In February 2020, I moved to New York to take on my first University CFO role—just weeks before the pandemic hit. I was excited, but the weight was real: leading through crisis, managing risk, ensuring compliance, and safeguarding the institution’s future.
Looking back, here’s what I wish I had known walking in:
1. You’re a Strategist, Not Just a Number Cruncher
It’s not just about closing books—it’s about shaping the future. Partner with leadership on long-term strategy, academic priorities, and sustainable growth.
2. In a Crisis, Be the Calm – Not the Chaos
Crisis Leadership comes with the job. Build contingency plans, protect cash, and lead with clarity and confidence—especially when things get turbulent.
3. Understand the Culture Before You Try to Change It
Faculty governance, decentralized budgets, and shared decision-making shape everything. Don’t bulldoze—navigate with empathy.
4. Get to “Yes” More Creatively
You don’t always have to say no. Prioritize, reallocate, and guide teams toward sustainable solutions that align with institutional goals.
5. Higher Ed Finance Plays by Different Rules
- Enrollment = Revenue: Work closely with admissions and academic teams.
- Endowments ≠ Piggy Banks: Most funds are restricted. Know the rules.
- Deferred Maintenance Is a Budget Time Bomb: Don’t ignore it. Plan for it.
- Restricted vs. Unrestricted Matters: Cash on hand doesn’t always mean usable cash.
6. Communication Is Your Superpower
You’ll succeed when you can translate complex financials into clear, actionable insights. Speak the language of strategy—not spreadsheets.
7. Cash Flow Is King
University revenue is lumpy. Plan for gaps, preserve reserves, and know when debt is a smart tool—not just a last resort.
8. Relationships > Org Charts
Spend time with deans, the provost, student affairs, and facilities. Show up. Listen. Trust is your greatest asset when change gets hard.
9. You Don’t Need All the Answers
You need a strong team, trusted mentors, and the humility to keep learning. The best CFOs are resourceful, not omniscient.
10. Tech + Data = Smarter Decisions
Invest in tools that give you real-time insight. ERPs, dashboards, and analytics are game changers when used well.
💬 Final Thought:
Being a first-time CFO is tough—but it’s also an extraordinary opportunity to lead with purpose. Focus on strategy, build trust, stay curious.
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