Without doubt, any modern financial professional intending to thrive in their field for the next 10–20 years should possess a high level of English proficiency (if not their native language), even if their immediate role does not require oral or written communication in English. English serves as the international language of business and science. I firmly believe that daily self-study, analyzing current changes and innovations, and maintaining a forward-thinking and strategic mindset are impossible without independently studying relevant presentations, books (such as this one), lectures, articles, and other sources in English.

      Continuous learning is imperative, with professionals autonomously identifying the directions and courses necessary to maintain competitiveness while considering their own strengths, weaknesses, and career development plans. In my opinion, taking professional and personality tests to understand one’s inclinations and shortcomings is beneficial. Additionally, having a career development plan and regularly reviewing and analyzing it is essential for long-term career planning. Modern business evolves so rapidly that «retraining» into a new specialty may be necessary not just once, but multiple times. Therefore, continual learning, retraining, and ongoing education are indispensable throughout one’s professional journey.

      Allow me to share my own career track as an example. As I completed my school education at the close of the previous century, banking, international economics and legal studies were considered the most prestigious higher education paths. With guidance from my parents, I chose a specialty that integrated legal and financial aspects, crisis management, which was deemed relevant after the 1998 crisis.

      I ventured into the banking sector, managing relationships with large corporate clients and gaining experience in supporting banking operations and structuring financing deals across industries such as machinery, production of equipment for power plants, shipbuilding, pulp and paper, and other heavy sectors. I spent five years in a leading foreign bank in Russia and another seven years abroad, in two Western European countries.

      A decade into my career, it became evident that the banking industry was increasingly subject to strict regulation and operational automation, reducing the need for manpower. Consequently, a surplus of unemployed experienced specialists would emerge, leading to wage decreases due to heightened competition. Recognizing this, I considered my profession at the time, where I had found success and earned a good income, to offer limited prospects for career advancement. I viewed employment in modern technology companies digitizing traditional industries with mass customer demand as more promising.

      After exploring entrepreneurship and gaining corporate finance experience, I transitioned to managing technology startups. Here, I developed skills in company finance management, scaling operations, and honed managerial competencies in leading a growing team amidst annual doubling or tripling of workloads and rapid expansion across various geographies. Concurrently, I mastered related skills in database management, IT tools, and product development. I view this as proactive career planning and self-development towards becoming a T-shaped specialist.

      Leading career development experts are already discussing the future for π-shaped specialists (greek letter «π», which also defines the mathematical constant 3.14). Unlike T-shaped specialists, who possess expertise in one core professional skill, π-shaped specialists deepen expertise in two professional areas, typically related.

      For instance, for a financial analyst, this could entail expertise in financial analysis and database management, financial planning and econometric modeling, or statistical analysis coupled with profound knowledge of marketing tools and related fields. For a manager, it might involve developing process automation skills and studying and implementing flexible management methodologies (agile management).

      As is evident, the demand for specialists encompasses not only polished communication skills and the ability to effectively engage with all types of employees and stakeholders (soft skills) but also expertise in automating routine processes and data analysis (data management), coupled with a willingness to continually develop in this direction. The trend towards an increasing demand for «negotiating analysts-automators» is unmistakable.

      Motivating Financial Staff

      Among the primary areas of focus for a financial director, I prioritize people management. This is not arbitrary; in today’s world, a business’s success hinges on its human element. I firmly believe that a leader who recruits individuals less intelligent than themselves is making a mistake. In every pivotal position within the financial department, there should be a specialist who possesses a deeper and more nuanced understanding of their area of responsibility than their manager – the CFO.

      The «people first» priority applies not only to product development, core production, and operational functions but also to internal business processes like financial management. I will continue to adhere to this principle throughout the main discussion.

      Since the quality of people and their dedication to their work directly impacts your business and its success, strategic priority should be given to enhancing the efficiency of this resource, both in the short and long term.

      Undoubtedly, every position should be occupied by individuals genuinely passionate about their profession, driven by dedication rather than merely a paycheck. If you, as a financial professional, find yourself disengaged from your work, uninterested in your daily tasks, and lacking the eagerness to independently and willingly develop in your profession, it’s imperative to reassess your priorities and goals and seek alternative avenues for your energy and time.

      Given that – excluding sleep – work comprises the most substantial and productive portion of our lives, engaging in a job one dislikes is imprudent. However, the intrinsic satisfaction derived from work does not diminish the importance of fair monetary compensation. Ideally, compensation should cover all basic needs for oneself and one’s family, considering the high level of skill required.

      There are instances where the salaries of accountants and financial coordinators may be lower compared to those of other staff members within the company, aligning with market standards. Unfortunately, if the market dictates such circumstances, then commercially-oriented organizations may be unable to offer significantly higher compensation. To maintain motivation and enhance the standard of living for such specialists, they should proactively seek self-improvement opportunities to expand their expertise and scope of responsibility.

      As the CFO – unlike