Interested in Learning More About the Financial Officer Career Path From FI to CFO?

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1 Interested in Learning More About the Financial Officer Career Path From FI to CFO? Putting the FI to CFO Career Path Into Practice Thursday, November 24th, :30 p.m. to 2:30 p.m. Office of the Comptroller General Capacity Building and Community Development Juliet S. Woodfield CA, Senior Director

2 Financial Officer Career Path Tools such as career paths, competency profiles, learning curricula and learning plans play an invaluable role in identifying and quantifying areas of development. Preparation is the key to transitioning successfully between the financial officer and financial executive roles. Using these tools can often make a valuable difference in that career journey. 2

3 What is it? A guide to help FIs map out their career objectives and goals against pre-determined criteria deemed necessary to navigate from the developmental level to the most senior executive level within the financial management function of government. Though the focus of the career path is on obtaining a CFO position, employees may also focus on other specialized career paths in the area of finance. The career path also serves as a guide for managers and FIs to better understand expectations in career planning. 3

4 Who approved it? How does it work? What does it mean for me? 4

5 How soon do I need to put into practice? It is never too late! Where can I find it? 5

6 (Part I) Years at Level Professional Accreditation Education Bilingual Capacity Parlez-vous français? Do you speak English? 6

7 FI to CFO Career Path Qualifications Needed for Promotion [1] Section Level FI-01 FI-02 FI-03 FI-04 EX (other) EX (DCFO) EX (CFO) 1. Years in Level 2 years 3-5 years 3-5 years 4-5 years 4-5 years 3-4 years 3-4 years [2] 2. Education Undergraduate degree [3] Desirable Essential Essential Essential Essential Essential Essential 3. Professional Accreditation [4] Desirable [5] Desirable 5 Essential Essential Essential Essential Essential 4. Bilingual Capacity Desirable Desirable Desirable Essential (CBC) Essential (CBC) Essential (CBC) Essential (CBC) 1. These qualifications should be acquired at the level indicated prior to promotion to the next level. 2. This represents the minimum period that an incumbent should serve in a CFO position. 3. The undergraduate degree should be in a field related to the FM function (e.g., accounting, economics, commerce, business administration, finance) 4. The FI must be a member in good standing. 5. The FI should be working toward a professional accreditation. 7

8 (cont d) Section Level FI-01 FI-02 FI-03 FI-04 EX (other) EX (DCFO) EX (CFO) 5. Experience, Functional [1] a. Financial Planning Essential Essential Essential [2] Essential b. External Reporting Essential Essential Essential Essential c. Internal Resource Management Essential Essential Essential Essential d. Advisory Services Essential (one of d to i) e. Accounting Operations f. Financial Systems g. Financial Policy h. Costing i. Internal Controls Essential Essential Essential Essential (one of e to i) Essential (two of e to i) Essential (two of e to i) 6. Experience, Breadth a. Program Delivery Desirable Desirable Desirable Essential Essential b. Departmental Diversity [3] Desirable Essential Essential Essential Essential c. Central Agency Desirable Desirable Desirable d. Regional Desirable Desirable Desirable Desirable Desirable e. Complexity [4] Desirable Essential Essential Essential Essential 1 To qualify, an FI must experience at least one complete budgetary cycle. 2 This includes the entire management cycle. 3 Experience in large, medium-sized and small departments and agencies. 4 Experience in a w ide range of government financial management areas, including operating funds, capital, and grants and contributions. 8

9 cont d Section Level FI-01 FI-02 FI-03 FI-04 EX (other) EX (DCFO) EX (CFO) 6. Experience, breadth (continued) f. Managerial N/A Desirable Desirable Essential Essential Essential g. Audit, Internal or External Desirable Desirable Desirable Desirable 7. Skills a. Oral and Written Communication Intermediate Intermediate Strong Strong Advanced Advanced Advanced b. Risk Management Intermediate Strong Strong Advanced Advanced Advanced c. Negotiation Skills / Integration Function Intermediate Strong Advanced Advanced Advanced 8. Competencies [1] a. Values and Ethics Supervisor Manager Manager Director DG ADM b. Strategic Thinking: Analysis Supervisor Manager Director DG DG ADM c. Strategic Thinking: Ideas Supervisor Director Director DG DG ADM d. Engagement Supervisor Supervisor Manager Director DG ADM e. Management Excellence: Action f. Management Excellence: People g. Management Excellence: Finance Supervisor Manager Director DG ADM Supervisor Manager Director DG ADM Supervisor Manager Director DG ADM 1. Refer to for Treasury Board of Canada Secretariat details on key leadership competencies. 9

10 Part II Functional Experience Refers to technical experience in given areas of financial management. When looking at functional experience, we notice that essential is stipulated only at the FI-04 level. Breadth and Depth of Experience 10

11 Part III Competencies Allow us to see how you do what you do, not just what you do. Introduce the notion of a common language or understanding and are used in recruitment, staffing, learning and development, and performance evaluation. tency_profile.doc 11

12 Part III The FI competency profile is comprised of behavioural and functional competencies. The behavioural competencies reflect the key leadership competencies developed by OCHRO, as well as three skills deemed essential for all financial management specialists. The functional competencies will reflect the functional experience requirements identified in the FI to CFO career path. These competencies have not yet been approved by the finance community, but are expected by late fall They will be posted on the OCG website when available, and a link will be provided here. 12

13 Part III Key behavioral competencies: Values and Ethics Analysis Ideas Engagement Action People Finance 13

14 Oral and Written Communication: Listening to others and communicating articulately orally and in writing. FI-01 FI-02 FI-03 FI-04 Listens and questions effectively Shares information willingly Responds constructively to diverse views Writes clearly and concisely, using appropriate vocabulary and grammar, and message is easily understood Maintains timely communications Communicates honestly and respectfully Communication flow is logical and presents a reasonable sequence of thoughts Presents ideas clearly and persuasively Communicates in a manner that generates enthusiasm and commitment Listens to other points of view and strives to give a balanced picture Maintains open and continuous communication with others Describes complex financial and technical issues clearly for both non-financial and financial audiences Builds a consensus and successfully addresses diverse views Outlines policy requirements and provides policy guidance Defends and/or secures support for ideas or initiatives using methods such as briefing notes, position papers, and recommendations to senior management Delivers confident, consistent and coherent messages in presentations Is sensitive to the timing of communication relative to other factors in the environment Uses varied communication systems, methodologies and strategies to promote dialogue and deliver difficult messages 14

15 Policy: Developing, implementing and applying policies, procedures and controls that focus on long-term goals and objectives and comply with legislation and central agency direction. FI-01 FI-02 FI-03 FI-04 Demonstrates an understanding of the machinery of government (roles and responsibilities of key players, rules and regulations that govern finance) and how they affect the work to be done Supports the development or interpretation of policies, procedures and guidelines through research, analysis, and information gathering Participates in the development of policies, procedures and guidelines using appropriate policy development concepts and techniques, and knowledge of government control frameworks Interprets and applies relevant legislation, policies, procedures and standards in common or straightforward situations Suggests amendments to improve the effectiveness of policies, procedures and standards Influences management and operational decision making by providing advice, guidance, interpretation and training Analyzes, interprets and applies legislation, policies, procedures and/or standards in novel or unique situations where multiple interpretations and courses of action need to be considered Develops policies, procedures and guidelines that address complex and multi-faceted issues Develops tools and mechanisms used to implement, evaluate and provide training on policies, directives and guidelines Questions and challenges differing interpretations of existing legislation, policy, procedures and standards to ensure appropriate application of the intent of the legislation or policy instrument Provides expert advice and guidance to the department on integrating policies, directives and guidelines into plans and programs Resolves broad, complex issues involving legislation, policies, procedures and standards Demonstrates in-depth understanding of the most complex and less familiar aspects of legislation and policy instruments Ensures that departmental policy instruments reflect effective comptrollership, stewardship and risk management strategies and controls Acts as departmental liaison with central agencies on matters of policy interpretation and implementation Develops a communications strategy to implement policies, directives and guidelines Analyzes and advises senior management on departmental implications of new or revised central agency policies 15

16 Putting the pieces together: Career Planning A learning plan and learning curricula are key elements of career planning, i.e., how to get to where you want to go! Putting the FI to CFO Career Path Into Practice 16

17 FI to CFO Career Questions? For more information: Contact Juliet Woodfield Visit the GCPEDIA reference to the FI-CFO career path, mandatory training curriculum, learning plans munity 17

Talent and Career Management in the Financial Community

Talent and Career Management in the Financial Community Shannon Nauss Financial Management Community Development Office of the Comptroller General (OCG) January 2018 OCG - FM Community Development Team