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gether with a one bank customer-focused mindset.” As finance broadens its
to company success. We know that we’re all in it to-

Due to these and other factors, the very nature of reach, maintaining a sense
EVOLVING EXPECTATIONS
the CFO’s job is being reconsidered. Young regards
what’s happening in business in real time, but you of unity within the team
CFOs as chief future officers. “You have to see

also must have the foresight to look ahead and
will react under various scenarios,” he said. For ex- also gains importance.
anticipate what will happen and how the business
ample, at a bank like his, the net interest margin is
critical and strongly affected by the Federal Reserve
Board’s actions as it attempts to rein in inflation. As picture of where the organization stands and what
a result, his organization is concerned about issues lies ahead.
such as the potential impact of the depth and dura- CFOs also have a unique perspective to add
tion of a possible recession that might result from when decisions are being made. “When you’re the
the Fed’s actions. “The ability to forecast quickly trusted adviser and at the leadership table, you can
and perform scenario planning with the right question the status quo and present data to support
technology is very important,” he said. your arguments,” Furr said. “It’s healthy to have
Foresight is only one of the capabilities CFOs someone on the leadership team who is able to do
are now expected to offer. “Collaboration and that. And what better person than the CFO?”
understanding of the business — that’s where you
provide value,” Furr said. “It’s very exciting to be in THE NEED FOR NEW SKILLS
a position where you know what’s going on in all The days of working at a single company in the
the different departments.” same role using the same skills for 30 or more
In other words, the CFO is being called on to years have faded well into the past. As a model for
be a change agent who can help drive new initia- today’s CFO, Hood points to the T-shaped profes-
tives and a storyteller who can paint a meaningful sional, someone with business, people, leadership,

The T-shaped finance/accounting professional
Boundary-crossing competencies

WIDE
Leadership and Anticipation and Strategic and critical thinking; Communication Integration and
sensemaking serving evolving needs synthesizing intelligence to insight and storytelling collaboration

Business skills People skills Agile Leadership skills Digital skills
DEEP
Technical and
functional;
knowledge and
expertise
Data and tech savvy

Ethics, integrity, and professionalism Source: AICPA & CIMA.

journalofaccountancy.com March 2023 | 9