A pacesetter guides the group towards attaining the imaginative and prescient of the group and the place they need their division or the group to go (Getty Photographs/Luis Alvarez)

Taking over a management position means having the chance to drive change and create sustainable affect on the organizational degree. CPA Canada not too long ago spoke to Walid Hejazi, professor of financial evaluation and coverage and educational director at Rotman College of Administration. He’s the co-developer and chief of the Rotman-CPA Canada Strategic Management program which was created to assist senior and govt CPAs and different finance professionals construct their management abilities and competencies to realize their skilled targets.

Following are some key takeaways from the dialogue.

CPA CANADA: Why are CPAs the best candidates to steer groups?
Walid Hejazi (WH): The accounting career has developed, and CPAs are not simply accountants. They’re high-level thinkers who’re skilled to take a look at the massive image of initiatives, whether or not or not it’s from an inside enterprise perspective or exterior to the enterprise. CPAs know the information and the proof and are capable of couple that with their means to suppose critically and cause by advanced challenges to assist corporations navigate by turbulent occasions.

CPA CANADA: How do you outline the time period “strategic management”?
WH: There are a lot of definitions of management, however they in the end come all the way down to the power to get others to share in your pursuit of your objective.

After we speak about strategic management, we’re usually excited about a frontrunner who creates a imaginative and prescient and helps navigate the group by the journey in a means that permits sustained and even improved aggressive positions.

Key attributes of profitable leaders embrace self-awareness, self-regulation, motivation, empathy, social abilities and communication.

CPA CANADA: How have pivotal shifts in our macro atmosphere altered how we lead?
WH: We’ve got seen a number of adjustments over the previous few many years, however maybe none as dramatic as COVID-19 when it comes to impacting how we work and work together with others, together with how we handle and lead groups. One crucial challenge is company or organizational tradition. As distant work turns into extra prevalent and groups turn into more and more dispersed throughout places, leaders have to discover a strategy to keep a powerful company tradition.

It has additionally turn into way more essential for companies and organizations to domesticate methods which might be each accountable and sustainable. Right now’s leaders should guarantee they lead their organizations on this path.

Walid Hejazi is professor of financial evaluation and coverage and educational director at Rotman College of Administration (Picture supplied)

CPA CANADA: What do CPAs must be considering of and planning for designing their management journey?
WH: First, it is very important perceive what the attributes of an incredible chief are. Then you need to work laborious at creating these abilities and attributes by programs, work expertise and self-education. Keep in mind that you just should be devoted and targeted in your objective over a protracted time period. One of many key takeaways from our strategic management program is the necessity to plan each the transition into extra senior roles and upskill current senior leaders in coping with present day challenges.

The CPA Means is a vital useful resource that gives a methodical strategy to addressing skilled issues throughout your journey.

The Blue Ocean Management Grid can be a instrument that may aid you concentrate on these actions that may allow you to realize the targets you lay out for your self.

CPA CANADA: What’s the distinction between a frontrunner and a supervisor?
WH: A pacesetter is somebody who guides their group towards attaining the imaginative and prescient of the group and the place they need their division to go. The supervisor then executes on these plans and makes certain that the technique is carried out appropriately. As a frontrunner, it’s good to keep away from reverting to these behaviours that made you them a profitable supervisor—and that isn’t at all times straightforward.

CPA CANADA: What different recommendation would you provide to a creating chief?
WH: I can’t stress sufficient the significance of networking and nurturing your private model. Networking isn’t just about speaking to individuals while you want one thing. It’s about constructing relationships. Your private model is basically tied to networking.

Studying and lifelong studying additionally assist CPAs perceive the world round them and articulate the implications for his or her companies successfully.

CPA CANADA: What qualities would leaders of the long run embody?
WH: To achieve success leaders sooner or later, CPAs should show essential attributes equivalent to objectivity, integrity and due care, competence and confidentiality. Profitable leaders additionally require the communication abilities, technical competence and data-driven perception wanted to navigate the digital age.

Emotional intelligence is one other essential attribute of a future chief. Daniel Goleman has categorized emotional intelligence domains as self-awareness, social consciousness, relationship administration and self-management. Above all, leaders should embody all this whereas at all times preserving in thoughts what’s greatest for his or her groups.

LEVEL UP YOUR LEADERSHIP SKILLS

Be a part of Walid Hejazi in Spring 2023 for the Rotman-CPA Canada Strategic Management program to evolve your management model and hone your interpersonal competencies. The digital course will embrace group assignments with friends, class dialogue and training actions to make sure what you be taught aligns along with your private {and professional} targets.

Plus, find out how CPA leaders responded to distinctive challenges through the pandemic and the steps girls and different fairness deserving teams can take to beat roadblocks to the C-suite.