As some panellists emphasised, mentors were an integral part of their career journeys. In the case of Justin and Peter, mentors and advisors helped to inspire the educational pathways that accelerated their CFO trajectories.
For Justin, it was important to have a mentor who led by example – someone who served as a muse for the kind of CFO he wanted to be. He said, “I looked up to Steve Johnson, CEO of Suncorp. He wasn't an accountant but he became CFO of Suncorp before he became CEO. He was the best person I've ever seen sitting in a meeting, who can cut through the arguments of two people and get to the core of the issue. And he did it eloquently, took the heat out of the debate, and brought everyone onside quickly. His background was actually in corporate affairs.”
Justin said, “Education alone won’t make you a great leader. Putting theory into practice is the only way to excel as a CFO. Having a mentor who you respect and admire will help you to identify the skills, values, and behaviours needed to succeed.”
In addition to mentors, Peter believes that solid networks are vital for CFOs and aspiring CFOs. He says, “Completing my MBA was a significant undertaking. I walked away with the credentials, but also a strong professional network. Ten years after completing the program, I still maintain regular contact with my classmates and lecturer. This global network of experienced professionals gives me a direct line to valuable expertise and support.”
Professionals often ask, “Is experience more important than education?” While formal education and practical experience boast several unique benefits, it’s important to acknowledge the value of mentors and networks in any career path.
As John says, “Mentors and networks are some of the best ways to complement education and experience. Mentors bring a wealth of experience and expertise that can help to shape your career path. Guidance from a mentor is simply invaluable, as is the support of a strong professional network. Don’t discount the importance of a trusted group of professionals who you can lean on for advice, information, and business opportunities.”
Robert Half’s latest Aspiring CFO session offered important dialogue around the question, “Is experience more important than education?”
As the panel noted, there is no one-size-fits-all approach to CFO success. Each individual's journey is unique, and the best path depends on their specific goals, interests, and constraints. Justin’s message to aspiring CFOs was to “tailor educational pursuits to your aspirations and create a personalised development plan that aligns with your unique career ambitions.”
While the panel acknowledged the power of qualifications like an MBA, it was noted that a combination of education, experience, continuous learning, and mentorship is key. As John said, “Ultimately, the value of an MBA lies in its ability to complement practical experience, not replace it. An MBA might open doors, but demonstrating real-world accomplishments is essential for securing and retaining the CFO position.”
The changing landscape of the CFO role requires adaptability and a willingness to learn and grow. The overarching recommendation for aspiring CFOs is to be proactive in your development and embrace diverse learning opportunities. Trusting in your unique path is pivotal – as Sarah says, “Sometimes you just have to back yourself. Be confident, be brave and go for it.”
What are the most important soft skills for a CFO?
Effective communication
Emotional intelligence
Leadership and management
Strategic vision
Adaptability and agility
Negotiation and conflict resolution
Collaboration and teamwork
Time management and organisation
Critical thinking
How can I develop my soft skills as a CFO?
Regular self-assessment
Seek constructive feedback
Set specific, measurable Goals
Engage in continuous learning
Leverage mentorship and coaching
Foster a culture of reflection
Evaluate and adapt
How do I balance my technical and soft skills as a CFO?
Recognise the value of both skill sets – Acknowledge that both are fundamental in your role. Look for opportunities to use both skill sets daily.
Prioritise continuous learning – Commit to expanding both skill sets through courses, workshops, education, and personal development.
Apply a holistic approach to decision-making – Leverage your technical skills to analyse data and leverage your soft skills to present the information to stakeholders.
Delegate and collaborate – Know where your strengths lie and leverage team strengths.
Set personal development goals – Identify specific soft skills and technical areas that require improvement. Set measurable goals to work towards.
How can I use my soft skills to build stronger relationships with stakeholders?
Leverage these soft skills to foster enduring relationships with stakeholders:
Effective communication
Empathy
Emotional intelligence
Collaboration and teamwork
Conflict resolution
Leadership and influence
Trust building
Relationship management
Adaptability and flexibility
Recognition and appreciation
How can I use my soft skills to navigate difficult situations as a CFO?
Maintain clear and transparent communication
Practise actively listening
Demonstrate empathy
Stay composed and exercise emotional intelligence
Lead by example to foster a collaborative and solution-oriented environment.
Employ conflict resolution skills and strategic decision-making to find mutually beneficial solutions
