Turning Management Into True Leadership 

Step into any boardroom today and you will notice a common thread: technical brilliance is abundant, but true leadership often feels scarce. Across industries, organisations pour resources into management training, teaching teams how to run processes, optimise performance, and deliver results. Yet, they often neglect the subtler but far more powerful dimension of leadership. For CFOs, this gap can feel like a silent weight, one that leaves them not only carrying the burden of financial stewardship but also the responsibility of inspiring people, aligning strategies, and setting a tone for the entire business. 

This is not simply about becoming a better manager. Management and leadership are not interchangeable terms, and confusing the two creates blind spots that can undermine performance at the very top. For CFOs navigating transformation, volatile markets, and the relentless pace of technology, the ability to move beyond management into genuine leadership has become non-negotiable. Leadership cannot flourish in isolation. Building networks of support, both formal and informal, is essential for resilience, perspective, and sustainable impact. 

Let us explore how CFOs can bridge this development gap, and why strong peer support networks are the lifeline every leader needs. 

Management vs Leadership: Understanding the Divide 

The simplest way to distinguish management from leadership is this: management is about systems, leadership is about people. Management ensures that the numbers reconcile, the budgets align, and the processes run smoothly. Leadership deals with ambiguity, vision, and influence. It is about creating clarity where none exists and guiding teams through uncertainty. 

Too often, organisations overinvest in management capability because it feels measurable. You can track the completion of a financial close, the efficiency of an accounts payable process, or the return on capital employed. These are tangible outputs. Leadership, however, is harder to quantify. How do you measure the courage it takes to challenge a CEO’s decision when the numbers suggest a different path? Or the authenticity required to admit a mistake and bring your team closer in the process? 

For CFOs, the divide becomes even sharper. Management training equips you to present clean financials to the board. Leadership development, however, equips you to tell the story behind those numbers, influence strategic decisions, and inspire action across the organisation. Without the latter, you risk becoming what many CFOs fear most: the custodian of numbers rather than a driver of value. 

Why the Gap Matters More Now Than Ever 

The corporate landscape has shifted dramatically. Investors, regulators, and stakeholders expect more than accurate reporting. They expect CFOs to lead on issues such as sustainability, digital transformation, and risk culture. These are not technical challenges. They are leadership challenges. 

Consider the rise of ESG reporting. Producing the metrics is a management task. Driving the cultural change needed for an organisation to authentically embed ESG principles is leadership. Or think about technology adoption. Installing a new ERP system requires project management. Inspiring teams to embrace it, work differently, and trust in its promise requires leadership. 

Without conscious investment in leadership, CFOs risk being underprepared for these broader responsibilities. Worse, they risk burnout. Managing without leading is like running on a treadmill: high effort with no forward movement. 

Building Leadership Capability 

So, how do CFOs begin closing the leadership gap? It starts with recognising that leadership is a skillset in its own right. Just as you would study IFRS updates or tax legislation, you need to study influence, resilience, and communication. 

1. Seek developmental experiences, not just training. Leadership is learned in the fire of real challenges. Volunteer to lead a cross-functional project, take on transformation initiatives, or step into forums outside finance where you must influence without authority. 

2. Cultivate emotional intelligence. Technical accuracy gets you in the door, but empathy and self-awareness keep you there. Practice active listening with your teams, reflect on how you respond under pressure, and be open to feedback. 

3. Learn to tell stories. Numbers are the language of finance, but stories are the language of leadership. Translate complex data into narratives that inspire action, whether you are speaking to the board, your staff, or external stakeholders. 

4. Invest in mentorship. Having someone who has walked the path before you can accelerate your growth. But equally, mentoring others sharpens your own leadership edge. 

The Loneliness Factor 

Even with the right leadership development, one challenge often remains: isolation. Many CFOs confess that the higher they climb, the fewer people they can confide in. Every decision is scrutinised. Every word carries weight. The pressure to project composure can lead to a culture of silence. 

This is where networks become vital. Peer support is not a luxury. It is a safeguard. It provides a confidential space to share dilemmas, test ideas, and admit vulnerabilities without fear of judgement. For CFOs, who often operate as the conscience of the business, these networks can be the only place where honesty is truly safe. 

Building Peer Support Networks 

So how do you build these networks in practice? 

• Formal CFO communities. Professional bodies such as CIBA provide structured opportunities for CFOs to connect, exchange insights, and benchmark practices. These platforms foster accountability and open the door to fresh perspectives. 

• Industry forums. Sector-specific groups allow you to explore shared challenges. Whether it is grappling with regulatory shifts or industry disruption, these forums provide practical advice from peers who understand your context. 

• Personal advisory groups. Some CFOs create informal “kitchen cabinets,” small groups of trusted peers across industries who meet regularly to discuss challenges confidentially. 

• Mentorship circles. Beyond one-to-one mentoring, consider group mentorship. These create multiple layers of perspective and build a richer sense of support. 

The key is intentionality. A network does not build itself. It must be nurtured. That means showing up, contributing, and being willing to give as much as you take. 

Combining Capability with Connection 

When leadership capability and peer networks come together, the results are profound. CFOs are no longer just guardians of the balance sheet. They become catalysts for cultural change, trusted advisors to the CEO, and steady hands in times of turbulence. More importantly, they avoid the trap of isolation that has derailed so many leaders before them. 

By closing the leadership gap, CFOs expand their impact beyond finance. By investing in networks, they sustain themselves for the long haul. Together, these elements form the foundation of effective leadership at the top. 

The Call to Action for CFOs 

The next time you are offered management training, ask yourself: is this helping me lead, or simply helping me manage? Seek out opportunities that stretch your leadership muscles, not just your technical toolkit. And just as importantly, ask yourself who is in your corner. Who are the peers you can turn to when the pressure builds, the decisions feel heavy, and the path forward is unclear? 

Because the truth is this: leadership was never meant to be a solo act. Great CFOs do not just manage numbers, they lead people. And great leaders do not stand alone, they stand connected.