Roses are red
Violets are blue
Romance has nothing to do
With a CFO who is tired & blue
So where is the romance of being a CFO?
Love is constant
Anyone who truly knows and understands the specific qualities that make a great CFO will appreciate the distinguishing characteristics they exhibit, such as being highly intelligent, hard-working, dedicated, innovative, collaborative, strategic and personable.
It’s fair to say romantic is not one of those qualities and‚ given the long hours and loyalty CFOs offer their Board, executive and finance teams as well as their staff, romance is probably the last thing on their minds.
Love is blind
Let’s be truly transparent here…
CFOs are often buried in the details, meetings, planning, technical issues and legal and governance matters while concurrently dealing with crisis upon crisis. Somehow, they find a way to squeeze in family and friends, community and even special or charitable causes, such as offering their services to not-for-profit organisations.
While the CFO may receive a relatively high level of remuneration, does that really compensate for missing their children’s music concerts and sporting competitions? What about those dinners with loved ones when, in fact, you’re stuck in an airport on your way home from some distant, far-flung part of your organisation (which, incidentally, you had advised your CEO against investing in and has now become a black hole and liability for your company?)
Being a successful CFO (i.e. doing the job you are empowered to execute) requires all those qualities already noted and more. Also, did I mention a passion for your role or caring for those around you? Or being able to patiently negotiate with stakeholders‚ like dissident shareholders and media who act like adversaries or potential corporate raiders?
On top of all of this is the threat of disruptors entering your market space, cyber threats to your data governance, the impact of artificial intelligence, constant change in the regulatory environment, changes in taxation laws, privacy laws, external financial reporting issues, corporate governance and risk management issues, ASX listing rule changes, continuous disclosure matters and the role of investor activism groups. There is a lot of stuff going on for CFOs.
It doesn’t matter how many people you have supporting you; staying afloat with these issues is stressful and time-consuming and may even feel like a waste of time. But a CFO’s role and responsibility are to be a rock for the organisation and provide constant support for the CEO, coordinate with the other senior executives and execute the strategic directions of the Board.
The CFO role is constant, and there is very little relief, especially in a global enterprise with 24/7 activities and for listed companies with continuous disclosure occupying time and considerations.
Love is looking forward… not back
At this point, you may well consider that there is no romance in the role of a CFO. It simply is a well-remunerated role because it destroys your happy family life, your good health, sanity and peaceful existence. Or would that be a short-sighted view of this role?
Just as the role of treasurer in parliamentary democracies has been a stepping stone on the way to the prime ministership, the role of CFO has consistently been seen‚ in all corporate, government and NFP sectors‚ as the 2IC (and preceding position) to the CEO. And CFOs understand this fact. Indeed, successful CFOs can expect a long and interesting career at the Board level. So, this role can often be part of the journey that, ultimately, lands you in a far more challenging and rewarding position. This accounts for the ambitious CFOs with a longer plan of where their career can go.
But what about the CFOs who are doing the hard yards without the promise of future glory? What’s in it for them? Herein lies the real romance of being a CFO… They love leading, being innovative, helping people, being responsible and creating value and success for the stakeholders of the organisation.
To know a CFO who loves their job is to know a CFO who enjoys the romance of their responsibility and the opportunity to positively affect change in the lives of the people in their organisation and those around them.
The romance of being a CFO is very real. It will live on as long as CFOs continue to want to create a positive change in the lives of people.
If you’re inspired by the challenges and rewards of being a CFO and want to explore how you can enhance your financial leadership or seek strategic guidance, contact your local William Buck advisor.
