Female CFOs are no longer the rarity they once were. The inspiring journeys of female CFOs are marked by determination, resilience and unmatched leadership skills. As they navigate the traditionally male-dominated realm of finance, female CFOs inspire others to dream big and challenge stereotypes. Their success shatters glass ceilings and sets a powerful example of what women can achieve in the corporate landscape.
During this special event, we asked two of our female Fractional CFOs, Bhavini Tanna and Raakhi Patel, to share their journey with other CFOs in the audience at our recent iFD roundtable held on Friday 7 June 2024 and celebrate the successes of female leaders in finance.
Bhavini Tanna
Bhavini is a Finance Director and Account Director at Isosceles Finance, managing a team of ten people and a portfolio of clients. She didn’t follow the traditional qualification route in practice, she went into industry. She has seen firsthand the evolving dynamics in finance leadership.
Connect with Bhavini via LinkedIn or visit her iFD profile here.
Raakhi Patel
Raakhi has been a portfolio CFO for five years, working with several SME clients and specialising in the not-for-profit and charity sectors. She found stepping out of the corporate world both daunting and rewarding. She spent 18 years with Accenture, gaining international experience, and working with large multinationals to smaller startups. Five years ago, Raakhi took the leap from working for a large company to setting up her own business.
Connect with Raakhi via LinkedIn or visit her iFD profile here.
“We see that the mix of boards is changing, particularly in the last two years. Specific requests for female finance directors have increased and it is clear things are changing rapidly.”
Mike O’Connell, CEO at Isosceles Finance
FEMALE CFOs TEND TO CREATE LESS PRESSURED ENVIRONMENTS
Raakhi began the conversation by noting that, in her experience, male-heavy leadership teams tend to make more rash decisions, creating a pressurised environment. She thrives in smaller, more flexible environments which tend to have a balanced male/female ratio.
“I’ve seen a change over the last couple of years. A mixed board brings a different approach. Sometimes a softer approach is needed. Flexible working is so important for females.”
Bhavini Tanna, Finance Director and Account Director at Isosceles Finance
Bhavini has seen a positive shift with more mixed boards. A mixed board changes how she delivers her messages, with a softer approach.
A CAREER AS A PORTFOLIO CFO OFFERS FEMALES GREATER FLEXIBILITY
The discussion on the inspiring journeys of female CFOs moved to portfolio careers, which many women find appealing for the flexibility it offers. Equally, women who take maternity leave want to return to work but prefer to work part-time. According to Bhavini, flexible working conditions are crucial for supporting women returning to the workplace after childbirth.
Additionally, another issue facing many women is the challenge of marketing oneself. Women in finance often find it difficult, whereas men excel in this area due to their extensive networks and confidence. When competing with other CFOs, women usually face men who are older and more experienced. This means self-promotion is crucial for women in overcoming these challenges.
Portfolio careers become more attractive at a certain stage in a female’s career because when individuals are more settled and have a family they are keen to explore the opportunities and flexibility that a part-time career offers. Becoming a portfolio FD or CFO provides tremendous opportunities to gain more varied experience.
MEN HAVE HISTORICALLY FOUND IT EASIER TO ADVANCE TO SENIOR POSITIONS
While Raakhi and Bhavini’s insights prompted additional comments from others, they highlighted the traditional male-oriented networking events as a significant barrier for women pursuing portfolio careers. Emphasising the importance of a strong network for finding clients, they explained why building such networks early is crucial.
According to several members of the roundtable discussion, men have historically found it easier to advance to senior positions. They were not typically responsible for raising children. Additionally, because networking events traditionally catered to men, building a network to find clients in a portfolio career, can be daunting without these opportunities.
The speakers underscored the importance of balancing your professional and personal lives. Bhavini, Raakhi and others shared strategies for setting boundaries, prioritising tasks and leveraging technology to manage time efficiently.
WHY AREN’T MORE WOMEN PURSUING A PORTFOLIO CFO CAREER?
The discussion highlighted the changing dynamics of boardrooms, with a mixed board bringing a different approach and sometimes necessitating a softer touch. Observations revealed that, while only 15% of PLC CFOs are women, this figure rises to 24% in private companies. Meanwhile, despite some companies having a slight female majority, only 10% of the iFD roster are women. Unsurprisingly, this raises questions about specific gender barriers and why more women aren’t pursuing a portfolio CFO career.
“Step out of your comfort zone, be prepared to take risks, if you fail, see it as an opportunity to learn. Believe in yourself.”
Raakhi Patel, Portfolio CFO at iFD
EMBRACE RISKS AND SEIZE OPPORTUNITIES EARLY
Indeed, the live Q&A session was engaging, with attendees eager to ask about career advancement and personal growth. Raakhi encouraged women to step out of their comfort zone and to take risks. Next, Bhavini outlined how important confidence is to take advantage of all available opportunities early on in your career.
“Diversity is increasingly recognised as crucial for making the best decisions. Different perspectives and cultures enable better decision-making.”
Selina, Finance Director
BUILDING CONFIDENCE AND EMBRACING DIVERSITY
Another key point uncovered during the event is that women often don’t apply for jobs unless they meet all the requirements. In contrast, men apply if they meet just 50%. For this reason, one participant suggested that coaching and mentoring could help change this mindset and emphasised that confidence is key to pursuing riskier opportunities. According to another participant, it is easier today than five years ago because diversity is now recognised as crucial for making the best decisions.
In another case, one participant who had only reported to one female CEO during her career explained how the experience provided ample opportunities to push herself as a female in finance.
Significantly, a portfolio career can integrate family life effectively, as it allows for planning around other requirements.
During the discussion on the inspiring journeys of female CFOs, it was also noted that no male members of the iFD Community joined the call.
INSPIRING JOURNEYS OF FEMALE CFOs: EMPOWERING WOMEN IN FINANCE
‘Life as a Female Finance Director’ was an opportunity to learn more about the inspiring journeys of female CFOs.
Therefore, we were delighted to bring together Bhavini, Raakhi and a range of female finance leaders to discuss their journeys, top tips for success and thoughts on the role of women in finance.
For more information about iFD and upcoming events, contact Jade Dixon at jdixon@ifteam.co.uk.