In this episode, Wassia Kamon kicks off a three-part series on the lesser-known challenges of becoming a CFO. She dives into the reality that CFOs are never hired to maintain the status quo—companies hire CFOs to drive strategic growth, improve financial performance, and implement meaningful change. Wassia shares insights on the importance of building trust and learning the business beyond just the financials to succeed in a leadership role.
Table of Contents
People on This Episode
Wassia Kamon - Host
Wassia Kamon is the Chief Financial Officer of ACE, keynote speaker, and guest faculty at Wharton Online. With over 15 years of experience in corporate accounting and FP&A, she shares her leadership insights to help others succeed in finance and beyond. Featured in The Wall Street Journal and Accounting Today, Wassia’s mission is to inspire others with the lessons she has learned throughout her career journey.
Social Links: LinkedIn
Key Topics
CFOs Drive Change, Not Stability: Whether it's strategic growth, financial improvement, or taking over from a predecessor, CFOs are brought in to lead change—not to maintain the status quo.
Building Trust Quickly: Wassia emphasizes that a title alone doesn’t earn trust. CFOs must be intentional about building credibility with their teams and peers.
Learn the Business, Not Just the Financials: To make effective decisions, CFOs need to understand the entire business, from operations to strategy—not just the numbers.
Show Notes
Key Resources Mentioned:
ACE: Access to Capital for Entrepreneurs.
Personal branding insights from Bozoma St. John.
Tips for People Stepping into Top Leadership Roles
Build Trust Quickly: Trust is essential for leading change. Create a plan to build trust from day one by being credible, approachable, and intentional in your interactions.
Establish Your Online Presence: Ensure that your LinkedIn and Google search results reflect your expertise. Your digital presence often sets the first impression.
Craft a Power Introduction: Prepare an engaging, tailored introduction for different audiences to demonstrate your expertise and build rapport immediately.
Prepare for One-on-Ones: Review your team’s resumes and performance reviews before meeting with them to show that you’ve done your homework and care about their role.
Master Remote Executive Presence: If you’re working remotely, ensure you have good lighting, a quality camera, and clear audio to make a strong first impression on video calls.
Understand the Business: Learn the company’s operations, customers, and market—not just the financials—to become a strategic advisor at the leadership table.
Take Charge of Your Onboarding: Create your own onboarding plan, including key meetings and learning objectives, to hit the ground running.
Record Key Meetings: If remote or learning a lot of new information, record your meetings to review and ensure nothing gets missed.
Next Steps
Reflect on how you approach new leadership roles—are you prepared to build trust and credibility quickly?
Think about how well you understand the operations of your company, beyond just the financials.
Transcript
[00:00:00] Wassia Kamon:Hello, and welcome back to another episode of The Diary of a CFO. I'm super excited today to kick off a new series titled, What They Don't Tell You About Becoming a CFO. It will be in three parts. And the first part we'll kick off today is about something that I realized early in my career, but that became very obvious as I climbed up the corporate ladder, and that is: You will never be hired to keep the status quo.
[00:00:36]If you're hired and get into a role and they say, "Oh yeah, we want you to do exactly what your predecessor did," well, I can tell you—you just landed a dead-end job. Most of the time, when you step into a role, people want to see improvement. They want to see change. And when it comes to the actual role of the CFO, you have to remember the top reasons why companies hire a CFO.
[00:01:00]The number one reason is because of strategic growth. They need someone who will come in and help them go through an acquisition, market expansion, or deal with financial complexities during growth or M&A. That's the number one reason why a company hires a CFO.
[00:01:24]For example, if a company has been at one revenue level for the past couple of years, and they want to grow substantially in the next three years as part of their strategic plan, they may realize the person or finance structure they currently have won’t support that growth. That’s when they go out and hire a CFO to support their strategic growth. The person coming in is not there to keep the status quo; they are there to lead effective change.
[00:02:00]Another reason companies hire CFOs is to improve financial performance. How can someone come in, identify cost-saving opportunities, and optimize profitability while minimizing risk? Again, it’s about change, not keeping the status quo. They are bringing in fresh eyes to see what might be missing or what can be done better, especially from a finance standpoint. So, clearly, they are not hiring a CFO to keep things the same—they are hiring you to lead change.
[00:03:00]A third major reason a company hires a CFO is if the current CFO leaves, voluntarily or otherwise. Whenever they bring someone new in, they expect you to do better. They want that fresh perspective because they see it as valuable. They want positive change. So no matter the reason, especially as a finance leader, you are hired to drive change.
[00:03:19]Because of that, your approach to the role has to be different. When you’re brought in to lead change, especially as a CFO, there are two things you need to do quickly: First, build trust, and second, learn the business—not just the financials.
[00:03:51]Let’s dive in.
[00:04:00]When you step into a new role where people expect you to drive change, your number one focus should be on how you will build trust to get the buy-in and insights needed to lead effective change. People will not buy into your vision if they do not trust you, or if they do not see you as credible.
[00:04:21]No one teaches you how to walk into a leadership role and immediately earn the trust of your team and peers. You’ll have to figure that out and demonstrate your value quickly. Just because you have a new title like Chief Financial Officer or VP doesn’t mean you automatically have trust. It doesn’t mean you have influence. You need to come in with a plan and be intentional about building that trust from the minute you walk in the door.
[00:05:00]You also have to realize that when you walk into a new role, there’s apprehension. You’re trying to build trust and talk to people, but your title carries a lot of weight. Naturally, your subordinates or anyone not at your level will be cautious about opening up to you.
[00:05:27]And if you come in as the new finance person and there are rumors of cutting costs, that’s even worse. You’re not going to get, “Oh, let’s open up and share everything right away.” You have to pull things out of people. And for that to be easier, it all comes down to how you build that trust.
[00:05:50]So how do you build trust almost instantly? How can you make people feel comfortable, make them think, “Yeah, I like this person, they seem competent, and I think they’ll bring something different to the table.” And more importantly, get them to say, “Yes, I’m willing to try some of their ideas.”
[00:06:21]This is especially true when you come in as a CFO from a different company. Hopefully, within your previous company, you built influence and trust. People trusted the work they saw you do. But when you’re the new CFO in a new company or a new industry, you have to build that trust all over again.
[00:06:43]Here are four things I recommend to help with that:First, you need to make a good first impression. Today, people will Google you and check your LinkedIn profile before they even meet you. Your online presence has to showcase your expertise. The first impression they have of you should be, “This person knows what they’re doing.”
[00:07:12]I’ll give you a personal example. About two years ago, I started being more intentional about my personal brand online. I took a personal branding course right after COVID, taught by Bozoma St. John, the former Chief Marketing Officer at Netflix. She said, “If I Google your name, what will I see? If you tell me you’re a rockstar in your field, will I see that when I Google you?”
[00:07:57]That resonated with me because, at the time, people knew I was good at my job, but only within my company. The people who had worked with me or saw my resume knew, but if you searched for me online, you wouldn’t find anything. That’s when I started thinking about personal branding. Soon, as I built my online presence through LinkedIn posts and articles on other platforms, I noticed that people began to trust me before we even met. Having a strong online presence meant when they Googled me or looked me up on LinkedIn, they saw that I was credible.
[00:09:00]So, step one is to make sure your online presence is on point so you can build that instant credibility. That will help you gain the buy-in you need to lead change.
[00:09:18]Second, you need a powerful introduction. You’ve probably heard of the elevator pitch, right? Your introduction should be almost nailed down before your first day. Just like your online presence, update your LinkedIn and other profiles. When you meet people, you don’t want to say, “Hi, I’m the new CFO.” That’s boring. Instead, you might say, “Hi, I’ve spent the last 15 years doing XYZ at these kinds of organizations, and I can’t wait to support you and the team.” You want that introduction to be on point because you need to build credibility and trust instantly.
[00:12:00]Third, be intentional about your calendar and the people you meet first. If you’re meeting with employees, especially direct reports, ask HR to send you their resumes and latest performance reviews before your one-on-ones. When you come in from a different company or industry, you want to show your team that you care and that you’ve done your homework.
[00:15:00]Lastly, if you’re working remotely like many of us, consider the logistics of remote work. How do you build trust and credibility when you're mostly on camera? Make sure your lighting is on point, and your camera is high quality. I even have a little mic for crisp audio. How you present yourself on camera is important—people should feel like someone of your rank entered the room.
[00:16:10] Wassia Kamon:So, the first impression may have come from seeing your LinkedIn profile, but if it didn’t, the first thing people will see is you on camera. At least for the first few days, I did try to put on some lipstick and look cute! But whatever it is, make sure your executive presence shows up with you when you get into that meeting. People should feel like somebody of your rank entered the room—even if it’s online.
[00:16:36]I’m working on a leadership bootcamp, and we have a great guest speaker who’s fantastic at teaching people how to show up as an executive on camera. Stay tuned for more on that. But that’s it for this part. Building trust and credibility when you walk into a new role is critical.
[00:17:00]Why is this important? Because, again, you’re not going to be hired to keep the status quo. You need to lead change. And to lead change, you need buy-in. To get buy-in, you need to build trust. That’s the foundation that will help you thrive in your role. You need to be intentional about it from day one.
[00:17:13]So, I told you about the importance of having a strong online presence—people will Google or LinkedIn you before they work with you. You need to make sure that what they see reflects your expertise. It doesn’t have to be hard to build that presence, and I’ll cover that in another episode.
[00:17:46]The second thing you want to do before you start is to have a power introduction. How are you going to talk about your immediate goals and vision so people can see you as a credible leader and start trusting you? Trust is built over time, so the quicker you can deposit into that trust account, the better off you will be later on.
[00:18:08]And then, how are you going to prepare for your initial one-on-ones? How are you going to build quick credibility with your boss, your peers, and your employees? Do your homework before you meet with them. Be prepared because these are all the things that will help you build trust.
[00:18:30]Again, I’m sharing this because it’s not something you will learn in school, unfortunately. There are so many things I had to learn the hard way because I didn’t realize how important they were. But I can tell you that ever since I started implementing these strategies, people are more excited to work with me when I step into a new role. The energy and excitement about working together has really gone up.
[00:19:00]I started being more intentional about preparing before day one in a new role—about my introduction, about making sure my online presence was on point. I even had people who met me in my new role say, “Oh, I saw your post about using an ironing board as a standing desk.” And I’m like, geez, I posted that a long time ago! But again, all these things you’re doing, people are watching. So, be intentional about how you build instant credibility and trust with the people you need buy-in from.
[00:19:46]That was the first part—building trust. The second thing you should focus on when stepping into a new role is learning the business, not just the financials. This is especially true as a finance leader coming in at a higher level in the organization.
[00:20:13]Whether you’re a Director, VP, or CFO, when you step into a new role at this level, people expect you to know the business as much as the numbers. You need to be able to show that you understand the company’s operations.
[00:20:35]Otherwise, how are your decisions or recommendations going to be effective? At your level, every policy and decision you bring to the table will have ramifications across the entire organization—not just your accounting team, FP&A, or treasury. It’s going to impact operations, marketing, and everything the company is doing. And that’s not just for today—it’s for the years to come.
[00:21:00]Think about it: if you come in and want to implement a new accounting system or ERP, it’s not just going to affect the accounting team. If you’re going to change the general ledger number or how they do expense reports, it’s going to impact the whole organization.
[00:21:24]So, in order to lead effective change, you have to understand what’s going on. The leadership team—your CEO, your fellow C-suite members, your Directors—they expect you to know the business, not just the financials.
[00:21:47]Being a CFO means you understand the company’s operations, the market, and the customers as well as anyone else in the room. So when the Chief Marketing Officer is talking, you should understand what they’re talking about. When the COO is talking, you should understand what they’re saying. You are not just a financial steward—you are a strategic partner.
[00:22:06]You need to dig deep into the business model, the sales strategy, and the product roadmaps to provide meaningful input. Again, you are the finance voice in the room.
[00:22:44]For those of you aspiring to be at the top of your organization, keep this in mind. I didn’t start learning about the business when I got to the CFO role—I got to the CFO role because I made it a habit early on in my career to learn about the business, not just the numbers.
[00:23:06]Something that will help you when stepping into a new role is being able to trace how the company makes money, all the way to how it shows up in the audited financial statements. At a high level, at least, you should understand how the company makes money, and how it is reflected on the financial statements.
[00:23:32]It’s like a puzzle. You know what the end looks like because you’ve probably read the audited financials. And by the way, I advise you to read them before you step in. Your goal should be to understand how the pieces fit together and why they fit together that way.
[00:23:55]When it comes to leading change, I always advise: assess before you address. Don’t make the mistake of coming in and wanting to do things exactly like they were done at your former company. First, understand why things are done a certain way before you change them.
[00:24:00]Challenge your staff to do the same.
[00:24:44]One of my personal mentors, Carol Norton, once said, “The higher you go, the more you have to do your work through people.” As you’re learning new things, you should also share them with your staff. That way, they can have a better understanding, which in turn makes your life easier.
[00:25:00]Ask your team, “Why are we doing it this way? If we don’t do it this way, what else would be impacted?” By asking those questions, you’ll gather insights you need to make informed decisions.
[00:25:34]At a higher level, you won’t need to know every single detail—nor will you have the time to. But that’s where trust comes in. Being able to get the insights you need, when you need them, is going to help you make those decisions.
[00:26:03]So, make it a goal to learn the business, not just the financials. At the end of the day, when you walk in as CFO or in a high-level finance role, you are a strategic sounding board. You will be expected to weigh in on company-wide decisions that may have little to do with finance.
Sure, here’s the continuation of the Episode 2 transcript:
[00:26:24] Wassia Kamon:You'll be involved in everything—mergers, product development, entering new markets—and you might think, “Wait, that’s marketing or operations, right?” But you will be pulled into those discussions. Your role is to help optimize the business while minimizing risk. You have to ensure that the finances are in check, the equity structure is right, and the debt capital structure is appropriate. Everything that crosses your desk needs to make financial sense because your job is to guide the company strategically. You’ll often have to give advice with limited information and no formal strategy background.
[00:26:59]And honestly, that’s where a lot of us get frustrated in our careers. I was a controller for a good portion of my career, and I cannot tell you how frustrated I was, even though I had all these letters behind my name—CPA, CMA, MBA. But none of those things taught me about business strategy. And yet, to become a CFO, you have to learn business strategy. There is no shortcut.
[00:27:31]I think that’s why a lot of controllers—despite doing a lot of work—are not promoted to CFO positions. They lack that seemingly small but crucial piece of the puzzle: strategy. So, if you’re aiming to be a CFO, I can’t stress this enough—start learning about business strategy.
[00:27:59]Whether you do it by listening to earnings calls, taking business strategy courses, or any other way, it’s critical. If you’re in accounting and finance, trust me—you’ve learned enough about those areas. You’ve learned enough accounting in your life, especially if you’re a CPA. Now, focus on business strategy and the things outside of finance and accounting. Broaden your perspective so that when you’re placed in situations, whether it’s an interview or a high-level meeting, you can speak at a much higher level than just the day-to-day accounting tasks.
[00:28:37]Why are we talking about this? Because this is something they don’t tell you about becoming a CFO: You won’t be hired to keep the status quo. You are hired to bring in positive change. And the way you do that is by building a strong foundation when you step into the role.
[00:28:56]By number one: knowing how to build trust, and number two: learning the business, not just the financials. When you bring recommendations, they need to make sense. People need to buy into what you’re proposing, and they should be excited about the change you’ll bring. Plus, you need to know what the ramifications of those changes will be, and you’ll know that because you did your homework.
[00:29:14]So how do you step in and make an impact?
[00:29:18]I’ve shared a few things with you already. Yes, your online presence needs to be on point. You need to have your power introduction ready. You need to make sure you look good on camera if you’re working remotely, and you need to do your homework—get resumes, performance reviews, and strategic plans before your one-on-ones.
[00:29:33]Now, when it comes to learning the business, not just the financials, here are some things that will help you. First, you need to have the mindset that you are responsible for your own onboarding. You are in charge of your training, and you will need to map it out.
[00:29:50]I know when it comes to training in corporate America, we often feel entitled to it—like people should train us to do our job. But let me tell you, just because you’re entitled to something doesn’t mean you’ll automatically get it. The policies and procedures may not be updated or may not even exist. So, you need to come in with your own onboarding roadmap because the CEO is not going to do that for you.
[00:30:18]Now, if your CEO is great, they might provide some guidance. For example, when I started, there was a fractional CFO who created an onboarding roadmap for me, outlining things and people I should get to know within the first couple of weeks. And our executive assistant was wonderful in scheduling those meetings. But I’ve spoken to other CFOs who said, “Wow, you had it good! I had to be the one asking for meetings and information.”
[00:30:42]The higher you go, you aren’t just going to get training handed to you because you’re entitled to it. You’re expected to come in ready, to know what you need to learn, and to know what you need to do.
[00:30:57]So the sooner you let go of the mindset that you need people to be invested in your training, the better off you’ll be. You have to say, “Okay, I’m coming in. This is how I think I’m going to onboard myself.” Block your calendar, meet with the right people, and do what you need to do to get the information you need.
[00:31:19]Another thing that helps me is to record meetings. You’re going to be learning a lot in any new role, especially at a higher level. You won’t be learning just one task with a simple step-by-step process. You’re learning a lot of complex things. I like to record my meetings because I don’t want to keep going back to people and asking them to explain something again. If we’re sharing screens or reviewing material, I can go back to that recording and gather the information I need.
[00:31:44]After those meetings, I also like to block focus time on my calendar to process what I’ve learned. Back-to-back meetings can leave your brain feeling foggy. I believe there’s some research that shows this is true!
[00:31:53]So, have a plan for your onboarding. Record meetings if you need to review things later. Block your calendar for focus time so you can take breaks, reflect, and really process the material you’ve just learned.
[00:32:00]That was a lot to cover, which is why we’re doing this series in multiple parts. But these steps will help you step into a new role and—excuse my language—kick ass!
[00:32:13]Was I supposed to say that? Can I say that on the podcast? Oh well—it’s my podcast, so I get to say it! But you get the point: you have to be intentional about how you step into a new role. Especially when you aren’t hired to keep the status quo, but to lead change.
[00:32:31]You need to build trust, learn about the business, and make sure what you bring to the table is effective and will be accepted by everyone.
[00:32:52]That’s it for today’s episode of The Diary of a CFO. I hope you enjoyed it. If there’s a topic you’d like me to cover in the future, please send it to ask@thediaryofacfo.com. Again, send an email to ask@thediaryofacfo.com. And if we’re connected on LinkedIn, you can just send me a DM.
[00:33:00]I need your input so I can bring you the insights you need to become a better leader—and better at life. If you enjoyed this episode, don’t forget to leave a review, subscribe, and share it. I’ll see you in the next episode of The Diary of a CFO.
[00:33:00] Wassia Kamon:Cheers.
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