Aligning Financial Strategy with Business Strategy
As vice president of human resources for an energy transportation and distribution company with 11,000 employees, Marc Weil focused more on people than finance. At the HBS Executive Education program Finance for Senior Executives, Weil gained the financial knowledge that will help him contribute more broadly to his company's success.
What led you to Finance for Senior Executives?
My company has sent many people to programs at Harvard Business School over the years. In discussions with my colleagues and my boss, we decided that Finance for Senior Executives was the right fit for me, even though I am not a finance professional.
As an executive rises in an organization, it becomes increasingly important to be able to understand and question components of the company's financials. This program provides a great overview of critical finance and accounting concepts and key financial metrics, and demonstrates how financial strategy links to business strategy.
Which aspects of the program impressed you the most?
One great part of the experience was exposure to people from around the world, from different industries, cultures, and roles. This diversity brought so many different perspectives to the interactions—not just to group discussions and classroom discussions, but also to informal exchanges during meals or breaks.
In addition, the quality of the faculty was fantastic. I was very impressed by their ability to take complex concepts, break them down into bite-sized chunks, explain them in real-world language, and then apply them to the types of decisions executives have to make.
How is what you learned helping you in your work?
The program has given me a new lens to look through when trying to understand and evaluate various components of the business strategy. I always knew the finance strategy was important, but now I have a much greater understanding of and appreciation for the critical role the finance strategy plays in supporting the overall business strategy. More broadly, looking at particular issues from a finance perspective has helped me see the global economy in a different light.
What advice do you have for other nonfinancial executives considering the program?
It's important to do the work that's assigned before the program starts. To fully participate in the discussions, you really need to have gone through the material. You don't need to have a background in finance, but you do need to prepare in advance. People in our group came from a range of backgrounds; we had people with MBAs and people with zero finance experience. Preparation enabled everyone to contribute to the discussion in a more meaningful way.
In addition, you have to be truly interested in learning the material. If your boss wants you to come and you have no interest in finance, it will be a waste of your time. But if you lead a function and you're in a very senior role in your organization, this is a valuable program that will help you understand how to ensure that your company's finance strategy aligns with and supports its business strategy.