News  & Insights

The truth about mentoring: it will help you earn more

by Greg Madden

As we commence another instalment of CFO Incubator (CFOI), I thought it would be interesting to explore one of the key themes to consistently emerge from all the previous instalments of CFOI : the importance of a mentor. What is the real value and effect that mentoring has on your career?

CFOI is a forum that focuses on the career journey of current CFO’s and explores the influences and events that have contributed to their success. In most cases, the CFOs have had a mix of mentors external and internal to their organisation, depending on the stage of their career at the time. In all cases, they have highlighted the immense importance that each of these mentors has played in achieving their success. How does this compare with the general Finance & Accounting population?

Over the last 18 months [axr] has surveyed over 1000 accounting and finance professionals. A key area we targeted in the survey was the utilisation of an active mentor. The results were intriguing.

The survey respondents’ current remuneration and utilisation of a mentor seemed to correlate. There was an obvious trend in the utilisation of a mentor and increased the remuneration of the respondents. That is, the more the individuals utilise a mentor the more they appear to earn.  Anecdotally, my 25 years’ experience has shown me that Finance & Accounting professionals who are mentored reap a financial benefit far greater and are generally, promoted much sooner, than those who were not.  

Why?

Mentoring brings many advantages to the mentee such as:

  • Increasing clarity in their career and decision making
  • Boosting their networks with valuable lasting connections
  • Expanding their access to career opportunities
  • Improving their self- awareness and assisting them in cultivating perspective
  • The ability to draw on others for solutions to problems with work and their careers.

These benefits allow the mentee to start performing at a higher level and increase their overall potential in their career. This enhances the likelihood that a mentee will demonstrate an improved level of performance and contribution to their company’s value.  Ultimately, leading to the possibility for them to be recognised by the way of promotions and salary development.

We can comfortably conclude mentors do play a very important role in assisting Accounting & Finance professionals to succeed in achieving their career destination. However, remember mentoring is a two-way street – you only get out what you put in. It is something you need to be committed to. It takes time and effort to build a relationship with an appropriate mentor and their time (and yours!) is precious. If you identify the correct mentor/s they will contribute to your personal and professional development and your career will be rewarded – professionally and financially.

What will mentoring do for your career (and your salary)? 

Find out more about our career mentoring programs on our Career Planning web page.

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