How do I become a powerfully built Finance Director?

[Josemartinez]

I'm hoping there is someone who has been in a similar position to me and made the step up to FD and has some tips on to do it.

I am currently a Financial Controller and want to make step up to Finance Director. I plan to stay in my current role another 2 years due to family reasons, and then try and make the step up.

What can I do in these 2 years to help me get to FD?

I have no interest in becoming FD where I am, staying 2 years is going to be a struggle as it is. I can't see the opportunity presenting itself anyway as I have made clear to all including the MD I want to be FD and they have said all the right things " you're the future of the business blah blah blah" but then completely ignore me when it comes to board, budget, audit, bank meetings etc.

[Mortarboard]

Network like a TikTok influencer.

Volunteer as treasurer for some local orgs/charities etc.

M.

[Mr_Megalomaniac]

Josemartinez said:

I'm hoping there is someone who has been in a similar position to me and made the step up to FD and has some tips on to do it.

I am currently a Financial Controller and want to make step up to Finance Director. I plan to stay in my current role another 2 years due to family reasons, and then try and make the step up.

What can I do in these 2 years to help me get to FD?

I have no interest in becoming FD where I am, staying 2 years is going to be a struggle as it is. I can't see the opportunity presenting itself anyway as I have made clear to all including the MD I want to be FD and they have said all the right things " you're the future of the business blah blah blah" but then completely ignore me when it comes to board, budget, audit, bank meetings etc.

Okay so qualifications and a few other key items:

• ACA/ACCA? Qualification experience background (Big4,etc)?
• Any consulting or accounting advisory experience? Treasury experience? R2R experience and other non-FC related items?
• Then look to management qualifications; INSEAD has some highly relevant management qualifications for finance professionals.
• Technology skillset at present is a hot topic, looking at understanding SQL, reporting platforms, controls design, etc.
• Regulatory knowledge and different regimes, tax, etc.

And all of that is before you start to sniff at an MBA.
The other thing I'd highlight is that often a move externally is more readily an opportunity to step up, although not always the case. Depends if your present MD is likely to exit or is happy where he is.

[gangzoom]

Josemartinez said:

I have made clear to all including the MD I want to be FD and they have said all the right things " you're the future of the business blah blah blah" but then completely ignore me when it comes to board, budget, audit, bank meetings etc.

So you went to an C suite Exec and told them you want to the a Director, and expect them to than hand you a path to board?

Why do you want to be Director? What does hierarchy mean to you? What make you better than the rest of your colleagues who also want to be a Director?

[Josemartinez]

Mortarboard - thank you for the suggestions. I hate networking but will have to suck it up. I thought I put it in my original post bit didn't, I have been Treasurer of a charity for just over a year for this reason and to give a bit back as I started out in a charity.

Mr_Megalomaniac

I became ACCA qualified 12 years ago not big 4 or practice trained though. Majority of my experience is social care so maybe I am best of going back to social care.

I will look into the management qualifications you mentioned.

Is an MBA that big a selling point? I only ask as I considered doing one (admittedly a few years ago) and spoke to various people including recruiters who said it wouldn't add anything as I'm ACCA.

Gangzoom - sorry I wasn't very clear in my original post. They had just sacked the FD so I met with the MD saying I'm interested in the job and would like at least an opportunity to interview for it. Given my role was advertised as FC with path to FD I don't think that's unreasonable. Turns out they had already interviewed for the role and the new FD started the next day.

I want to be the number 1 in finance whether that's Head of Finance, CFO or FD I don't really care about the job title, being listed on companies House, owning shares or anything else like that. I'm more interested in the number on my payslip and the number on the FD's payslip each month is double what's on mine.

[Mr_Megalomaniac]

Josemartinez said:

I have been Treasurer of a charity for just over a year for this reason and to give a bit back as I started out in a charity.

I became ACCA qualified 12 years ago not big 4 or practice trained though. Majority of my experience is social care so maybe I am best of going back to social care.

I will look into the management qualifications you mentioned.

Is an MBA that big a selling point? I only ask as I considered doing one (admittedly a few years ago) and spoke to various people including recruiters who said it wouldn't add anything as I'm ACCA.

Okay this is quite helpful. So the qualification is good, but worth noting that sector experience does count but at the same time it's actually worth trying to step into a more complex role (i.e. Banking, Insurance, FS, asset management, etc) first before trying to get the FD role - simple reason being that (and without being unkind) social care will have a perception of being a simple industry whereas something complex with naturally garner more gravitas in your subsequent role.

MBA is a divisive one; personally I think it plays when one is about ~30 and in a highly commercial role. But once one is more senior I actually think no one cares that much for one. Sure it might appear in a job description due to HR, but anyone senior/C-suite with an actual head on their shoulders knows it means very little above a certain threshold. I know a guy who has ACA, MBA, CFA, CGMA, MCSI very proudly pasted after his name but struggles to find any work above Senior Manager because it's all paper and very little substance. Most company leadership can tell once interviewing.

That all said, you're 12 years in. FC is not a bad spot to be but totally understand the FD ambition and given a ~2-year horizon to get it I think that's achievable. Although I still think moving into a complex field (defence, public sector, financial services) will give you a leg up for the subsequent move to FD.

[MustangGT]

For me (I'm an FCCA acting at board level, but not FD) the biggest thing I look for is experience in the extra areas of responsibility an FD has, such as strategic outlooks, potential investments analysis, working relationship with the banking institutions, a good knowledge of the specific industry and medium term outlook for that industry.

[Wacky Racer]

Start by going to the gym.

Don't run before you can walk.

[the cueball]

I've been in finance for just over 30 years, being a Finance Director for UK/European and Global companies for around 20 of them.

The market, especially in the UK is saturated with qualified accountants wanting to be a FD. In all my years, I been impressed with 2 of them, the rest have been too full of themselves and have been weak directors.

If you are "stuck" for another 2 years in your current role with a business that doesn't rate you enough to be #1.. Will the new FD let you do more? have you discussed a plan with them to allow you a seat a bit further up the trough, let you get involved in more of things you need experience in to be a FD?

Edited by the cueball on Friday 10th July 13:45

[gangzoom]

Josemartinez said:

I want to be the number 1 in finance whether that's Head of Finance, CFO or FD I don't really care about the job title, being listed on companies House, owning shares or anything else like that. I'm more interested in the number on my payslip and the number on the FD's payslip each month is double what's on mine.

So you're open about your motivation is to priorities your own financial gain as the reason why you want to be a director.

What do you think the main job for any Director in any organisation is?

There is nothing wrong with wanting to maximise your earning potential, but the purpose of a Director or Chief role is literally what it says. If you are interested in something beyond your pay check, it's worth giving some Leadership books a read. I've personally found that financial compensation is often a side effect of good effective leadership.

https://www.amazon.co.uk/Leaders-Eat-Last-Together...

[RDMcG]

I would try to do an outstanding job where I am in order to be able to demonstrate that you make a difference. I started at an ACA ,usual big firm experience and transferred abroad in my twenties; eventually joined a large company as chief accountant. I found that being aware of what projects were important and getting myself involved in them was a way to get noticed. Eventually got the Controllership, Chief Accounting Officer and so on but saw the tech revolution coming, got very involved in IT decisions and eventually got CIO which I carried to several companies. Lots of fun.

One VP said to me : "Doing your job well gets you retained, improving more than your formal role gets you noticed".

Agree on previous post on qualifications, but they are necessary but not sufficient . I have interviewed many applicants for senior roles, and my first question is about what difference they made recently, not ancient history. I have always looked for drive rather than raw intelligence. People who get things done. What is worrying your company now?...is AI on the way in for example ?...if so, have you already thought out a strategy to deal with it/. You don't have to be an expert, just very current about what is around you.

I switched careers in companies several times and the switch was good. You are often at your best in the first years when you bring something new to the table

[Somebody]

As you’ve found, luck has a huge part to play; need to be at the right place at the right time.

If I were in your shoes I would look to move sideways to a FC role in a large group with subsidiaries. Build your knowledge up there. In my experience, when a FD role becomes vacant, the group would want to play musical chairs and move people up around the group.

[Countdown]

Josemartinez said:

I'm hoping there is someone who has been in a similar position to me and made the step up to FD and has some tips on to do it.

I am currently a Financial Controller and want to make step up to Finance Director. I plan to stay in my current role another 2 years due to family reasons, and then try and make the step up.

What can I do in these 2 years to help me get to FD?

I have no interest in becoming FD where I am, staying 2 years is going to be a struggle as it is. I can't see the opportunity presenting itself anyway as I have made clear to all including the MD I want to be FD and they have said all the right things " you're the future of the business blah blah blah" but then completely ignore me when it comes to board, budget, audit, bank meetings etc.

Deputy FD here (FD in my previous 2 roles). I would suggest trying to take on as much of the FDs role as you can. Things like preparing papers for Board, audit committee, MTFS, etc. To be honest you’re probably doing this as FC anyway. Do you cover ALL if finance (eg sales ledger, purchase ledger, internal audit, external audit, banking, procurement, management accounting, year end, statutory reporting).

[InitialDave]

Josemartinez said:

What can I do in these 2 years to help me get to FD?

Post an awful lot of bullst on Linkedin while continuing to bench half as much as you claim to.

[Rob 131 Sport]

With this being a motoring forum, I would drive a car that shows ambition, but is also under typical FD level for the type of company you’re targeting.

A BMW 3 Series or a Mercedes C Class (under 3 years old) might be a good starting point.

[Blue_star]

Rob 131 Sport said:

With this being a motoring forum, I would drive a car that shows ambition, but is also under typical FD level for the type of company you re targeting.

A BMW 3 Series or a Mercedes C Class (under 3 years old) might be a good starting point.

I think this would make a great thread. Ive seen numerous entry level workers mess this up showing in cars more prestigious than the executives.

[NDA]

What is the size of your business?

I have promoted (and recruited) FD's in the dim and murky past. Leaving aside the qualifications, much of it came down to the chemistry between me, the board and the FD.

The larger the company, the tougher it is in my experience.

[Countdown]

Blue_star said:

Rob 131 Sport said:

With this being a motoring forum, I would drive a car that shows ambition, but is also under typical FD level for the type of company you re targeting.

A BMW 3 Series or a Mercedes C Class (under 3 years old) might be a good starting point.

I think this would make a great thread. Ive seen numerous entry level workers mess this up showing in cars more prestigious than the executives.

We re going off on a tangent here but do Execs really have the time or inclination to care what cars members of their team drive, much less remember this at interview AND let it affect their recruitment choices?

Given that more than 113%of PH is C-Suite has anyone here marked someone down for having a better car?

[Rob 131 Sport]

Countdown said:

Blue_star said:

Rob 131 Sport said:

With this being a motoring forum, I would drive a car that shows ambition, but is also under typical FD level for the type of company you re targeting.

A BMW 3 Series or a Mercedes C Class (under 3 years old) might be a good starting point.

I think this would make a great thread. Ive seen numerous entry level workers mess this up showing in cars more prestigious than the executives.

We re going off on a tangent here but do Execs really have the time or inclination to care what cars members of their team drive, much less remember this at interview AND let it affect their recruitment choices?

Given that more than 113%of PH is C-Suite has anyone here marked someone down for having a better car?

Whilst I appreciate that car hierarchy has become somewhat distorted with the EV thing, certain levels within a company would in my experience always drive a certain level of car.

For example as a Commercial Manager of a sizeable Construction Company, I drove a BMW 320i followed by a 520d. When I was appointed as a Commercial Director, I had a very well specified company provided 525i. My fellow Directors drove similar cars with one having a 5 litre XF.

With thoughts of being an FD in what I assume will be a sizeable company and driving (for example) a mid sized hatchback or non prestige larger car doesn’t present well.

[Countdown]

Rob 131 Sport said:

Countdown said:

Blue_star said:

Rob 131 Sport said:

With this being a motoring forum, I would drive a car that shows ambition, but is also under typical FD level for the type of company you re targeting.

A BMW 3 Series or a Mercedes C Class (under 3 years old) might be a good starting point.

I think this would make a great thread. Ive seen numerous entry level workers mess this up showing in cars more prestigious than the executives.

We re going off on a tangent here but do Execs really have the time or inclination to care what cars members of their team drive, much less remember this at interview AND let it affect their recruitment choices?

Given that more than 113%of PH is C-Suite has anyone here marked someone down for having a better car?

Whilst I appreciate that car hierarchy has become somewhat distorted with the EV thing, certain levels within a company would in my experience always drive a certain level of car.

For example as a Commercial Manager of a sizeable Construction Company, I drove a BMW 320i followed by a 520d. When I was appointed as a Commercial Director, I had a very well specified company provided 525i. My fellow Directors drove similar cars with one having a 5 litre XF.

With thoughts of being an FD in what I assume will be a sizeable company and driving (for example) a mid sized hatchback or non prestige larger car doesn t present well.

That’s completely normal and to be expected- there’s usually a correlation between earnings and car choice.

My question was more about people’s careers being damaged because they had a better car than senior management at their workplace.