We’re thrilled to be joined by Jack McCullough, President of the CFO Leadership Council, for this episode of Controllers Classified. The discussion begins with a recap of Jack’s inspiring journey from being a rookie CFO in need of peer support to creating a thriving network & community of 2000+ CFOs across 33 chapters in North America.

The episode takes a deep dive into how accounting and finance professionals can think about growth and development. It starts first with a look at the evolving role of CFOs, and the rise of the CAO role to help with the more technical parts of accounting as the CFO takes on more operational responsibilities. Jack and Erik then discuss the challenges that accounting and finance leaders face today and what that means for the skill sets required to be successful in the role. Jack in particular highlights how more than ever accounting and finance professionals need to develop skills related to leadership, innovation, finance, and technology as they tackle challenges around keeping pace with technological evolution and retaining a high performing workforce.

The episode then pivots to a discussion on the importance of mentorship, sponsorship, and allyship, and how all play a role in creating a diverse and inclusive pipeline of accountants and finance professionals. Jack notes that one of the most impactful relationships he has in the workplace is a reverse mentorship where he learns from a finance professional of a younger generation.

To cap the episode off, Jack shares one of his favorite stories from his audit days & some of the more amusing expense reports that he has seen in his time. Whether you're a seasoned finance professional or just starting out, this episode is packed with valuable insights and engaging stories that can inspire how you choose to chart your path to growth.

Key Quotes

“CFOs no longer record history, they make history. The days of reporting what happened after it happened are gone.”
“Accounting is so much more complex even than it was 10 or 15 years ago, and by the way, the consequences for screwing up accounting are relatively severe, especially if you’re a public company or aspiring to be a public company”
“The best CFOs are embracing digital strategically, not just to reduce costs”
“Every CFO I talk to struggles with recruiting, retaining, and upskilling people”
“CFOs need to storytell like Warren Buffett. He inspires confidence and trust across audiences, which is a rare skill”
“I have a Gen Z reverse mentorship. I learn more from her than she from me”

Time Stamps

(00:00) CFO Leadership Council growth and expansion
(12:34) Evolving roles of CFOs
(21:40) Necessary CFO skills
(28:59) The importance of diversity
(38:48) Finance and accounting anecdotes

Links

Immune 65: Infection infidelities with Jonathan Kagan

Immune

Remember Everything You Learn from Podcasts