Navigating the Numbers: Insights from a CFO's Journey in Finance and Mathematics

(This is part of a series on maths in adult life. To see others click here.)

Barry Hassell, CFO for the LFSS group

Introduction

In the fast-paced and numbers-driven world of corporate finance, few roles are as critical as that of the Chief Financial Officer (CFO). Today, we have the opportunity to gain insights from my brother, Barry Hassell, an accomplished CFO whose extensive career spans accountancy, audit, finance management, and even entrepreneurship. Barry's journey, marked by strategic moves and a profound understanding of mathematics, offers valuable lessons for both aspiring finance professionals and those interested in the practical applications of mathematics in the business world. Join us as we delve into Barry's career path, his educational experiences, and his advice for those navigating the complexities of finance and numeracy.

Danielle: What is your job title?

Barry: CFO (Chief Financial Officer).

Danielle: Can you outline your career path?

Barry: Sure. After completing my A Levels, I spent seven years in accountancy and audit. During that time, I also set up my own accountancy business, which I ran for 13 years. After that, I became a finance manager at a manufacturing company for one year. I then joined the LFF Group as a member of the finance team and was promoted to accountant before the probation period ended. Although it was a step down in position, it was a bigger company with better career progression opportunities, and I stayed there for seven years. I then moved to treasury and asset management to focus on stock efficiency for the group globally, and six years ago, I was offered the position of Finance Director. More recently with the promotion of our Australian finance manager to finance director my role has evolved to CFO. I have also started a construction company, running the business side of things. Whilst overseeing all things financial, the majority of my time is now spent in meetings and developing strategies for the business rather than being hands on.

Danielle: How did you find maths at school, from primary through sixth form?

Barry: In primary school, maths was too easy, and the same was true in secondary school; I often spotted mistakes made by teachers. Sixth form was more challenging as I attended a grammar school and took Maths, Further Maths, and Economics. The further maths homework was hard! As a group, we’d meet up in a free classroom to discuss the homework and work it out together.

Westcliff High School for Boys (Essex) - where Barry studied A Level Maths, further maths and economics

Danielle: What was your attitude towards studying?

Barry: I did what I had to do but didn't find much enjoyment in it. The education system, in my opinion, is not very helpful. I wanted to learn practical skills, not just how to pass exams. Real-life experience has been far more valuable to me than formal education.

Danielle: Did you have any struggles during your education?

Barry: The main struggle was boredom, in school where it was too easy and when studying for accountancy exams, which stemmed from finding the content irrelevant and unengaging.

Danielle: How has a good understanding of maths helped you in your current role?

Barry: Having a solid grasp of maths means I'm not dependent on IT. I can do calculations in my head and quickly see if a spreadsheet doesn't add up. This ability allows me to spot errors and faults in finances easily.

Danielle: Is there anything else you would like to share with aspiring maths students or those who find maths tricky?

Barry: Yes. The application of maths and numeracy is crucial in many areas, including everyday activities like shopping. For example, understanding percentage discounts and making multiple purchases can help you get the best deals. Even if you don't enjoy maths, knowing how to manage your personal finances is essential. Additionally, accuracy and precision, which aren't emphasised enough in school, are vital in the real world. It's also worth noting that increasingly CEO's are coming from a CFO background.

Conclusion

Barry's career trajectory from an accountant to a Chief Financial Officer highlights the importance of adaptability, continuous learning, and practical experience. His candid reflections on the education system, the significance of mathematical proficiency, and the value of real-world skills provide a roadmap for those aiming to excel in finance. Barry's advice underscores the necessity of a strong mathematical foundation, not only for professional success but also for everyday financial literacy. As Barry aptly points out, the precision and accuracy gained through a solid understanding of maths are indispensable, reaffirming the critical role of numeracy in both personal and professional spheres.

(This is part of a series on maths in adult life. To see others click here.)