CGMA TOOLs

six tips for finance professionals wanting to move up the career ladder

sTrATeGies fOr CAreer suCCess

With the expanding range of roles on offer to those with a management accounting qualification from business partner positions to directorships opportunities to climb the career ladder have never been greater. The tips inside offer practical guidance to those wanting to progress to the next stage in their careers, and the checklist on page 5 is designed to help you evaluate and plan your career advancement. This resource should be useful for every finance professional who needs to raise their profile and increase their influence, or who wishes to progress to a leadership or non-technical role. Finance professionals need to market themselves, both to achieve more influence in their current roles and to demonstrate the qualities required for other opportunities, both within and outside the finance function. We hope the tips and checklist included in this tool, and the insights from successful leaders with a finance and accounting background, will help CGMAs achieve their potential as the financially qualified business leaders of tomorrow.

TOp Tips
1. seek support
Seek out mentors and other senior colleagues who will support your career and help you progress. Try to find someone who will champion you, not just advise you. Choose your mentor carefully - ensure its somebody you can trust who can empathise as well as advise. Women should consider a female mentor for support in overcoming gender barriers. Build up support and contacts outside your organisation as well as internally. Join support networks eg for your industry sector. Find out about coaching opportunities. Offer yourself as a mentor to more junior staff. People skills are more important than ever you have to invest not only in your own career, but in the careers of your colleagues and peers. You have to work well with others, and help them to succeed. Success is measured not only in personal success, but in the success of those on your team, and everyone in your organisation. Krista McMasters, CEO, Clifton Gunderson I have benefitted tremendously from mentoring and I would recommend it to any women who is serious about rising to the top. Priscilla Mutembwa ACMA, Managing Director, Cargill, Zimbabwe

SIX TIPS FOR FINANCE PROFESSIONALS WANTING TO MOVE UP THE CAREER LADDER

2. raise your profile

Be proactive speak up about your career ambitions and keep a log of your successes. Network widely to make yourself known. Be assertive and ask for what you deserve. Work on communication and presentation skills for example via training courses. Seize new responsibilities and opportunities. I encourage our people to learn, to listen, to pay close attention to what their clients, their fellow partners, other people in our organisation are saying, whats on their minds, how they go about solving problems, addressing issues, or capitalising on opportunities. I also advise thinking carefully about what you want to say before you say it. People do not have endless attention spans so learn to communicate simply and clearly. Ed Nusbaum, CEO, Grant Thornton International Ltd When I look at senior managers, they use very simple, decisive and precise words, and deliver the message effectively. And they influence a lot of people this way. Jennice Zhu ACMA, Finance Director, Unilever, China

I think you need self confidence to say this is who I am, this is what I do. Shelly Lazarus, Chairman, Ogilvy & Mather Worldwide, USA You need to work out what youre good at, or what you want to be good at, develop that and make sure thats what comes across to others. Devika Mohotti ACMA, Business Operations Executive - AMS Growth Markets Unit, IBM, Australia I once thought I had to emulate my male bosses, but I dont think it is necessary. Things like professionalism, leadership, good risk taking and strategic thinking are not necessarily male characteristics. Claire Ighodaro CBE, FCMA, Non-Executive Director, Lloyds of London and trustee of the British Council

4. Get organised
Plan your career path in detail focusing on short-term and long-term goals. Prioritise your daily tasks and delegate where appropriate. Make the most of travelling time and catch up on study. Keep work and home life separate. Successful CEOs do three things: 1. They deliver results today. Make sure youre delivering results in your current role before worrying too much about your next job. 2. They have a vision for the future. Know what you want to do next and what you want to accomplish over the next several years. You dont have to figure out the rest of your career, but you should have a three to five year plan. 3. They build capabilities in their organisations. Be accountable to yourself for building your own capabilities. Continue to learn and develop yourself throughout your career. Thomas J. Falk, Chairman and CEO, KimberlyClark Corporation

3. Be true to yourself
Decide what success means for you and identify your career goals. Play on your strengths and dont feel the need to emulate colleagues. Find a leadership style youre comfortable with mentors can help with this. Find ways to manage stress take steps to stay physically and mentally healthy. Find a balance between work and home that works for you.

You really need to have a plan to achieve your career goals. You need a long-term goal and to turn this into smaller steps. Look at what youve already achieved and what you need to work on in the near future. Vivian Zheng ACMA, Strategic Planning Director, Nike, China

6. Characteristics of a good leader

The management accountants we interviewed shared many of the same views about the characteristics of a good leader. In summary, they believe that an effective leader needs to: understand the business and have a clear strategic vision communicate clearly with all levels of staff understand and respect their team have insight into what motivates people inspire and engage their team act as a guide and mentor lead by example be approachable, open and willing to listen to the advice of others be able to make important decisions and take responsibility for their actions accept limitations and continue to grow and learn uphold high standards of ethics and integrity. As you move up in the organisation, you have to be comfortable working with people at all levels. I deal with presidents and prime ministers, but I also spend a lot of time with students and new recruits. James Turley, Chairman and CEO, Ernst & Young Being a good leader is being a good human. Boonsiri Somchit-Ong FCMA, Corporate Vice President Finance, Advanced Micro Devices Global Services, Malaysia The world has seen what happens when we do our job well and when we dont. We are relevant what we do matters. James Turley, Chairman and CEO, Ernst & Young You have to know how to motivate people, so they have a clear sense of purpose, feel that they are part of the decision-making process, and are inspired to achieve common goals. Kenneth E. Baggett, Managing Principal and CEO, Reznick Group, P.C.

5. Never stop learning

Make time to study and keep abreast of developments. Make the most of in-house training and development opportunities. Keep learning through new challenges at work. Ensure that CPD/CPE requirements are met. The most important thing, is that we have to continue learning. Irelan Tam FCMA, Regional Finance Director, Johnson & Johnson, Medical Asia Pacific, Hong Kong Learn everything about the organisation, not just your particular area. Talk to everyone in the organisation. Get to know them, and what they do. Ed Nusbaum, CEO, Grant Thornton International Ltd Take on new challenges while youre still young and mobile and learn as much as possible and be humble along the way. You have to be like a sponge: when people give you information you just absorb it and dont try to act like youre smarter than them. Garris Chen FCMA, Vice President/ General Manager, DHL Asia, Malaysia You have to be open to learning, regardless of how much experience or education you have. People who fail assume they know everything. Ed Nusbaum, CEO, Grant Thornton International Ltd

SIX TIPS FOR FINANCE PROFESSIONALS WANTING TO MOVE UP THE CAREER LADDER

YOur ACTiON pLAN fOr CAreer suCCess

The following checklist is designed to help you evaluate and plan your career advancement.

Plan your career 1. 2. 3. 4. Determine what success means for you. Set long-term and short-term career goals and position yourself for the next step on the ladder. Seek career advice from people you admire in your own organisation or externally. If your long-term goal cant be achieved within your organisation, dont be afraid to move companies. Apply for interesting new opportunities, including overseas assignments, to expand your knowledge and skills. Choose an organisation with a good record for personal development and that encourages employees to aim high. Look for a job that fills you with passion.

5.

6.

7.

Find support 1. 2. Identify influential people and those who can help support your career. Set up a formal mentoring relationship, or set aside time to talk to supportive senior staff and role models. Investigate internal and external network groups. Find out about coaching opportunities.

3. 4.

Raise your profile 1. 2. 3. 4. Keep a record of your achievements and discuss them at appraisal meetings. Network widely and make yourself known among senior level staff and board members. Continually contribute and bring new ideas to the organisation. Take every opportunity to participate and be seen, for example, reporting back from group discussions. Discuss your career plans with senior managers. Get the support you need through training or mentors to develop confidence and assertiveness techniques.

5. 6.

Work smart 1. 2. 3. 4. 5. Develop your organisational and planning skills. Play on your strengths and find a leadership style youre comfortable with. Ask for advice when you need it, and share your own advice and knowledge with others. Never stop learning learn from your mistakes and from everybody you meet. Keep your knowledge up to date by reading professional journals or attending training courses for both the job you have and the one you want. Ensure you take your CPD/CPE requirements seriously.

6.

references and further reading

Breaking Glass: Strategies for tomorrows leaders, CIMA, 2010, www.cimaglobal.com/breakingglass Reflections from Asia Pacific leaders: strategies for career progression, CIMA, 2011, www.cimaglobal.com/women The Inside Track to Careers in Accounting, AICPA, 2010 http://tinyurl.com/36ot5c6

SIX TIPS FOR FINANCE PROFESSIONALS WANTING TO MOVE UP THE CAREER LADDER

Two of the worlds most prestigious accounting bodies, AICPA and CIMA, have formed a joint venture to establish the Chartered Global Management Accountant (CGMA) designation to elevate the profession of management accounting. The designation recognises the most talented and committed management accountants with the discipline and skill to drive strong business performance.

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American Institute of CPAs 1211 Avenue of the Americas New York, NY 10036-8775 T. +1 2125966200 F. +1 2125966213 Chartered Institute of Management Accountants 26 Chapter Street London SW1P 4NP United Kingdom T. +44 (0)20 7663 5441 F. +44 (0)20 7663 5442 www.cgma.org January 2012 CIMA has offices in the following locations: Australia, Bangladesh, Botswana, China, Ghana, Hong Kong SAR, India, Ireland, Malaysia, Nigeria, Pakistan, Poland, Russia, Singapore, South Africa, Sri Lanka, UAE, UK, Zambia, Zimbabwe.

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The Association of International Certified Professional Accountants, a joint venture of AICPA and CIMA, established the CGMA designation to elevate the profession of management accounting globally.