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Hello Reader 👋

I've heard many times that, to become a good Finance Business Partner, you don't need to know accounting.

Same goes for taxes, pure financial modelling, M&A and many specialisations in Finance.

But can you really be the best if you don't know anything about everything?

Let's question it that way: do you need to be a specialist or a generalist?

That's what we're seeing this week in your favourite newsletter.

So take a coffee, sit down and read FP&A Stories just like 23k other readers

This week in FP&A Stories

🩺 Specialist or Generalist? That is the question (and I have the answer)

When you work in Finance, there are generally 2 roads:

1. Specialist: deep diving in a topic (industry, production, commercial,....), field (accounting, taxes, M&A, ...) or tool
2. Generalist: knowing a bit of everything but not being the best in each

Being a specialist can take you far, but being a well-rounded Finance Business Partner (FBP) can take you even further.

Let’s be clear: You don’t need to be an expert in every finance field.

But having a working knowledge of areas like Treasury, Taxes, Accounts Payable, and Receivables can set you apart from the crowd.

It’s that competitive advantage that can make all the difference.

Why Does This Matter?

During my time working with FP&A professionals in Finance Business Partner departments, I’ve noticed a fascinating trend.

These professionals come from a variety of backgrounds.

Some have deep roots in accounting, others hail from auditing, and a few have even transitioned from the business side before diving into finance.

The diversity in their backgrounds is a strength, but I noticed something else: they rarely combine expertise across all these fields.

We often point out that a FBP must collaborate with the business but there is another angle of collaboration: collaborate with experts across all these finance disciplines.

More than that, you’re often the first point of contact between the business and these finance functions.

To bridge this gap effectively, a goodunderstanding of these specialties is invaluable.

The Dilemma: Specialist or Generalist?

At some point in your career, you’ll face a crucial decision: Should you strive to become a deep expert in one particular area, or should you aim to be a generalist who understands a broad range of finance functions?

Becoming an expert means you’re the go-to person for a specific field.

However, this can sometimes narrow your perspective, making it harder to see the bigger picture across the organization.

On the other hand, being a generalist as an FBP allows you to connect the dots between various finance functions and the business strategy.

The choice depends on your career goals, but in my experience, a generalist with a strong foundational knowledge in multiple areas tends to bring more value to the FBP role.

My Personal Experience

My time as an Interim Manager at Deloitte was an eye-opener. Thanks to assignments of 3-6 months , I had the opportunity to dive into various finance fields.

This hands-on experience across different domains wasn’t just about adding lines to my resume—it was about building a competitive edge that I could leverage in my role as an FBP.

Now, I’m not saying that working in all these fields is the only way to gain this broad-based knowledge.

But it certainly helped me understand the interconnectedness of finance functions and how to navigate them effectively.

So, How Do You Gain This Competitive Edge?

If you’re an FBP or want to be one, I challenge you to broaden your horizons.

Whether it’s through direct experience, collaborating closely with experts in these fields, or even taking on short-term assignments in areas outside your comfort zone, the knowledge you gain will be worth its weight in gold.

And now, I’d love to hear from you. What’s your strategy for becoming an FBP who understands all sides of finance?

How do you ensure you’re not just a one-dimensional specialist but a well-rounded partner who can add value across the board?

⌚ When is the best timing to learn?

You might have already seen that last week, but I want to organise again cohort-sessions for my course on Financial Storytelling.

Your prefered name was "Storytelling for Finance Leaders" and I must say I love it!

Now, in the last version, one of the concerns was related to the timing of the day.

So I want to have your opinion on the matter (please respond with your own timezone in mind)

Thanks for your help

Stay tuned,

That's a wrap for this week

See you next week!

PS: Whenever you're ready to develop your financial storytelling skills and become the visible face of finance, join the Financial Storytelling Program​