Emphasizing the Crucial Role of a Financial Base, According to EY's Myles Corson
New and Improved Article:
Chat with Myles Corson, the Brain behind EY's Finance Leadership Practice
Myles Corson, who’s been steering the CFO advisory practice at EY for eons, is a seasoned finance pro with a unique perspective. With nearly three decades under his belt, at a single company - yep, you read that right - he's witnessed the changing duties of financial leadership up close.
Corson, host of the EY Better Finance podcast, shares his insights on the changing role of the CFO, keeping finance teams engaged during tech transformations, and the necessity of toughness and resilience among burgeoning accountants - all insights worth listening to for finance leaders seeking to communicate their teams' woes to various stakeholders.
About Myles Corson
Exec extraordinaire, global and Americas strategy and markets leader, financial accounting advisory services, EY
Previous Notable Gigs:- British Consulate-General San Francisco
We've rephrased and revised the Q&A below for a cooler, more approachable vibe, making you feel like you’re grabbing a brew with Corson!
ADAM ZAKI: The finance world is undergoing a flurry of changes. How you see all these factors impacting the CFO role?
MYLES CORSON: I've spent quite a bit of time researching this topic as the CFO role is constantly shifting. It's easy to get caught up in the hype of the latest disruption or crisis. Instead, it’s vital to view these changes through a long-term lens, with a focus on sustained success.
Historically, those who thrive in this field have an extraordinary ability to envision the bigger picture. They know their businesses inside out, can communicate that knowledge effectively, and remain unshaken by the storms. This trait will remain crucial for CFOs looking to excel.
Research shows that exceptional leaders possess not just vision but also a deep understanding of their organizations' value drivers and challenges. CFOs who maintain an informed perspective will stand out from the crowd.
What would you recommend to a CFO about to implement a new piece of technology into their finance unit?
CORSON: Effective communication is critical. CFOs must describe the challenges they face in a way that highlights both the problem they’re trying to solve and addresses the human aspect of technology implementations. It’s easy for people to become anxious when their roles and responsibilities are on the line.
Before rolling out new technology, finance leaders need to be transparent about its impact on duties, workloads, and potentially people's positions within the company. Communication is essential since many CFOs are more left-brained, analytical, making it vital to ensure their teams grasp the desired outcomes before making any changes.
Even if CFOs communicate the benefits of new technology in advance, their teams might still feel frustrated as they scramble to meet certain targets. How can the profession tackle this issue?
CORSON: To address this challenge, CFOs must help their teams develop versatile skill sets. It's not about scrapping what they've learned but rather building on that core foundation with additional skills. In terms of education, accounting in both the U.S. and the U.K. needs to prioritize this. We should have professionals with high-level skills AND a solid base of training, experience, and intellect to reach that level.
I believe it comes down to mindset. Today's finance professionals need to be comfortable in adaptability. Transformation is now an ongoing process, and finance pros must embrace this dynamic environment. The next generation requires flexibility, curiosity, and the willingness to confront and resolve evolving challenges.
From a CFO's perspective, how can you meet the growing communication demands while also fostering communication skills?
CORSON: Many CFOs are articulate storytellers, but that's just the beginning. One of the most valuable skills a CFO can have today is the ability to unite teams and bring them together. While many organizations struggle with this unification, CFOs can play a significant role in fostering camaraderie within leadership.
During times of tension, CFOs can bridge differing opinions with data, helping leadership move forward with commitment on the vision. Doing so requires strong interpersonal skills. To improve in this area, CFOs can focus on strengthening relationships within their executive leadership teams.
In today's world, technology can analyze executive sentiment in real-time using Layered Voice Analysis. If leadership teams fail to address communication gaps, particularly among CFOs, analysts may expose weaknesses, possibly with the help of this technology. Therefore, CFOs should prioritize building strong bonds within their teams to minimize such risks.
As someone who has spent 30 years at EY, half of that in the U.S., what advice do you have for the young guns seeking a career in accounting, yet aren't keen on a poor work-life balance?
CORSON: I've seen five generations in the workforce throughout my career, each with distinct perspectives. Building a strong foundation is crucial, especially for young accountants. While I didn't enjoy auditing early in my career, it taught me invaluable skills that prepared me for my current role.
Young accountants who are curious, eager to take on challenges, and willing to work hard will find excellent opportunities in the finance world. The resources and technology available today are unmatched.
Embrace challenges, demonstrate determination, and resilience to succeed in the long run. The future is yours for the taking!
- Myles Corson, who's been steering the CFO advisory practice at EY for decades, believes that the changing duties of financial leadership require a long-term focus on sustained success.
- Corson emphasizes the importance of exceptional leaders understanding their organizations' value drivers and challenges to stand out in the CFO role.
- When implementing new technology in a finance unit, Corson advises CFOs to ensure effective communication, addressing both the problem being solved and the potential impact on duties and workloads.
- Corson encourages finance professionals to develop versatile skill sets, combining high-level skills with a solid foundation in training, experience, and intellect.
- CFOs, according to Corson, can improve communication skills by uniting teams, fostering camaraderie within leadership, and using data to bridge differing opinions.
- In today's world, strong interpersonal skills are vital for CFOs as technology can analyze executive sentiment in real-time, potentially exposing communication weaknesses.
- For young accountants seeking a career in accounting while avoiding a poor work-life balance, Corson advises building a strong foundation, embracing challenges, and demonstrating determination and resilience.
- Corson's experiences at EY, spanning more than half of his 30-year career in the U.S., provide valuable insights for future finance leaders.
- To succeed in the finance world, young accountants should be curious, eager to take on challenges, and willing to work hard, taking advantage of the resources and technology available today.
