In a rapidly changing financial landscape, the role of the Chief Financial Officer (CFO) continues to evolve. Myles Corson, who leads the CFO advisory practice at EY and hosts the EY Better Finance podcast, shares valuable insights into this transformation. With nearly three decades of experience within one organization, Corson offers unique perspectives on the evolving responsibilities of financial leadership. His expertise covers the importance of vision in navigating disruptions, fostering communication skills, and preparing finance teams for technological transformations.

Corson emphasizes that CFOs must possess clarity about their organization’s value drivers and challenges while maintaining strong relationships with executive teams. Furthermore, he highlights the necessity of psychological safety during technology implementation and advocates for agility among finance professionals. His advice underscores the importance of foundational skills combined with adaptability, crucial for young accountants seeking a balance between work and personal life.

Myles Corson has spent nearly three decades working for one employer, an unusual feat in today’s corporate world. During this time, he has witnessed firsthand how the CFO role has transformed. One key aspect of this evolution involves adapting to new technologies and managing change effectively. According to Corson, successful CFOs are those who can articulate a clear vision and understand their business inside out. This understanding enables them to navigate disruptions successfully, ensuring sustained performance over the long term.

When it comes to implementing new technology within finance functions, Corson stresses the importance of communication. He explains that CFOs need to address both technical aspects and human elements during transitions. Studies indicate that 75% of CFOs have faced failed financial transformations, underscoring the complexity involved. To mitigate these risks, CFOs should ensure their teams comprehend the intended outcomes before proceeding. Moreover, they must create an environment where employees feel safe expressing concerns or frustrations.

Beyond technical skills, Corson believes that effective communication is paramount for modern CFOs. They serve as connectors within executive teams, bridging gaps through data-driven insights. In fast-paced environments, achieving consensus may not always be feasible; however, securing commitment towards a shared vision remains essential. By strengthening interpersonal connections within leadership groups, CFOs enhance organizational cohesion and resilience against external pressures.

For aspiring accountants concerned about maintaining work-life balance, Corson offers encouraging words. He acknowledges the diverse perspectives across generations regarding professional fulfillment. While early career experiences might seem challenging, they contribute significantly to skill development necessary for future success. With advancements in technology and increased demand for skilled professionals, opportunities abound for curious individuals willing to embrace change.

As organizations continue to adapt in response to global shifts, the evolving nature of the CFO role becomes increasingly significant. Myles Corson’s insights provide guidance on how financial leaders can prepare themselves and their teams for ongoing transformations. By focusing on vision, communication, and adaptability, CFOs position themselves as indispensable assets within their companies. The journey ahead requires fortitude, resilience, and a commitment to lifelong learning, qualities exemplified by Corson himself throughout his illustrious career.