How to shorten the learning curve as a new CFO

February 13, 2023

McKinsey & Company shares its years of experience supporting CFOs at large organizations to compile 7 practices to jump-start the success of first time CFOs. In their Guide titled “ Starting up as a new CFO,” they offer the following tips:

  1. Scope the Challenge - This requires the new CFO to quickly assess the sources of value to the enterprise they will help helm
  2. Adopt a bias for action - A new CFO must choose a direction for the company to remain competitive and round up the resources to get moving
  3. Make space in your portfolio for a few bold bets -  Here the focus is on how the new CFO can give their company an advantage using technologies including AI and managing a digital transformation
  4. Teach and translate -  Be an immediate guide to the CEO and board on the financial and economical ramifications of key decisions
  5. Be proactive about risk - Develop systems to proactively respond to sudden risk factors
  6. Think strategically about ESG - McKinsey advocates for ESG
  7. Pull together for talent - McKinsey recommends close collaboration with colleagues and especially with the CEO and CHRO

Access the full guide

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