Celebrating International Women’s Day: Female CFOs decode the art of financial management
In many households, women often manage finances, but how does their approach to financial responsibility differ in the workplace? With International Women’s Day on the horizon, we have invited three exceptional female alumni who also serve as CFOs to delve into the nuances of gender dynamics in financial management and the unique challenges they encounter in their CFO roles. Drawing from their personal journeys, they eloquently demonstrate that women possess a competitive edge and are poised for excellence in the professional sphere.
Eva Ip Siu-wai (PACC 1995), CFO and Partner at Hongshan
Eva believes that the path of a CFO is far from easy – characterised by long hours and immense pressure. Only those who possess a genuine passion for the field and adept time management skills can excel in this demanding role and truly succeed.
As a Virgo, I have always felt drawn to accounting. After graduating, like many of my peers from the PACC programme, I joined one of the Big Four (then Big Five) accounting firms. Starting as an auditor, I diligently worked my way up to become a partner, and before I knew it, 12 years had passed in the blink of an eye. Seven years ago, I made a decisive career pivot into the realm of venture capital, setting off on the journey to become a CFO.
The CFO serves not only as the financial steward of the company but also as an internal orchestrator, as every aspect of the business, big or small, is intertwined with capital (money, essentially)! Unlike other positions, the CFO must maintain a broad perspective, particularly regarding critical financial matters. Thus, the CFO holds a pivotal role in overseeing all decision-making processes.
In the venture capital industry, the gender ratio among CFOs is relatively balanced. Men often adopt a macroscopic approach, while women tend to focus on finer details, ensuring financial reports are error-free. I consider my style to be a blend of both approaches.
Eva thinks that CFO must maintain a broad perspective, particularly regarding critical financial matters.
In my CFO career, spearheading the digitalisation of the finance department proved to be a significant challenge. As the backbone supporting various operational functions, finance plays a crucial role in the management and workflows of the entire company. Those responsible for finance must possess comprehensive knowledge of the industry, the company, and its operations, leveraging digital tools to meet the evolving user needs. The digitalisation process often unfolds as a prolonged and intricate journey, demanding patience and perseverance to overcome the myriad obstacles encountered along the way.
Reflecting on my days at CUHK, the memories remain cherished. Participating in and organising events like the Orientation Camp, serving on committees, and undertaking a summer internship in Taiwan laid the groundwork for the organisational and leadership skills essential for my role as CFO.
Through years of dedication in financial management, I’ve come to understand that the path of a CFO is far from easy – characterised by long hours and immense pressure. Only those who possess a genuine passion for the field and adept time management skills can excel in this demanding role and truly succeed.
Susanna Chiu Lai-kuen (EMBA 1997), Executive Director and CFO of Bonjour Holdings Ltd.
Susanna believes that a CFO’s efficacy in their role is predominantly shaped by character traits rather than gender.
During my university years, I developed an interest in information technology due to its gender-neutral nature — everything in the computer world boils down to binary code. Following this, I transitioned to Caltex, where I assumed responsibility for infrastructure development in the Greater China region. Under the guidance of my female supervisor, empowerment was prioritised, with the aim of equipping me to eventually assume her position as she advanced. This mindset shaped my leadership style, emphasising teamwork over authoritarianism. I hope that all my colleagues would be intelligent and capable, demonstrating autonomy and the ability to complete tasks independently.
In the workplace, I have encountered challenges due to my gender. Women have to often cross the hurdle by first proving their abilities before being recognised, which is harder work. I have experienced instances where the clients would often first shake hands with my male subordinate instead of me, thinking he is superior, despite I am holding the managerial position. Women may face additional hurdles professionally compared to men, but I am determined to let my abilities speak for themselves, rather than allowing prejudice to limit me.
Women inherently possess adeptness in financial management – take a look at every household and you will see that mothers are the ones who are always taking care of finances and dedicated to improving the quality of life of the family. Similarly, in business settings, CFOs are dedicated to advancing corporate values. Female CFOs commonly emphasise areas such as ESG (Environmental, Social, and Governance), branding, and investor relations. I think that a CFO’s efficacy in their role is predominantly shaped by character traits rather than gender.
Susanna (second from the right) expresses gratitude for the School’s EMBA programme for its alumni network. (Photo provided by the Office of Executive MBA programme)
During my tenure in the EMBA programme at CUHK, upon my return to Hong Kong from the United Kingdom, I found the programme to be instrumental in fostering connections with peers, seniors, and juniors who shared similar backgrounds. These connections quickly evolved into meaningful friendships. Additionally, professors stressed the importance of professional visibility. While competencies among individuals may be comparable, nurturing a robust social network serves as an invaluable asset, amplifying one’s visibility and reputation.
For female alumni aspiring to progress in their careers, I encourage them to maintain a positive mindset and confidence, steering clear of feelings of invisibility or self-doubt. In today’s digital age, gender is no longer a barrier. By boldly challenging the status quo – like myself becoming the first female president of The Hong Kong Institute of Certified Public Accountants – one not only demonstrates their capabilities but also breaking the glass ceiling, and forges new paths for other women entering the field.
Judith Zhang Zhou (FMBA 2022), CFO (Greater China) of IQVIA Inc.
Judith describes her leadership style as a blend of coaching and results-driven approaches.
I consider my career path started off quite smoothly. After completing my master’s degrees in the United Kingdom, I worked in the financial district in the city centre of London and began to step into the realm of financial analysis. Upon returning to my hometown, I gained experience working for the blue chip companies such as General Electric (GE) and other MNC companies that are known for their focus on recruiting high-potential talents (HIPOs) and prioritising talent development. In 2011, the seventh year of my career, I took up the position of Finance Director. Later in 2015, I became CFO and till present.
My leadership style blends coaching with results-driven approaches, emphasising professionalism, principles, and continuous learning — a philosophy I have embraced since my student days, where I recognised the importance of maintaining focus and diligence. Throughout my career, from my early days in the consulting business in London to my time in GE’s global advanced leadership training programme and other MNCs that I worked for, I had the privilege of working alongside many outstanding colleagues and inspiring leaders who have served as role models. When I become a management member and lead my own team, I strive to impart the knowledge and lessons I have acquired to my team members.
I believe that there are similarities between managing a company’s financials and my own family’s financials. Both roles require accountability for the decisions made. Regarding the differences in leadership styles between male and female CFOs, I would consider that leadership style is more closely related to individual personality and characteristics, rather than gender.
In 2019, I ventured into the healthcare industry and assumed the role of CFO (Greater China) at IQVIA Inc. The industry had a rigid demand and had been receiving substantial support from the government. Contributing to human health gives me a profound sense of accomplishment and pride in my work. In 2020, I enrolled in the FMBA programme at CUHK, which allowed me to acquire cutting-edge knowledge and engage in meaningful exchanges with peers from diverse backgrounds.
At every stage of growth, new tasks and challenges accompany us. Challenges encountered in the past might have appeared formidable in the moment, yet upon introspection, we often find ourselves smiling at the recollection of our younger, less seasoned selves. As those challenges recede into the past, it is imperative that we confront new obstacles with unwavering confidence.
For young female alumni aspiring to become CFOs or corporate leaders, my advice is to prioritise maintaining physical and mental well-being and fostering a positive outlook. Set clear goals, maintain belief in oneself, and cultivate a resilient mindset. Embrace simplicity, proceed steadily, and persevere with determination.
CUHK Business School alumni are everywhere, transcending geographical and industrial boundaries. To explore more inspiring alumni stories, please click HERE.