Have you ever wondered how a Chartered Accountant can go from auditing company ledgers to leading financial strategy in multinational corporations and public institutions?
For many Chartered Accountants, the journey begins in audit: long hours, strict compliance, and deep immersion in financial systems. But what’s less often celebrated is how powerful a springboard that experience can be.
The career journey of Robert Adams offers a remarkable memoir of career transformation, showing how audit experience can propel professionals into the upper echelons of financial leadership. His story is not just about titles; it’s about career development in finance, resilience in the corporate world, and the ability to adapt in global business environments.
Let’s explore how financial audit training lays a rock-solid foundation for success in roles like Financial Management Accountant, Global Financial Controller, and Finance Director across both private enterprise and the public sector.
Why Audit Is the Perfect Training Ground
An audit is the perfect launchpad for gaining a deeper understanding of business.
Financial auditing is not just about inspecting books; it’s about understanding how an organization operates, how decisions are made, and how economic performance translates into business outcomes. For Robert Adams, starting his career as an auditor with Deloitte was like stepping into a masterclass of business operations.
Why Financial Audit is the Perfect Launchpad:
- Comprehensive Financial Understanding
As an auditor, Adams gained a deep understanding of financial statements, from balance sheets to cash flow and income statements. He learned how companies manage assets, liabilities, expenses, and revenue.
- Risk Identification
Auditing is fundamentally about risk. Adams was trained to identify financial mismanagement, errors, and inefficiencies, which would later be invaluable in roles where he’d be responsible for overseeing larger financial systems and teams.
- Industry Diversity
During his tenure at Deloitte, Adams audited a wide range of companies, from tobacco manufacturers to oil giants. He learned how businesses in different industries handle finances, manage growth, and navigate challenges. This exposure to various industries set him up for a diverse career path.
Robert Adams’ Key Insights:
- Adams didn’t just assess numbers; he understood the inner workings of each business he audited. He was sent to Qatar and Oman, where he audited oil company accounts on behalf of the ruling authorities, advising them on how to optimize oil revenue. This global exposure enabled him to gain insights into how financial decisions can impact businesses on an international level.
- As an auditor, you’re constantly examining business operations from multiple angles, and that experience is crucial for high-level financial roles. Adams attributes much of his later success to the analytical and problem-solving skills he honed during this time.
Key Takeaway: Financial auditing provides a comprehensive view of business operations, making it an ideal starting point for individuals seeking to build a long-term career in finance.
The Shift: From Auditing to Management Accounting
While auditing gave Adams a panoramic view of businesses, he yearned for a more active role in shaping decisions. This is where Financial Management Accounting comes into play, a natural progression for anyone with a solid auditing background.
In 1971, at age 30, Adams made the bold move from audit to management accounting by joining Cadbury Ltd. as a Group Management Accountant. Here, his role shifted from reviewing past performance to driving business strategy.
What Makes Management Accounting Different?
- Forward-Looking: Management accountants focus on forecasting, budgeting, and financial planning for the future. They ensure businesses are equipped with the financial tools and analysis to make strategic decisions.
- Cost Management: One of the key responsibilities of management accountants is identifying areas to optimize costs and increase efficiency, skills that were sharpened during Adams’ time in audit.
- Influence and Strategy: Instead of being passive observers, management accountants are deeply involved in decision-making and strategic planning. Adams transitioned from analyzing financial reports to using those reports to drive growth and improve profitability.
By moving into management accounting, Adams not only used his auditing background to excel at data interpretation but also began to influence business decisions in a way he hadn’t been able to do before.
Key Takeaway: Transitioning into management accounting from auditing allows you to apply your technical financial knowledge in ways that drive business strategy and profitability.
Rising to the Role of Financial Controller
After excelling in management accounting, Adams leaped an even more influential role. In 1974, he became the Financial Controller for EMEA at CPC Europe Group, a US multinational company. This role required him to manage the financial operations of 20 affiliates across Europe, the Middle East, and Africa (EMEA).
What Does a Global Financial Controller Do?
- International Financial Oversight: Global financial controllers are responsible for ensuring that the company’s financial operations across multiple countries comply with international regulations, while also making strategic decisions to ensure profitability and tax optimization.
- Integration and Systems Design: Adams designed systems that ensured affiliates reported financial data in USD and adhered to US accounting and tax standards. This required him to possess in-depth knowledge of international financial laws and the ability to integrate various financial systems.
- Crisis Management: Global controllers are often tasked with managing complex, high-stakes situations, such as product recalls, regulatory issues, or even currency fluctuations. For example, Adams played a crucial role in mitigating the impact of a major product contamination crisis in Italy.
Adams’ global experience enabled him to become a recognized expert in international financial management, frequently called upon to advise senior management and navigate complex financial regulations across multiple countries.
Key Takeaway: Moving from auditing to global financial control sharpens your ability to manage complex, international financial operations and navigate the intricacies of cross-border finance.
Leading as a Finance Director
Adams’ career culminated in high-level roles such as Finance Director for major corporations in the private and public sectors. His role at Budget Rent-a-Car France expanded his scope beyond traditional finance, where he also became responsible for administration, personnel management, and even IT systems.
He further transitioned into the public sector, taking on the role of Finance Director at the Office of the High Representative for Bosnia and Herzegovina, where he managed budgets during a humanitarian crisis and negotiated large financial deals with the EU and US.
What Does a Finance Director Do?
- Strategic Leadership: As a finance director, Adams wasn’t just handling financial transactions; he was leading entire strategic initiatives, such as improving internal systems and managing acquisitions.
- Stakeholder Relations: Finance Directors often communicate with external stakeholders, such as investors, government entities, and international organizations, as Adams did while securing funding for Bosnia.
- Crisis Leadership: In both private and public sectors, Adams’s ability to lead through crises, whether financial mismanagement, political instability, or emergency funding, was key to his success.
Adams applied the lessons he learned in auditing and financial management to develop systems that prioritized transparency, accountability, and long-term sustainability, traits essential for high-level financial leadership.
Key Takeaway: Finance Director roles require not only financial acumen but also strong leadership, strategic thinking, and the ability to navigate complex global environments.
Lessons for Today’s Professionals
For aspiring finance leaders, especially those beginning in audit or considering cross-sector movement, this journey offers practical and inspirational guidance:
- Use an audit to build your analytical and risk framework
- Be open to cross-functional and cross-border experiences
- Embrace management accounting as a launchpad to strategic influence
- Pursue roles that challenge and stretch your leadership capacity
- Stay adaptable in the face of industry and geopolitical shifts
- Recognize the long-term power of integrity, resilience, and adaptability
It’s a vivid reminder of what it takes to succeed in global business, a blend of precision and vision, technical mastery and human connection.
Final Thoughts
If you’re starting your career in audit or wondering whether those long hours at the client site will pay off, take heart. Audit isn’t just about checking numbers; it’s about building a toolkit for leadership.
From Chartered Accountant to Financial Director, the journey is real, and it starts with understanding the language of risk, control, and accountability.