In this powerful solo episode of The Diary of a CFO Podcast, host Wassia Kamon, CPA, unpacks one of the most debated career questions in finance:
Which track gets you into the CFO seat faster, Controllership or FP&A?
Drawing from her own journey and first-hand executive experience, Wassia reveals why the truth is more complicated than most think. She explains how controllers, FP&A leaders, and CFOs think differently, and why neither track alone fully prepares you for the leap to CFO.
Instead, it requires rewiring instincts, developing executive presence, and mastering a broader framework of readiness that goes beyond technical excellence.
Whether you’re an aspiring CFO deciding between accounting or FP&A, or a finance leader wondering what it takes to rise higher, this episode will give you clarity on the real skills and mindset shifts that determine who gets the top job.
Key Takeaways:
The Myth of the Faster Track: Both FP&A and Controllership build critical skills, but neither guarantees the CFO seat.
Different Wiring: Controllers focus on compliance, FP&A leaders focus on forecasts, but CFOs are judged on decisions and results.
Executive Rewiring Is Non-Negotiable: Credentials aren’t enough, you must think, communicate, and act like a CFO.
Executive Readiness Framework: Four pillars (Substance, Influence, Brand, and Network) plus two accelerators (Rewiring and Alignment).
Practical Steps to Prepare: Rotate roles, study CFO decision-making, build influence beyond technical expertise.
Noteworthy Quotes:
"It’s not which track you came from. It’s how fast you let go of it" – Wassia Kamon
“The leap is hard no matter where you start. That transition is brutal.” – Wassia Kamon
“The need to be technically impressive often gets in the way of being effective.” – Wassia Kamon
“CFOs don’t get rewarded for explanations, they get judged on action.” – Wassia Kamon
“Neither accounting nor FP&A on its own speeds up the path. What matters is how fast you rewire your instincts.” – Wassia Kamon
“The real challenge isn’t the track you take, it’s showing up as executive material.” – Wassia Kamon
Key Timestamps:
00:00 – Trailer & Introduction: Why the leap to CFO is so brutal
04:18 – Letting go of needing to “prove” yourself in the boardroom
08:33 – FP&A’s role: Forecast accuracy, storytelling, and advisory
09:56 – How CFOs must think: Risks, upside, and protecting the company
15:39 – Executive Readiness Framework: Substance, Influence, Brand, and Network
17:07 – Two accelerators: Rewiring instincts and alignment
18:38 – Accounting track vs. FP&A track: Strengths and roadblocks
21:27 – A challenge for aspiring CFOs: Stop and ask, “How would the CFO respond?”
Wondering if you're ready for the CFO role? Find out with the free CFO Readiness Scorecard: thecfo.scoreapp.com
📬 Have a question or topic suggestion?
Email: Ask@thediaryofacfo.com
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Instagram: https://www.instagram.com/wassiakamon/
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Transcripts:
00:00:00 --> 00:00:03 Which track gets you into the CFO seat faster?
00:00:03 --> 00:00:07 Controllership or FP &A? I spent more than a
00:00:07 --> 00:00:09 decade in both roles, and now as a CFO, I can
00:00:09 --> 00:00:12 tell you this. The leap is hard no matter where
00:00:12 --> 00:00:16 you start. In this episode, I will share why
00:00:16 --> 00:00:19 the transition to CFO is so tough, what I learned
00:00:19 --> 00:00:22 in my own first year as a CFO, and what really
00:00:22 --> 00:00:25 positions you as the obvious choice for top corporate
00:00:25 --> 00:00:28 finance roles wherever you are in your career.
00:00:32 --> 00:00:35 Welcome back to the Diary of a CFO podcast, the
00:00:35 --> 00:00:37 podcast where finance leaders share the lessons,
00:00:37 --> 00:00:40 challenges, and wins that shape their careers
00:00:40 --> 00:00:42 as well as their organizations. I'm your host
00:00:42 --> 00:00:44 with Sia Kaman, and today I'm super delighted
00:00:44 --> 00:00:48 to have just me on this episode. As I celebrated
00:00:48 --> 00:00:50 my first year as a CFO, I took some time to reflect.
00:00:51 --> 00:00:55 Over that year, I realized I had so, so much
00:00:55 --> 00:00:58 interactions with our CEO, our founders, the
00:00:58 --> 00:01:00 boards, investors, funders, than I ever did in
00:01:00 --> 00:01:04 my whole career. a few things became very clear
00:01:04 --> 00:01:08 to me. And that is, first, there's a ton of content
00:01:08 --> 00:01:10 out there about how to be great in FB &A, how
00:01:10 --> 00:01:13 to be a strong controller, even what the ideal
00:01:13 --> 00:01:15 CFO looks like, should think like, should be
00:01:15 --> 00:01:19 doing. But there's almost nothing about that
00:01:19 --> 00:01:22 transition to CFO. And that transition, I can
00:01:22 --> 00:01:25 tell you, is brutal. I mean, brutal. You hear
00:01:25 --> 00:01:28 me? I knew it would be a challenge. Don't get
00:01:28 --> 00:01:31 me wrong. I thought... I knew what to expect
00:01:31 --> 00:01:34 and I thought that my accounting and FPNA background
00:01:34 --> 00:01:38 will help me the most. And I was wrong. And even
00:01:38 --> 00:01:40 though my schedule is crazy, that's why I'm still
00:01:40 --> 00:01:43 making time to make this podcast and create tools
00:01:43 --> 00:01:46 to help aspiring CFOs. Cause I do believe with
00:01:46 --> 00:01:47 all the technology out there, all the knowledge
00:01:47 --> 00:01:49 out there, we should not be learning things like
00:01:49 --> 00:01:52 that the hard way. So that was the first thing
00:01:52 --> 00:01:55 that really clear to me how there is so much
00:01:55 --> 00:01:57 things about how you can become a great FPNA,
00:01:57 --> 00:02:00 how to be a strong controller. but not so much
00:02:00 --> 00:02:02 about how you can make that transition from FP
00:02:02 --> 00:02:05 &L controllership into the CFO role. And the
00:02:05 --> 00:02:08 second thing that I also realized was that I
00:02:08 --> 00:02:12 could now see why I struggled for so long to
00:02:12 --> 00:02:14 first be seen as the obvious choice with the
00:02:14 --> 00:02:18 CFO role, to be seen as executive material, to
00:02:18 --> 00:02:21 have a seat at those tables where I felt like
00:02:21 --> 00:02:23 I could do where I belong, but for some reason
00:02:23 --> 00:02:26 I wasn't there. And that was despite my deep
00:02:26 --> 00:02:29 background in both accounting and FBNA and all
00:02:29 --> 00:02:32 the letters behind my name. I remember getting
00:02:32 --> 00:02:35 ready for my first in -person board meeting and
00:02:35 --> 00:02:37 I barely slept the night before. I still barely
00:02:37 --> 00:02:40 sleep in that before board meeting anyway, but
00:02:40 --> 00:02:42 I was so stressed out the first time. And in
00:02:42 --> 00:02:44 my mind, I did everything I could to prepare.
00:02:44 --> 00:02:47 I had slick slides. I had reviewed every variance.
00:02:48 --> 00:02:51 I went into the accounting system myself to double
00:02:51 --> 00:02:54 check invoices. Like it was full blown FPNA missed
00:02:54 --> 00:02:58 controller mode, right? That VP of FPNA and controller
00:02:58 --> 00:03:01 was like fully came to the surface as I was preparing
00:03:01 --> 00:03:04 for this board meeting. And then I got into the
00:03:04 --> 00:03:10 room. Within minutes, it was clear that that
00:03:10 --> 00:03:13 wasn't what the board member cared about. They
00:03:13 --> 00:03:15 wanted judgment, choices, risk. And I really
00:03:15 --> 00:03:18 felt like how you present a board meeting when
00:03:18 --> 00:03:21 you just FP &A is very different than when you're
00:03:21 --> 00:03:23 presenting when you are the CFO, because every
00:03:23 --> 00:03:26 time you open your mouth, it's a different expectations.
00:03:27 --> 00:03:29 Yes, I was prepared for this, but what it really
00:03:29 --> 00:03:33 did for me is really level set and made me realize
00:03:33 --> 00:03:36 that the transition was going to be somehow different
00:03:36 --> 00:03:39 than what I thought. when it came to that transition.
00:03:40 --> 00:03:44 And one thing I had to let go and I decided to
00:03:44 --> 00:03:50 let go after that meeting was this. I had to
00:03:50 --> 00:03:55 let go. I had to learn how to walk into a boardroom
00:03:55 --> 00:03:59 and let go of needing to prove I earned the seat.
00:03:59 --> 00:04:04 I had to get comfortable. in being in those boardrooms,
00:04:04 --> 00:04:07 in those rooms with these executives, these very
00:04:07 --> 00:04:10 talented, top -notch board member, and let go
00:04:10 --> 00:04:14 of the need to be technically impressive. Because
00:04:14 --> 00:04:16 the need to be technically impressive, to be
00:04:16 --> 00:04:20 impressive in any way, often gets in the way
00:04:20 --> 00:04:24 of actually being effective and... focus on what
00:04:24 --> 00:04:27 matters most in those moment. So definitely letting
00:04:27 --> 00:04:29 go of that need to be impressive, letting go
00:04:29 --> 00:04:32 of that need to show that I deserve to be there
00:04:32 --> 00:04:35 and really focus on what matters. And that's
00:04:35 --> 00:04:38 also when it clicked for me that the real challenge
00:04:38 --> 00:04:41 isn't choosing between accounting and FP &A.
00:04:41 --> 00:04:45 or treasury or tax for that matter. The real
00:04:45 --> 00:04:49 challenge is rewiring how you think and how you
00:04:49 --> 00:04:53 operate so you can successfully make that leap
00:04:53 --> 00:04:55 to finance executive leadership. And I want to
00:04:55 --> 00:04:58 show you exactly what it looks like. So let me
00:04:58 --> 00:05:01 give you an example. Let's say that sales comes
00:05:01 --> 00:05:03 in. and wants to launch a new product with a
00:05:03 --> 00:05:05 different pricing structure. And as always sales
00:05:05 --> 00:05:08 and marketing, they're all excited and they say
00:05:08 --> 00:05:10 we'll unlock a new segment. Life will be great
00:05:10 --> 00:05:14 after this. What would be the natural first reaction
00:05:14 --> 00:05:17 of a controller hearing that? Oh Lord, these
00:05:17 --> 00:05:20 people again. How will we account for this? Oh,
00:05:20 --> 00:05:23 we probably need a new GL. What about revenue
00:05:23 --> 00:05:25 recognition? Oh, that will break our spreadsheet.
00:05:25 --> 00:05:27 How about billing? We're already struggling to
00:05:27 --> 00:05:30 close month 10. So no, I'm not filling this.
00:05:31 --> 00:05:33 That's how I thought, actually, when I was a
00:05:33 --> 00:05:36 controller and sales and marketing would come
00:05:36 --> 00:05:38 in with this great idea about changing things.
00:05:38 --> 00:05:41 Now, what about the head of FP &A? What about
00:05:41 --> 00:05:44 somebody in an FP &A role? When they hear the
00:05:44 --> 00:05:46 same scenario, what would they think? Hmm. Was
00:05:46 --> 00:05:49 this in the forecast already? If not, we probably
00:05:49 --> 00:05:52 need to update ASAP. Maybe it will help us close
00:05:52 --> 00:05:55 some of the variances we already have. I wonder
00:05:55 --> 00:05:57 what's the expected margin. I probably need to
00:05:57 --> 00:05:58 talk to someone in the business so I can figure
00:05:58 --> 00:06:01 out what are the things I need to include in
00:06:01 --> 00:06:04 my scenario and really update the model I have.
00:06:04 --> 00:06:06 Trying to find things like when is it going to
00:06:06 --> 00:06:08 break even, what would it mean for the next couple
00:06:08 --> 00:06:11 quarters, for the budget, so I'm on it. Now,
00:06:11 --> 00:06:14 what about the CFO? When they will hear something
00:06:14 --> 00:06:18 like this, they'll probably say, okay, good idea.
00:06:18 --> 00:06:21 But what's the upside here? What are the risks?
00:06:21 --> 00:06:24 Did this move the company forward or are we just
00:06:24 --> 00:06:27 adding noise? How and where will we know if it's
00:06:27 --> 00:06:31 working and how are we actually going to operationalize
00:06:31 --> 00:06:36 this so we can quickly pivot if we need to? See
00:06:36 --> 00:06:39 the difference. And here's why. Controllers are
00:06:39 --> 00:06:41 trained and rewarded for compliance, accuracy,
00:06:41 --> 00:06:44 and internal controls. What my job was as a controller
00:06:44 --> 00:06:47 was to make sure that nothing breaks in the system,
00:06:48 --> 00:06:50 that the clothes was clean so that FB &A treasury
00:06:50 --> 00:06:53 tax were happy. And off my back, the auditors
00:06:53 --> 00:06:56 were satisfied at year end and any media review
00:06:56 --> 00:06:59 they had that the IRS and other regulators would
00:06:59 --> 00:07:02 not come knocking. When I saw a new product,
00:07:02 --> 00:07:07 my reflex would be what could go wrong? Is my
00:07:07 --> 00:07:09 accounting system ready? Is my Sage or QuickBooks
00:07:09 --> 00:07:11 or whatever system you're using, are the systems
00:07:11 --> 00:07:15 ready? And at the end of the day, can my team
00:07:15 --> 00:07:18 do this? Do we have the bandwidth to do this?
00:07:18 --> 00:07:22 Because we already feel so tight on time. And
00:07:22 --> 00:07:24 I can tell you, as a controller, when you think
00:07:24 --> 00:07:27 like that, it doesn't mean that it's a lack of
00:07:27 --> 00:07:30 ambition or strategic thinking. But the reality
00:07:30 --> 00:07:33 is for controllers, that's how their whole career
00:07:33 --> 00:07:36 has been built. And it was on making sure that
00:07:36 --> 00:07:39 the foundation of financial reporting is bulletproof
00:07:39 --> 00:07:42 for everyone else who depends on those numbers.
00:07:43 --> 00:07:46 Now let's think about FP &A. FP &A leaders are
00:07:46 --> 00:07:48 measured on three things as well, timeliness,
00:07:48 --> 00:07:51 forecast accuracy, and business partnering. So
00:07:51 --> 00:07:53 their credibility comes from understanding the
00:07:53 --> 00:07:56 business and having great financial models so
00:07:56 --> 00:07:58 that the management and board reporting are on
00:07:58 --> 00:08:00 point. So when they hear a new product, new pricing,
00:08:01 --> 00:08:03 what will be their instinct? Does it feel what
00:08:03 --> 00:08:06 we already share with management team? Do I have
00:08:06 --> 00:08:08 the right information to update my forecast because
00:08:08 --> 00:08:11 their job is less about compliance and more about
00:08:11 --> 00:08:14 advisory? And I lived in both of this, like I
00:08:14 --> 00:08:18 said earlier, as a controller. I sat in a meeting
00:08:18 --> 00:08:21 and the only thing I could think about when product
00:08:21 --> 00:08:23 development was talking was like, we don't even
00:08:23 --> 00:08:26 have the system to do this. And then a couple
00:08:26 --> 00:08:29 of years later, I became finance manager at a
00:08:29 --> 00:08:32 larger pharmaceutical company, now in an FP &A
00:08:32 --> 00:08:35 role. And I was like, Ooh, I wonder how I can
00:08:35 --> 00:08:37 model this. I was excited. I was like, Ooh, maybe
00:08:37 --> 00:08:40 we can do this. We can do that. But now as CFO,
00:08:40 --> 00:08:42 if I was CFO today at that company, my instinct
00:08:42 --> 00:08:45 will be completely different. And that is because
00:08:45 --> 00:08:49 in the CFO seat, you are forced to think differently.
00:08:49 --> 00:08:53 A CFO has to support the business push for growth,
00:08:53 --> 00:08:56 but also think about how to protect from the
00:08:56 --> 00:08:58 bets that could sink the whole company long term.
00:08:59 --> 00:09:01 That means that you're looking at the same product,
00:09:01 --> 00:09:04 the same, but the thinking changed. It's the
00:09:04 --> 00:09:06 same situation, but the thinking is going to
00:09:06 --> 00:09:09 change. You'll be wondering, will this meaningfully?
00:09:10 --> 00:09:12 change our trajectory or will they distract us
00:09:12 --> 00:09:15 from where we're trying to go? If it works, what
00:09:15 --> 00:09:19 is the upside? If it fails, how much downside
00:09:19 --> 00:09:23 are we exposed to and how can we limit that risk?
00:09:23 --> 00:09:26 Because the wiring here is really what shifts
00:09:26 --> 00:09:30 you from record it or model it to how to serve
00:09:30 --> 00:09:33 and protect. How can you support the big moves
00:09:33 --> 00:09:36 that a company is doing while shielding it if
00:09:36 --> 00:09:40 those big moves do not work out? Ideally, that's
00:09:40 --> 00:09:44 the rewiring that needs to happen so you can
00:09:44 --> 00:09:46 first be seen as executive material because the
00:09:46 --> 00:09:48 kind of questions, the kind of reactions you
00:09:48 --> 00:09:51 will have will be different. And that's really
00:09:51 --> 00:09:53 what will allow you to make the leap into executive
00:09:53 --> 00:09:57 leadership, to VP director, CFO, CAO and up.
00:09:57 --> 00:10:01 And that wiring is hard because a lot of what
00:10:01 --> 00:10:05 we do are second nature. So you have to be very
00:10:05 --> 00:10:09 intentional and that's really what happened to
00:10:09 --> 00:10:11 me as well. So for years, I thought that more
00:10:11 --> 00:10:14 credentials, more certifications were the answer.
00:10:14 --> 00:10:16 I even had, I was quoting the Wall Street Journal
00:10:16 --> 00:10:18 a couple of years ago about how, you know, I
00:10:18 --> 00:10:20 was all about it and then realized that most
00:10:20 --> 00:10:22 of my superiors didn't even have all these letters
00:10:22 --> 00:10:25 behind their name, but they were there. I was
00:10:25 --> 00:10:27 reporting to them. And so I had all these letters
00:10:27 --> 00:10:30 behind my name. It still wasn't enough to be
00:10:30 --> 00:10:33 seen as executive material. And that's what that
00:10:33 --> 00:10:36 wiring did. And for me, it started, the shift
00:10:36 --> 00:10:39 happened for me when I started hanging out with
00:10:39 --> 00:10:41 more CFOs, with more executives. And I started
00:10:41 --> 00:10:45 asking myself, how would a CFO react here? By
00:10:45 --> 00:10:47 those interactions, I started to understand,
00:10:47 --> 00:10:50 what are the things that they're concerned about?
00:10:50 --> 00:10:51 Because as a controller, what you're concerned
00:10:51 --> 00:10:53 about is very different than the FPM, either
00:10:53 --> 00:10:57 treasury or marketing. It's really true for anywhere
00:10:57 --> 00:11:00 you are in the organization. And so when I started
00:11:00 --> 00:11:03 pausing, When I would hear things like that and
00:11:03 --> 00:11:07 think, hmm, how would a CFO react here? Before
00:11:07 --> 00:11:10 I opened my mouth in any meeting, that's when
00:11:10 --> 00:11:12 people started seeing me differently. Once I
00:11:12 --> 00:11:14 started doing that, I noticed that I got pulled
00:11:14 --> 00:11:17 into bigger conversations and not just accounting,
00:11:18 --> 00:11:20 cleanup, or forecast updates. People began trusting
00:11:20 --> 00:11:23 me with judgment calls. And that's when I started
00:11:23 --> 00:11:26 being more comfortable around executives, more
00:11:26 --> 00:11:28 comfortable speaking up. And that's really what
00:11:28 --> 00:11:31 opened the door. for the CFO role when he finally
00:11:31 --> 00:11:33 opened for me, because you have to show up that
00:11:33 --> 00:11:35 way in those interviews for the CEO and other
00:11:35 --> 00:11:38 people to want you on their team. So if you have
00:11:38 --> 00:11:40 spent your career proving the numbers, keeping
00:11:40 --> 00:11:43 the books clean and polishing models, I know
00:11:43 --> 00:11:46 it's second nature to stay there. When something
00:11:46 --> 00:11:49 happens, even if you are a CFO, the business
00:11:49 --> 00:11:51 will probably need you to go left. But because
00:11:51 --> 00:11:53 of how you were wired to doing your former roles,
00:11:53 --> 00:11:55 you probably go right because that's what you
00:11:55 --> 00:11:58 used to. I'll give you another example. Let's
00:11:58 --> 00:12:01 say the month closed and the margins are down
00:12:01 --> 00:12:04 by 200 basis point and it happens to be material
00:12:04 --> 00:12:07 in your company and nobody saw it coming. What
00:12:07 --> 00:12:10 will be the controller's first reaction? Oh no,
00:12:10 --> 00:12:13 we need to trace it back. Maybe we booked the
00:12:13 --> 00:12:16 overhead allocation wrong. Maybe, oh, probably
00:12:16 --> 00:12:19 let's go through invoices or crawls and see where
00:12:19 --> 00:12:22 the culprit is. Because as a controller, it's
00:12:22 --> 00:12:25 all about accuracy and control. If the numbers
00:12:25 --> 00:12:27 look off, you instinctively go in the wheat to
00:12:27 --> 00:12:30 find out what happened, what invoice and all
00:12:30 --> 00:12:32 that, because you have been trained and rewarded
00:12:32 --> 00:12:35 to make things that way. You are rewarded for
00:12:35 --> 00:12:38 certainty, for compliance, for no surprises.
00:12:38 --> 00:12:40 So the first thought that will come to you, where
00:12:40 --> 00:12:43 is the error? Where is the control gap? Did somebody
00:12:43 --> 00:12:46 break something in the policy or what happened?
00:12:47 --> 00:12:49 As a FP &A leader, when you hear the same thing,
00:12:50 --> 00:12:52 What would you think? Probably, okay, what drove
00:12:52 --> 00:12:56 this? Let's rerun the model, let's update the
00:12:56 --> 00:12:59 forecast and see how we can better explain this
00:12:59 --> 00:13:02 because that's not what we told people and we
00:13:02 --> 00:13:04 should have been the one kind of predicting it
00:13:04 --> 00:13:07 could happen. Because in FP &A, their credibility
00:13:07 --> 00:13:10 comes from explaining results and forecasting
00:13:10 --> 00:13:13 the future. So the reflex is to diagnose the
00:13:13 --> 00:13:16 driver, talk to the business so they can be comfortable
00:13:16 --> 00:13:19 explaining why it happened. They're rewarded
00:13:19 --> 00:13:22 for those insights, for the models, for the storytelling,
00:13:22 --> 00:13:25 for the numbers. The first thought will be that
00:13:25 --> 00:13:29 because they anchor in analysis because that's
00:13:29 --> 00:13:33 how they show value and influence budgets. A
00:13:33 --> 00:13:36 CFO may see the situation very differently because
00:13:36 --> 00:13:40 they'll probably wonder, hmm, is this a one -time
00:13:40 --> 00:13:44 blip or is it a start of a trend? What levers
00:13:44 --> 00:13:46 do we have right now to protect the quarter?
00:13:47 --> 00:13:49 And if it's a trend, what is a structural change
00:13:49 --> 00:13:52 we need to do right now before it snowballs?
00:13:53 --> 00:13:56 And here is why. Again, CFO don't get rewarded
00:13:56 --> 00:13:59 for just explanation of explaining why we have
00:13:59 --> 00:14:02 a variance. They get judged on action. They need
00:14:02 --> 00:14:06 to decide quickly, OK, this happened. OK, is
00:14:06 --> 00:14:08 it noise or is it a signal? And if it's a signal,
00:14:08 --> 00:14:10 what do we need to do about it? what at the level
00:14:10 --> 00:14:13 we can immediately start looking at and preparing
00:14:13 --> 00:14:16 the company for the shift. And that's again,
00:14:17 --> 00:14:19 the rewiring I've been talking about that needs
00:14:19 --> 00:14:23 to happen for that smoother transition to a CFO
00:14:23 --> 00:14:26 role. Because in the CFO seat, you can't just
00:14:26 --> 00:14:29 stop when something like this happened to just
00:14:29 --> 00:14:31 find the error and get into the weeds of where
00:14:31 --> 00:14:33 is the invoice, who booked the allocation and
00:14:33 --> 00:14:36 all that. Or think about the model. You likely
00:14:36 --> 00:14:39 have a team that can help you do that, but You
00:14:39 --> 00:14:43 have to think about what is a judgment call I
00:14:43 --> 00:14:45 need to do right now. Does it change the game?
00:14:46 --> 00:14:48 What do we need to do about it now? There's no
00:14:48 --> 00:14:51 time for modeling and all these things. You have
00:14:51 --> 00:14:54 to think decision -wise. You have to be more
00:14:54 --> 00:14:57 decisive. You are not just an advisor to the
00:14:57 --> 00:15:00 business partner that owns a P &L, right? Because
00:15:00 --> 00:15:03 maybe in your FP &A role, you are the business
00:15:03 --> 00:15:06 partner to a unit division CEO, and you don't
00:15:06 --> 00:15:09 really own the financials they do. but you help
00:15:09 --> 00:15:11 them out. As a CFO, you own the whole financial
00:15:11 --> 00:15:13 statements, so it's a different game. And that's
00:15:13 --> 00:15:17 why the transition to CFO is just as hard whether
00:15:17 --> 00:15:19 you have an FP &A background or an accounting
00:15:19 --> 00:15:23 background. So the question is, what fully prepares
00:15:23 --> 00:15:27 you for the CFO seat? Well... It isn't just being
00:15:27 --> 00:15:29 great at accounting or FP &A because these are
00:15:29 --> 00:15:31 stable stakes, right? So what really makes you
00:15:31 --> 00:15:35 the obvious choice is how fast you can rewire
00:15:35 --> 00:15:38 those instincts and be seen as executive material.
00:15:38 --> 00:15:41 And that's why I built what I call the executive
00:15:41 --> 00:15:44 readiness framework. It is made of four pillars
00:15:44 --> 00:15:47 that boards and CEO and recruiters constantly
00:15:47 --> 00:15:51 look for. Executive substance. influence, brand,
00:15:51 --> 00:15:54 and network. And there are also two accelerators
00:15:54 --> 00:15:57 that accelerate, that multiply all of it. And
00:15:57 --> 00:15:59 that is the rewiring we've been talking about
00:15:59 --> 00:16:03 and alignment. So here's to give you a better
00:16:03 --> 00:16:06 overview of that framework. Executive substance.
00:16:06 --> 00:16:09 That's the depth and the scope of your track
00:16:09 --> 00:16:12 record. What do you have to substantiate the
00:16:12 --> 00:16:14 level at which you want to operate? Your executive
00:16:14 --> 00:16:19 influence Your ability to shape decisions and
00:16:19 --> 00:16:22 drive outcomes. Your executive brand. How do
00:16:22 --> 00:16:26 you show up as an executive person, period, incredible,
00:16:27 --> 00:16:30 whether it's online and offline, and then your
00:16:30 --> 00:16:33 network, your executive network. The people who
00:16:33 --> 00:16:35 you know, you trust, and it can open doors for
00:16:35 --> 00:16:38 you you didn't even know existed. And then you
00:16:38 --> 00:16:40 have the accelerators, the rewiring, and the
00:16:40 --> 00:16:43 alignment, which we can cover later. Together,
00:16:44 --> 00:16:46 this is a package that takes you from technical
00:16:46 --> 00:16:50 expert to trusted finance executive. So I created
00:16:50 --> 00:16:52 an online assessment that you can take today
00:16:52 --> 00:16:55 to see how you score on the core pillars of this
00:16:55 --> 00:16:58 framework. It's called the CFO Readiness Scorecard.
00:16:59 --> 00:17:00 Don't worry, it's not about testing whether you
00:17:00 --> 00:17:02 can reconcile the books or build a forecast.
00:17:02 --> 00:17:05 You already know how to do that. It's about showing
00:17:05 --> 00:17:08 whether you are being recognized as executive.
00:17:08 --> 00:17:11 material. The scorecard is free and you can take
00:17:11 --> 00:17:14 it today. The link is in the show notes, or you
00:17:14 --> 00:17:17 can also access it at the diary of a CFO that
00:17:17 --> 00:17:20 comes last resources. Now back to the question
00:17:20 --> 00:17:24 we started with, which track gets you to the
00:17:24 --> 00:17:28 CFO seat faster? Controllership or FPNA? The
00:17:28 --> 00:17:31 truth is neither of them can give you speed on
00:17:31 --> 00:17:34 its own. If you come off your controllership
00:17:34 --> 00:17:36 to the accounting route, you have often seen
00:17:36 --> 00:17:39 as a safe pair of hands. You're technically strong,
00:17:39 --> 00:17:42 you're excellent at controls and compliance.
00:17:42 --> 00:17:44 The roadblock you will have to overcome is a
00:17:44 --> 00:17:47 perception of you not being strategic enough,
00:17:48 --> 00:17:51 of you being too technical. And can you even
00:17:51 --> 00:17:54 think beyond month and close? Now, if you come
00:17:54 --> 00:17:56 to FBNA, you have a slight edge because you're
00:17:56 --> 00:17:58 often seen as more strategic because you're closer
00:17:58 --> 00:18:01 to the business. And you probably been in those
00:18:01 --> 00:18:03 board meetings around executives, but the roadblock
00:18:03 --> 00:18:06 you will need to overcome is your decisiveness
00:18:06 --> 00:18:10 and business acumen that are needed at that CFO
00:18:10 --> 00:18:12 level. Because again, you're no longer just advising
00:18:12 --> 00:18:14 and making recommendations. You have to own it
00:18:14 --> 00:18:18 because you own it all. You own the whole financial
00:18:18 --> 00:18:21 statements. Both paths build critical skills
00:18:21 --> 00:18:25 in the role. No doubt. Okay. So. I do recommend
00:18:25 --> 00:18:29 if you can, do a rotation in both functions if
00:18:29 --> 00:18:31 you're early in your career, but you can always
00:18:31 --> 00:18:33 take some kind of course to help you understand
00:18:33 --> 00:18:36 the key concept in H. So for example, if you
00:18:36 --> 00:18:38 came to the accounting route, take a few courses
00:18:38 --> 00:18:41 to learn more about FP &A, try some that are
00:18:41 --> 00:18:43 more practical and have case studies so you can
00:18:43 --> 00:18:47 learn. I'm a guest faculty at the Wharton FPNA
00:18:47 --> 00:18:50 certificate, will be biased to recommend it,
00:18:50 --> 00:18:53 but there's also a lot of other courses out there
00:18:53 --> 00:18:57 like at CFI and other places. But the key here
00:18:57 --> 00:18:59 is that you do not need to quit your job and
00:18:59 --> 00:19:02 go take a lower level job at a different function
00:19:02 --> 00:19:04 to get that knowledge. There's plenty of resources
00:19:04 --> 00:19:07 for you to elevate what you already have. And
00:19:07 --> 00:19:10 the same goes for somebody in FP &A. You need
00:19:10 --> 00:19:12 to understand the basics of accounting and how
00:19:12 --> 00:19:14 the three core financial statements, P &L, balance
00:19:14 --> 00:19:17 sheet, cash flow comes together so you can know
00:19:17 --> 00:19:19 better how to model forecasts moving forward.
00:19:20 --> 00:19:22 But once you're in the CFO role, you are probably
00:19:22 --> 00:19:25 overseeing accounting. NFB &A. So regardless
00:19:25 --> 00:19:27 of which route you came through, you will have
00:19:27 --> 00:19:30 to manage at that level. So it's good to have
00:19:30 --> 00:19:33 that knowledge regardless. But the key again
00:19:33 --> 00:19:36 to remember here as we think about acceleration
00:19:36 --> 00:19:39 into the CFO role is that it's not the track
00:19:39 --> 00:19:43 itself. It's really how quickly you can rewire
00:19:43 --> 00:19:46 your instinct and show up as executive material.
00:19:46 --> 00:19:49 So don't forget to take a CFO readiness assessment.
00:19:49 --> 00:19:51 At the end, it will give you some recommendations
00:19:51 --> 00:19:54 on how you can improve the four pillars based
00:19:54 --> 00:19:56 on your score. Again, you can find it in the
00:19:56 --> 00:19:59 link in the show notes and all the podcast website
00:19:59 --> 00:20:02 at the diary of a CFO that comes slash resources.
00:20:02 --> 00:20:05 I do have a challenge for you today, and that
00:20:05 --> 00:20:07 is the next time you catch yourself reacting
00:20:07 --> 00:20:10 like a controller or an FB, I know in treasury,
00:20:10 --> 00:20:13 I want you to stop and ask. How would the CFO
00:20:13 --> 00:20:15 respond here? If you don't know, yes, there is
00:20:15 --> 00:20:17 charging PT, but the best way to do it is through
00:20:17 --> 00:20:21 networking. Do you have any CFO friends, even
00:20:21 --> 00:20:24 your current CFO? Watch how they react. Take
00:20:24 --> 00:20:27 notes. Because that's the rewiring that board
00:20:27 --> 00:20:30 CEOs and executive recruiters are really watching
00:20:30 --> 00:20:33 for, especially when they're trying to hire a
00:20:33 --> 00:20:35 first -time CFO. That was my case. I know for
00:20:35 --> 00:20:38 a fact. And that's what really is going to make
00:20:38 --> 00:20:41 you the obvious choice for top finance roles,
00:20:41 --> 00:20:43 no matter where you started. Thanks again for
00:20:43 --> 00:20:47 tuning in. I'm super, super grateful that we
00:20:47 --> 00:20:50 are almost one year into the podcast at the time
00:20:50 --> 00:20:53 of the recording. Celebrating my one year CFO
00:20:53 --> 00:20:55 -versary, if I can say, and incredibly grateful
00:20:55 --> 00:20:57 for the people I have in the podcast, how much
00:20:57 --> 00:20:59 I've learned and all the love you guys have been
00:20:59 --> 00:21:01 showing me, even though you can still show some
00:21:01 --> 00:21:05 more love in terms of subscribing, liking, and
00:21:05 --> 00:21:10 resharing the content. See you soon. And that's
00:21:10 --> 00:21:13 it for today's episode of the Diary of a CFO.
00:21:13 --> 00:21:16 Thank you so much for tuning in. If you enjoyed
00:21:16 --> 00:21:19 the show, don't forget to like, review, subscribe,
00:21:19 --> 00:21:23 and share with others. Our website is thediaryofacfo
00:21:23 --> 00:21:26 .com. That's where you can find all the episodes,
00:21:27 --> 00:21:29 access all the guest profiles, see their bios
00:21:29 --> 00:21:33 and the social media links. It is also the place
00:21:33 --> 00:21:35 where you can apply to be a guest on the podcast
00:21:35 --> 00:21:38 and have information about how you can sponsor
00:21:38 --> 00:21:41 the show. As always, if there is any topic you'd
00:21:41 --> 00:21:45 like me to cover in the future, just email me
00:21:45 --> 00:21:48 at ask at the diary of a CFO .com. Again, the
00:21:48 --> 00:21:52 email is ask at the diary of a CFO .com. See
00:21:52 --> 00:21:52 you soon.