Career Path in Finance by kwr59667

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									FI to CFO Career Path
    Presentation to
FMI Manitoba Chapter
  February 12, 2007
                        1
    Presentation Overview
   Context and Objective
   Background
   Detailed discussion of the FI to CFO
    Career Path template
   FI Community recruitment and
    development
   Questions?
                   Presentation by Emer Mullan to
                       FMI Manitoba Chapter         2
    Context and Objective
   SFFOs have both individual and collective leadership
    responsibility for FI community
   Current process not working
   SFFOs have decided to take control and manage the FI
    community
   CFO model will have ripple effect on entire
    organization below CFO
   In general, FIs being promoted too quickly without
    adequate experience
   Need to manage expectations of new recruits
   Need to develop future CFOs
   Need a roadmap that reflects the collective wisdom of
    the senior leadership of the FI community
                       Presentation by Emer Mullan to
                           FMI Manitoba Chapter             3
    SFFO Council Strategic Objective
   To facilitate building a sustainable FI
    functional expertise and capacity to
    support the next generation of public
    service management




                   Presentation by Emer Mullan to
                       FMI Manitoba Chapter         4
    Background
   January 2006 – FI Working Group formed with
    Bill Carrothers as Chair and Emer Mullan was 1
    of 15 other members
   FI Working Group was to develop a career path
    that, in the opinion of senior leaders within the
    SFFO community, is the ideal to prepare an FI
    to become a CFO
   Capture collective wisdom and wealth of
    practical experience
                      Presentation by Emer Mullan to
                          FMI Manitoba Chapter          5
  Detailed Description of the FI
  to CFO Career Path
The FI to CFO Career Path will:
 Focus on career leading to CFO, but we
  recognize there are other specialized FI
  career paths
 A roadmap and guide for managers and
  FIs to understand expectations in
  career planning

                 Presentation by Emer Mullan to
                     FMI Manitoba Chapter         6
    Detailed Description of the FI
    to CFO Career Path
   SFFO Council FI to CFO career path is
    generic, but we recognize significant
    differences exist between departments
   Career path populated by work group with
    achievement requirements at each FI level
   Lively and engaging discussion by work group
    members
   Range of opinions on some issues
   Objective was to obtain the opinion of the
    SFFO community
                    Presentation by Emer Mullan to
                        FMI Manitoba Chapter         7
  Detailed Description of the FI
  to CFO Career Path
Assumptions and Constraints
 Other occupational groups perform finance function
  (AS,ES,CR) but our focus on FIs
 Path relevant for non-FIs aspiring to become CFO
 Underlying assumption – Four levels for FI
  occupational group
 Focus on vision rather than current challenges
  constraining the development of this path
 Transition management will be formidable process

 First we must know where we are going then take
  stock of where we are and then address the
  management of the transition

                                                       8
  Detailed Description of the FI
  to CFO Career Path
FI to CFO Career Path has 8 attributes:
1.   Years in Level
2.   Education *
3.   Professional Accreditation
4.   Bilingual Capacity
5.   Experience – functional *
6.   Experience – breadth *
7.   Management Skills *
8.   Competencies *
* Denotes attributes with sub-components

                      Presentation by Emer Mullan to
                          FMI Manitoba Chapter         9
  Detailed Description of the FI
  to CFO Career Path
Table Structure:
 Each cell indicates skill required for promotion
  to the applicable FI level as indicated on the
  horizontal axis
 Levels: FI-01 to FI-04, EX Other refers to an
  EX in a specialist area other than a CFO or
  Deputy CFO position
 EX-DCFO refers to an EX in a Deputy CFO
  Position
 EX-CFO refers to an EX in a CFO Position


                    Presentation by Emer Mullan to
                        FMI Manitoba Chapter         10
     Detailed Description of the FI
     to CFO Career Path
1.   Years in Level
    Years an FI typically requires at each level
     to acquire skills required to advance to next
     level
    Assumes FIs will not stay in a single
     function for length of time indicated but will
     change functions during that period to get
     range of experience required

                     Presentation by Emer Mullan to
                         FMI Manitoba Chapter         11
     Detailed Description of the FI
     to CFO Career Path
2.   Education
    Formal education required to qualify for FI level
     indicated
    a) community college or part of undergraduate degree
     (FI-01)
    b) undergraduate degree, preferably in finance or a
     related field is essential for an FI-01 to become an FI-
     02 if they do not have professional accreditation
    c) post graduate degree will improve capacity for
     strategic thinking but work group did not consider this
     essential
    NA means not applicable as Professional accreditation
     is essential at the FI-03 level

                         Presentation by Emer Mullan to
                             FMI Manitoba Chapter               12
  Detailed Description of the FI
  to CFO Career Path
3. Professional Accreditation
 This is defined as a CA, CMA or CGA
  with the FI being a member in good
  standing
 Essential to become an FI-03




                Presentation by Emer Mullan to
                    FMI Manitoba Chapter         13
     Detailed Description of the FI
     to CFO Career Path
4.   Bilingual capacity
    “As required” indicates Official Language
     policy drives language requirements
    Some regions designated unilingual even up
     to FI-04 but OL policy must be respected
    Bilingualism at CBC level is essential beyond
     FI-04


                    Presentation by Emer Mullan to
                        FMI Manitoba Chapter         14
     Detailed Description of the FI
     to CFO Career Path
5.   Functional experience
    Six distinct sub functional areas in Finance
    To become a CFO, FIs need diversity of experience
     and knowledge, as CFO must speak with authority
     in all functional areas
    Experience in both 5a Financial Planning and
     External Reporting and 5b Internal Resource
     Management prior to the EX level
    Essential for FIs to gain experience in two of four
     remaining areas prior to EX level (Accounting
     Operations, Financial Systems, Financial Policy,
     and Costing)
                       Presentation by Emer Mullan to
                           FMI Manitoba Chapter            15
     Detailed Description of the FI
     to CFO Career Path
6.   Experience – Breadth
    Experiential profile for ADMs well developed – WG
     built hybrid of this with six sub components
     (1) Program Delivery
     (2) Departmental Diversity
     (3) Central Agency
     (4) Regional
     (5) Complexity
     (6) Managerial



                      Presentation by Emer Mullan to
                          FMI Manitoba Chapter           16
  Detailed Description of the FI
  to CFO Career Path
Experience – Breadth (continued)
(1) Program Delivery:
   CFOs expected, at some point in career, to
    manage a program delivering services
   Essential for promotion to DCFO & CFO
    level
   Experience in an administrative function in
    support of program delivery not considered
    adequate

                   Presentation by Emer Mullan to
                       FMI Manitoba Chapter         17
 Detailed Description of the FI
 to CFO Career Path
Experience – Breadth (continued)
2. Departmental Diversity
  CFO requires experience in small,
   medium and large departments to
   understand finance issues and gain
   different perspectives
  Essential for promotion to FI-04
               Presentation by Emer Mullan to
                   FMI Manitoba Chapter         18
  Detailed Description of the FI
  to CFO Career Path
Experience – Breadth (continued)
3. Central Agency
  Experience required for FIs to
   understand inner workings of
   government and extend personal
   network
  Essential for CFO to have 12 to 18
   months experience
                Presentation by Emer Mullan to
                    FMI Manitoba Chapter         19
 Detailed Description of the FI
 to CFO Career Path
Experience – Breadth (continued)
4. Regional
  CFO require experience in a region
  Experience should include
   communications with senior staff in
   other levels of government
  Essential for promotion to FI-04 level
                Presentation by Emer Mullan to
                    FMI Manitoba Chapter         20
  Detailed Description of the FI
  to CFO Career Path
Experience – Breadth (continued)
5. Complexity
  CFOs require extensive experience in
   the full range of financial management
   activities including operating funds,
   capital, and grants and contributions
  Essential for promotion to FI-04 level
                Presentation by Emer Mullan to
                    FMI Manitoba Chapter         21
  Detailed Description of the FI
  to CFO Career Path
Experience – Breadth (continued)
6. Managerial
  Government’s new definition of
   manager is a person who has both
   delegated staffing authority and
   delegated financial signing authority
  Essential for promotion to FI-03 level
                 Presentation by Emer Mullan to
                     FMI Manitoba Chapter         22
Detailed Description of the FI
to CFO Career Path
7.   Skills
     (a) Oral and written communications
     (b) Risk Management
     (c) Negotiation skills/integration
     function



               Presentation by Emer Mullan to
                   FMI Manitoba Chapter         23
      Detailed Description of the FI
      to CFO Career Path
7.    Skills (continued)
(a)   Oral and written communications
     As functional specialists CFOs must communicate
      effectively at top end of communication scale
     Required for CFOs to facilitate negotiations and
      convey information to senior management
     Intermediate level for FI-01 and FI-02
     Strong level for FI-03 and FI-04
     Advanced level for EX


                       Presentation by Emer Mullan to
                           FMI Manitoba Chapter          24
Detailed Description of the FI
to CFO Career Path
7.   Skills (continued)
(b) Risk Management
    Prominent in modern comptrollership
    As a functional specialist, CFO must advise and
     speak competently on the integrated risk
     management policy of the government
    Ability (especially when faced with uncertainty) to
     make sound decisions and work effectively
    Intermediate level for promotion to FI-02
    Strong level for promotion to FI-03
    Advanced level for promotion to EX

                    Presentation by Emer Mullan to
                        FMI Manitoba Chapter               25
Detailed Description of the FI
to CFO Career Path
7.  Skills (continued)
(c) Negotiation Skills/Integration Function
   “Honest broker” role of CFO, the capacity to
    mediate divergent points of view within an
    organization
   Integrating non financial results with
    financial results
   Intermediate level for promotion to FI-03
   Strong level for promotion to FI-04
   Advanced level for promotion to EX
                Presentation by Emer Mullan to
                    FMI Manitoba Chapter         26
     Detailed Description of the FI
     to CFO Career Path
8.   Competencies
     Seven competencies as defined by PSHRMAC for
     managers (see separate attachment for
     explanations)
     (a) Values and ethics
     (b) Strategic thinking – Analysis
     (c) Strategic thinking – Ideas
     (d) Engagement
     (e) Management excellence – Action
     (f) Management excellence – People
     (g) Management excellence - Finance

                     Presentation by Emer Mullan to
                         FMI Manitoba Chapter         27
     FI Community recruitment and development

1.    FI Population Statistics
2.    Financial Officer Recruitment and
      Development Program (FORD/IARD)
3.    FI-03 FI-04 Development Pilot Project
4.    FI-03 FI-04 External competition
5.    AEXDP
6.    EX-03 Recruitment
7.    CMA/CIPFA Designation
8.    CSPS – 20 courses in financial management
      and comptrollership
                    Presentation by Emer Mullan to
                        FMI Manitoba Chapter         28

								
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