Being a leader
Women are usually more compassionate, and have a better listening ability.—Jasmin Harvey ACMA, Manager Risk and Sustainability, Qantas, Australia
Developing interpersonal and business skills alongside technical skills is vital for management accountants—male and female—who aspire to leadership roles. Research from the Cima Center of Excellence at the University of Bath School of Management found that the technical and business competencies required in advisory and management accounting roles are closely aligned to leadership competencies—far more so than in other finance roles. However, the study says, management accountants need to improve their communication, problem solving and business competencies in order to reach the top.
Top tips—never stop learning
· Make time to study and keep abreast of developments.
· Use Cima’s unique focus to gain a broad perspective on business.
· Make the most of in-house training and development opportunities.
· Keep learning through new challenges at work.
Women are more likely than men to demonstrate leadership traits.
—McKinsey & Company, 2008
The research shows that the role played by finance professionals is evolving, with more emphasis on activities that guide and support an organization’s strategic direction. Respondents from both East and West reported moves away from the traditional accounting operations and more in the direction of management support, though more of those in the West are already more focused on these “added value” activities.
Business and management skills
Skills usage—indicating frequent use of certain skills by gender in current role Jenny To’s experience illustrates why developing wider business and management skills is so important for leaders. “When I was promoted to managing director, it was a big challenge to move from finance into management. I now look after the business in Hong Kong and have my own sales and marketing teams. However, even when I was in a financial role, I wasn’t just looking at the numbers; I was involved with the management team and able to talk about different aspects of the business, for example, the sales strategy or the marketing strategy.”
Sandhya Rajapakse agrees: “Being in the finance field, one is always viewed as a blocker, the one who insists on control and regulations. It’s, therefore, important to gel well with the team and create solutions and value additions, and also have a thorough knowledge of the business apart from the technicalities of one’s role.” Irelan Tam explains how it‘s important to fit in with the culture of the organization. “You have to understand about the business objectives and strategic imperatives. For example, our company focuses on credo-based decision making, so we have to follow the suggested process in evaluating our investment opportunities.
“Also, we focus on creating value for our customers, so we have to partner with our sales and marketing department to understand the business process in fulfilling our customers’ requirements and not just finance.”
The last word goes to Boonsiri Somchit-Ong, who believes simply that, “being a good leader is being a good human.” For Garris Chen, developing people skills is imperative for aspiring leaders. “Management level is the time to develop your technical knowledge; when you get more senior, people skills are what’s important.”
Women’s leadership styles
Several studies have identified that women tend to lead in different ways from most men—and that these differences can have a positive impact on the organization’s success. Research from McKinsey found that women are more likely than men to demonstrate leadership traits that have a positive impact on corporate performance, including being inspiring, building collaborative teams, defining expectations and rewarding people. A study by US management consultants Caliper also identified a number of characteristics that distinguish women’s leadership styles from those of men. It found that women leaders:
· are more persuasive—more able to bring others round to their point of view.
· are more empathetic and flexible, as well as stronger in interpersonal skills.
· learn from adversity and carry on.
· demonstrate an inclusive, team-building leadership style of problem solving and decision making.
Similarly, the recent Cima gender-at- work survey, below, shows that women tend to use interpersonal skills—such as team working, conflict management, influencing and negotiating skills—more frequently than men in their jobs.
Top tips—raise your profile
· Be assertive and ask for what you deserve.
· Be proactive—speak up about your career ambitions and keep a log of your successes.
· Network widely to make yourself known.
· Play on your strengths and don’t feel the need to emulate male colleagues.
· Work on communication and presentation skills—for example, via training courses.
· Seize new responsibilities and opportunities.
More tips....
1. Keep a record of your achievements and discuss them at appraisal meetings.
2. Network widely and make yourself known among senior-level staff and board members.
3. Continually contribute and bring new ideas to the organization.
4. Take every opportunity to participate and be seen, for example reporting back from group discussions.
5. Discuss your career plans with senior managers.
6. Get the support you need—through training or mentors—to develop confidence and assertiveness techniques.
This regular weekly column from the UK-based, 90-year-old Chartered Institute of Management Accountants, or Cima, is meant to expand and enhance the diversity of views on current issues in the financial world, which has been facing some of its toughest challenges the past few years. Cima officers and members will take turns writing the Monday column. Cima is the organization behind the Global Business Challenge, meant to test the strategic business skills of students globally, part of Cima’s vision to develop future talent, and targeting university undergraduates.
