why FDs need CHARACTER
Part 3. To FD - and beyond...
A (my) route to becoming FDB. Acc Hons (Accountancy and Economics) - University of Glasgow
• Joint honours degree
Procter and Gamble UK (6 years)• Accountant, Financial Forecasting• Senior Accountant, Financial Analysis and Forecasting• Factory Accountant, Manchester• Treasury Manager • Financial Analysis Manager, Personal Care Products
A (my) route to becoming FDProcter and Gamble Divisie Nederland (2 years)
• Group Manager Finance
Procter and Gamble Benelux (3 years)• Associate Controller Financial Analysis
Procter and Gamble Europe (2 years) • Associate Controller, Laundry Detergents - Europe
Procter and Gamble Europe• Finance Director - Southern Europe/Household Cleaning
and Bleach
Route to FD
Themes
Broad range of assignments and organisationsOpen to different opportunitiesDemonstrated achievements with each role Positions of increasing responsibility
Why FDs need CHARACTER
“The mental and moral qualities distinctive to an individual”
But also can stand for ...
C HARACTER
Communication
The imparting or exchanging of information by speaking, writing or using some other medium
COMMUNICATION
Written – ‘one page memo’Speaking – presentations, meetings – think about the
audienceListening - active
C H ARACTER
Habits, 7, Highly Effective People
7 HABITS OF HIGHLY EFFECTIVE PEOPLE
1. Be proactive2. Begin with the end in mind3. Put first things first4. Think win/win5. Seek first to understand ..then to be understood6. Synergize7. Sharpen the saw
1. Be proactive• Take initiative in life by realizing that your decisions are the primary determining factor for effectiveness in your life
• Take responsibility for your choices and the consequences that follow.
2. Begin with the end in mind• Clarify your values and life goals
• Envision the ideal characteristics for each of your various roles and relationships in life
Yo, I’ll tell you what I want, what I really really want..Spice Girls
3. Put first things first• Principle based time management
4. Think win/win• Strive for mutually beneficial solutions or agreements in your relationships
• A "win" for all is ultimately a better long-term resolution than if only one person in the situation had got his way
5. Seek first to understand and then be understood• Communication at its best..• Empathic listening• Diagnose before you prescribe• Then ensure that you are understood
6. Synergise• Combine the strengths of people through positive teamwork, so as to achieve goals no one person could have done alone
7. Sharpen the saw• Physical renewal• Mental renewal• Spiritual renewal
CH A RACTER
Analytical ability and problem solving
ANALYTICAL ABILITY AND PROBLEM SOLVING
Complementary skills in the BoardroomPersonality types (Myers Briggs) • Thinking vs. feeling• Sensing vs. intuition
Cost and investment examples
CHA R ACTER
Range of experiences
RANGE OF EXPERIENCES
Managing your career Finding the right opportunities• Internal vs external moves• Experience to cover any gaps• CV development • Headhunters/recruiters• LinkedIn
International experience?Right time/right place
CHAR A CTER
Appreciation of others
APPRECIATION OF OTHERS
Building the business vs building the organisationTeamwork/synergyRecognition and reward• Private vs. public recognition• Motivation of your staff
CHARA C TER
Creativity and innovation
CREATIVITY AND INNOVATION
Not creative accounting...Recognising the need for and initiating changeChallenging the status quoWorking smarterAdding value
TECHNICAL MASTERY
Key building blocks c.f. CIMA syllabusCannot be an ‘expert’ in every field• Example – UK Tax code – 10x more complex• Knowing who/what to ask
Need for CPD
CHARACT E R
Envision, Energize, Enable (Leadership)
ENVISION, ENERGIZE, ENABLE
Leadership vs. managementLeaders create the systems that managers manageBoth skills are necessary (in the same person!)
3E model of leadership (P&G)Envision – creates a picture of the future and keeps that vision alive Energize - inspire people to deliver the futureEnable – build people’s capability to achieve better business results
RESILIENCE
Recovering from setbacks and pushing onConfidence in your own abilities but learning from
mistakesCreating your own luck
To FD ... and beyond
Experiences as FD
LIFE AS AN FD
Experiences vary according to company and market
LIFE AS AN FD
Strategic vs. operational roles
Strategy development and planningAcquisitions and integration
Divestitures and restructuring Organisation developmentChanges to systems and processesFinancing and treasuryInternal controlsAudit management
LIFE AS AN FD
Sector aspects
Manufacturing vs. servicesB2C vs B2BCompany culture and type of MD/CEOBut transferrable skills
LIFE AS AN FD
Economic situation
Managing in a downturn vs. upturnChange in the markets and legislation
LIFE AS AN FD
Ways of working as an FD
Permanent vs interimFull time vs part time (portfolio)
Beyond FD?
VP Finance/CFO roles (in larger organisations)
General Manager or Chairman roles
BUPA – Stuart FletcherSky – Jeremy DarrochUnilever – Paul PolmanHSBC – Douglas Flint
NED/Consulting type roles
The Recap
Part 1. The route to FD should include a broad range of assignments and organisations, demonstrated achievements with each role and positions of increasing responsibility
Part 2. Why FDs need CHARACTERCommunicationHabits (7)Analysis skillsRange of experiencesAppreciation of othersCreativity and InnovationTechnical MasteryEnvision, Energise, EnableResilience
Part 3. Beyond FD can be up (VP/CFO) or up and across (GM, NED)