Continuous Learning for Nonprofit CFOs: Adapting to the Future

Megan - 00:00:50: Today, my guest is Jessica McClain. Jessica serves as the Chief Financial Officer for Girl Scouts Nation's Capital. In this role, she has strategic responsibility for finance, property, product program, retail merchandise, and business operations. Prior to transitioning to the nonprofit industry, Jessica spent over eleven years in public accounting. Jessica's passionate about the accounting profession. She serves on the AICPA Joint Trial Board and the Greater Washington Society of CPAs board. Lastly, Jessica gives back to the community as the national treasurer for the Omicron Delta Kappa Honor Society. Jessica's accomplishments include being named the 2024 George Wallace National Achievement in Nonprofit Award recipient by NABAA Inc, a 2024 rising star by the CFO Leadership Council, a 2023 and 2024 CPA Practice Advisor, most powerful woman in accounting, a 2023 nonprofit CFO of the Year, rising star, a Maryland Association of CPAs 2021 Women's Watch Emerging Leader, a Black CPA Centennial's 40 under 40 Black CPA award honoree, a 2021 AICPA Outstanding Young CPA Award recipient, and a four time CPA Practice Advisor 40 under 40 professional. Jessica earned her bachelor's degree in business administration from Towson University and her master's degree in accounting from George Washington University. Jessica is a certified public accountant licensed in Virginia. Jessica, thank you very much for being my guest on today's episode of CFO Weekly.

Jessica - 00:02:30: Well, thank you so much, Megan. I'm so glad to be here today.

Megan - 00:02:36: Today, we're going to be talking about a topic that's near and dear to my heart, the CFO as a lifelong learner and why continuous learning is essential for financial leadership. And, Jessica, I'm looking forward to learning about you and your experiences, so let's get started. Can you just tell us a bit about yourself and your career to date?

Jessica - 00:02:52: Absolutely. I always love to start with that I currently have the honor and the privilege of serving as the Chief Financial Officer for Girl Scouts Nation's Capital. And in that role, I oversee financial strategy, the iconic Girl Scout cookie program, retail operations because we do have brick and mortar stores and also online presence, and the maintenance of our camp properties. We have eight beautiful camps across our footprint in the DC Metro Area. And I also love to say that I work for the largest Girl Scout council in the country. And prior to moving to the nonprofit sector, I actually began my career in public accounting where I spent over a decade as an auditor. And then decided about six years ago, I wanted to transition to the nonprofit space. This allows me now to align my accounting and financial expertise with my passion for mission driven work, and I'm able to have just a positive impact on people's lives. And with having held roles in the nonprofit sector and in public accounting, it's given me a well rounded perspective on financial leadership, on governance, and strategic decision making. And I also have to add in that I am deeply committed to mentorship and professional development, so I can't wait to talk about a lot of that later today. I've had the chance to serve as an adjunct professor, a speaker, and advocating for underrepresented communities within the accounting and financial leadership and spent a lot of time volunteering within the accounting profession at both a national level with the AICPA, but also the board of some local state societies as well. So I keep things pretty fun and interesting.

Megan - 00:04:40: Yeah. That's amazing. And just to mention, I've been doing my part for the Girl Scouts and stocking up on Thin Mints. I love it. And I'm just curious. As an auditor, did you focus on nonprofit, or how did you discover your passion for that space?

Jessica - 00:04:55: Sure. Actually, I did not. Being in the DC Metro Area, I spent my the industry I focused on was federal government. And so I was auditing federal government agencies. And after leaving public accounting, really, again, wanted to do work that would have a positive impact on people's lives. And someone would share the nonprofit space is where you want to be, and so I made that jump, and don't regret it.

Megan - 00:05:19: And you've had an impressive career navigating various sectors from nonprofits to public sectors you just mentioned. So what was it that initially drew you to financial leadership, and how have your diverse experiences shaped your approach to the role of CFO?

Jessica - 00:05:34: So surprisingly, my initial draw to finance and accounting came at an early age. I tell people I knew I wanted to be an accountant back in elementary school when I saw a part time or substitute teacher with a lot of money in her pocket. And I asked her what she did, and she said she was a tax accountant. And so I just knew from there that's where I need to be. But I actually had a love of numbers and also problem solving. And so I decided to go the path of accounting, and then I've one thing I've learned is accounting is the language of business. Accountants are everywhere. No matter the industry or the sector that exists, we're there. But as I progressed through my career where I started off in public accounting, that really built my technical expertise, very strong technical expertise. But when I moved to nonprofit, it really taught me about the importance of storytelling impact and strategy and how all of those play a role together, and that I'm taking again how finance supports impact and mission fulfillment. And so by having worked across those sectors, I've had to learn to be adaptable. I've had to continue my passion for lifelong learning, which we'll talk about, and truly understanding the nuances between different industries and how finance actually is a tool for growth and impact. So I guess I knew from a young age, this is where I needed to be.

Megan - 00:06:54: How do you find the role of the CFO as a lifelong learner, and how has that mindset shaped your approach to personal and professional growth over the years?

Jessica - 00:07:03: The role of the CFO, it is seem like it's a constant transformation, constant flux. It really underscores why lifelong learning is going is so important in what we do. And I identify as someone who is passionate about the pursuit of knowledge. I have a strong thirst for it. And so to me, learning is vital. It is an ongoing and necessary investment, and it really goes beyond just the technical accounting and financial expertise. I'm also very interested in learning the development of my leadership skills, the cultivation of my emotional intelligence, and even the technology piece, which we all talk a lot about within our profession today and staying abreast of what's going on in the industry as well. And having that mindset, it has allowed me to I mean, it empowered me actually to kind of pivot and adapt. And what we all seem to see is uncertain times. There seems to be no certainty nowadays in whether that's navigating new accounting standards, regulatory changes, changes in economic conditions, or even the challenges that are posed by technological disruptions. So it's vital that a CFO was a lifelong learner. I feel like what we're learning today and what I'm learning today may be very different from what I need to learn ten years from now. And being able to adapt and pivot is going to be important for growth.

Megan - 00:08:27: When you're hiring for your own team, I'm just curious. I assume you are looking for that quality in people who work for you is a love of lifelong learning. How do you identify that?

Jessica - 00:08:40: Absolutely. Part of it is in asking questions to understand their level of curiosity. Have they been able to bring up challenges that they've seen and thought about solutions to them? Have they shown an interest in a topic and kind of just dove into it, no matter what the topic is? It doesn't have to always be work related. It could be something that they're passionate about in their personal lives. But that level of curiosity, the questioning as well, someone that seems to say, well, why do we do it that way? Or why have we done it that way? That curiosity is a way I can identify that as well. Because when someone has that level of curiosity, they're going to want to figure out what to do and how to solve that problem or answer that question, and that shows a lot.

Megan - 00:09:20: And as financial leadership evolves, especially with rapid advancements in technology and shifting regulatory landscapes, how do you stay ahead of these changes? What resources do you find particularly helpful?

Jessica - 00:09:33: I will say it doesn't look it's a lot of information always coming in, and so there's multiple ways I try to stay informed. And I tell people when they ask you that question, it's always finding out what works best for them. And so a few things I do is I'm part of various industry organizations, whether it's AICPA, local accounting state societies, and other financial leadership organizations. I attend their networking events. I attend the trainings that are provided by those organizations is one way in doing that. With that, I've been able to meet some amazing people. So I'm able to engage with fellow nonprofit CFOs, fellow for profit CFOs, and other nonprofit leaders as well. We're able to exchange ideas and perspectives. Executive education is important, whether it's courses, certification, leadership, development opportunities. I'm always looking for those to get in the stay ahead and stay abreast of what's going on. There's, you know, various industry podcasts, webinars. I read Wall Street Journal, Harvard Business Review. So there's I've subscribed to several newsletters that I try to read as best as I can or at least kind of the summaries of what's going on. And so that's one way I'd do it. There's several avenues that I kind of stay abreast of everything.

Megan - 00:10:43: As we've discussed, you've held various roles across different industries. So how have these diverse experiences influenced your learning journey, and what lessons have you brought into your current role at Girl Scout Nation's Capital?

Jessica - 00:10:55: My experience in public accounting, as I shared earlier, built and provided me a strong technical foundation. I've deepened my understanding of compliance, governance, and transparency. And shifting to nonprofit sector, that has highlighted the importance of financial stability and making sure the goals that you have set for the organization align with its core mission. And so as the CFO for Girl Scouts Nation's Capital, I leverage a business mindset when it comes to financial strategies and how we plan to move forward because I need to ensure that our leadership decisions resonate and support and enhance the work that we're doing in our commitment to youth development. And, again, I love how the role has allowed me to, I would say, intertwine financial strategy and financial sustainability with impact and personal growth for young people.

Megan - 00:11:51: You mentioned this, but you've taught as an adjunct professor and worked closely with emerging leaders. So in your view, how can CFOs foster a culture of continuous learning within their own teams, And why is this important for the future of financial leadership?

Jessica - 00:12:05: It's going to be so important that CFOs are setting the example and the tone for continuous learning. But and there's multiple ways to do that. As I've mentioned before, it's demonstrating curiosity, staying informed about what's going on in the industry, and even sharing those insights with the teams. I mean, leaders themselves, we have to be actively engaged in learning because when we do it, it signals to our teams that growth and learning and development are important and are valued at all levels of the organization, whether you're in the C-suite or not. And even beyond leading by example, there are proactive ways that CFOs can create those opportunities for their teams, encouraging to them to take part in professional development, training programs and certifications, allowing them the opportunity to attend, you know, industry events and conferences, doing job shadowing and cross training. We've recently implemented a job shadowing program at our council. So our staff have the opportunity to learn beyond their current role and job shadow within the organization or even external to the organization as well. And mentorship and coaching are vital as well. They can help team members navigate their careers and build their confidence. But even with that, I actually want to take a step back because an essential part of fostering a learning culture within an organization is understanding the team members' goals and their aspirations, which means CFOs, we have to engage in meaningful conversations with our teams to learn about their professional interests so that we can help them find and identify those growth opportunities that align with both their professional and personal goals and also the organizational objectives. All of that said, when you have a strong culture that focuses on learning and growth and development, your team members are going to be engaged. It's going to help retention. It's going to help recruiting, but overall team performance will improve as well. And by doing that, organizations are able to position themselves for long term success because you're going to have motivated team members, informed team members that are going to help drive the organization forward.

Megan - 00:14:20: Yeah. I mean, learning new skills is what keeps life interesting.

Jessica - 00:14:24: Yes. Absolutely.

Megan - 00:14:25: And what are some of the most significant skills or knowledge areas that you've had to learn throughout your career in order to lead effectively as a CFO?

Jessica - 00:14:33: I'm going to name two, and I'm still working on them. Again, I believe that learning is a journey and not a destination. So the first is effective communication because at times, I am talking with board members, donors, staff, volunteers, and members, and it is so essential that I am able to communicate and sometimes even translate what sometimes could be complex financial information and translating it to the visuals that where it makes sense to them, it's digestible and actionable for some of these stakeholders. So that is one thing I've had to do. It's not just about conveying numbers and data, but it's about crafting narratives that provide a level of understanding of their significance of those numbers. The second area that I continue to focus on is emotional intelligence, and it's even more important now with AI and automation are taking on more of the transactional work within accounting and finance departments. The human element of what I do is going to be even more important. Empathy, care, influence, relationship building, that is even more important. And so CFOs, we're going to have to focus on people management, leadership, and collaboration because that is how we're going to drive organizational success.

Megan - 00:15:51: And I'm curious to know if you think that emotional intelligence can be learned, or is that something that people are born with?

Jessica - 00:15:58: Say learn because I'm learning it myself and continue to learn it. Yes. It's being aware. I mean, self awareness is for me is going to be the biggest piece of my emotional intelligence journey, but definitely can be learned.

Megan - 00:16:10: And on the communication side, what resources have you used there? Have you done Toastmasters? Or I mean, I just think it's an area that a lot of people are uncomfortable with.

Jessica - 00:16:20: So part of it is just doing it. You know? Being on this podcast with you is a way as far as in helping my communication. But I would say, interestingly, at Girl Scouts, I always love to share that our treasurer is a communications expert. Our assistant treasurer is the CPA, the financial expert through and through, and so we're still supported in that way. But having worked with her for the last three years, she has helped me, again, learn how to translate what sometimes can seem confusing or complex financial information into digestible pieces and how to communicate that as well. And so I thought it was a very smart move when that decision was made to say, you know what? We're going to put a communications expert as our treasurer. And it's been a pleasure. And in working with her, it's definitely improved and enhanced my communication skills. If our treasurer can understand it, then I know others can understand it as well.

Megan - 00:17:14: Yeah. You mentioned CFO is storyteller, and that is something I hear so often these days. It's just crucial to the role. And the finance industry is increasingly integrating AI, data analytics, and automation. So how do you approach learning about these technologies, and how do you envision their role transforming the responsibilities of the CFO?

Jessica - 00:17:35: Few ways. It's doing my best to stay informed and engaged because there's a lot out there, a lot out there, whether you're, I'm attending industry conferences, whether I'm reading thought leadership pieces, doing my best to gain value perspectives and knowledge, peer discussions with fellow I get for profit CFOs and even nonprofit CFOs as well. We all know artificial intelligence, it is revolutionizing the role and the work that we do as CFOs. It is, you know, being able to take over transactional work, routine work that once consumed a lot of time of people in our resources. And with that, we're now being able to have room to focus on higher level thinking, higher level strategic initiatives. And and, again, I'm going to always talk about the people aspect as well. But AI can be a way to help enhance accuracy of forecasting and not that we can predict the future. You know, none of us have a crystal ball that I'm aware of. But enhancing the accuracy of forecasting and kind of providing insight on financial trends. I mean, it's going to help CFOs make better informed decisions, decisions based off data. I mean, that's how we're going to, again, move forward and have success. So it's definitely an important player. There's the saying that even as an accountant, you won't lose your job to AI. You'll lose it to someone that knows how to use it and use it effectively.

Megan - 00:18:59: And we've talked about technical skills and technology and communications, but when it comes to leadership abilities, how are you developing these, and how does this influence your ability to make strategic financial decisions?

Jessica - 00:19:13: Multiple ways. Again, I have that thirst for knowledge. I've had the fortunate opportunity to have been able to invest in executive coaching. I had a coach that I worked with probably seven, eight years ago, and I get to see her from time to time. And I tell her, there are lessons that I've learned from you that I still keep with me to this day. By having worked with coaches and even mentors, these experiences have helped me gain new perspective. It has definitely challenged my own thinking in certain situations. And by learning from, you know, these seasoned coaches and even sometimes other experts as well, it helps my ability to lead teams effectively and help with managing organizational change. You know? And I've shared. I'm always reading books and articles and pieces on thought leadership. It's important because it helps to broaden my perspective and maybe expose me to some new ideas or concepts that I can apply to my own leadership style. And by having all of that, being able to align leadership growth with strategic financial decision making, they are aligned together. So when I continuously work on one, I can better anticipate challenges. I am able to successfully collaborate cross functionally. I mean, as we shared before, the importance of being able to communicate financial insights, but in a way that drives action. And so a well rounded CFO today, it's not just about numbers and financial management. We're having to do a lot in guiding teams and fostering creativity and influencing key stakeholders that we're associated with. Because all of those things are part of how we were able to make the appropriate strategic decisions.

Megan - 00:20:52: As you look back on your career, can you share an example of a specific challenge that you faced that required you to learn something new and or adapt your approach?

Jessica - 00:21:02: Oh, about a year ago, we were dealing with a CEO transition, And this is about a year. And during that time, I had to take in the oversight or responsibility of overseeing the human resources department. Now I was already familiar with HR policies and compliance requirements, you know, because HR, finance, we work pretty closely together. Then I quickly realized it's not just about policies and procedures and compliance. It was really the people aspect. I had to pivot from focusing on just the operational aspect of HR to the human side of leadership, navigating employee concerns, managing morale, working to foster positive work environment and work culture during a period of transition. And that experience reinforced the importance of what I talked about before, emotional intelligence, clear communication, and really active listening in the work that I was doing. And, ultimately, the insight that I've really gained from all of this is finance and HR, they're not really just complimentary functions. They're more connected than I thought because it's really working with HR and leading HR at that time. I was able to broaden my perspective as a CFO in that it's about even shaping organization success beyond the financial metrics. And, again, that human side, the people side of the work in what we do.

Megan - 00:22:26: And you've contributed to the field through presentations, articles, and blogs. So how has sharing your insights with others contributed to your own learning, and what role do you see mentorship and knowledge sharing playing in the evolution of financial leadership?

Jessica - 00:22:40: I enjoy presenting and writing articles and speaking on panels. And what it really reinforces is my own understanding of ideas, but it also leads me to researching new trends or exploring a different perspective and refining my own thinking before I share that knowledge with others. Teaching and knowledge sharing, it's not just about educating others. It's an opportunity to even challenge myself. It's an opportunity to deepen my own expertise in making sure I stay engaged with the current thought leadership that's out there. Another piece that I think is important as well is the valuable aspect of sharing insights is the engagement and conversations that follow. So whether it's a Q&A session after presentation I've given or discussion with peers, even comments on an article or a post, again, I'm able to gain new perspectives that I may not have thought of before. And those actions help to broaden my thinking, and I'm able to learn from the experiences of others, which I think is absolutely awesome. And even sharing insights in public forums, I've built a stronger professional network because I'm engaging with other industry leaders, CFOs, or professionals that may be navigating similar challenges that I am. And through these connections, we're able to exchange best practices. We're all able to gain new ideas, and all of that create meaningful relationships that we're able to support each other as we grow as leaders. I would also add that mentorship is usually sometimes seen as one person guiding someone else. And but I have learned that mentoring has actually helped guide and contributed to my own learning. When I am working with, you know, college students or emerging professionals outside of college and they just started their career, I've been able to gain some fresh perspective. I've been able to gain insight into how the next generation approaches, you know, financial leadership and the way we do our work. And I get to stay a bit in tune of what's going on. Again, getting those new and fresh ideas is always great. And with the evolving accounting profession and not finance industry, that continuous learning, I have to keep saying, is going to be essential for staying relevant. And so that knowledge sharing, I mean, it really helps me ensure that I can adapt, and I'm able to lead effectively. And we want our teams, as CFOs, we want our teams to actively engage in exchanging ideas, sharing insights, sharing best practices. Because when we do that, we're strengthening our teams, our organizations, and the profession as a whole, and then you're preparing your future leaders for success.

Megan - 00:25:24: Yeah. It's really interesting also what you said about mentorship, teaching you something as well, because I feel like a lot of us forget that aspect that we can actually learn from younger generations and gain from that relationship too.

Jessica - 00:25:37: So true. So true.

Megan - 00:25:39: And last question, but looking ahead, what are the key areas that CFOs should focus on learning and developing in the next, let's say, three to five years to stay relevant?

Jessica - 00:25:49: I won't dive into the technology aspect of it. But because AI and automation, it's taking over, again, a lot of the transactional work that finance teams used to do, CFOs, we are going to have to double down on emotional intelligence, on the people skills, the relationship building, the things that technology at this point cannot do. We're going to have to build relationships with all kinds of stakeholders. We're going to have to tighten up on our negotiation skills, our ability to influence others and manage and lead teams effectively, that's going to be something that has to be prioritized by CFOs. And I would also say because of just the constant shift in economic conditions, regulations, technology. We're going to have to be strong change agents as change advocates, that we're going to have to pull people along sometimes and understand that we need to pivot. We need to fail fast. And being able to lead through uncertainty is going to be very important, especially if you want to ensure financial agility and financial sustainability. That's going to be key in operating in an unpredictable environment. I believe in those two.

Megan - 00:26:59: Jessica, thank you so much for being my guest today.

Jessica - 00:27:02: Oh, thank you, Megan. I really, really appreciate the opportunity, and I really am glad I could be here today.

Megan - 00:27:07: Yeah. Absolutely. I really enjoyed speaking with you, and thanks again for finding the time to be here with us today to share your experience and knowledge, and I wish you all the best.

Jessica - 00:27:15: Thank you so much, and same to you as well.