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2023
PD Pathways - August

Empowering Women in Leadership: Nurturing Success in the Accounting Profession

The accounting profession has witnessed a gradual shift towards greater gender diversity, with more women breaking barriers and ascending to leadership positions. While progress has been made, challenges still exist for women aspiring to thrive as leaders in the accounting world.

Here are five recommended strategies for women to succeed in leadership roles:

Career Navigation

Women have been making steady strides in advancing their careers and breaking through the glass ceiling. According to a study by Catalyst, a global nonprofit working for workplace gender equality, the percentage of women holding senior leadership roles in S&P 500 companies increased from 14.6% in 2010 to 27.9% in 2020. This significant rise indicates that women are increasingly recognized for their leadership capabilities and are being appointed to key decision-making positions.

To excel in leadership, a clear and well-defined career navigation plan is crucial. Identifying your strengths, skills, and areas for improvement will aid in charting the right course. Networking plays a significant role as well. Building and nurturing a strong professional network can open doors to new opportunities, provide valuable insights, and offer support during challenging times. Seeking guidance from mentors and sponsors can also prove invaluable in navigating the complexities of the accounting profession.

Professional Presence

According to a survey conducted by the Center for Talent Innovation, executive presence accounts for 67% of women's overall leadership effectiveness. Professional presence is the image and impact that a leader projects in the workplace. Developing a strong personal brand that aligns with your career goals and values is key to standing out as a leader.

Women should hone their verbal and non-verbal communication skills to convey confidence and professionalism. Executive presence, which includes projecting authority and gravitas, can help establish credibility as a leader

Stress Management

Research by the American Psychological Association (APA) highlights that women tend to experience higher levels of work related stress compared to men. Recognizing stress triggers and adopting healthy coping mechanisms are essential. Mindfulness practices, meditation, and regular exercise can help in managing stress and maintaining mental well-being.

Time management is another critical aspect of stress management. Women leaders should prioritize tasks, delegate when necessary, and create a healthy work-life balance. Setting boundaries and knowing when to step back and recharge are essential to prevent burnout.

Resilience

Leadership roles often come with numerous challenges and setbacks. The Women's Leadership Study by Korn Ferry revealed that women scored higher than men in areas such as emotional intelligence and problem-solving, both of which are integral to building resilience. This ability to adapt and bounce back from setbacks empowers women leaders to navigate complex situations with determination and grace.

Maintaining a growth mindset and viewing failures as opportunities for learning and growth are essential traits of resilient leaders. Seeking support from mentors, colleagues, and support networks can also strengthen resilience.

Negotiation

Negotiation skills play a vital role in career advancement. A study published in the Journal of Organizational Behavior revealed that women who received negotiation training closed the gender pay gap by 61% compared to their non-trained peers. Women leaders should develop a solid understanding of negotiation fundamentals and strategies by participating in negotiation training workshops, seek mentorship from experienced negotiators and practice negotiation in different scenarios. Effective communication is at the core of successful negotiations.

In conclusion, succeeding as a woman in leadership within the accounting profession requires a combination of essential attributes and strategies. By setting clear career goals, cultivating a strong network of mentors and supporters, and developing effective stress management techniques, women leaders can position themselves for success. Embracing a positive and resilient mindset, while honing their professional presence and negotiation skills, will empower them to overcome challenges and seize opportunities in the accounting profession.

Women's leadership is not only a matter of gender representation but also a catalyst for positive transformation in the workplace and beyond.

Explore common career success factors for women by attending our Women in Leadership Certificate Program – available in two cohorts starting in September. Expanding on our popular Women’s Leadership Series, check out our Mini-Series which will give you new tools to achieve success, however you define it.

Upcoming Technology and Innovation Seminars

Here are some titles in Technology and Innovation to watch out for in August!

Google is Not Enough: The Best Search Tools You Aren’t Using (But Should!)

Discover a whole new universe of search applications that can be used to discover prime information not found on Google. This session will also explain how to set up your own customized online research management platform, and discuss dynamic search strategies (two-step, vertical and lateral searching) that can be used to gain an extra edge when using any search engine.

Live Webinar (Aug 10)

Emerging Technologies for Accountants, including Blockchain and Cryptocurrencies

Learn the basics of blockchain, cryptocurrency, big data, artificial intelligence, and machine learning. You will also learn about the anticipated uses, benefits, risks, and threats posed to legacy businesses by these innovative, yet disruptive platforms.

Live Webinar (Aug 10)

Excel Boot Camp

Learn various techniques for enhancing, not only your efficiency, but also your effectiveness, when working with Excel by taking advantage of a wide variety of “power features” to assist you in creating accurate spreadsheets in a fraction of the time previously required.

Live Webinar (Aug 15, 16, 17 & 18)

ChatGPT and Generative Artificial Intelligence for Accountants

Learn how to use state-of-the-art language models such as ChatGPT to improve data analysis and interpretation, technical proficiency, communication and collaboration, and creative problem-solving.

Live Webinar (Aug 21-22)

Upcoming Finance Seminars

Here are some Finance titles available for you.

Treasury and Finance for Accountants

This seminar reviews the business side of finance, hedging, and treasury transactions and provides accountants with a solid understanding of some of the key financial principles to obtain a better understanding of the business aspects.

Live Webinar (Aug 15)

Business Valuations - Purchase Price Allocation

Get a summary of valuation techniques used for specific, identifiable intangible assets and receive a step by step review of sample calculations for valuing different types of intangible assets resulting from a business purchase. As a participant, you will learn techniques for assessing the relative riskiness of different types of intangible assets that result from a business acquisition or combination.

Live Webinar (Aug 16)

Upcoming In-person Seminars

Here are some in-person seminars scheduled for August.

A Threats and Safeguards Approach to Ethical Decision Making

In this seminar, you will explore situations in your professional roles that involve ethical challenges and examine how these can pose threats to your compliance with the Fundamental Principles. You will also determine how these threats can be mitigated, through examining the relevant Rules and applicable Guidance in the CPA Code, and determining relevant safeguards.

Vancouver (Aug 8)

Rapid Dashboard Development with Power BI Desktop

Get an introduction to the five different areas that make up Power BI: Sourcing data, Modeling Data, Building Formulas, Creating Visualizations and Sharing. This course is not intended to make you a Power BI expert, but it will give you a great overview of the technology areas, benefits and give you the confidence to get started.

Vancouver (Aug 14)

Read more on Rapid Dashboard Development

Excel: The Next Level of Skills

Gain the skills for creating and editing macros, conditional formatting, and data validation. Learn how to bring data into Excel from databases and use PivotTables for analysis and reporting. This seminar will cover many advanced features of Excel to make your work easier and increase the sophistication of your data analysis and reporting.

Vancouver (Aug 14)

Read more on Excel the Next Level of Skills

An End to Manual Effort in Excel: The Power Query Effect

Learn how Power Query can clean up, reshape and combine your data with ease. Converting ASCII files into tables, combining multiple text files in one shot and even un-pivoting data is not only simple, but an investment in the future, refreshable with a single click when next needed.

Vancouver (Aug 15)

Financial Modeling in Excel

Gain the confidence to build a suite of forecast financial statements for a company in Excel using best modeling practice. As a participant, you will learn how to build complex calculations as a number of simple, transparent parts that are easy to audit, perform “what if ” scenario analysis recording base case, and other scenarios all in the one model, perform sensitivity analysis to identify the model’s critical assumptions and audit a model’s integrity using Excel’s in-built features and test data.

Vancouver (Aug 17)

Read more on Financial Modeling in Excel

Understanding and Embracing Ethics in the Workplace

Challenge and uncover what “ethics” means in a professional context and how your goals, values and traits drive your responses in times of conflict and stress. As a participant, you will have opportunities to practically apply what you learn through interaction and knowledge exchange with your peers.

Vancouver (Aug 18)

Controller’s Operational Skills Program

Enhance your role on the management team by sharpening your skills in risk management and controls, ethical leadership, planning, budgeting and forecasting, performance measurement approaches and financial reporting. Explore ways to maximize the effectiveness of your accounting department through staffing and structure, policies and procedures, and process and quality management.

Victoria (Sept 20-23)

Controller’s Management Skills Program

Through case studies, group discussions, exercises and role-plays representative of situations faced by controllers and financial managers, this highly interactive program will provide you critical insights into leading practices in management and leadership.

Victoria (Oct 11-14)

Top Soft Skills for Finance Professionals: Navigating Success with a Holistic Approach

In the dynamic and competitive world of finance, technical expertise alone is not enough to thrive. Financial professionals must complement their knowledge with essential soft skills to excel in their careers and foster stronger client relationships. These soft skills are critical for effective communication, problem-solving, and adapting to ever-changing market conditions.

Let's explore the top soft skills for financial professionals:

Communication Skills

Effective communication is at the heart of successful financial professionals. A survey conducted by the National Association of Colleges and Employers (NACE) revealed that 96.2% of employers consider communication skills to be a critical attribute when hiring finance professionals. Strong communication allows financial experts to convey complex information to clients, collaborate with teams, and build trust with stakeholders.

Adaptability and Resilience

Market volatility and economic uncertainties demand financial professionals to be adaptable and resilient. A report by the World Economic Forum highlighted that the ability to embrace change and thrive in a disruptive environment is a crucial skill for future-proofing careers.

Emotional Intelligence

Empathy, self-awareness, and interpersonal skills fall under emotional intelligence. Financial professionals who demonstrate emotional intelligence can better understand their clients' needs and provide personalized financial solutions.

Leadership and Teamwork

Leadership skills enable financial professionals to guide teams, foster collaboration, and mentor junior colleagues. In a survey conducted by Deloitte, 81% of respondents considered leadership a high priority in finance and accounting careers.

Time Management

Efficient time management allows financial professionals to meet deadlines, handle multiple tasks, and maintain high-quality work output. A study by Robert Half Finance & Accounting revealed that 49% of CFOs cited time management as the most challenging aspect of work-life balance for finance professionals.

Client Relationship Management

Building strong client relationships is essential for financial professionals to retain clients and generate referrals. The Investment News Adviser Technology Study found that 69% of financial advisors believe client relationship management tools are critical to business growth.

In conclusion, technical expertise alone is insufficient for financial professionals to excel in their careers. By developing strong communication, adaptability, emotional intelligence, and other vital soft skills, financial professionals can build robust client relationships, make informed decisions, and lead in a rapidly evolving industry. These skills are the key to navigating success in the financial world and positioning oneself as a well-rounded and sought-after professional.

Empowering Your Financial Future

Meet David Trahair, CPA, CA, a national best-selling author, personal finance trainer and eLearning content developer.

David is an author of six books on personal financial issues, including three national bestsellers. His books include Smoke and Mirrors, Enough Bull, Crushing Debt, Cash Cows, Pigs and Jackpots and his latest The Procrastinator’s Guide to Retirement.

He is a frequent speaker, who often appears in the media and contributes regularly to financial publications. He has made many television appearances including CITYtv, Breakfast Television, BNN, CBC NewsWorld, CTV and CFTO News. David has also been featured on many local and national radio programs, including CBC Radio One. Canadians appreciate the fact that his views are totally independent because he does not sell any financial products. He expresses his own opinions and delivers unfiltered advice for hard-working Canadians.

David currently operates his own personal finance training and eLearning development firm and offers on-demand and live webinars on personal finance to organizations including CPA provincial bodies across Canada.

Learn from David by attending his upcoming virtual online seminar on The Procrastinator’s Guide to Retirement or one of his on-demand titles on The Simplest Personal Finance Strategies; The Complete Guide to All you Investing Options; Smoke and Mirrors: Financial Myths that will Ruin Your Retirement Dreams; A Six Point Plan for Financial Freedom and Everything You Need to Know about Government, Bank and Personal Debt.

2023-2024 PD Passport Program

Get professional development (PD) hours for less with our cost-saving CPABC Passport program.

Potential savings from the PD Passport program are valued at up to 40% off seminar prices. The 2023-2024 PD Passport credits may be applied to any combination of PD seminars, On-Demand products and PD Nexus Days scheduled between September 1, 2023 to August 31, 2024.

To maximize your savings. purchase your passport today to enjoy the early bird pricing before it expires on September 15th, 2023.

There are three types of Passports for you to choose from: