Dive Brief:
- Today’s finance professionals must be more than bean-counters if they want to become leaders in their field, a recent EY study shows. The DNA of the CFO, a global survey of 769 finance leaders, found that aspiring chief financial officers must have team-building and leadership skills to advance their careers. More than half, 57%, of the respondents said these skill-changes are necessary in a five-year track towards a CFO position.
- The study also found that finance leaders will need what’s called right-brain characteristics, such as innovation, imagination and empathy. These skills will inspire loyalty, say survey results. Also, finance leaders will need social media tools to communicate effectively.
- Most of the survey respondents (66%) envision a more diverse group of financial leaders. More than half the women surveyed (57%) and half the men (49%) don’t think enough women are moving up into leadership ranks.
​Dive Insight:
Finance leaders in the survey identified changes that must occur in their profession. They recognize the importance of soft skills to career advancement, which is eye-opening for a group of professionals who outsiders often perceive as more methodical than creative.
The group’s self-analyses can help HR select the right career development strategies for finance professionals and make sure recruiting and promoting efforts target a more diverse group of talent. Leadership training has garnered new attention as of late, especially since leaders themselves are understanding its use.
