Editor’s note: Female finance professionals need to remember “I CAN”—the initials of inclusivity, courage, authenticity, and network, said Sarah Ghosh (pictured), FCMA, CGMA, as well as President, The Chartered Institute of Management Accountants and Co-Chair, Association of International Certified Professional Accountants. In this interview for FutureCFO’s Female Leadership in Finance Series, she offers details into how the finance profession can embrace DEI as an opportunity rather than a challenge.
FutureCFO: When did you start to become interested in finance? Can you briefly describe your finance career journey and one or two highlights along that journey?
Sarah Ghosh (SG): I would say that my interest in finance is something I developed early on in my career, even though I studied computer science and economics at university.
My first job after university was not a finance job either, I worked as a system engineer at Electronic Data Systems (EDS), a multinational software services company. I worked on IT projects with major publicly listed clients for three years before moving to the international finance division of EDS and studying for the CIMA’s CGMA Professional Qualification to become a chartered management accountant.
From there I started building an exciting and rewarding career in finance. I set up my own consultancy to lead finance initiatives with a focus on transformation, efficiency, and managing change for large organisations.
I currently work for the U.K. Civil Service, leading finance teams and supporting the Government Finance Function Strategy with a focus on sustainability and technology.
Alongside my career, I also grew my engagement as a member and volunteer with The Chartered Institute of Management Accountants (CIMA). Over the past 15 years, I have held various leadership positions with an emphasis on member engagement and events planning.
In 2017, I joined CIMA Council, and a year later became a member of the Board of the Association of International Certified Professional Accountants (the Association), representing AICPA & CIMA.
In 2023, I was elected 90th CIMA President. As the fourth woman to hold this position, and Co-Chair of the Association, I feel very privileged to serve the profession and help its members prepare for the future and big changes heading our way.
FutureCFO: What are some of the biggest challenges facing you as a finance leader today? How would some of these challenges evolve in the next few years?
SG: As a profession we are living through a period of seismic change on many fronts, from guiding our organisations through disruption to updating our skills to make the most of new technologies and leading on the ESG agenda. It is both an exciting and challenging time to be a finance professional.
I want us to seize the future by exploiting new opportunities to strengthen our profession—for today and in anticipation for the future. We will do this by:
Innovating to advance our profession: Digital technology is revolutionising the world of work and improving all aspects of our lives. We need to continue to drive innovation and transformation across the profession to ensure that we stay ahead of the curve and commit to lifelong learning so that we can stay relevant and thrive in even the most uncertain of circumstances.
Instilling trust in ESG and sustainability: As professional accountants, we have the necessary skills, objectivity, and expertise to drive meaningful change in the corporate responsibility space, and enable value creation through transparent and trustworthy data, reporting, and decision-making. After all, trust is the keystone of our profession.
Creating an inclusive profession: People are at the very heart of our profession, and without continuously attracting new talent, none of the great work we do for organisations around the globe will be possible. I want to strengthen how we support young people into the profession, embracing all dimensions of diversity and ensure everyone is given equitable opportunities to progress to senior positions.
A quick glance at history shows that time and again our profession has adapted to a changing environment to secure and maintain our place at the heart of business. By seizing the future, we will continue to elevate our position and contribution to the success of the organisations we serve.
Trying to live up to an imaginary stereotype won’t make you an effective leader, and it certainly won’t bring you fulfilment in your role.
FutureCFO: I noticed you were named Top 50 Women in Accounting earlier this year. How have you helped raise the profile of women in leadership?
SG: We have made some significant progress in recent years, but now more than ever we must make sure that diversity, equity, and inclusion (DEI) remains at the forefront of our profession’s values.
This year’s Key Facts and Trends in the Accountancy Profession 2023 from the Finance Reporting Council show that women only make up 38% of the accounting profession worldwide, which is only a 1% increase in the percentage of women in the profession since 2018.
In parallel to my career, I have put strong emphasis on helping to create an accounting and finance profession that gives equitable opportunities to everyone. My work has specifically focused on empowering and elevating women in global leadership and provides support through mentoring.
I notably played an instrumental role in the creation of CIMA’s Women in Leadership Forum, a network of CIMA members dedicated to supporting women in finance and accounting and helping them build their dream career.
I also regularly take part as a speaker at events to help women harness new opportunities, empower them to grow to take charge of their career development and nurture future women leaders, including AICPA & CIMA’s Women in Finance panel event earlier this year and the UK Women’s Global Leadership Summit in November 2023.
DEI in the profession is not a challenge to overcome, but an opportunity to seize so that we can better serve our organisations and communities.
I urge every single member of our profession, to think about what you can do in this space, which is vital for building the inclusive profession we all want to see in the future.
FutureCFO: What’s your advice to female finance & accounting professionals who aspire to become finance leaders?
SG: Having been part of the profession for almost three decades now, I have reflected a lot on the challenges I have faced over the years and what advice my younger self would have loved to be given.
There is only one thing that women in the profession should remember is this “I CAN”:
Inclusivity. We must as leaders, ensure everyone is treated equitably in being given opportunities to thrive in the profession.
Creating an inclusive environment means that people can come to work and feel comfortable and confident in being themselves. It also means that they can work in a way that suits them so that they feel valued and can therefore add value to the organisations they support.
Courage. We need courage to face challenges and take risks with confidence. There will be times in all our careers where doing the right thing will be difficult but remember that courage takes many forms, so don’t be afraid to voice your opinions, even if they go against the majority.
I would also add that women need to have the courage to accept and own their accomplishments—we shouldn’t doubt our own abilities or fall into the easy trap of thinking we are not good enough.
Authenticity. There is no ‘one-size-fits-all’ style of leadership. We should all aim to find our own way of leading rather than trying to fit in with what we imagine others expect of us.
Trying to live up to an imaginary stereotype won’t make you an effective leader, and it certainly won’t bring you fulfilment in your role. Stay true to yourself.
Network. While learning to lead can be difficult, we can make it easier for ourselves by remembering that we have people we can turn to for help and advice, whether it comes from family, friends, mentors, and peers.
But remember that this is a two-way process so there will be times we turn to our network for support, and there will be others when people come to us and we must pay it forward. I see success in the profession as a team sport, no one can do it all alone.
Women need to have the courage to accept and own their accomplishments—we shouldn’t doubt our own abilities or fall into the easy trap of thinking we are not good enough.
FutureCFO: Tell me something about yourself: What are your hobbies? How do some of these help you relax outside work? Do some of them inspire your work?
SG: I have always enjoyed running as a way of keeping fit but also to support my mental health.
This became more important for me over the last few years as we have all had to build our resilience through difficult times with COVID.
I can “switch off’ when I’m running, giving me the space to clear my mind and feel calmer and more relaxed. I try to run in all of the places I visit as it is a great way to explore and get a feel for new surroundings.
I also love music, and, having learnt to play the piano and clarinet at school, I continue to play these instruments for pleasure. It is another way for me to focus my brain on something outside of work. It challenges me to continue to read music and seek out new composers.
Both of my hobbies give me space to recharge, and the mental boost really helps me to manage work in a positive way.
I enjoy spending time with my family, which is really important to me as life is very hectic so having down time with them keeps me true to myself.
