8 Tips for Navigating the Future of Finance

We’re all riding the waves of transformation, and let me tell you, the energy at ENGAGE 24 this summer was through the roof. Professionals from all corners of finance and accounting came together to dive deep into specific topics while also broadening our overall understanding of the profession.

Here are some pieces of advice that Barry Payne , a member of the AICPA & CIMA #ENGAGE planning committee, and I walked away with.

1. Shatter Expectations

Erik Weihenmayer , a world-class adventurer and the first blind person to reach the summit of Mount Everest, shared his story of resilience and breaking down barriers. His message about turning everyday struggles into everyday greatness is something we can all apply to our professional and personal lives.

You need to have the vision to dream big, the courage to reach for near-impossible goals and the grit to transform your life into something extraordinary.

2. Accelerate Excellence

Susie Wolff is the first female to set foot in a Formula One car and had to break down barriers in a very male-dominated sport. She emphasized the importance of clear communication, especially in our hybrid work environments, and drew parallels between the high-octane realm of car racing and the fast-paced finance world.

Precision, teamwork and calculated risk-taking apply to CFOs and the things they have to deal with today.

3. Focus on Talent

Samuel Munzele Maimbo from The World Bank and Christy Wright from Southwire Company discussed “Riding the Waves of Transformation.” As the waves keep coming, finance teams feel adrift in the water. They were incredibly vulnerable in sharing their experiences leading transformational change starting with talent. While there are “Three T’s” (talent, technology and transformation) that finance teams need to pay attention to, talent has to come first because you need the right skills and mindset before you can truly leverage technology and drive transformation.

It’s the people who make the technology and transformations work.

4. Become a Talent Destination

Ana-Maria Cornoiu FCMA, CGMA and Ruth Chu, CPA, CGMA from Volvo Financial Services discussed attracting, retaining and developing talent. Ana-Maria shared a 5-step framework for talent development that she’s piloting which aligns with CIMA’s CGMA competency framework. It’s quite structured and covers essential skill sets from technical and business acumen to leadership, digital and people skills.

These strategies are crucial for building a talent pipeline and ensuring that your organization remains competitive and innovative.

5. Embrace Apprenticeship Programs

Paul Young , CFO of Liberty Bank - CT , finds talent in non-traditional ways. His apprentice, Darryl Bonner II , is a former Marine who entered the finance world through an apprenticeship program, allowing him a career that may not have been previously open to him.

Looking beyond traditional talent pools brings fresh perspectives and skills into our organizations while creating opportunities for non-traditional talent to thrive in the finance profession.

6. Make the Inaccessible Accessible

Storytelling can bring financial data to life. Liz Barhydt, CMA, CPA showed finance professionals how to communicate more effectively with their stakeholders. By weaving narratives around the data, we can highlight key insights, explain the implications and drive strategic decisions. A well-told story can illuminate the context behind the numbers, making them not only easier to understand but also more impactful.

Our ability to tell a story with numbers can elevate our effectiveness and influence.

7. Develop Your Emotional Intelligence

Emotional intelligence (EQ) is crucial for effective leadership, especially in finance where technical skills often overshadow interpersonal skills. That was the basis of a session by Kristine Lemanski, CPA, CGMA, CMA titled “Confessions of an EQ-Challenged Finance Leader.” She’s the CFO of AssuredPartners , Aerospace and her candid discussion delved into the challenges she faced in developing her own EQ and how it transformed her leadership style. She highlighted the benefits of understanding and managing emotions, both in oneself and in others, to create a more collaborative and productive work environment.

Managing emotions is important for anyone striving to become a better leader since EQ can lead to better decision-making, improved relationships and a more resilient team.

8. Leverage AI and Technology

There were numerous sessions on AI and technological advancements, which highlights their growing importance in the finance profession. Each session explained how these technologies can provide a competitive edge and emphasized that staying current with these advancements is essential. We are entering an era of powerful tools that can improve efficiency and decision-making. It’s a reminder that:

We must continuously update our technical skills and embrace new technologies to enhance our work and stay ahead in a rapidly evolving field.

Navigate the Future of Finance

ENGAGE 24 was about more than insights. It provided us with actionable strategies to implement. Attendees were equipped with ideas for unparalleled growth opportunities, knowledge sharing between peers and lasting professional relationships. The lessons learned are a roadmap to help us navigate the future of finance.

The nature of our profession is dynamic and we have to stay adaptable and future-ready.