We are pleased to share with you the updated work on Future Finance Leaders
BUFDG initially conducted research into the skills required for finance leaders several years ago. Following significant changes in the sector, this work has been reviewed once again over 12 months to create the latest guidance for aspiring finance leaders. Whilst most of the key recommendations remain similar, there is recognition that the role has evolved in the past 7 years and consequently so have the skills and attributes required of an effective finance leader.
Together with Phil McNaull, we conducted numerous interviews with VCs, Registrars, COOs, CFOs, Finance Directors, HR (Human Resources) Directors, Deputy Finance Directors, Assistant Finance Directors, and external recruiters. As part of the process, we also spoke with members who had worked externally to the sector, to capture learning from outside of the sector too.
In addition to the skills and attributes identified, the report also highlights (quite frankly) the challenges you might face when trying to develop as a senior leader, and, most importantly, the types of development activities and experience that will add value. This report and outputs can be used by all levels to form development plans - it's never too early to start.
There was a huge amount of content to digest and so we have split the content into four components:
This initial report shares the outputs of the interviewees with additional insight from Phil McNaull - a former Finance Director, Interim Director, HE Consultant and Coach. This initial report forms the basis for the attributes, skills and recommended development activities resource which follow.
Included in this report:
You can access the future finance leaders report here.
Here we capture all the skills identified to be an effective CFO. Context from the report and interviews are given for each skill listed.
Here we explore the abilities we can describe as 'attributes' or 'characteristics'. These have been identified in effective CFOs or are expected in future leaders.
Of course, this is not exhaustive and indeed all CFOs are individuals, but these are the attributes that translate to being effective in the eyes of key stakeholders.
In this final document you can find the recommended development activities aspiring finance leaders should be taking part in. This is guidance and intentionally left broad to allow individual members to find the activities suited to develop them for their current role, HEP and desired next role.
Within the documents are suggested 5 year plans, which we really encourage all aspiring finance leaders to complete.
You can access the recommended development activities for aspiring finance leaders here.
Any development at this level must be self driven and will be quite bespoke to the individual, their current position, circumstances, experience, aspirations and timescales. We are also aware of the challenges with HE at this time and so it is good to see so many of the recommend development activities are 'on the job'.
As a basis though, there is a useful principle of 70,20,10 which should be considered as you build your development plan (one of the recommended activities).
BUFDG already has a number of activities available, but we will be reviewing this through 2025, especially where we have key themes emerging.
For 2025 we would like to create a peer group of members who, having viewed the future finance leader report and its outputs, have a clear goal to become a future finance leader.
Depending on numbers we look to create some additional networking opportunities and other activities depending on the level of demand.
Please note, this will require support from your CFO or Finance Director.
Action Learning Sets are a fantastic development tool, In addition to Multi-Disciplinary Action Learning sets targeted at Deputy Director / Senior Leader level, we are now exploring the option of 'finance only' action learning sets for aspiring finance leaders.
Action learning is one of the best development activities you can participate in. It ticks the boxes for development, breadth of knowledge, networking, and leading a project, together with a return on investment by tackling a current business issue.
If you are interested in Action Learning, contact Rachel.
As identified in the finance leaders research, the DFD meetings are a valuable opportunity to gain a network and increase your breadth of knowledge and experience. For some members, these are 'not to be missed' events. Where engagement levels are high, we see a supportive network and a range of fascinating topics covered. We are always looking to better the meetings and make them as relevant as possible - if you have some ideas, get in touch with Rachel to offer your thoughts.
Mentoring is a fantastic way to learn through others - if done right! This can be a more structured mentoring programme, or something more informal, such as a meeting or call to support an individual looking to apply for a new role, for example. Whether it is ‘light touch’ or more structured and over a longer period, the same principles should apply.
We will be asking for more CFOs to become mentors in 2025 to support our aspiring finance leaders.
BUFDG works across the sector with many other organisations, a number of which have specialised development programmes which may suit individual members depending on their needs.
Examples include:
Advance HE: Transition to Leadership, Senior Women's Leadership Development Programme and Preparing for Senior Strategic Leadership.
Pilotlight: Matching individuals with charities with board level contributions - mutually beneficial for both parties.
A4S: Accounting for Sustainability Programme. Please contact Rachel if this is of interest as we will coordinate a BUFDG group.
At BUFDG, we have seen a number of our most engaged and involved members become our newest CFOs within the sector. This is no coincidence, as greater involvement leads to more networking (internal and external to the sector), shared learning and becoming 'known' across the sector. It also aids additional skills development in problem solving, communication and broader financial understanding to name a few.
You can see a full list of the opportunities to get involved below. For more ideas see the link below and contact the relevant BUFDG colleague.
If you have any questions, or would like to talk through anything - please contact Rachel.
