Chris Durling - Chief Financial Officer

TALK US THROUGH YOUR CAREER JOURNEY SO FAR?

I’ve had a non-traditional yet traditional career journey to this point.

The path has been traditional in the sense that like many CFOs, I started my career on a graduate trainee program within professional services, attained my charterships in accountancy and corporate finance and benefitted from the wide range of experiences and sectors that professional service firms can offer.

Yet, I think many would consider my route to CFO non-traditional in that I joined a corporate finance department directly from university, rather than the more common audit or tax routes within large accountancy firms. One of the key differences within CF is the length of projects, which are often longer but can also be less frequent. This meant that the early stage of my career became very focused on securing roles on the most interesting projects. A focus which became even more pronounced during the 2008 financial crisis when the volume of engagements greatly diminished. I remember being very motivated to keep busy and take any opportunity to secure different experiences. This led me to a wide variety of work post 2008 that included time in Ukraine listing agricultural businesses and a 15-month secondment into renewable energy banking.

As the UK corporate finance market returned to normality, I decided that M&A advisory within professional services was the right career path for me and this led me to an initial period working within the retail and FMCG sectors, before moving on to lead the UK Energy Services M&A team at EY.

I was drawn to lead advisory, because of all my experiences, extended time working with management to craft an equity story or investment strategy always stood out as the highlight. During my time at EY, I was lucky enough to have some super clients, some of which have remained friends, however, that proximity meant that when engagements concluded, you were not around to see the next stage of the story, your journey ended with the transaction closing and that was always bittersweet to me.

Principally, it was that feeling that drove my interest in joining a management team and seeking a path to CFO. Traditionally, those that leave professional practice for industry do so after qualifying or within the first ten years of their career, so securing the right opportunity was a challenge, acknowledging that on one hand, I had developed a valuable skill-set for a CFO in matters pertaining to financing, transactions or strategy, whilst on the other, I had no experience working within a day to day finance function.

I will always be grateful for the opportunity I was given by the founder of 3t Energy Group (now 3t) and look back fondly on a sustained period of growth for the business and my own depth of experience. I found a management team who have remained close friends and afforded me every support I could have asked for during my time with the business, setting me up to accept the CFO role at Edwin Group, with an equally wonderful management team and opportunity to continue an exciting growth story.

WHAT DO YOU ENJOY MOST ABOUT YOUR JOB?

There are two things that stand out to me.

Firstly, the opportunity to help translate the financial challenges and realities of a business into information that your colleagues can use to make better decisions. Finance can be a purely functional aspect of a business, somewhat set aside from the operations and revenue generating departments. However, as the CFO you can use information to lead some discussions and act as a conscience in others. That variety and opportunity to add value really excites me.

Secondly, interacting and learning from colleagues at all levels within the business never ceases to give me an alternative perspective on how a finance function can effectively partner and augment business opportunities. I’ve always been keen that finance can act as a catalyst within a business rather than a purely functionary department, and to that end, finance needs to understand the business, the sector, customers, colleagues, stakeholders and suppliers. The opportunity to interact with all of them is comfortably the most exciting and fresh part of my job.

DID YOU ALWAYS WANT TO BE AN ACCOUNTANT?

I suspect most people say no to this question and I’m no different.

Had talent not been such a limiting factor, I’d have loved to play cricket for a living but alas, it was mathematics and not the combination of leather and willow that dominated my time at university.

As a result, my early intentions were to pursue a career as an actuary. I had gained several exemptions from the professional qualifications whilst at university and my preferred locations in Edinburgh and London certainly supported this in terms of good graduate opportunities.

In the end, I think the variety that the chartered accountancy route offered eventually trumped the actuarial route, that even as a graduate appeared relatively focused within its own segment of financial services.

DO YOU SEE THE JOB OF AN ACCOUNTANT CHANGING OVER THE NEXT DECADE, AND IF SO, WHAT DO YOU SEE?

Yes & No.

Change is the one constant we can be sure of and in terms of the accountant’s role, the way the job is done is already changing dramatically. Process & data are critical aspects of any finance function, and the influence of automation and AI is clear to see across all business operations. So, in that context, yes.

However, my experience to date suggests that to successfully embrace new technologies, the quality of data and information needs to be sound. Producing reliable output has always been central to a well-run finance function, so whilst the processes may change, the overall goal remains similar.

Extending the analogy further, a good accountant uses information to aid strategic decision making. New technology will give us access to faster and deeper analysis but the value in how we use that information to improve decisions remains at the core of the job.

Has the COVID pandemic changed the way you view work?

Yes, but I think time will show the changes are more indirect than they currently appear.

There is no doubt, that the adoption of technology to allow remote working accelerated enormously because of the Pandemic. Similarly, some of the stigma attached to remote working broke down faster given the necessity for work to go on.

However, as time passes and the focus on productivity comes into focus, I think we will see a more balanced workplace that facilitates flexible and remote work but places a real emphasis on facetime.

It sounds strange in the 21st century to say this but if I were advising a young accountant starting in the industry on how to stand out, it would be to stay present and be in the office.

So yes, indirectly, the tech and working policies that were accelerated by the pandemic will remain, however, I see the transition back towards shared working environments continuing.

What advice would you give to an accountant who might be considering changing jobs?

Be clear on the reason you are pursuing change and what value you bring. Successful change must work for your new employer as much as you. If you can change and improve upon what was there before, the chances are that the change will be a successful one.

If you could, what advice would you give your 18 year old self?

Establish a reputation for getting things done. Whether that is a part-time job in retail or your first audit assignment in professional practice, colleagues that can be given a task and be relied upon to deliver, will always be valued. Not every job that needs to be done will lead to direct advancement or exciting opportunities. Nevertheless, they need to be done. Keep this in mind and build that reputation for being a trusted pair of hands – the rest will follow, because for all the clever strategy and planning, delivery is where the value lies.

Also, when making decisions on your path. consider what you enjoy and consider what you are good at. It’s quite common to read about projects of passion or finding roles that get you excited in the morning, but reality isn’t always this romantic and every career has natural vicissitudes to be navigated. If you are good or even the best at something, invariably, enjoyment will become a by-product.

What do you still want to achieve?

I want to continue working within teams that drive value in a variety of ways. Of course, working in a PE-backed business has a natural focus on exit value but the concept of value has a far broader scope than this.

Working in the education sector really focusses this mind on the broader value proposition beyond economics. Continuing to work with businesses and management teams that have dual purpose and genuinely improve the sectors they operate in will always be a focus.

Finally, whilst my full-time career in advisory may be behind me, the passion to be that sounding Board and share my experiences to help other management teams achieve their strategic goals will always remain, so I think I’ll always be open to creating value that way.

Being an accountant can be a demanding job with long hours. How do you like to relax, and what do you enjoy doing outside of work?

Sport has always been a central part of my life and that continues to be the case. Whether it is watching the latest event in a bar with friends or standing at the side of the pitch watching my children, a lot of my spare time has some connection to sporting events.

A friend and former colleague of mine is a big proponent of the impact sociability has on the mind and ultimately longevity of life. Whilst I think he often uses that to justify our latest golf trip abroad, I am somewhat persuaded by his thesis. Having the opportunity to talk, laugh and joke in a safe environment cannot be undervalued, so treating time with friends and family as a “non-negotiable” can be as important in ensuring you are at your best professionally as a good night’s sleep or having the right tools for the job.

Lastly, tell us something interesting that most people don’t know about you?

I have quite a passion for volcanoes! Had volcanology been awash with graduate postings, it’s possible that life could have gone in another direction!

I’ve managed to direct our holidays toward several volcanic hot spots, including our honeymoon in Bali and various wine & dine tours around Mount Etna!

I was also the Treasurer of Arsenal Supporters Club for ten years and qualified as a rugby union referee in 2012.