Today, I read many articles from consultancy companies, think tanks and thought leaders who all say finance departments need to evolve and become more commercially driven, and not only be the "gatekeeper", especially as companies embark on their digital transformation. With that in mind, and with the skills required to be a CFO for the future, does a career purely in finance hinder your ability to be a senior finance leader? 

The answer will be different for different people, however, this is a question people should definitely consider. Now, I am not saying to aimlessly move about different areas of your business, as any career move needs to be linked to your own long-term goals, plans and passion. i.e. moving to a lawyer’s department if you have no interest, skill or experience would be a random move. But making sideways movements such as becoming a project manager which still has a massive link back into finance, or moving to a strategy department which requires an understanding of the financial implications of company’s strategy can be beneficial.   

Therefore, what would a move to sales, commercial, project management or technology bring? Firstly, the move would provide a different experience and perspective which will aid your personal development. In these areas, you could get the chance to have ownership of a P&L which you would not get in a finance department, as finance rarely "owns" P&Ls due to being a support function.   

Secondly, different areas of the business have different goals and objectives i.e. a project manager for a technology programme will have different goals to the person managing a high-street store, with the latter having extensive front line experience of dealing with customers and the former being obsessed with achieving the project goals in the most efficient manner. Having that independent experience can make professionals more balanced and this can be invaluable for your future career progression.   

Finally, a crucial part of development is striving for new challenges and trying to obtain new skills, and moving yourself outside your comfort to an area you know nothing about could have significant personal rewards.  

I have mentioned the positive side of moving, but as everything in life, there are negatives we need to consider. Most importantly, you will spend less time working in finance, which will mean less time to become an expert. I have read different articles which state that to become an expert in your field it takes 10 years or 10,000 hours, and moving to a new department will mean you will have less time to work on craft. And, secondly, do you really need to move out of finance to become more commercially driven; why can't you have more conversations, more interaction with different people and seek different opportunities within your existing department to improve your business acumen.   

Therefore, when I consider both sides of the debate and my own personal experience, I believe, on balance, individuals do need a role or two away from finance to become more rounded professional. However, what is crucial is that the moves are structured, part of a longer plan, and motivate the individual, not only moving for the sake of moving. And I wouldn’t say this only for accountants, but for any profession, that making a "sideways" move can be the quickest way to move forward.