Memoirs of a Mentor - Iain Main

About

Question. Thank you for agreeing to be a part of this series Iain! Could you tell me about your global experience?

Answer. I think my path through life has taken a few twists and turns along the way. Let me break it down:

Geography: I am British and started my career in London before moving to Sweden. I also studied and worked in the US and spent over 2 years in Vancouver, Canada.

Education:  My bachelor’s degree was in Psychology before completing a master’s degree in business management. I then trained as a Chartered Accountant (ACA). I completed the Executive MBA (EMBA) program at the Stockholm School of Economics a couple of years ago.

Career: I spent 6+ years working in financial audit at a large audit firm, where I worked with clients in a range of sectors, including technology, media, professional services and retail. I have also spent 5+ years working for one of the world’s largest advertising businesses, where I had a range of roles, including Finance Business Partner, FP&A, Financial Control and Finance Director.

In recent years, I've found myself drawn to the opportunity that technology provides within finance. These days I work in consulting within the very exciting field of FP&A, where I am fortunate to partner with some of the most interesting companies around Europe on their digital transformation journeys.

Question. What prompted you to study an MBA in a foreign country?

Answer. I am based in Stockholm, and having such a fantastic school as Stockholm School of Economics right here, this felt like a natural choice to apply to. It was a truly transformational experience for me, and I have made many friends for life. The Executive program I took meant that everyone had worked for 10+ years, in leadership roles. This meant a goldmine of experience to learn from – a truly valuable opportunity. The opportunity to study with business leaders from various backgrounds broadened my understanding of how finance teams play a critical role in the success of an organization and, more so, as a value-adding function. There is so much value to unlock through effective collaboration with others!

FP&A and digital transformation

Question. For companies going through different stages of digital transformation such as Alignment of Goals in the planning stage, implementation and then feedback – at each stage how can FP&A act as a navigator and provide support?

Answer. FP & A can build a business case initially, so there are clear expectations. FP&A can also analyse the progress against budget and can also evaluate the success or ROI at the end stage. FP&A can provide insights using a range of techniques, but I really believe in the power of driver-based business modelling as a tool. Either way, for almost all transformation projects, you will find a way to involve FP & A teams, but it is important to ensure they form part of the wider project team.

Question. In your experience, when is it time to upgrade financial systems and do it right? Are there 'signs' that indicate when it's time to upgrade?

Answer. In terms of 'when,' there isn't a 'one size fits all' answer, as every organization is different. But when you feel like you are being held back by the systems that you have, this is a sign that it is time to start evaluating possibilities for change. Clear-cut signs for making changes are if you are spending a lot of time doing manual and repetitive tasks, such as report preparation or wrangling with data from different sources.

Question. When junior FP&A professionals are constantly told to be more strategic, what are some tips for implementing this?

Answer. Getting experience in the right types of projects can be transformational. And if you want to get involved in something, be proactive and throw your name forward.

Question. How do you define digital skills? And how can FP&A teams stay up to date?

Answer. To me, digital skills is a broad term. If I had to list a few more 'technical' skills that will help anyone navigate a digital world in FP & A, they would have to be data literacy, modeling knowledge, and recognizing how business processes interact with technology.

In terms of staying up to date, continuous learning is becoming a necessity. LinkedIn has an ever-growing community, with many experienced practitioners sharing valuable and relevant content, which is a great way to engage and learn. And beyond LinkedIn, there is so much material out there that can help you on your learning journey.

Question. In some countries, there is no FP&A department; it's an umbrella term. So in my country, it means management accountant or even controller - in your experience and considering that fact, what separates the good employees from the great ones in FP&A?

Answer. I love it when people are proactive and are solution oriented. It is ok to ask a question, but when you do so, have a potential solution ready. It shows that you care, which means you are putting time into critical thinking, a crucial skill as you grow into a more senior role.

And yes, I agree – the country-to-country variation in job titles can be confusing. In Sweden, for example, FP&A is a growing term. However, Business Control is still the most common role for jobs that manage financial planning and analysis work.

Question. What do you consider the most significant weakness for FP&A teams?

Answer. I try not to focus too much on weaknesses – I prefer to frame them as opportunities!

FP & A is a team that should work across an organization. But sometimes, finance teams can work in a silo for various reasons. Breaking down those walls and collaborating across the business is a huge opportunity! If you do this well, you can make a real impact!

Question. What advice would you give to junior FP&A professionals reading this article who are genuinely interested in career development? What skills should they invest in?

Answer. Tough questions – but based on my experience, I can suggest:

· Business acumen which can help elevate your perceived value within a company.

· Technology and data understanding. While you need not be an expert – you should at least know how to navigate data and understand how technology can help you.

· Soft Skills. I cannot ignore this! Your ability to interact with others using soft skills across an organization can be a differentiator.

And if I was to give one final piece of advice: Be curious! Get out there in the wider business and show interest by asking questions! You'll be amazed by the engagement you get!

Linkedin

Question. Finally Iain – I’ve noticed the interest on Linkedin - what encouraged you to post and invest more of your time on the platform?

Answer. To be honest, I had thought about it for a while. Then in the last few months, a few people encouraged me to start sharing more of my thoughts and experiences, so I decided to make the leap and start sharing more.

While LinkedIn is a busy platform, it is a great way to communicate and interact with contacts and customers and grow my network. It has been humbling to connect with and learn from so many intelligent people in just a short period.

What surprised me is how open and sharing many seem to be, and I am learning more and more from new people every day! For this, I am very grateful! I hope to contribute to the learning of others, at least a little!

And ultimately, if I had never shared content, I would not be here doing this interview. Thank you for being one of the people encouraging me to share more on the platform! I am grateful!

Thank you Iain.